Hingham Institution For Savings Mortgage Rates, Fees & Info

Hingham, MA

LEI: 2549009GDCGUR2T6KU55

Tax ID: 04-1442480

5 stars

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

Review & Overview

Hingham Institution For Savings is a smaller mortgage company specializing in Refi and Home Purchase loans. Hingham Institution For Savings has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Washington, San Francisco, Barnstable Town, and Sacramento among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Hingham Institution For Savings 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. Hingham Institution For Savings is typically an average 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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.30%	3/28/23
30 Year Conventional Refi	6.23%	3/28/23
15 Year Conventional Purchase	5.67%	3/28/23
15 Year Conventional Refi	6.07%	3/28/23
15 Year Cash-out Refi	6.07%	3/28/23
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Originations

314

Origination Dollar Volume (All Markets)

$842,900,000

Relative Rate

Hingham Institution For Savings's average 30 year fixed mortgage rate was 3.89%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.87%.

Relative Fees (Closing Costs)

Hingham Institution For Savings's average total fees/closing costs for a 30 year fixed rate mortgage were $5,585.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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)	212	$436,260,000	$2,057,830	$4,717	4.03%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	46	$313,740,000	$6,820,435	$0	4.17%
San Francisco-Oakland-Berkeley, CA (FHA\|USDA\|VA)	15	$43,415,000	$2,894,333	$0	3.41%
Outside of Metro Areas	25	$35,025,000	$1,401,000	$7,218	4.04%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	8	$4,760,000	$595,000	$3,562	3.59%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA\|USDA\|VA)	1	$4,655,000	$4,655,000	$0	3.25%
WORCESTER, MA-CT (FHA\|USDA\|VA)	5	$4,165,000	$833,000	$0	4.20%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	2	$880,000	$440,000	$0	5.05%

Hingham Institution For Savings's top markets include Boston, Washington, San Francisco, Barnstable Town, and Sacramento among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

District of Columbia (FHA|USDA|VA)

Virginia (FHA|USDA|VA)

California (FHA|USDA|VA)

Maryland (FHA|USDA|VA)

Similar Lenders

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

Sharon & Crescent United Credit Union
Similarity Rank: 268

LUSO-AMERICAN CREDIT UNION
Similarity Rank: 474

Piscataqua Savings Bank
Similarity Rank: 526

Middlesex Savings Bank
Similarity Rank: 560

Bridgewater Savings Bank
Similarity Rank: 576

Walpole Co-operative Bank
Similarity Rank: 789

Norwood Co-operative Bank
Similarity Rank: 820

QUINCY CREDIT UNION
Similarity Rank: 900

Bristol County Savings Bank
Similarity Rank: 945

North Easton Savings Bank
Similarity Rank: 956

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	314	$842,900,000	$2,684,395	$5,261	4.02%

For 2022, Hingham Institution For Savings's most frequently originated type of loan was Conventional, with 314 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	173	$430,785,000	$2,490,087	$5,144	3.82%
Home Purchase	134	$378,940,000	$2,827,910	$5,552	4.26%
Home Improvement	6	$32,870,000	$5,478,333	$0	4.54%
Other	1	$305,000	$305,000	$2,944	3.88%

For 2022, Hingham Institution For Savings's most frequently cited loan purpose was Refi, with 173 originations. The 2nd most popular reason was Home Purchase, with 134 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	163	$402,765,000	$2,470,951	$4,035	4.11%
30 Year	45	$43,975,000	$977,222	$5,585	3.89%
20 Year	44	$144,200,000	$3,277,273	$0	3.72%
10 Year	34	$79,020,000	$2,324,118	$0	4.18%
Other	26	$171,170,000	$6,583,462	$0	4.03%
30+ year	2	$1,770,000	$885,000	$4,712	3.31%

For 2022, Hingham Institution For Savings's most frequently cited loan duration was 15 Year, with 163 originations. The 2nd most popular length was 30 Year, with 45 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	48	$37,920,000	$790,000
$1k-2k	2	$5,450,000	$2,725,000

Hingham Institution For Savings's average total fees were $5,585, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 48 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	197	$601,335,000	$3,052,462
4-5%	63	$154,745,000	$2,456,270
5-6%	43	$71,245,000	$1,656,860
2.5-3%	10	$12,770,000	$1,277,000
6-7%	1	$2,805,000	$2,805,000

During 2022, Hingham Institution For Savings's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 197 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$1MM+	168	$766,250,000	$4,561,012	$8,948	3.99%
$600k-1MM	54	$41,000,000	$759,259	$5,141	4.14%
$400k-600k	47	$23,225,000	$494,149	$4,267	3.97%
$200k-400k	38	$11,570,000	$304,474	$3,422	4.11%
$100k-200k	5	$755,000	$151,000	$3,250	3.23%
$100,000 or less	2	$100,000	$50,000	$2,270	4.75%

2022 saw Hingham Institution For Savings place emphasis on $1MM+ loans with 168 originations, totaling $766,250,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$250k+	24	$38,500,000	$1,604,167	$7,336	3.95%
$150k-250k	13	$5,605,000	$431,154	$3,967	4.04%
$100k-150k	8	$3,370,000	$421,250	$3,975	3.33%
$50k-75k	6	$1,400,000	$233,333	$3,322	3.52%
$75k-100k	4	$1,380,000	$345,000	$3,797	3.16%
$50k or less	1	$35,000	$35,000	$2,270	4.75%

Hingham Institution For Savings lent most frequently to those with incomes in the $250k+ range, with 24 originations. The second most popular income band? $150k-250k, with 13 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
<20%	18	$22,770,000	$1,265,000	$6,231	3.61%
20-30%	14	$8,940,000	$638,571	$4,464	3.90%
30-36%	8	$3,440,000	$430,000	$4,349	3.77%
40%	4	$1,930,000	$482,500	$4,178	3.19%
46%	2	$1,440,000	$720,000	$4,782	3.13%
38%	2	$3,170,000	$1,585,000	$6,990	4.56%
42%	2	$5,090,000	$2,545,000	$10,657	4.50%
37%	1	$255,000	$255,000	$3,444	3.13%
41%	1	$375,000	$375,000	$3,762	3.38%
36%	1	$415,000	$415,000	$3,894	5.50%
43%	1	$365,000	$365,000	$3,757	5.25%
39%	1	$485,000	$485,000	$3,832	3.13%

Hingham Institution For Savings lent most frequently to those with DTI ratios of <20%, with 18 originations. The next most common DTI ratio? 20-30%, with 14 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	123	$491,295,000	$3,994,268	$0	4.03%
Not provided	65	$196,115,000	$3,017,154	$6,514	3.97%
White	104	$115,770,000	$1,113,173	$4,825	3.99%
Asian	13	$21,045,000	$1,618,846	$9,839	4.31%
Asian Indian	3	$8,705,000	$2,901,667	$0	4.20%
Black	3	$6,055,000	$2,018,333	$0	3.98%
Other Asian	2	$3,430,000	$1,715,000	$0	3.63%
Vietnamese	1	$485,000	$485,000	$0	4.50%

Approval Rates

Total approvals of all applications
93.02%

Hingham Institution For Savings has an average approval rate.

Pick Rate

Approvals leading to origination
88.22%

Hingham Institution For Savings has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	314	$842,900,000	$2,684,395

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	314	$842,900,000	$2,684,395

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	31	$96,805,000	$3,122,742	$3,605	3.77%
40-60%	76	$147,060,000	$1,935,000	$5,406	3.94%
60-80%	198	$589,770,000	$2,978,636	$6,331	4.10%
80-100%	4	$3,090,000	$772,500	$5,006	4.13%
Under 20%	5	$6,175,000	$1,235,000	$2,682	3.70%