Methuen Cooperative Bank Mortgage Rates, Fees & Info

Methuen, MA

LEI: 2549007JFUKTY2NW6090

Tax ID: 04-1615835

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Methuen Cooperative Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Methuen Cooperative Bank has a high proportion of conventional loans. Their top (well, only) market is Boston.

    Methuen Cooperative Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Methuen Cooperative Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    27

    Origination Dollar Volume (All Markets)

    $6,435,000

    Awards

    Methuen Cooperative Bank 30 Year Conventional Loans gold Methuen Cooperative Bank 30 Year Conventional Loans gold
    Show all (2) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 26 $6,210,000 $238,846 $1,926 4.78%
    Outside of Metro Areas 1 $225,000 $225,000 $1,813 4.75%
    Methuen Cooperative Bank's top markets include and Boston among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Methuen Cooperative Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    Middlesex Savings Bank
    Similarity Rank: 165
    Coastal Heritage Bank
    Similarity Rank: 180
    Bristol County Savings Bank
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 285
    Methuen Cooperative Bank
    Similarity Rank: 330
    The Cooperative Bank
    Similarity Rank: 380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 27 $6,435,000 $238,333 $1,919 4.78%

    For 2018, Methuen Cooperative Bank's most frequently originated type of loan was Conventional, with 27 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $3,110,000 $194,375 $1,982 4.86%
    Cash Out Refi 8 $1,960,000 $245,000 $1,721 4.63%
    Refi 3 $1,365,000 $455,000 $2,167 4.75%

    For 2018, Methuen Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 19 $5,635,000 $296,579 $2,046 4.89%
    10 Year 4 $370,000 $92,500 $1,413 4.25%
    1 Year 3 $355,000 $118,333 $0 4.92%
    15 Year 1 $75,000 $75,000 $1,275 4.25%

    For 2018, Methuen Cooperative Bank's most frequently cited loan duration was 30 Year, with 19 originations. The 2nd most popular length was 10 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 16 $4,780,000 $298,750

    Methuen Cooperative Bank's average total fees were $2,046, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 16 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 21 $5,485,000 $261,190
    5-6% 4 $750,000 $187,500
    3-4% 2 $200,000 $100,000

    During 2018, Methuen Cooperative Bank's average interest rate for loans was 4.89%, while their most frequently originated rate bucket for loans was 4-5%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 11 $3,115,000 $283,182 $1,959 4.88%
    $100k-200k 7 $995,000 $142,143 $1,683 4.86%
    $100,000 or less 5 $405,000 $81,000 $1,257 4.45%
    $400k-600k 3 $1,285,000 $428,333 $2,197 4.75%
    $600k-1MM 1 $635,000 $635,000 $2,558 4.88%

    2018 saw Methuen Cooperative Bank place emphasis on $200k-400k loans with 11 originations, totaling $3,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 11 $2,925,000 $265,909 $2,005 4.78%
    $100k-150k 6 $1,660,000 $276,667 $1,917 4.71%
    $250k+ 3 $625,000 $208,333 $1,813 4.92%
    $50k-75k 2 $500,000 $250,000 $1,824 4.81%
    $50k or less 1 $75,000 $75,000 $1,275 4.25%
    $75k-100k 1 $305,000 $305,000 $2,171 4.88%

    Methuen Cooperative Bank lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $100k-150k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $1,620,000 $270,000 $1,848 4.63%
    30-36% 4 $1,330,000 $332,500 $2,018 4.72%
    40% 3 $405,000 $135,000 $0 4.83%
    <20% 2 $300,000 $150,000 $1,683 4.25%
    45% 2 $370,000 $185,000 $0 5.38%
    46% 2 $380,000 $190,000 $1,824 5.31%
    43% 1 $305,000 $305,000 $2,171 4.88%
    50-60% 1 $245,000 $245,000 $0 4.50%
    >60% 1 $635,000 $635,000 $2,558 4.88%
    38% 1 $75,000 $75,000 $1,275 4.25%
    36% 1 $425,000 $425,000 $2,369 4.88%

    Methuen Cooperative Bank lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 22 $5,920,000 $269,091 $1,919 4.77%
    Not applicable 3 $345,000 $115,000 $0 4.88%
    Asian 2 $170,000 $85,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    96.88%

    Methuen Cooperative Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.89%

    Methuen Cooperative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 27 $6,435,000 $238,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 27 $6,435,000 $238,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $325,000 $108,333 $1,275 4.79%
    40-60% 6 $1,460,000 $243,333 $1,887 4.88%
    60-80% 14 $3,830,000 $273,571 $2,060 4.80%
    80-100% 2 $580,000 $290,000 $2,079 4.88%
    Under 20% 1 $85,000 $85,000 $1,239 3.50%