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 and Refi loans. Ross Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Boston, Worcester, Manchester, Providence, and Barnstable Town among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ross Mortgage Company 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. Ross Mortgage Company 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.69% 4/22/24
    30 Year Conventional Refi 6.57% 4/22/24
    30 Year Cash-out Refi 6.84% 4/22/24
    30 Year FHA Purchase 7.40% 4/22/24
    30 Year FHA Refi 7.67% 4/22/24
    30 Year VA Purchase 6.56% 4/22/24
    30 Year USDA Purchase 6.56% 4/22/24
    15 Year Conventional Purchase 5.84% 4/22/24
    15 Year Conventional Refi 5.87% 4/22/24
    15 Year Cash-out Refi 5.87% 4/22/24
    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

    1,177

    Origination Dollar Volume (All Markets)

    $408,235,000

    Awards

    Ross Mortgage Company 30 Year Conventional Loans silver Ross Mortgage Company 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) 727 $279,575,000 $384,560 $4,064 2.94%
    WORCESTER, MA-CT (FHA|USDA|VA) 325 $91,085,000 $280,262 $4,049 2.98%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 34 $11,250,000 $330,882 $3,830 2.99%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 15 $5,115,000 $341,000 $5,235 2.97%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 14 $4,710,000 $336,429 $4,456 3.06%
    SPRINGFIELD, MA (FHA|USDA|VA) 16 $4,080,000 $255,000 $4,118 2.91%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 10 $2,920,000 $292,000 $3,582 2.99%
    Outside of Metro Areas 7 $1,805,000 $257,857 $3,584 3.36%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,475,000 $491,667 $7,889 2.79%
    Laconia, NH (FHA|USDA|VA) 4 $1,350,000 $337,500 $3,117 2.66%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $825,000 $275,000 $4,278 2.83%
    Keene, NH (FHA|USDA|VA) 4 $820,000 $205,000 $3,034 2.97%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $690,000 $172,500 $3,705 3.19%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $570,000 $285,000 $6,733 2.69%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $490,000 $245,000 $4,264 3.69%
    Torrington, CT (FHA|USDA|VA) 1 $445,000 $445,000 $4,290 2.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $275,000 $275,000 $5,300 3.63%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $240,000 $120,000 $3,630 3.69%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $205,000 $205,000 $3,490 4.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,311 2.25%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $155,000 $155,000 $3,427 3.38%
    Ross Mortgage Company's top markets include Boston, Worcester, Manchester, Providence, and Barnstable Town among others.

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

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    POLISH NATIONAL
    Similarity Rank: 192
    Freedom Credit Union
    Similarity Rank: 266
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    Florence Bank
    Similarity Rank: 400
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Greenfield Savings Bank
    Similarity Rank: 522

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,092 $375,510,000 $343,874 $3,559 2.96%
    FHA 73 $27,395,000 $375,274 $10,621 3.02%
    VA 12 $5,330,000 $444,167 $10,826 2.66%

    For 2021, Ross Mortgage Company's most frequently originated type of loan was Conventional, with 1,092 originations. Their 2nd most popular type was FHA, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 441 $170,565,000 $386,769 $5,193 3.08%
    Refi 422 $136,370,000 $323,152 $3,336 2.75%
    Cash Out Refi 212 $69,330,000 $327,028 $3,560 3.06%
    Home Improvement 102 $31,970,000 $313,431 $3,338 3.11%

    For 2021, Ross Mortgage Company's most frequently cited loan purpose was Home Purchase, with 441 originations. The 2nd most popular reason was Refi, with 422 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 932 $340,020,000 $364,828 $4,351 3.05%
    15 Year 119 $31,115,000 $261,471 $2,997 2.50%
    20 Year 86 $25,950,000 $301,744 $3,001 2.74%
    Other 26 $8,320,000 $320,000 $3,209 2.91%
    10 Year 14 $2,830,000 $202,143 $2,758 2.25%

    For 2021, Ross Mortgage Company's most frequently cited loan duration was 30 Year, with 932 originations. The 2nd most popular length was 15 Year, with 119 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,101 $376,305,000 $341,785
    $2k-3k 23 $8,515,000 $370,217
    $5k+ 21 $10,315,000 $491,190
    $3k-4k 17 $7,415,000 $436,176
    $4k-5k 11 $4,065,000 $369,545
    $<1k 4 $1,620,000 $405,000

    Ross Mortgage Company's average total fees were $4,351, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,101 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 560 $192,820,000 $344,321
    3-4% 419 $155,875,000 $372,017
    <2.5% 177 $52,735,000 $297,938
    4-5% 21 $6,805,000 $324,048

    During 2021, Ross Mortgage Company's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 560 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 621 $184,315,000 $296,804 $3,797 2.97%
    $400k-600k 342 $163,350,000 $477,632 $4,671 2.98%
    $100k-200k 157 $25,595,000 $163,025 $3,030 2.83%
    $600k-1MM 49 $33,395,000 $681,531 $6,651 3.15%
    $100,000 or less 7 $555,000 $79,286 $2,946 2.84%
    $1MM+ 1 $1,025,000 $1,025,000 $14,678 3.12%

    2021 saw Ross Mortgage Company place emphasis on $200k-400k loans with 621 originations, totaling $184,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 313 $117,895,000 $376,661 $4,198 2.97%
    $150k-250k 264 $109,050,000 $413,068 $3,999 2.95%
    $75k-100k 256 $81,690,000 $319,102 $4,093 2.98%
    $50k-75k 213 $55,435,000 $260,258 $4,025 2.94%
    $50k or less 70 $15,440,000 $220,571 $4,228 2.92%
    $250k+ 61 $28,725,000 $470,902 $3,632 2.98%

    Ross Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 313 originations. The second most popular income band? $150k-250k, with 264 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 264 $92,260,000 $349,470 $3,755 2.91%
    30-36% 226 $76,390,000 $338,009 $3,748 2.95%
    <20% 77 $23,335,000 $303,052 $3,239 2.77%
    41% 54 $18,960,000 $351,111 $3,841 2.97%
    42% 49 $18,285,000 $373,163 $4,553 3.07%
    37% 48 $17,220,000 $358,750 $3,570 2.94%
    40% 46 $15,510,000 $337,174 $4,102 3.03%
    36% 43 $14,455,000 $336,163 $4,055 2.93%
    43% 43 $15,635,000 $363,605 $3,985 3.08%
    45% 41 $14,725,000 $359,146 $4,536 3.02%
    39% 41 $15,445,000 $376,707 $4,572 3.02%
    44% 40 $13,360,000 $334,000 $4,069 3.03%
    49% 40 $13,880,000 $347,000 $4,513 2.94%
    38% 36 $12,890,000 $358,056 $4,226 3.04%
    48% 35 $12,855,000 $367,286 $4,465 3.10%
    47% 34 $11,500,000 $338,235 $3,921 3.04%
    50-60% 26 $9,060,000 $348,462 $8,502 3.06%
    46% 25 $8,605,000 $344,200 $4,489 2.98%
    >60% 1 $335,000 $335,000 $2,890 2.88%

    Ross Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 264 originations. The next most common DTI ratio? 30-36%, with 226 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 934 $328,190,000 $351,381 $3,996 2.96%
    Asian 118 $35,250,000 $298,729 $4,098 2.95%
    Not provided 85 $30,325,000 $356,765 $3,990 2.91%
    Black 35 $13,045,000 $372,714 $5,927 3.10%
    American Indian 2 $710,000 $355,000 $10,745 2.81%
    Other Asian 2 $430,000 $215,000 $2,630 2.63%
    Native Hawaiian or Islander 1 $285,000 $285,000 $2,768 2.88%

    Approval Rates

    Total approvals of all applications
    95.34%

    Ross Mortgage Company 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
    89.63%

    Ross Mortgage Company has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,177 $408,235,000 $346,844

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,177 $408,235,000 $346,844

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 73 $15,155,000 $207,603 $3,055 2.70%
    40-60% 266 $80,230,000 $301,617 $3,049 2.79%
    60-80% 505 $183,045,000 $362,465 $3,660 3.05%
    80-100% 327 $128,505,000 $392,982 $5,729 3.03%
    Over 100% 1 $505,000 $505,000 $22,081 2.99%
    Under 20% 5 $795,000 $159,000 $3,126 2.60%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    ROSS MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 1 33.3%
    ROSS MORTGAGE CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    ROSS MORTGAGE CORPORATION VA mortgage Closing on a mortgage 1 33.3%