Chelsea Groton Bank Mortgage Rates, Fees & Info

Groton, CT

LEI: 5493000GQWJTTR0TEH83

Tax ID: 06-0376640

5 stars - Updated: 4/5/25 - out of 5 stars, based on 22 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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)

    • Review & Overview

    Chelsea Groton Bank is a smaller bank specializing in Home Purchase loans. Chelsea Groton Bank has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Springfield, and New York among others. We have data for 4 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 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.

    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
    Home Equity Line of Credit (HELOC) 6.72% 4/5/25
    30 Year Conventional Purchase 6.67% 4/5/25
    30 Year Conventional Refi 6.86% 4/5/25
    30 Year Cash-out Refi 6.68% 4/5/25
    30 Year FHA Purchase 7.13% 4/5/25
    15 Year Conventional Purchase 6.33% 4/5/25
    15 Year Conventional Refi 6.45% 4/5/25
    15 Year Cash-out Refi 6.45% 4/5/25
    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.

    Chelsea Groton Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Chelsea Groton Bank. 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

    463

    Origination Dollar Volume (All Markets)

    $162,955,000

    Awards

    Chelsea Groton Bank 30 Year Conventional Loans bronze Chelsea Groton Bank 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Chelsea Groton Bank's average 30 year fixed mortgage rate was 6.57%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.02%.

    Relative Fees (Closing Costs)

    Chelsea Groton Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,495.

    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 $8,356.

    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
    Outside of Metro Areas 440 $145,360,000 $330,364 $2,301 6.45%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 21 $8,175,000 $389,286 $2,650 6.64%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $4,805,000 $4,805,000 $0 6.17%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $4,615,000 $4,615,000 $0 6.66%
    Chelsea Groton Bank's top markets include Providence, Springfield, and New York among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • New York (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.

    UniBank for Savings
    Similarity Rank: 60
    OCEAN STATE CREDIT UNION
    Similarity Rank: 63
    SOMERSET
    Similarity Rank: 72
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 108
    Southern Mass Credit Union
    Similarity Rank: 112
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 120
    Centreville Bank
    Similarity Rank: 120
    MERRIMACK VALLEY
    Similarity Rank: 121
    St. Mary's Credit Union
    Similarity Rank: 135
    Bridgewater Savings Bank
    Similarity Rank: 144

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 463 $162,955,000 $351,955 $2,319 6.46%

    For 2024, Chelsea Groton Bank's most frequently originated type of loan was Conventional, with 463 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 277 $119,945,000 $433,014 $3,939 6.47%
    Other 73 $6,205,000 $85,000 $31 6.42%
    Home Improvement 58 $4,010,000 $69,138 $0 6.46%
    Refi 42 $29,450,000 $701,190 $559 6.45%
    Cash Out Refi 13 $3,345,000 $257,308 $2,441 6.50%

    For 2024, Chelsea Groton Bank's most frequently cited loan purpose was Home Purchase, with 277 originations. The 2nd most popular reason was Other, with 73 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 165 $87,375,000 $529,545 $3,417 6.32%
    30 Year 97 $29,905,000 $308,299 $3,495 6.57%
    20 Year 72 $9,190,000 $127,639 $89 6.63%
    30+ year 41 $25,825,000 $629,878 $4,965 6.73%
    10 Year 30 $1,970,000 $65,667 $0 6.36%
    15 Year 30 $3,530,000 $117,667 $310 6.50%
    5 Year 28 $5,160,000 $184,286 $0 6.13%

    For 2024, Chelsea Groton Bank's most frequently cited loan duration was Other, with 165 originations. The 2nd most popular length was 30 Year, with 97 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 353 $83,445,000 $236,388
    $1k-2k 49 $27,055,000 $552,143
    $3k-4k 2 $2,190,000 $1,095,000
    $4k-5k 2 $1,120,000 $560,000

    Chelsea Groton Bank's average total fees were $3,495, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 353 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 382 $110,040,000 $288,063
    5-6% 48 $38,890,000 $810,208
    7-8% 33 $14,025,000 $425,000

    During 2024, Chelsea Groton Bank's average interest rate for loans was 6.57%, while their most frequently originated rate bucket for loans was 6-7%, with 382 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 140 $41,260,000 $294,714 $3,192 6.45%
    $100,000 or less 127 $6,135,000 $48,307 $64 6.44%
    $100k-200k 76 $11,220,000 $147,632 $1,223 6.54%
    $400k-600k 73 $35,305,000 $483,630 $3,975 6.43%
    $600k-1MM 34 $24,010,000 $706,176 $4,785 6.42%
    $1MM+ 13 $45,025,000 $3,463,462 $7,119 6.54%

    2024 saw Chelsea Groton Bank place emphasis on $200k-400k loans with 140 originations, totaling $41,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 151 $50,295,000 $333,079 $2,831 6.45%
    $100k-150k 123 $26,985,000 $219,390 $2,180 6.43%
    $250k+ 74 $33,650,000 $454,730 $3,631 6.49%
    $75k-100k 49 $6,985,000 $142,551 $1,309 6.42%
    $50k-75k 40 $3,720,000 $93,000 $839 6.49%
    $50k or less 13 $885,000 $68,077 $948 6.54%

    Chelsea Groton Bank lent most frequently to those with incomes in the $150k-250k range, with 151 originations. The second most popular income band? $100k-150k, with 123 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 104 $23,580,000 $226,731 $2,136 6.40%
    30-36% 98 $27,330,000 $278,878 $2,339 6.42%
    <20% 38 $7,940,000 $208,947 $1,831 6.45%
    41% 23 $6,845,000 $297,609 $2,725 6.43%
    44% 20 $6,190,000 $309,500 $2,651 6.64%
    36% 19 $6,275,000 $330,263 $2,574 6.46%
    39% 19 $5,605,000 $295,000 $2,574 6.48%
    37% 19 $4,265,000 $224,474 $1,838 6.43%
    43% 18 $5,340,000 $296,667 $2,193 6.55%
    40% 17 $4,995,000 $293,824 $2,164 6.40%
    42% 16 $6,540,000 $408,750 $2,402 6.53%
    47% 15 $4,465,000 $297,667 $2,658 6.62%
    46% 13 $3,465,000 $266,538 $2,564 6.41%
    38% 10 $1,900,000 $190,000 $1,120 6.65%
    45% 9 $3,235,000 $359,444 $2,668 6.52%
    49% 8 $2,790,000 $348,750 $3,707 6.62%
    48% 5 $2,025,000 $405,000 $4,231 6.12%

    Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 98 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 280 $73,970,000 $264,179 $1,851 6.49%
    Asian 126 $43,910,000 $348,492 $3,594 6.32%
    Not applicable 9 $33,795,000 $3,755,000 $0 6.79%
    Not provided 42 $10,200,000 $242,857 $2,412 6.62%
    Black 2 $440,000 $220,000 $2,165 6.62%
    Native Hawaiian or Islander 1 $335,000 $335,000 $3,865 6.59%
    American Indian 3 $305,000 $101,667 $1,438 6.16%

    Approval Rates

    Total approvals of all applications
    93.36%

    Chelsea Groton Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.30%

    Chelsea Groton Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 463 $162,955,000 $351,955

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    463 $162,955,000 $351,955

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $7,385,000 $180,122 $585 6.47%
    40-60% 35 $17,225,000 $492,143 $2,998 6.55%
    60-80% 157 $88,745,000 $565,255 $4,012 6.48%
    80-100% 107 $40,855,000 $381,822 $3,705 6.42%
    Under 20% 123 $8,745,000 $71,098 $0 6.43%