Chelsea Savings Bank Mortgage Rates, Fees & Info

Belle Plaine, IA

LEI: 254900YUF5NHPY7YH136

Tax ID: 42-0178730

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Mortgage Data

Review & Overview

Chelsea Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Chelsea Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, Waterloo, Carroll, and Des Moines among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Chelsea Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

33

Origination Dollar Volume (All Markets)

$3,275,000

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
CEDAR RAPIDS, IA (FHA|USDA|VA) 13 $1,475,000 $113,462 $0 0.00%
Outside of Metro Areas 14 $960,000 $68,571 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 2 $280,000 $140,000 $0 0.00%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 2 $270,000 $135,000 $0 0.00%
Carroll, IA (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Chelsea Savings Bank's top markets include Cedar Rapids, Iowa City, Waterloo, Carroll, and Des Moines among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $3,275,000 $99,242 $0 0.00%

    For 2023, Chelsea Savings Bank's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 18 $2,260,000 $125,556 $0 0.00%
    Refi 8 $710,000 $88,750 $0 0.00%
    Home Improvement 6 $180,000 $30,000 $0 0.00%
    Other 1 $125,000 $125,000 $0 0.00%

    For 2023, Chelsea Savings Bank's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 33 $3,275,000 $99,242 $0 0.00%

    For 2023, Chelsea Savings Bank's most frequently cited loan duration was Other, with 33 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 21 $965,000 $45,952 $0 0.00%
    $100k-200k 8 $1,190,000 $148,750 $0 0.00%
    $200k-400k 3 $705,000 $235,000 $0 0.00%
    $400k-600k 1 $415,000 $415,000 $0 0.00%

    2023 saw Chelsea Savings Bank place emphasis on $100,000 or less loans with 21 originations, totaling $965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 12 $1,290,000 $107,500 $0 0.00%
    $50k or less 8 $390,000 $48,750 $0 0.00%
    $75k-100k 5 $455,000 $91,000 $0 0.00%
    $50k-75k 4 $510,000 $127,500 $0 0.00%
    $150k-250k 3 $615,000 $205,000 $0 0.00%

    Chelsea Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 12 originations. The second most popular income band? $50k or less, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 33 $3,275,000 $99,242 $0 0.00%

    Chelsea Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 31 $3,005,000 $96,935 $0 0.00%
    Black 1 $255,000 $255,000 $0 0.00%
    Not applicable 1 $15,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.89%

    Chelsea Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.97%

    Chelsea Savings Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 33 $3,275,000 $99,242

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    33 $3,275,000 $99,242