Chelsea Groton Bank Mortgage Rates, Fees & Info

Groton, CT

LEI: 5493000GQWJTTR0TEH83

Tax ID: 06-0376640

5 stars - out of 5 stars, based on 26 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Chelsea Groton Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Chelsea Groton Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Norwich, Hartford, Providence, Worcester, and Bridgeport among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Chelsea Groton 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. Chelsea Groton Bank 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.

    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.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.58% 3/19/23
    30 Year Conventional Refi 6.43% 3/19/23
    30 Year Cash-out Refi 6.63% 3/19/23
    30 Year FHA Purchase 7.07% 3/19/23
    30 Year FHA Refi 6.27% 3/19/23
    15 Year Conventional Purchase 6.23% 3/19/23
    15 Year Conventional Refi 6.35% 3/19/23
    15 Year Cash-out Refi 6.35% 3/19/23
    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

    702

    Origination Dollar Volume (All Markets)

    $180,420,000

    Employee count

    206

    Awards

    Chelsea Groton Bank 30 Year Conventional Loans silver Chelsea Groton Bank 30 Year Conventional Loans gold Chelsea Groton Bank 30 Year Conventional Loans silver
    Show all (3) awards

    Relative Rate

    Chelsea Groton Bank's average 30 year fixed mortgage rate was 3.2%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.05%.

    Relative Fees (Closing Costs)

    Chelsea Groton Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,094.

    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
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 522 $130,980,000 $250,920 $2,621 3.11%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 105 $28,425,000 $270,714 $3,217 3.04%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 31 $8,815,000 $284,355 $2,615 3.24%
    WORCESTER, MA-CT (FHA|USDA|VA) 25 $5,385,000 $215,400 $3,156 3.10%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 6 $3,970,000 $661,667 $3,661 3.33%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 11 $2,485,000 $225,909 $2,671 2.98%
    Torrington, CT (FHA|USDA|VA) 2 $360,000 $180,000 $2,975 3.15%
    Chelsea Groton Bank's top markets include Norwich, Hartford, Providence, Worcester, and Bridgeport among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Chelsea Groton Bank 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
    Middlesex Savings Bank
    Similarity Rank: 174
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    SCIENT Federal Credit Union
    Similarity Rank: 286
    SIKORSKY FINANCIAL
    Similarity Rank: 354
    POLISH NATIONAL
    Similarity Rank: 376
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    Sanborn Mortgage Corporation
    Similarity Rank: 435

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 695 $178,585,000 $256,957 $2,658 3.11%
    FHA 6 $1,380,000 $230,000 $7,586 2.73%
    VA 1 $455,000 $455,000 $19,022 3.25%

    For 2021, Chelsea Groton Bank's most frequently originated type of loan was Conventional, with 695 originations. Their 2nd most popular type was FHA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 283 $88,115,000 $311,360 $3,564 3.16%
    Refi 216 $46,410,000 $214,861 $2,214 2.96%
    Cash Out Refi 156 $38,840,000 $248,974 $2,594 3.08%
    Other 24 $4,900,000 $204,167 $1,114 3.52%
    Home Improvement 23 $2,155,000 $93,696 $714 3.58%

    For 2021, Chelsea Groton Bank's most frequently cited loan purpose was Home Purchase, with 283 originations. The 2nd most popular reason was Refi, with 216 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 303 $81,415,000 $268,696 $3,094 3.20%
    Other 178 $47,360,000 $266,067 $2,659 2.89%
    15 Year 100 $18,820,000 $188,200 $1,814 3.05%
    30+ year 48 $22,220,000 $462,917 $4,188 3.24%
    20 Year 43 $7,975,000 $185,465 $2,536 3.17%
    10 Year 24 $2,380,000 $99,167 $659 3.37%
    5 Year 6 $250,000 $41,667 $0 3.33%

    For 2021, Chelsea Groton Bank's most frequently cited loan duration was 30 Year, with 303 originations. The 2nd most popular length was Other, with 178 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 523 $126,995,000 $242,820
    $1k-2k 78 $31,580,000 $404,872
    $2k-3k 11 $2,505,000 $227,727
    $3k-4k 2 $750,000 $375,000

    Chelsea Groton Bank's average total fees were $3,094, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 523 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 389 $101,915,000 $261,992
    2.5-3% 256 $67,100,000 $262,109
    <2.5% 46 $9,110,000 $198,043
    4-5% 11 $2,295,000 $208,636

    During 2021, Chelsea Groton Bank's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 389 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 297 $82,585,000 $278,064 $2,941 3.06%
    $100k-200k 228 $35,060,000 $153,772 $2,307 3.04%
    $100,000 or less 82 $5,070,000 $61,829 $971 3.42%
    $400k-600k 63 $29,355,000 $465,952 $4,070 3.09%
    $600k-1MM 23 $16,495,000 $717,174 $4,301 3.24%
    $1MM+ 9 $11,855,000 $1,317,222 $6,384 3.13%

    2021 saw Chelsea Groton Bank place emphasis on $200k-400k loans with 297 originations, totaling $82,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 190 $46,290,000 $243,632 $2,595 3.08%
    $150k-250k 142 $41,950,000 $295,423 $2,969 3.04%
    $75k-100k 136 $29,450,000 $216,544 $2,671 3.08%
    $50k-75k 111 $18,315,000 $165,000 $2,386 3.11%
    $250k+ 65 $33,905,000 $521,615 $3,954 3.17%
    $50k or less 45 $5,585,000 $124,111 $2,380 3.13%

    Chelsea Groton Bank lent most frequently to those with incomes in the $100k-150k range, with 190 originations. The second most popular income band? $150k-250k, with 142 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 205 $49,125,000 $239,634 $2,553 3.05%
    30-36% 148 $35,900,000 $242,568 $2,627 3.13%
    <20% 81 $21,295,000 $262,901 $2,687 2.99%
    40% 27 $6,565,000 $243,148 $2,903 3.16%
    41% 26 $6,050,000 $232,692 $2,389 3.19%
    39% 25 $5,895,000 $235,800 $2,276 3.20%
    36% 25 $6,095,000 $243,800 $3,038 3.17%
    37% 24 $9,980,000 $415,833 $3,382 3.02%
    43% 23 $6,735,000 $292,826 $2,891 3.01%
    38% 19 $5,685,000 $299,211 $3,366 3.18%
    45% 18 $4,570,000 $253,889 $3,913 3.21%
    42% 17 $4,115,000 $242,059 $2,741 3.08%
    44% 16 $4,030,000 $251,875 $2,989 3.04%
    46% 12 $3,240,000 $270,000 $3,331 3.10%
    47% 12 $3,260,000 $271,667 $3,551 3.22%
    48% 7 $1,655,000 $236,429 $2,925 3.09%
    49% 4 $1,170,000 $292,500 $2,414 3.18%
    50-60% 3 $705,000 $235,000 $2,511 3.08%

    Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 205 originations. The next most common DTI ratio? 30-36%, with 148 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 532 $132,540,000 $249,135 $2,643 3.09%
    Not provided 84 $25,250,000 $300,595 $3,114 3.15%
    Asian 55 $14,345,000 $260,818 $3,281 2.96%
    Not applicable 9 $4,065,000 $451,667 $0 4.28%
    Black 16 $3,230,000 $201,875 $2,614 3.26%
    American Indian 5 $725,000 $145,000 $2,286 3.14%
    Native Hawaiian or Islander 1 $265,000 $265,000 $2,378 3.05%

    Approval Rates

    Total approvals of all applications
    94.00%

    Chelsea Groton Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.66%

    Chelsea Groton Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 702 $180,420,000 $257,009

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    702 $180,420,000 $257,009

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $11,355,000 $174,692 $1,808 3.18%
    40-60% 133 $31,855,000 $239,511 $2,583 2.93%
    60-80% 310 $87,510,000 $282,290 $2,883 3.11%
    80-100% 154 $47,440,000 $308,052 $3,587 3.11%
    Under 20% 40 $2,260,000 $56,500 $450 3.54%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $66,767
    Chelsea Groton Bank 116 West Broad Street Pawcatuck, CT 6379 Full Service B&M $84,052
    Chelsea Groton Bank 156 Willimantic Road Baltic, CT 6330 Full Service B&M $60,640
    Chelsea Groton Bank 157 Boston Post Road Waterford, CT 6385 Full Service B&M $64,971
    Chelsea Groton Bank 2 Water Street Mystic, CT 6355 Full Service B&M $158,105
    Chelsea Groton Bank 20 Hartford Road Salem, CT 6420 Full Service B&M $49,555
    Chelsea Groton Bank 21 Pennsylvania Avenue Niantic, CT 6357 Full Service B&M $98,985
    Chelsea Groton Bank 391 Norwich Westerly Road North Stonington, CT 6359 Full Service B&M $69,267
    Chelsea Groton Bank 444 West Main Street Norwich, CT 6360 Full Service B&M $53,397
    Chelsea Groton Bank 50 N Stonington Road, Route 1 Mystic, CT 6355 Limited, Drive-thru $0
    Chelsea Groton Bank 50 Town Street Norwich, CT 6360 Full Service B&M $116,294
    Chelsea Groton Bank 904 Poquonnock Rd Groton, CT 6340 Full Service B&M $236,189
    Chelsea Groton Bank One Franklin Square Norwich, CT 6360 Full Service B&M $52,565
    Chelsea Groton Bank One Montauk Avenue New London, CT 6320 Full Service B&M $136,790

    For 2021, Chelsea Groton Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $40,544
    Net interest income $39,048
    Total noninterest income $8,439
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,877
    Trading account gains and fees $0
    Additional Noninterest Income $6,562
    Pre-tax net operating income $11,782
    Securities gains (or losses, -) $9,884
    Income before extraordinary items $17,424
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $17,424
    Minority interest net income $0
    Net income $17,424
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,516

    Chelsea Groton Bank's gross interest income from loans was $40,544,000.
    Chelsea Groton Bank's net interest income from loans was $39,048,000.
    Chelsea Groton Bank's fee based income from loans was $1,877,000.
    Chelsea Groton Bank's net income from loans was $17,424,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,496
    Provision for credit losses $934
    Total noninterest expense $34,771
    Salaries and employee benefits $21,190
    Premises and equipment expense $3,129
    Additional noninterest expense $10,452
    Applicable income taxes $4,242
    Net charge-offs $314
    Cash dividends $0

    Chelsea Groton Bank's interest expense for loans was $1,496,000.
    Chelsea Groton Bank's payroll and benefits expense were $21,190,000.
    Chelsea Groton Bank's property, plant and equipment expenses $3,129,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 3.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,299,062
    Deposits held in domestic offices $1,299,062
    Deposits by Individuals, partnerships, and corporations $1,138,486
    Deposits by U.S. Government $8
    Deposits by States and political subdivisions in the U.S. $160,563
    Deposits by Commercial banks and other depository institutions in U.S. $5
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $279,474
    Demand deposits $181,996
    Nontransaction accounts $1,019,588
    Money market deposit accounts (MMDAs) $72,278
    Other savings deposits (excluding MMDAs) $829,887
    Total time deposits $117,424
    Total time and savings deposits $1,117,066
    Noninterest-bearing deposits $443,760
    Interest-bearing deposits $855,302
    Retail deposits $1,264,158
    IRAs and Keogh plan accounts $33,144
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,591,255
    Cash & Balances due from depository institutions $224,623
    Interest-bearing balances $205,960
    Total securities $358,387
    Federal funds sold & reverse repurchase $0
    Net loans and leases $936,530
    Loan and leases loss allowance $9,597
    Trading account assets $0
    Bank premises and fixed assets $17,656
    Other real estate owned $0
    Goodwill and other intangibles $575
    All other assets $53,484

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,591,255
    Total Liabilities $1,371,890
    Total deposits $1,299,062
    Interest-bearing deposits $855,302
    Deposits held in domestic offices $1,299,062
    % insured (estimated) $61
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $40,137
    Subordinated debt $0
    All other liabilities $32,691

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $936,530
    Loan and leases loss allowance $9,597
    Total loans and leases (domestic) $946,127
    All real estate loans $872,255
    Real estate loans in domestic offices $872,255
    Construction and development loans $53,651
    Residential 1-4 family construction $15,514
    Other construction, all land development and other land $38,137
    Loans secured by nonfarm nonresidential properties $130,439
    Nonfarm nonresidential secured by owner-occupied properties $78,336
    Commercial real estate & other non-farm, non-residential $52,103
    Multifamily residential real estate $11,694
    1-4 family residential loans $676,317
    Farmland loans $154
    Loans held in foreign offices $0
    Farm loans $58
    Commercial and industrial loans $59,443
    To non-U.S. addressees $0
    Loans to individuals $5,283
    Credit card loans $0
    Related Plans $12
    Consumer Auto Loans $3,739
    Other loans to individuals $1,532
    All other loans & leases $9,087
    Loans to foreign governments and official institutions $0
    Other loans $142
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,089
    Non 1-4 family restructured loans & leases $2,944
    Total loans and leases (foreign) $0

    Chelsea Groton Bank had $936,530,000 of loans outstanding in 2021. $872,255,000 of loans were in real estate loans. $53,651,000 of loans were in development loans. $11,694,000 of loans were in multifamily mortgage loans. $676,317,000 of loans were in 1-4 family mortgage loans. $58,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,739,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 186 $48,499 $260,747
    Nonfarm, nonresidential loans - <$100k 40 $1,835 $45,875
    Nonfarm, nonresidential loans - $100-250k 78 $13,589 $174,218
    Nonfarm, nonresidential loans - $250k-1MM 68 $33,075 $486,397
    Commercial & Industrial, US addressed loans - <$1MM 423 $32,931 $77,851
    Commercial & Industrial, US addressed loans - <$100k 338 $6,675 $19,749
    Commercial & Industrial, US addressed loans - $100-250k 42 $6,570 $156,429
    Commercial & Industrial, US addressed loans - $250k-1MM 43 $19,686 $457,814
    Farmland loans - <$1MM 1 $147 $147,000
    Farmland loans - $100-250k 1 $147 $147,000
    Agriculture operations loans - <$1MM 1 $58 $58,000
    Agriculture operations loans - <$100k 1 $58 $58,000