Chelsea Groton Bank Mortgage Rates, Fees & Info

Groton, CT

LEI: 5493000GQWJTTR0TEH83

Tax ID: 06-0376640

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
  • 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 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, Bridgeport, and Worcester among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Chelsea Groton Bank 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. 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
    30 Year Conventional Purchase 6.00% 4/21/24
    30 Year Conventional Refi 6.10% 4/21/24
    30 Year Cash-out Refi 6.38% 4/21/24
    30 Year FHA Purchase 7.24% 4/21/24
    30 Year VA Purchase 6.38% 4/21/24
    30 Year USDA Purchase 6.39% 4/21/24
    15 Year Conventional Purchase 5.18% 4/21/24
    15 Year Conventional Refi 5.51% 4/21/24
    15 Year Cash-out Refi 5.51% 4/21/24
    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.

    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

    599

    Origination Dollar Volume (All Markets)

    $106,755,000

    Employee count

    207 Show all (6) 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
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 468 $79,310,000 $169,466 $1,801 4.10%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 71 $14,225,000 $200,352 $2,780 4.27%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 18 $4,060,000 $225,556 $2,132 4.15%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 7 $2,935,000 $419,286 $3,431 3.68%
    WORCESTER, MA-CT (FHA|USDA|VA) 20 $2,880,000 $144,000 $2,144 4.08%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 8 $1,700,000 $212,500 $2,154 4.19%
    Torrington, CT (FHA|USDA|VA) 4 $960,000 $240,000 $3,663 4.51%
    Outside of Metro Areas 3 $685,000 $228,333 $3,005 4.32%
    Chelsea Groton Bank's top markets include Norwich, Hartford, Providence, Bridgeport, and Worcester 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.

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    POLISH NATIONAL
    Similarity Rank: 60
    Middlesex Savings Bank
    Similarity Rank: 65
    Bank of Easton
    Similarity Rank: 66
    Stafford Savings Bank
    Similarity Rank: 68
    SOMERSET
    Similarity Rank: 99
    PeoplesBank
    Similarity Rank: 104
    Thomaston Savings Bank
    Similarity Rank: 112

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 592 $105,380,000 $178,007 $1,922 4.12%
    FHA 6 $1,130,000 $188,333 $7,037 3.98%
    VA 1 $245,000 $245,000 $6,441 4.13%

    For 2018, Chelsea Groton Bank's most frequently originated type of loan was Conventional, with 592 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 310 $75,450,000 $243,387 $3,177 4.27%
    Refi 124 $15,070,000 $121,532 $610 3.92%
    Home Improvement 71 $3,735,000 $52,606 $220 3.83%
    Other 52 $3,890,000 $74,808 $485 4.05%
    Cash Out Refi 42 $8,610,000 $205,000 $2,222 4.17%

    For 2018, Chelsea Groton Bank's most frequently cited loan purpose was Home Purchase, with 310 originations. The 2nd most popular reason was Refi, with 124 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 251 $56,065,000 $223,367 $3,041 4.17%
    15 Year 122 $12,680,000 $103,934 $476 4.26%
    Other 72 $15,570,000 $216,250 $2,237 4.20%
    10 Year 60 $3,720,000 $62,000 $46 3.71%
    30+ year 43 $14,825,000 $344,767 $3,724 4.21%
    5 Year 34 $1,180,000 $34,706 $11 3.20%
    20 Year 14 $2,450,000 $175,000 $2,625 5.01%
    1 Year 3 $265,000 $88,333 $0 5.89%

    For 2018, Chelsea Groton Bank's most frequently cited loan duration was 30 Year, with 251 originations. The 2nd most popular length was 15 Year, with 122 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 492 $77,090,000 $156,687
    $1k-2k 64 $19,210,000 $300,156
    $2k-3k 21 $4,905,000 $233,571
    $3k-4k 7 $1,765,000 $252,143
    $5k+ 1 $545,000 $545,000

    Chelsea Groton Bank's average total fees were $3,041, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 492 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 272 $45,760,000 $168,235
    4-5% 264 $49,210,000 $186,402
    5-6% 34 $6,520,000 $191,765
    2.5-3% 16 $1,930,000 $120,625
    <2.5% 7 $1,945,000 $277,857
    6-7% 6 $1,390,000 $231,667

    During 2018, Chelsea Groton Bank's average interest rate for loans was 4.17%, while their most frequently originated rate bucket for loans was 3-4%, with 272 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 201 $10,035,000 $49,925 $371 3.93%
    $200k-400k 186 $50,370,000 $270,806 $3,022 4.16%
    $100k-200k 174 $25,690,000 $147,644 $2,256 4.31%
    $400k-600k 27 $12,695,000 $470,185 $4,246 4.03%
    $600k-1MM 10 $6,900,000 $690,000 $4,348 4.08%
    $1MM+ 1 $1,065,000 $1,065,000 $6,200 3.55%

    2018 saw Chelsea Groton Bank place emphasis on $100,000 or less loans with 201 originations, totaling $10,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 142 $29,000,000 $204,225 $2,172 4.09%
    $50k-75k 122 $16,430,000 $134,672 $2,046 4.07%
    $75k-100k 109 $18,235,000 $167,294 $1,860 4.15%
    $50k or less 87 $7,245,000 $83,276 $1,371 4.04%
    $150k-250k 86 $17,140,000 $199,302 $1,925 4.10%
    $250k+ 35 $14,765,000 $421,857 $3,144 3.82%

    Chelsea Groton Bank lent most frequently to those with incomes in the $100k-150k range, with 142 originations. The second most popular income band? $50k-75k, with 122 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 148 $27,090,000 $183,041 $1,909 4.06%
    30-36% 124 $21,500,000 $173,387 $1,903 4.07%
    <20% 31 $3,415,000 $110,161 $1,157 3.94%
    39% 29 $7,065,000 $243,621 $2,678 3.99%
    42% 28 $3,750,000 $133,929 $1,994 4.19%
    41% 27 $3,585,000 $132,778 $1,149 4.15%
    38% 25 $4,085,000 $163,400 $1,894 4.00%
    43% 25 $4,695,000 $187,800 $2,223 4.00%
    44% 23 $4,205,000 $182,826 $2,697 4.14%
    40% 23 $4,125,000 $179,348 $1,581 4.04%
    36% 23 $3,785,000 $164,565 $2,300 4.15%
    45% 17 $3,155,000 $185,588 $2,108 4.25%
    37% 17 $2,985,000 $175,588 $1,887 4.16%
    46% 15 $3,435,000 $229,000 $2,967 4.15%
    48% 12 $2,640,000 $220,000 $3,063 4.16%
    49% 6 $910,000 $151,667 $1,469 4.18%
    50-60% 6 $1,600,000 $266,667 $2,010 3.89%
    47% 5 $1,365,000 $273,000 $3,221 4.05%
    >60% 1 $125,000 $125,000 $0 4.24%

    Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 148 originations. The next most common DTI ratio? 30-36%, with 124 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 501 $84,565,000 $168,792 $1,861 4.06%
    Not provided 56 $12,880,000 $230,000 $2,726 4.12%
    Asian 23 $5,235,000 $227,609 $2,614 4.23%
    Not applicable 14 $3,240,000 $231,429 $0 5.97%
    Black 2 $390,000 $195,000 $4,566 3.81%
    Native Hawaiian or Islander 2 $350,000 $175,000 $1,675 3.58%
    American Indian 1 $95,000 $95,000 $1,823 5.85%

    Approval Rates

    Total approvals of all applications
    88.34%

    Chelsea Groton Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.29%

    Chelsea Groton Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 599 $106,755,000 $178,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $610,000 $305,000
    Single Family (1-4 Units):Site-Built 597 $106,145,000 $177,797

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 86 $7,530,000 $87,558 $470 3.99%
    40-60% 59 $10,285,000 $174,322 $1,599 4.11%
    60-80% 183 $43,545,000 $237,951 $2,619 4.30%
    80-100% 175 $42,325,000 $241,857 $3,302 4.22%
    Under 20% 96 $3,070,000 $31,979 $40 3.72%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Chelsea Groton Bank 156 Willimantic Road Baltic, CT 6330 Full Service B&M $44,814
    Chelsea Groton Bank 116 West Broad Street Pawcatuck, CT 6379 Full Service B&M $66,502
    Chelsea Groton Bank 157 Boston Post Road Waterford, CT 6385 Full Service B&M $40,945
    Chelsea Groton Bank 2 Water Street Mystic, CT 6355 Full Service B&M $108,283
    Chelsea Groton Bank 20 Hartford Road Salem, CT 6420 Full Service B&M $41,211
    Chelsea Groton Bank 21 Pennsylvania Avenue Niantic, CT 6357 Full Service B&M $70,614
    Chelsea Groton Bank 391 Norwich Westerly Road North Stonington, CT 6359 Full Service B&M $60,479
    Chelsea Groton Bank 444 West Main Street Norwich, CT 6360 Full Service B&M $38,381
    Chelsea Groton Bank 50 N Stonington Road Mystic, CT 6355 Limited, Drive-thru $0
    Chelsea Groton Bank 50 Town Street Norwich, CT 6360 Full Service B&M $89,456
    Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $51,542
    Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $136,871
    Chelsea Groton Bank One Franklin Square Norwich, CT 6360 Full Service B&M $59,367
    Chelsea Groton Bank One Montauk Avenue New London, CT 6320 Full Service B&M $86,680

    For 2018, Chelsea Groton Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $38,847
    Net interest income $36,646
    Total noninterest income $8,457
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,730
    Trading account gains and fees $0
    Additional Noninterest Income $5,727
    Pre-tax net operating income $11,657
    Securities gains (or losses, -) $2,179
    Income before extraordinary items $11,282
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,282
    Minority interest net income $0
    Net income $11,282
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,495

    Chelsea Groton Bank's gross interest income from loans was $38,847,000.
    Chelsea Groton Bank's net interest income from loans was $36,646,000.
    Chelsea Groton Bank's fee based income from loans was $2,730,000.
    Chelsea Groton Bank's net income from loans was $11,282,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,201
    Provision for credit losses $1,040
    Total noninterest expense $32,406
    Salaries and employee benefits $21,206
    Premises and equipment expense $2,811
    Additional noninterest expense $8,389
    Applicable income taxes $2,554
    Net charge-offs $257
    Cash dividends $0

    Chelsea Groton Bank's interest expense for loans was $2,201,000.
    Chelsea Groton Bank's payroll and benefits expense were $21,206,000.
    Chelsea Groton Bank's property, plant and equipment expenses $2,811,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 2.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $891,265
    Deposits held in domestic offices $891,265
    Deposits by Individuals, partnerships, and corporations $775,975
    Deposits by U.S. Government $8
    Deposits by States and political subdivisions in the U.S. $115,282
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $155,720
    Demand deposits $84,558
    Nontransaction accounts $735,545
    Money market deposit accounts (MMDAs) $62,085
    Other savings deposits (excluding MMDAs) $539,455
    Total time deposits $134,006
    Total time and savings deposits $806,707
    Noninterest-bearing deposits $227,714
    Interest-bearing deposits $663,551
    Retail deposits $853,844
    IRAs and Keogh plan accounts $41,634
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,116,897
    Cash & Balances due from depository institutions $28,212
    Interest-bearing balances $9,462
    Total securities $191,966
    Federal funds sold & reverse repurchase $0
    Net loans and leases $831,427
    Loan and leases loss allowance $7,853
    Trading account assets $0
    Bank premises and fixed assets $16,078
    Other real estate owned $177
    Goodwill and other intangibles $462
    All other assets $48,575

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,116,897
    Total Liabilities $947,481
    Total deposits $891,265
    Interest-bearing deposits $663,551
    Deposits held in domestic offices $891,265
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $30,000
    Subordinated debt $0
    All other liabilities $26,216

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $831,427
    Loan and leases loss allowance $7,853
    Total loans and leases (domestic) $839,280
    All real estate loans $756,938
    Real estate loans in domestic offices $756,938
    Construction and development loans $49,233
    Residential 1-4 family construction $11,909
    Other construction, all land development and other land $37,324
    Loans secured by nonfarm nonresidential properties $118,488
    Nonfarm nonresidential secured by owner-occupied properties $68,251
    Commercial real estate & other non-farm, non-residential $50,237
    Multifamily residential real estate $7,662
    1-4 family residential loans $581,555
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $66,897
    To non-U.S. addressees $0
    Loans to individuals $5,916
    Credit card loans $0
    Related Plans $39
    Consumer Auto Loans $2,362
    Other loans to individuals $3,515
    All other loans & leases $9,529
    Loans to foreign governments and official institutions $0
    Other loans $241
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $42
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,924
    Non 1-4 family restructured loans & leases $2,662
    Total loans and leases (foreign) $0

    Chelsea Groton Bank had $831,427,000 of loans outstanding in 2018. $756,938,000 of loans were in real estate loans. $49,233,000 of loans were in development loans. $7,662,000 of loans were in multifamily mortgage loans. $581,555,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,362,000 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 244 $57,856 $237,115
    Nonfarm, nonresidential loans - <$100k 30 $1,702 $56,733
    Nonfarm, nonresidential loans - $100-250k 77 $9,362 $121,584
    Nonfarm, nonresidential loans - $250k-1MM 137 $46,792 $341,547
    Commercial & Industrial, US addressed loans - <$1MM 327 $26,053 $79,673
    Commercial & Industrial, US addressed loans - <$100k 225 $4,379 $19,462
    Commercial & Industrial, US addressed loans - $100-250k 45 $4,509 $100,200
    Commercial & Industrial, US addressed loans - $250k-1MM 57 $17,165 $301,140