Cortland Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Cortland averaged
5.61%
for the week of 2024-10-03, compared to the national average of
6.12% for the same period.
The average rate for the prior week (2024-09-26) was
5.67% and
one month ago for the week of 2024-08-29, the
average rate was 5.94%.
Cortland's average rate one year ago was 6.9%.
For refis of the same type during the week of 2024-10-03, the average rate
was 6.12%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-10-03 | 6.12% |
Cortland 30 Year Fixed Rate | 2024-10-03 | 5.61% |
Cortland 30 Year Fixed Rate Refi | 2024-10-03 | 6.12% |
Cortland 15 Year Fixed Rate | 2024-10-03 | 5.15% |
Cortland 15 Year Fixed Rate Refi | 2024-10-03 | 5.25% |
Cortland 30 Year FHA | 2024-10-03 | 5.79% |
Cortland 30 Year FHA Refi | 2024-10-03 | 5.99% |
Cortland 30 Year USDA | 2024-10-03 | 6.17% |
Cortland 30 Year USDA Refi | 2024-10-03 | 6.17% |
Cortland 30 Year VA | 2024-10-03 | 5.7% |
Cortland 30 Year VA Refi | 2024-10-03 | 5.5% |
Cortland Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Cortland, NY market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Cortland Average Closing Costs & Other Stats
Cortland, NY's 38 lenders originated 618
loans during 2023. The total origination value was $92,230,000, with an average loan value of
$149,239.
Cortland's average closing costs are $3,827.
The top Cortland lender as defined by loan originations is CFCU Community Credit Union, with
36 loans originated. Their average total fees are
$229, which is $2,923
lower than the next largest lender,
Tompkins Trust Company.
The lowest fee Cortland lenders (with over 10 loans originated) are
CFCU Community Credit Union ($229), Tompkins Trust Company ($3,152), PARAGON HOME LOANS INC. ($4,941), QUICKEN LOANS, LLC ($5,802) and .
The lowest rate Cortland lenders (with over 10 loans originated) are
CFCU Community Credit Union (6.11%), Tompkins Trust Company (6.32%), PARAGON HOME LOANS INC. (6.49%), QUICKEN LOANS, LLC (7.16%) and .
Cortland, NY Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
Name | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
---|---|---|---|---|
CFCU Community Credit Union | $16,585,000 | $17,565,000 | 5.9% | 19.0% |
First National Bank of Dryden | $10,110,000 | n/a | 11.0% | |
Tompkins Trust Company | $11,700,000 | $8,290,000 | -29.1% | 9.0% |
PARAGON HOME LOANS INC. | $11,640,000 | $7,630,000 | -34.5% | 8.3% |
NBT Bank | $13,435,000 | $6,320,000 | -53.0% | 6.9% |
QUICKEN LOANS, LLC | $8,000,000 | $4,260,000 | -46.8% | 4.6% |
M&T Bank | $3,585,000 | $2,840,000 | -20.8% | 3.1% |
Community Bank | $2,700,000 | $2,195,000 | -18.7% | 2.4% |
Tioga State Bank | $385,000 | $2,125,000 | 451.9% | 2.3% |
THE SUMMIT Federal Credit Union | $1,400,000 | $1,790,000 | 27.9% | 1.9% |
SEFCU SERVICES, LLC | $1,020,000 | $1,765,000 | 73.0% | 1.9% |
Citizens Bank | $1,315,000 | $1,640,000 | 24.7% | 1.8% |
KeyBank | $7,720,000 | $1,285,000 | -83.4% | 1.4% |
1ST PRIORITY MORTGAGE, INC. | $1,495,000 | $1,270,000 | -15.1% | 1.4% |
Farm Credit East, ACA | $320,000 | $1,220,000 | 281.3% | 1.3% |
HOMESTEAD FUNDING CORP. | $1,010,000 | $1,110,000 | 9.9% | 1.2% |
Mortgage Research Center, LLC | $1,130,000 | $1,065,000 | -5.8% | 1.2% |
JPMorgan Chase Bank | $560,000 | $1,040,000 | 85.7% | 1.1% |
UNITED WHOLESALE MORTGAGE, LLC | $185,000 | $1,030,000 | 456.8% | 1.1% |
VISIONS | $960,000 | $930,000 | -3.1% | 1.0% |
Empower Federal Credit Union | $1,445,000 | $885,000 | -38.8% | 1.0% |
Geddes Federal Savings and Loan Association | $870,000 | $845,000 | -2.9% | 0.9% |
AMERICU Credit Union | $2,060,000 | $810,000 | -60.7% | 0.9% |
MOVEMENT MORTGAGE, LLC | $1,020,000 | $720,000 | -29.4% | 0.8% |
The First National Bank of Groton | $675,000 | n/a | 0.7% | |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $380,000 | $635,000 | 67.1% | 0.7% |
CROSSCOUNTRY MORTGAGE, LLC | $595,000 | n/a | 0.6% | |
USAA Federal Savings Bank | $890,000 | $495,000 | -44.4% | 0.5% |
PLAZA HOME MORTGAGE, INC. | $530,000 | $450,000 | -15.1% | 0.5% |
ROYAL UNITED MORTGAGE LLC | $200,000 | $410,000 | 105.0% | 0.4% |
STATE EMPLOYEES FEDERAL CREDIT UNION | $50,000 | $410,000 | 720.0% | 0.4% |
NAVY FEDERAL CREDIT UNION | $985,000 | $405,000 | -58.9% | 0.4% |
Chemung Canal Trust Company | $1,560,000 | $395,000 | -74.7% | 0.4% |
Barrington Bank & Trust Company, N.A. | $525,000 | $350,000 | -33.3% | 0.4% |
NORWICH COMMERCIAL GROUP, INC. | $315,000 | n/a | 0.3% | |
Five Star Bank | $305,000 | n/a | 0.3% | |
The Lyons National Bank | $240,000 | $290,000 | 20.8% | 0.3% |
RELIANCE FIRST CAPITAL, LLC | $270,000 | n/a | 0.3% | |
NBKC BANK | $255,000 | n/a | 0.3% | |
LOANDEPOT.COM, LLC | $760,000 | $240,000 | -68.4% | 0.3% |
Mr. Cooper ( Nationstar Mortgage ) | $240,000 | $240,000 | 0.0% | 0.3% |
CMG MORTGAGE, INC. | $230,000 | n/a | 0.2% | |
Genesee Regional Bank | $220,000 | $225,000 | 2.3% | 0.2% |
Nations Lending Corporation | $205,000 | n/a | 0.2% | |
NORTHERN CREDIT UNION | $205,000 | n/a | 0.2% | |
Third Federal Savings and Loan Association of Cleveland | $205,000 | n/a | 0.2% | |
Alternatives Federal Credit Union | $55,000 | $195,000 | 254.5% | 0.2% |
Bank of America | $135,000 | $195,000 | 44.4% | 0.2% |
TOTAL MORTGAGE SERVICES, LLC | $195,000 | n/a | 0.2% | |
Premium Mortgage Corporation | $1,300,000 | $185,000 | -85.8% | 0.2% |
AMERICAN FINANCIAL RESOURCES, INC. | $155,000 | n/a | 0.2% | |
21ST MORTGAGE CORPORATION | $485,000 | $150,000 | -69.1% | 0.2% |
AMERICAN FINANCING CORPORATION | $145,000 | n/a | 0.2% | |
Seneca Savings | $145,000 | n/a | 0.2% | |
CONTOUR MORTGAGE CORPORATION | $135,000 | n/a | 0.1% | |
LENDINGHOME FUNDING CORPORATION | $135,000 | n/a | 0.1% | |
ASSOCIATED MORTGAGE BANKERS, INC. | $125,000 | n/a | 0.1% | |
FINANCE OF AMERICA REVERSE LLC | $230,000 | $125,000 | -45.7% | 0.1% |
LENDINGONE, LLC | $105,000 | $125,000 | 19.0% | 0.1% |
Pathfinder Bank | $125,000 | n/a | 0.1% | |
Quontic Bank | $165,000 | $125,000 | -24.2% | 0.1% |
SIRVA MORTGAGE, INC. | $125,000 | n/a | 0.1% | |
Wells Fargo Bank | $1,980,000 | $120,000 | -93.9% | 0.1% |
LIMA ONE CAPITAL, LLC | $115,000 | n/a | 0.1% | |
NEWREZ LLC | $125,000 | $115,000 | -8.0% | 0.1% |
Ukrainian Federal Credit Union | $115,000 | $105,000 | -8.7% | 0.1% |
Discover Bank | $100,000 | n/a | 0.1% | |
Metro City Bank | $105,000 | $95,000 | -9.5% | 0.1% |
FARMERS INSURANCE GROUP FEDERAL CREDIT UNION | $75,000 | n/a | 0.1% | |
PNC Bank | $320,000 | $75,000 | -76.6% | 0.1% |
Webster Bank | $75,000 | n/a | 0.1% | |
UTILITIES EMPLOYEES CREDIT UNION | $260,000 | $55,000 | -78.8% | 0.1% |
Citizens & Northern Bank | $5,000 | n/a | 0.0% |
Cortland's top lender by overall market share is CFCU Community Credit Union, with 19.0% market share. In second place, with 11.0%, is First National Bank of Dryden, having originated $10,110,000 in loans. In third place, with 9.0%, is Tompkins Trust Company, having originated $8,290,000 in loans. In fourth place, with 8.3%, is PARAGON HOME LOANS INC., having originated $7,630,000 in loans. In fifth place, with 6.9%, is NBT Bank, having originated $6,320,000 in loans.
Cortland Housing Market Trends (Median, Average Prices & Listing Count)
Realtor.com - Cortland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $120,825 (-6.3%) | $144,858 (-9.7%) | 0.00 | 186 |
2018-02-01 | $119,900 (-4.1%) | $143,806 (-8.7%) | 0.00 | 183 |
2018-03-01 | $119,450 (-7.7%) | $144,479 (-8.2%) | 0.00 | 167 |
2018-04-01 | $118,125 (-9.1%) | $144,116 (-14.5%) | 0.00 | 181 |
2018-05-01 | $124,925 (-3.5%) | $145,157 (-13.1%) | 0.00 | 172 |
2018-06-01 | $126,750 (-10.9%) | $154,132 (-11.2%) | 0.00 | 185 |
2018-07-01 | $129,925 (-7.1%) | $152,929 (-10.3%) | 0.00 | 217 |
2018-08-01 | $127,300 (-5.7%) | $149,587 (-10.1%) | 0.00 | 209 |
2018-09-01 | $124,150 (-8.0%) | $145,108 (-10.5%) | 0.00 | 213 |
2018-10-01 | $120,000 (-4.7%) | $146,143 (-6.3%) | 0.00 | 213 |
2018-11-01 | $115,000 (-5.7%) | $142,234 (-8.2%) | 0.00 | 197 |
2018-12-01 | $109,500 (-8.7%) | $135,389 (-12.0%) | 0.00 | 185 |
2019-01-01 | $112,000 (-7.3%) | $140,350 (-3.1%) | 0.00 | 165 |
2019-02-01 | $99,900 (-16.7%) | $136,250 (-5.3%) | 0.00 | 155 |
2019-03-01 | $99,900 (-16.4%) | $141,035 (-2.4%) | 0.00 | 157 |
2019-04-01 | $99,900 (-15.4%) | $145,640 (1.1%) | 0.00 | 150 |
2019-05-01 | $120,350 (-3.7%) | $148,446 (2.3%) | 0.00 | 162 |
2019-06-01 | $129,900 (2.5%) | $154,252 (0.1%) | 0.00 | 182 |
2019-07-01 | $136,950 (5.4%) | $168,466 (10.2%) | 0.00 | 187 |
2019-08-01 | $131,582 (3.4%) | $162,845 (8.9%) | 0.00 | 184 |
2019-09-01 | $130,130 (4.8%) | $156,254 (7.7%) | 0.00 | 184 |
2019-10-01 | $129,611 (8.0%) | $155,920 (6.7%) | 0.00 | 182 |
2019-11-01 | $127,200 (10.6%) | $158,693 (11.6%) | 0.00 | 175 |
2019-12-01 | $118,700 (8.4%) | $156,026 (15.2%) | 0.00 | 152 |
2020-01-01 | $117,450 (4.9%) | $157,482 (12.2%) | 0.00 | 140 |
2020-02-01 | $129,000 (29.1%) | $169,355 (24.3%) | 0.00 | 139 |
2020-03-01 | $131,150 (31.3%) | $168,594 (19.5%) | 0.00 | 135 |
2020-04-01 | $132,400 (32.5%) | $172,337 (18.3%) | 0.00 | 126 |
2020-05-01 | $134,900 (12.1%) | $168,775 (13.7%) | 0.00 | 124 |
2020-06-01 | $150,700 (16.0%) | $175,389 (13.7%) | 0.00 | 134 |
2020-07-01 | $149,225 (9.0%) | $170,304 (1.1%) | 0.00 | 131 |
2020-08-01 | $147,450 (12.1%) | $180,436 (10.8%) | 0.00 | 122 |
2020-09-01 | $134,950 (3.7%) | $169,870 (8.7%) | 0.00 | 119 |
2020-10-01 | $127,900 (-1.3%) | $173,457 (11.3%) | 0.00 | 114 |
2020-11-01 | $152,200 (19.7%) | $186,143 (17.3%) | 0.00 | 100 |
2020-12-01 | $169,450 (42.8%) | $221,959 (42.3%) | 0.00 | 81 |
2021-01-01 | $154,450 (31.5%) | $228,398 (45.0%) | 0.00 | 74 |
2021-02-01 | $149,900 (16.2%) | $229,052 (35.3%) | 0.00 | 71 |
2021-03-01 | $149,800 (14.2%) | $233,183 (38.3%) | 0.00 | 64 |
2021-04-01 | $162,125 (22.5%) | $192,865 (11.9%) | 0.00 | 62 |
2021-05-01 | $176,200 (30.6%) | $195,955 (16.1%) | 0.00 | 61 |
2021-06-01 | $175,525 (16.5%) | $202,031 (15.2%) | 0.00 | 62 |
2021-07-01 | $173,000 (15.9%) | $197,174 (15.8%) | 0.00 | 74 |
2021-08-01 | $153,675 (4.2%) | $207,136 (14.8%) | 0.00 | 78 |
2021-09-01 | $157,175 (16.5%) | $226,382 (33.3%) | 0.00 | 75 |
2021-10-01 | $160,000 (25.1%) | $248,535 (43.3%) | 0.00 | 67 |
2021-11-01 | $189,675 (24.6%) | $250,122 (34.4%) | 0.00 | 63 |
2021-12-01 | $195,725 (15.5%) | $277,186 (24.9%) | 0.00 | 57 |
2022-01-01 | $179,950 (16.5%) | $255,915 (12.1%) | 0.00 | 48 |
2022-02-01 | $179,975 (20.1%) | $258,254 (12.8%) | 0.00 | 48 |
2022-03-01 | $180,950 (20.8%) | $247,195 (6.0%) | 0.00 | 53 |
2022-04-01 | $174,950 (7.9%) | $240,884 (24.9%) | 0.00 | 53 |
2022-05-01 | $189,875 (7.8%) | $238,548 (21.7%) | 0.00 | 46 |
2022-06-01 | $200,000 (13.9%) | $262,968 (30.2%) | 0.00 | 44 |
2022-07-01 | $194,900 (12.7%) | $258,940 (31.3%) | 0.00 | 46 |
2022-08-01 | $182,175 (18.6%) | $208,536 (0.7%) | 0.00 | 58 |
2022-09-01 | $172,450 (9.7%) | $210,755 (-6.9%) | 0.00 | 56 |
2022-10-01 | $179,500 (12.2%) | $213,308 (-14.2%) | 0.00 | 62 |
2022-11-01 | $210,675 (11.1%) | $224,234 (-10.4%) | 0.00 | 59 |
2022-12-01 | $177,900 (-9.1%) | $207,274 (-25.2%) | 0.00 | 56 |
2023-01-01 | $144,450 (-19.7%) | $193,796 (-24.3%) | 0.00 | 45 |
2023-02-01 | $142,150 (-21.0%) | $198,622 (-23.1%) | 0.00 | 38 |
2023-03-01 | $132,225 (-26.9%) | $187,584 (-24.1%) | 0.00 | 43 |
2023-04-01 | $162,400 (-7.2%) | $205,662 (-14.6%) | 0.00 | 40 |
2023-05-01 | $159,250 (-16.1%) | $198,248 (-16.9%) | 0.00 | 46 |
2023-06-01 | $169,925 (-15.0%) | $213,059 (-19.0%) | 0.00 | 48 |
2023-07-01 | $189,450 (-2.8%) | $238,524 (-7.9%) | 0.00 | 52 |
2023-08-01 | $205,000 (12.5%) | $255,905 (22.7%) | 0.00 | 59 |
2023-09-01 | $239,000 (38.6%) | $288,568 (36.9%) | 0.00 | 57 |
2023-10-01 | $229,000 (27.6%) | $285,754 (34.0%) | 0.00 | 56 |
2023-11-01 | $180,000 (-14.6%) | $251,728 (12.3%) | 0.00 | 53 |
2023-12-01 | $179,900 (1.1%) | $259,306 (25.1%) | 0.00 | 47 |
2024-01-01 | $191,000 (32.2%) | $224,265 (15.7%) | 0.00 | 43 |
2024-02-01 | $171,225 (20.5%) | $200,066 (0.7%) | 0.00 | 38 |
2024-03-01 | $185,900 (40.6%) | $201,832 (7.6%) | 0.00 | 34 |
2024-04-01 | $223,225 (37.5%) | $248,119 (20.6%) | 0.00 | 30 |
2024-05-01 | $220,750 (38.6%) | $253,323 (27.8%) | 0.00 | 41 |
2024-06-01 | $204,900 (20.6%) | $279,357 (31.1%) | 0.00 | 38 |
2024-07-01 | $189,450 (0.0%) | $256,240 (7.4%) | 0.00 | 45 |
2024-08-01 | $179,900 (-12.2%) | $260,455 (1.8%) | 0.00 | 44 |
2024-09-01 | $184,950 (-22.6%) | $254,642 (-11.8%) | 0.00 | 41 |
Cortland's median listing price comes in at 0% of the national average.
Cortland's average listing price for 2024-09-01 was $254,642, a difference of $-33,926 (-11.8%) versus the prior year and $-5,813 versus the prior month.
For the 2024-09-01 period, Cortland had 41 MLS listings, a difference of -3 listings (-7%) versus the prior month and -16 listings (-28%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cortland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,493 sqft |
2018-02-01 | 0 days | 1,476 sqft |
2018-03-01 | 0 days | 1,470 sqft |
2018-04-01 | 0 days | 1,476 sqft |
2018-05-01 | 0 days | 1,471 sqft |
2018-06-01 | 0 days | 1,518 sqft |
2018-07-01 | 0 days | 1,557 sqft |
2018-08-01 | 0 days | 1,520 sqft |
2018-09-01 | 0 days | 1,460 sqft |
2018-10-01 | 0 days | 1,456 sqft |
2018-11-01 | 0 days | 1,420 sqft |
2018-12-01 | 0 days | 1,320 sqft |
2019-01-01 | 0 days | 1,335 sqft |
2019-02-01 | 0 days | 1,354 sqft |
2019-03-01 | 0 days | 1,375 sqft |
2019-04-01 | 0 days | 1,360 sqft |
2019-05-01 | 0 days | 1,426 sqft |
2019-06-01 | 0 days | 1,489 sqft |
2019-07-01 | 0 days | 1,488 sqft |
2019-08-01 | 0 days | 1,485 sqft |
2019-09-01 | 0 days | 1,518 sqft |
2019-10-01 | 0 days | 1,538 sqft |
2019-11-01 | 0 days | 1,534 sqft |
2019-12-01 | 0 days | 1,429 sqft |
2020-01-01 | 0 days | 1,443 sqft |
2020-02-01 | 0 days | 1,512 sqft |
2020-03-01 | 0 days | 1,495 sqft |
2020-04-01 | 0 days | 1,414 sqft |
2020-05-01 | 0 days | 1,440 sqft |
2020-06-01 | 0 days | 1,537 sqft |
2020-07-01 | 0 days | 1,600 sqft |
2020-08-01 | 0 days | 1,579 sqft |
2020-09-01 | 0 days | 1,574 sqft |
2020-10-01 | 0 days | 1,520 sqft |
2020-11-01 | 0 days | 1,627 sqft |
2020-12-01 | 0 days | 1,697 sqft |
2021-01-01 | 0 days | 1,761 sqft |
2021-02-01 | 0 days | 1,733 sqft |
2021-03-01 | 0 days | 1,671 sqft |
2021-04-01 | 0 days | 1,690 sqft |
2021-05-01 | 0 days | 1,680 sqft |
2021-06-01 | 0 days | 1,579 sqft |
2021-07-01 | 0 days | 1,645 sqft |
2021-08-01 | 0 days | 1,663 sqft |
2021-09-01 | 0 days | 1,656 sqft |
2021-10-01 | 0 days | 1,730 sqft |
2021-11-01 | 0 days | 1,632 sqft |
2021-12-01 | 0 days | 1,730 sqft |
2022-01-01 | 0 days | 1,730 sqft |
2022-02-01 | 0 days | 1,737 sqft |
2022-03-01 | 0 days | 1,692 sqft |
2022-04-01 | 0 days | 1,717 sqft |
2022-05-01 | 0 days | 1,705 sqft |
2022-06-01 | 0 days | 1,667 sqft |
2022-07-01 | 0 days | 1,728 sqft |
2022-08-01 | 0 days | 1,649 sqft |
2022-09-01 | 0 days | 1,652 sqft |
2022-10-01 | 0 days | 1,657 sqft |
2022-11-01 | 0 days | 1,696 sqft |
2022-12-01 | 0 days | 1,666 sqft |
2023-01-01 | 0 days | 1,636 sqft |
2023-02-01 | 0 days | 1,366 sqft |
2023-03-01 | 0 days | 1,533 sqft |
2023-04-01 | 0 days | 1,626 sqft |
2023-05-01 | 0 days | 1,424 sqft |
2023-06-01 | 0 days | 1,476 sqft |
2023-07-01 | 0 days | 1,565 sqft |
2023-08-01 | 0 days | 1,539 sqft |
2023-09-01 | 0 days | 1,716 sqft |
2023-10-01 | 0 days | 1,705 sqft |
2023-11-01 | 0 days | 1,676 sqft |
2023-12-01 | 0 days | 1,687 sqft |
2024-01-01 | 0 days | 1,677 sqft |
2024-02-01 | 0 days | 1,602 sqft |
2024-03-01 | 0 days | 1,572 sqft |
2024-04-01 | 0 days | 1,754 sqft |
2024-05-01 | 0 days | 1,885 sqft |
2024-06-01 | 0 days | 1,688 sqft |
2024-07-01 | 0 days | 1,502 sqft |
2024-08-01 | 0 days | 1,504 sqft |
2024-09-01 | 0 days | 1,407 sqft |
Cortland's median square footage for active listings during the 2024-09-01 period was 1,407 sqft. One year prior, the average listing was 1,716 sqft.
Cortland, NY Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 319 | $61,995,000 | $194,342 |
Refi | 93 | $13,435,000 | $144,462 |
Home Improvement | 89 | $6,245,000 | $70,169 |
Other | 80 | $5,660,000 | $70,750 |
Cash Out Refi | 37 | $4,895,000 | $132,297 |
Cortland's most frequently cited loan purpose was Home Purchase, with 319 originations. The 2nd most popular reason was Refi, with 93 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 215 | $35,105,000 | $163,279 |
5-6% | 104 | $16,490,000 | $158,558 |
7-8% | 89 | $12,775,000 | $143,539 |
Over 8% | 55 | $5,275,000 | $95,909 |
<2.5% | 43 | $2,955,000 | $68,721 |
3-4% | 23 | $2,345,000 | $101,957 |
4-5% | 8 | $1,760,000 | $220,000 |
During 2023, Cortland's most frequently originated rate bucket was 6-7%, with 215 originations.
Loan Sizing (Cortland, NY MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 270 | $38,980,000 | $144,370 |
$100,000 or less | 234 | $12,910,000 | $55,171 |
$200k-400k | 97 | $26,765,000 | $275,928 |
$400k-600k | 8 | $3,930,000 | $491,250 |
$Over $1MM | 5 | $6,325,000 | $1,265,000 |
$600k-1000k | 4 | $3,320,000 | $830,000 |
Cortland's loan sizing saw the bucket of loans from $100k-200k with 270 originations, totaling $38,980,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 203 | $39,505,000 | $194,606 |
60-80% | 120 | $20,500,000 | $170,833 |
20-40% | 85 | $5,475,000 | $64,412 |
Under 20% | 62 | $3,060,000 | $49,355 |
40-60% | 60 | $6,970,000 | $116,167 |
Over 100% | 3 | $705,000 | $235,000 |
Cortland's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 203 originations, totaling $39,505,000 in origination value.