We compare mortgage interest rate and loan related closing costs at Merrimack County Savings Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.09%)
Loan Related Closing Costs: lower than average (-$488)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Merrimack County Savings Bank originated 271 mortgages, a national market share of 0.0%. It was primarily active in NH (0.9% market share) and ME (0.0% market share).
On average, Merrimack County Savings Bank’s interest rates were higher than those of comparable mortgages at other lenders (+0.09%).1The comparable mortgages control for Merrimack County Savings Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $2554, which was lower than those of comparable mortgages at $3042, with a difference of -$488. Overall, we estimate that Merrimack County Savings Bank tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Merrimack County Savings Bank.
Merrimack County Savings Bank originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Merrimack County Savings Bank compared to other lenders
|Interest Rate Difference||+0.08%|
|Loan related Closing Cost Difference||-$358|
|Cost Adjusted Rate Difference||+0.04%|
Based on the table above, Merrimack County Savings Bank is similar to other lenders for Conforming purchase mortgages.
Mortgage Refinancing from Merrimack County Savings Bank compared to other lenders
|Interest Rate Difference||+0.09%|
|Loan Related Closing Cost Difference||-$674|
|Cost Adjusted Rate Difference||-0.02%|
Based on the table above, Merrimack County Savings Bank is similar to other lenders for Conforming mortgage refinance.
Other information about Merrimack County Savings Bank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: NEW HAMPSHIRE MUTUAL BANCORP
Registered city and state: Concord, NH, 03302