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 Refi and 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, Bridgeport, Providence, and New Haven 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 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
    30 Year Conventional Purchase 6.00% 4/19/24
    30 Year Conventional Refi 6.10% 4/19/24
    30 Year Cash-out Refi 6.38% 4/19/24
    30 Year FHA Purchase 7.24% 4/19/24
    30 Year VA Purchase 6.38% 4/19/24
    30 Year USDA Purchase 6.39% 4/19/24
    15 Year Conventional Purchase 5.18% 4/19/24
    15 Year Conventional Refi 5.51% 4/19/24
    15 Year Cash-out Refi 5.51% 4/19/24
    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

    960

    Origination Dollar Volume (All Markets)

    $256,620,000

    Employee count

    212

    Awards

    Chelsea Groton Bank 30 Year Conventional Loans silver Chelsea Groton Bank 30 Year Conventional Loans gold Chelsea Groton Bank 30 Year Conventional Loans bronze Chelsea Groton Bank 30 Year Conventional Loans silver
    Show all (4) 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) 652 $158,720,000 $243,436 $2,539 3.24%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 176 $47,680,000 $270,909 $2,827 3.10%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 20 $20,370,000 $1,018,500 $3,636 3.13%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 53 $16,775,000 $316,509 $2,733 3.18%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 25 $7,055,000 $282,200 $2,850 3.17%
    WORCESTER, MA-CT (FHA|USDA|VA) 30 $5,120,000 $170,667 $2,377 3.08%
    Outside of Metro Areas 2 $480,000 $240,000 $3,099 2.75%
    Torrington, CT (FHA|USDA|VA) 2 $420,000 $210,000 $2,710 3.14%
    Chelsea Groton Bank's top markets include Norwich, Hartford, Bridgeport, Providence, and New Haven 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.

    Homestar Mortgage, Inc.
    Similarity Rank: 166
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    Similarity Rank: 169
    Bridgewater Savings Bank
    Similarity Rank: 240
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    Stafford Savings Bank
    Similarity Rank: 266
    SIKORSKY FINANCIAL
    Similarity Rank: 320
    Beeline Loans, Inc.
    Similarity Rank: 430
    Sharon & Crescent United Credit Union
    Similarity Rank: 460
    Collinsville Bank
    Similarity Rank: 490
    Rhode Island Credit Union
    Similarity Rank: 510

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 947 $252,945,000 $267,101 $2,567 3.20%
    FHA 9 $2,285,000 $253,889 $7,144 2.89%
    VA 4 $1,390,000 $347,500 $5,012 2.93%

    For 2020, Chelsea Groton Bank's most frequently originated type of loan was Conventional, with 947 originations. Their 2nd most popular type was FHA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 387 $93,675,000 $242,054 $2,217 3.09%
    Home Purchase 348 $109,700,000 $315,230 $3,493 3.27%
    Cash Out Refi 170 $44,460,000 $261,529 $2,480 3.18%
    Home Improvement 37 $6,665,000 $180,135 $574 3.54%
    Other 18 $2,120,000 $117,778 $813 3.67%

    For 2020, Chelsea Groton Bank's most frequently cited loan purpose was Refi, with 387 originations. The 2nd most popular reason was Home Purchase, with 348 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 378 $105,110,000 $278,069 $3,038 3.30%
    Other 269 $79,195,000 $294,405 $2,607 3.00%
    15 Year 152 $32,440,000 $213,421 $1,839 3.15%
    30+ year 60 $23,810,000 $396,833 $3,937 3.37%
    20 Year 55 $13,095,000 $238,091 $2,409 3.27%
    10 Year 27 $2,405,000 $89,074 $809 3.38%
    5 Year 18 $530,000 $29,444 $3 3.24%
    3 Year 1 $35,000 $35,000 $0 3.24%

    For 2020, Chelsea Groton Bank's most frequently cited loan duration was 30 Year, with 378 originations. The 2nd most popular length was Other, with 269 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 763 $189,895,000 $248,879
    $1k-2k 103 $35,565,000 $345,291
    $2k-3k 13 $3,495,000 $268,846
    $3k-4k 3 $785,000 $261,667

    Chelsea Groton Bank's average total fees were $3,038, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 763 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 626 $166,720,000 $266,326
    2.5-3% 286 $75,120,000 $262,657
    <2.5% 32 $8,180,000 $255,625
    4-5% 14 $5,910,000 $422,143
    5-6% 2 $690,000 $345,000

    During 2020, Chelsea Groton Bank's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 626 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 420 $115,670,000 $275,405 $2,903 3.14%
    $100k-200k 299 $46,315,000 $154,900 $2,383 3.17%
    $100,000 or less 112 $6,490,000 $57,946 $723 3.54%
    $400k-600k 86 $41,750,000 $485,465 $3,523 3.18%
    $600k-1MM 36 $26,880,000 $746,667 $4,267 3.05%
    $1MM+ 7 $19,515,000 $2,787,857 $4,816 3.35%

    2020 saw Chelsea Groton Bank place emphasis on $200k-400k loans with 420 originations, totaling $115,670,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 251 $61,085,000 $243,367 $2,595 3.14%
    $150k-250k 219 $68,445,000 $312,534 $2,833 3.14%
    $75k-100k 175 $34,645,000 $197,971 $2,499 3.26%
    $50k-75k 147 $23,395,000 $159,150 $2,311 3.26%
    $250k+ 91 $45,005,000 $494,560 $3,423 3.05%
    $50k or less 63 $7,505,000 $119,127 $2,088 3.33%

    Chelsea Groton Bank lent most frequently to those with incomes in the $100k-150k range, with 251 originations. The second most popular income band? $150k-250k, with 219 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 273 $64,405,000 $235,916 $2,498 3.13%
    30-36% 191 $47,305,000 $247,670 $2,687 3.23%
    <20% 131 $33,455,000 $255,382 $2,563 3.09%
    39% 41 $9,135,000 $222,805 $2,398 3.17%
    40% 35 $8,205,000 $234,429 $2,366 3.20%
    37% 30 $7,030,000 $234,333 $2,547 3.06%
    36% 29 $8,305,000 $286,379 $2,649 3.26%
    41% 28 $7,040,000 $251,429 $2,479 3.32%
    42% 26 $7,580,000 $291,538 $3,434 3.30%
    43% 25 $6,545,000 $261,800 $2,709 3.15%
    38% 25 $8,405,000 $336,200 $2,961 3.23%
    44% 22 $5,450,000 $247,727 $2,676 3.29%
    45% 21 $3,905,000 $185,952 $2,209 3.33%
    46% 21 $7,845,000 $373,571 $3,367 3.35%
    48% 17 $4,905,000 $288,529 $3,122 3.23%
    47% 15 $3,965,000 $264,333 $2,916 3.28%
    49% 12 $4,940,000 $411,667 $3,073 3.30%
    50-60% 5 $1,265,000 $253,000 $2,361 3.49%
    >60% 3 $835,000 $278,333 $1,034 3.49%

    Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 273 originations. The next most common DTI ratio? 30-36%, with 191 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 751 $186,125,000 $247,836 $2,529 3.22%
    Asian 102 $28,030,000 $274,804 $3,024 2.99%
    Not provided 85 $22,985,000 $270,412 $2,962 3.10%
    Not applicable 8 $15,500,000 $1,937,500 $0 4.53%
    Black 9 $2,665,000 $296,111 $3,151 3.08%
    American Indian 3 $905,000 $301,667 $2,769 3.19%
    Native Hawaiian or Islander 1 $215,000 $215,000 $0 3.70%
    Korean 1 $195,000 $195,000 $2,166 3.59%

    Approval Rates

    Total approvals of all applications
    94.85%

    Chelsea Groton Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.21%

    Chelsea Groton Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 960 $256,620,000 $267,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $15,280,000 $2,546,667
    Single Family (1-4 Units):Site-Built 954 $241,340,000 $252,977

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 72 $13,350,000 $185,417 $1,726 3.35%
    40-60% 173 $37,095,000 $214,422 $2,351 3.03%
    60-80% 404 $130,590,000 $323,243 $2,799 3.19%
    80-100% 261 $73,745,000 $282,548 $3,279 3.21%
    Under 20% 50 $1,840,000 $36,800 $202 3.54%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Chelsea Groton Bank 116 West Broad Street Pawcatuck, CT 6379 Full Service B&M $72,877
    Chelsea Groton Bank 156 Willimantic Road Baltic, CT 6330 Full Service B&M $52,617
    Chelsea Groton Bank 157 Boston Post Road Waterford, CT 6385 Full Service B&M $57,345
    Chelsea Groton Bank 2 Water Street Mystic, CT 6355 Full Service B&M $125,662
    Chelsea Groton Bank 20 Hartford Road Salem, CT 6420 Full Service B&M $40,988
    Chelsea Groton Bank 21 Pennsylvania Avenue Niantic, CT 6357 Full Service B&M $91,818
    Chelsea Groton Bank 391 Norwich Westerly Road North Stonington, CT 6359 Full Service B&M $64,210
    Chelsea Groton Bank 444 West Main Street Norwich, CT 6360 Full Service B&M $46,136
    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 $102,135
    Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $57,418
    Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $168,131
    Chelsea Groton Bank One Franklin Square Norwich, CT 6360 Full Service B&M $68,715
    Chelsea Groton Bank One Montauk Avenue New London, CT 6320 Full Service B&M $114,101

    For 2020, Chelsea Groton Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $41,407
    Net interest income $38,976
    Total noninterest income $8,277
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,910
    Trading account gains and fees $0
    Additional Noninterest Income $6,367
    Pre-tax net operating income $13,096
    Securities gains (or losses, -) $2,923
    Income before extraordinary items $13,073
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,073
    Minority interest net income $0
    Net income $13,073
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,676

    Chelsea Groton Bank's gross interest income from loans was $41,407,000.
    Chelsea Groton Bank's net interest income from loans was $38,976,000.
    Chelsea Groton Bank's fee based income from loans was $1,910,000.
    Chelsea Groton Bank's net income from loans was $13,073,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,431
    Provision for credit losses $1,165
    Total noninterest expense $32,992
    Salaries and employee benefits $20,685
    Premises and equipment expense $2,853
    Additional noninterest expense $9,454
    Applicable income taxes $2,946
    Net charge-offs $79
    Cash dividends $0

    Chelsea Groton Bank's interest expense for loans was $2,431,000.
    Chelsea Groton Bank's payroll and benefits expense were $20,685,000.
    Chelsea Groton Bank's property, plant and equipment expenses $2,853,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 5.0%
    Multifamily residential loans 6.0%
    1-4 family residential loans 1.0%
    HELOC loans 2.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 3.0%
    Credit card loans 0.0%
    Other individual loans 3.0%
    Auto loans 0.0%
    Other consumer loans 10.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,115,272
    Deposits held in domestic offices $1,115,272
    Deposits by Individuals, partnerships, and corporations $980,671
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $134,599
    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 $222,241
    Demand deposits $131,371
    Nontransaction accounts $893,031
    Money market deposit accounts (MMDAs) $62,338
    Other savings deposits (excluding MMDAs) $700,874
    Total time deposits $129,819
    Total time and savings deposits $983,901
    Noninterest-bearing deposits $342,801
    Interest-bearing deposits $772,471
    Retail deposits $1,076,782
    IRAs and Keogh plan accounts $34,866
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,445,224
    Cash & Balances due from depository institutions $170,170
    Interest-bearing balances $53,430
    Total securities $216,651
    Federal funds sold & reverse repurchase $0
    Net loans and leases $988,467
    Loan and leases loss allowance $8,977
    Trading account assets $0
    Bank premises and fixed assets $17,412
    Other real estate owned $92
    Goodwill and other intangibles $584
    All other assets $51,848

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,445,224
    Total Liabilities $1,241,513
    Total deposits $1,115,272
    Interest-bearing deposits $772,471
    Deposits held in domestic offices $1,115,272
    % insured (estimated) $64
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $92,878
    Subordinated debt $0
    All other liabilities $33,363

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $988,467
    Loan and leases loss allowance $8,977
    Total loans and leases (domestic) $997,444
    All real estate loans $878,301
    Real estate loans in domestic offices $878,301
    Construction and development loans $63,827
    Residential 1-4 family construction $17,481
    Other construction, all land development and other land $46,346
    Loans secured by nonfarm nonresidential properties $146,974
    Nonfarm nonresidential secured by owner-occupied properties $81,117
    Commercial real estate & other non-farm, non-residential $65,857
    Multifamily residential real estate $9,139
    1-4 family residential loans $658,205
    Farmland loans $156
    Loans held in foreign offices $0
    Farm loans $77
    Commercial and industrial loans $107,454
    To non-U.S. addressees $0
    Loans to individuals $6,088
    Credit card loans $0
    Related Plans $14
    Consumer Auto Loans $3,777
    Other loans to individuals $2,297
    All other loans & leases $5,525
    Loans to foreign governments and official institutions $0
    Other loans $91
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3,625
    Non 1-4 family restructured loans & leases $1,529
    Total loans and leases (foreign) $0

    Chelsea Groton Bank had $988,467,000 of loans outstanding in 2020. $878,301,000 of loans were in real estate loans. $63,827,000 of loans were in development loans. $9,139,000 of loans were in multifamily mortgage loans. $658,205,000 of loans were in 1-4 family mortgage loans. $77,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,777,000 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 221 $56,168 $254,154
    Nonfarm, nonresidential loans - <$100k 57 $2,920 $51,228
    Nonfarm, nonresidential loans - $100-250k 77 $12,909 $167,649
    Nonfarm, nonresidential loans - $250k-1MM 87 $40,339 $463,667
    Commercial & Industrial, US addressed loans - <$1MM 769 $63,356 $82,388
    Commercial & Industrial, US addressed loans - <$100k 605 $15,310 $25,306
    Commercial & Industrial, US addressed loans - $100-250k 90 $14,595 $162,167
    Commercial & Industrial, US addressed loans - $250k-1MM 74 $33,451 $452,041
    Farmland loans - <$1MM 1 $149 $149,000
    Farmland loans - $100-250k 1 $149 $149,000
    Agriculture operations loans - <$1MM 1 $77 $77,000
    Agriculture operations loans - <$100k 1 $77 $77,000