Ross Mortgage Company Rates, Fees & Info

Westborough, MA

LEI: 254900PRB9DTJAHMMZ45

Tax ID: 04-3579800

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Ross Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Ross Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Boston, Worcester, Manchester, Springfield, and Providence among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ross Mortgage Company has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Ross Mortgage Company 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.69% 4/14/24
    30 Year Conventional Refi 6.57% 4/14/24
    30 Year Cash-out Refi 6.84% 4/14/24
    30 Year FHA Purchase 7.40% 4/14/24
    30 Year FHA Refi 7.67% 4/14/24
    30 Year VA Purchase 6.56% 4/14/24
    30 Year USDA Purchase 6.56% 4/14/24
    15 Year Conventional Purchase 5.84% 4/14/24
    15 Year Conventional Refi 5.87% 4/14/24
    15 Year Cash-out Refi 5.87% 4/14/24
    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.

    Ross Mortgage Company Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Ross Mortgage Company. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    337

    Origination Dollar Volume (All Markets)

    $94,435,000

    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) 165 $53,615,000 $324,939 $4,952 4.87%
    WORCESTER, MA-CT (FHA|USDA|VA) 141 $33,765,000 $239,468 $4,597 4.82%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 9 $2,065,000 $229,444 $3,465 5.07%
    SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,065,000 $213,000 $4,036 4.63%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $875,000 $291,667 $5,068 4.88%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $765,000 $255,000 $3,576 4.58%
    Keene, NH (FHA|USDA|VA) 2 $460,000 $230,000 $6,655 4.37%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $400,000 $200,000 $6,857 5.06%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $350,000 $175,000 $3,893 5.37%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $245,000 $245,000 $3,289 4.75%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $235,000 $235,000 $2,787 4.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,975 4.75%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $195,000 $195,000 $4,466 5.00%
    Laconia, NH (FHA|USDA|VA) 1 $175,000 $175,000 $2,907 4.75%
    Ross Mortgage Company's top markets include Boston, Worcester, Manchester, Springfield, and Providence among others.

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

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    POLISH NATIONAL
    Similarity Rank: 48
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 84
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Members First Credit Union N.H.
    Similarity Rank: 119

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 249 $70,225,000 $282,028 $3,577 4.85%
    FHA 77 $21,125,000 $274,351 $8,309 4.89%
    VA 8 $2,420,000 $302,500 $5,974 4.55%
    USDA 2 $420,000 $210,000 $5,265 4.44%
    HELOC 1 $245,000 $245,000 n/a 5.13%

    For 2018, Ross Mortgage Company's most frequently originated type of loan was Conventional, with 249 originations. Their 2nd most popular type was FHA, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 279 $78,405,000 $281,022 $4,943 4.85%
    Cash Out Refi 23 $6,465,000 $281,087 $3,912 4.98%
    Refi 21 $5,485,000 $261,190 $3,318 4.67%
    Home Improvement 14 $4,080,000 $291,429 $4,015 4.86%

    For 2018, Ross Mortgage Company's most frequently cited loan purpose was Home Purchase, with 279 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 323 $91,205,000 $282,368 $4,793 4.87%
    15 Year 9 $2,065,000 $229,444 $3,040 4.11%
    20 Year 4 $920,000 $230,000 $3,594 4.69%
    Other 1 $245,000 $245,000 $0 5.13%

    For 2018, Ross Mortgage Company's most frequently cited loan duration was 30 Year, with 323 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 313 $86,635,000 $276,789
    $2k-3k 10 $2,460,000 $246,000
    $5k+ 6 $2,220,000 $370,000
    $3k-4k 3 $945,000 $315,000
    $4k-5k 3 $1,385,000 $461,667
    $<1k 1 $545,000 $545,000

    Ross Mortgage Company's average total fees were $4,793, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 313 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 233 $65,335,000 $280,408
    5-6% 92 $26,460,000 $287,609
    3-4% 12 $2,640,000 $220,000

    During 2018, Ross Mortgage Company's average interest rate for loans was 4.87%, while their most frequently originated rate bucket for loans was 4-5%, with 233 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 203 $57,645,000 $283,966 $4,715 4.85%
    $100k-200k 83 $13,295,000 $160,181 $4,058 4.84%
    $400k-600k 43 $19,465,000 $452,674 $5,626 4.89%
    $600k-1MM 6 $3,880,000 $646,667 $8,811 4.88%
    $100,000 or less 2 $150,000 $75,000 $2,597 4.25%

    2018 saw Ross Mortgage Company place emphasis on $200k-400k loans with 203 originations, totaling $57,645,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 92 $21,760,000 $236,522 $5,156 4.80%
    $75k-100k 81 $21,105,000 $260,556 $4,331 4.88%
    $100k-150k 80 $26,720,000 $334,000 $4,779 4.86%
    $150k-250k 38 $13,300,000 $350,000 $3,705 4.87%
    $50k or less 37 $8,085,000 $218,514 $5,455 4.78%
    $250k+ 9 $3,465,000 $385,000 $4,934 5.13%

    Ross Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 92 originations. The second most popular income band? $75k-100k, with 81 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 52 $13,430,000 $258,269 $3,627 4.79%
    20-30% 39 $11,145,000 $285,769 $3,521 4.83%
    50-60% 33 $8,595,000 $260,455 $7,350 4.89%
    49% 30 $8,150,000 $271,667 $4,162 4.93%
    42% 19 $5,585,000 $293,947 $4,326 4.82%
    39% 16 $4,240,000 $265,000 $4,972 4.71%
    43% 16 $4,700,000 $293,750 $5,560 4.76%
    48% 15 $4,175,000 $278,333 $5,054 4.99%
    45% 15 $4,535,000 $302,333 $4,623 4.93%
    40% 14 $4,700,000 $335,714 $4,262 4.81%
    44% 14 $3,290,000 $235,000 $4,980 4.72%
    47% 13 $3,805,000 $292,692 $4,129 4.86%
    36% 11 $2,765,000 $251,364 $3,606 4.81%
    41% 10 $3,300,000 $330,000 $6,012 4.87%
    >60% 9 $3,455,000 $383,889 $9,176 4.94%
    37% 9 $2,715,000 $301,667 $4,119 4.82%
    38% 9 $2,565,000 $285,000 $5,110 4.97%
    46% 7 $1,895,000 $270,714 $4,420 5.00%
    <20% 6 $1,390,000 $231,667 $3,945 4.85%

    Ross Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 52 originations. The next most common DTI ratio? 20-30%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 260 $71,110,000 $273,500 $4,658 4.83%
    Asian 32 $9,770,000 $305,313 $4,285 4.85%
    Not provided 27 $7,875,000 $291,667 $5,969 5.06%
    Black 16 $5,260,000 $328,750 $4,782 4.78%
    Asian Indian 1 $225,000 $225,000 $3,975 4.75%
    Not applicable 1 $195,000 $195,000 $0 5.38%

    Approval Rates

    Total approvals of all applications
    89.21%

    Ross Mortgage Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.98%

    Ross Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 337 $94,435,000 $280,223

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 337 $94,435,000 $280,223

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,370,000 $171,250 $3,069 4.50%
    40-60% 22 $5,440,000 $247,273 $3,714 4.77%
    60-80% 103 $29,525,000 $286,650 $3,542 4.89%
    80-100% 202 $57,500,000 $284,653 $5,447 4.85%
    Over 100% 2 $600,000 $300,000 $11,534 4.75%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 1.5%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Closing on a mortgage 9 2.2%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Incorrect information on your report 2 0.5%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Struggling to pay mortgage 119 29.5%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Trouble during payment process 142 35.1%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC FHA mortgage Closing on a mortgage 2 0.5%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC FHA mortgage Struggling to pay mortgage 21 5.2%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC FHA mortgage Trouble during payment process 20 5.0%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 0.2%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Home equity loan or line of credit (HELOC) Closing on a mortgage 3 0.7%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.2%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 0.5%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Home equity loan or line of credit (HELOC) Trouble during payment process 15 3.7%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.2%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Other type of mortgage Incorrect information on your report 1 0.2%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Other type of mortgage Struggling to pay mortgage 30 7.4%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Other type of mortgage Trouble during payment process 19 4.7%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC VA mortgage Struggling to pay mortgage 1 0.2%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC VA mortgage Trouble during payment process 9 2.2%