Headquartered in Bangor, Maine, this regional bank offers mortgage products designed for homebuyers across New England. Bangor Savings Bank is known for its personalized service—but prospective borrowers should review loan terms closely, as processing and origination fees may apply.
See today’s mortgage interest rates on TrueRate.
How Bangor Savings Bank compares to other lenders
| Headquarters | Bangor, Maine |
| Website | bangor.com |
| Rate | 0.20% lower than the median rate |
| Lender fees | $1,025 (median on Bangor Savings bank loans) |
| Savings after 1 year, compared to the median interest rate | $1,009 |
| Savings after 10 years, compared to the median interest rate | $6,737 |
| Added cost after 1 year, compared to Tomo Mortgage | $1,570 |
| Added cost after 10 years, compared to Tomo Mortgage | $4,447 |
For a $400,000 mortgage, Bangor Savings Bank’s rates—about 0.20% below the median—and $1,025 in lender fees result in estimated savings of approximately $1,009 in the first year and over $6,737 after 10 years compared to a typical lender.
That said, some lower-cost lenders—such as Tomo Mortgage—may offer additional savings, largely due to even lower rates and zero-lender-fee models.
What customers are saying
Customer reviews of Bangor Savings Bank’s mortgage services, as seen on platforms like Yelp, BBB, and Reddit, reveal mixed experiences.
Borrowers appreciate competitive rates and smooth refinancing experiences. Some customers praised helpful staff and efficient transactions for basic banking needs. Bangor Savings Bank also received recognition for customer satisfaction in the New England region, earning high scores in trust, convenience, and problem resolution in J.D. Power’s 2023 study.
Complaints frequently mention poor customer service, delays in processing, and operational inefficiencies. Issues include misapplied payments, unresponsive representatives, and rigid policies that caused financial complications. Yelp reviews highlight frustrations with mortgage applications and communication gaps during critical stages of the process.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.