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)

    • 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Norwich, Hartford, Providence, New Haven, 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.00% 4/28/24
    30 Year Conventional Refi 6.10% 4/28/24
    30 Year Cash-out Refi 6.38% 4/28/24
    30 Year FHA Purchase 7.24% 4/28/24
    30 Year VA Purchase 6.38% 4/28/24
    30 Year USDA Purchase 6.39% 4/28/24
    15 Year Conventional Purchase 5.18% 4/28/24
    15 Year Conventional Refi 5.51% 4/28/24
    15 Year Cash-out Refi 5.51% 4/28/24
    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

    613

    Origination Dollar Volume (All Markets)

    $167,485,000
    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) 383 $86,625,000 $226,175 $2,251 4.02%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 155 $50,375,000 $325,000 $3,489 4.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 25 $9,765,000 $390,600 $3,077 4.03%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 22 $9,700,000 $440,909 $3,621 3.98%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 13 $6,705,000 $515,769 $3,828 4.06%
    WORCESTER, MA-CT (FHA|USDA|VA) 13 $3,285,000 $252,692 $2,701 4.70%
    Torrington, CT (FHA|USDA|VA) 2 $1,030,000 $515,000 $4,008 3.83%
    Chelsea Groton Bank's top markets include Norwich, Hartford, Providence, New Haven, 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.

    Homestar Mortgage, Inc.
    Similarity Rank: 8
    Rhode Island Credit Union
    Similarity Rank: 15
    SOMERSET
    Similarity Rank: 21
    Sharon & Crescent United Credit Union
    Similarity Rank: 44
    ROCKLAND
    Similarity Rank: 54
    HOMEFIELD
    Similarity Rank: 72
    Freedom Credit Union
    Similarity Rank: 102
    SCIENT Federal Credit Union
    Similarity Rank: 104
    Charter Oak Federal Credit Union
    Similarity Rank: 119
    Middlesex Savings Bank
    Similarity Rank: 120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 607 $165,715,000 $273,007 $2,628 4.02%
    FHA 3 $815,000 $271,667 $7,851 5.71%
    VA 2 $710,000 $355,000 $8,192 5.69%
    USDA 1 $245,000 $245,000 $5,029 3.25%

    For 2022, Chelsea Groton Bank's most frequently originated type of loan was Conventional, with 607 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 356 $121,840,000 $342,247 $3,733 4.25%
    Refi 88 $15,250,000 $173,295 $1,440 3.57%
    Cash Out Refi 73 $20,895,000 $286,233 $2,788 3.81%
    Other 56 $5,460,000 $97,500 $442 3.84%
    Home Improvement 40 $4,040,000 $101,000 $171 3.81%

    For 2022, Chelsea Groton Bank's most frequently cited loan purpose was Home Purchase, with 356 originations. The 2nd most popular reason was Refi, with 88 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 308 $93,510,000 $303,604 $3,442 4.21%
    Other 105 $29,665,000 $282,524 $2,686 3.82%
    15 Year 91 $17,625,000 $193,681 $1,369 3.77%
    10 Year 33 $2,755,000 $83,485 $0 3.57%
    30+ year 33 $16,045,000 $486,212 $4,500 4.31%
    5 Year 24 $1,150,000 $47,917 $0 3.30%
    20 Year 19 $6,735,000 $354,474 $2,750 4.80%

    For 2022, Chelsea Groton Bank's most frequently cited loan duration was 30 Year, with 308 originations. The 2nd most popular length was Other, with 105 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 464 $115,910,000 $249,806
    $1k-2k 65 $27,875,000 $428,846
    $2k-3k 5 $2,145,000 $429,000
    $3k-4k 3 $1,455,000 $485,000
    $5k+ 3 $1,655,000 $551,667

    Chelsea Groton Bank's average total fees were $3,442, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 464 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 245 $60,185,000 $245,653
    4-5% 155 $46,055,000 $297,129
    5-6% 96 $28,960,000 $301,667
    2.5-3% 77 $20,715,000 $269,026
    <2.5% 21 $5,685,000 $270,714
    6-7% 17 $4,995,000 $293,824
    7-8% 2 $890,000 $445,000

    During 2022, Chelsea Groton Bank's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 3-4%, with 245 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 249 $69,855,000 $280,542 $3,153 4.12%
    $100k-200k 137 $20,885,000 $152,445 $2,133 3.82%
    $100,000 or less 107 $5,515,000 $51,542 $231 3.88%
    $400k-600k 82 $39,820,000 $485,610 $4,183 4.36%
    $600k-1MM 33 $23,115,000 $700,455 $4,970 3.94%
    $1MM+ 5 $8,295,000 $1,659,000 $7,644 4.04%

    2022 saw Chelsea Groton Bank place emphasis on $200k-400k loans with 249 originations, totaling $69,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 170 $42,720,000 $251,294 $2,756 3.85%
    $150k-250k 126 $39,930,000 $316,905 $2,883 4.04%
    $75k-100k 116 $22,620,000 $195,000 $2,241 3.94%
    $50k-75k 89 $14,725,000 $165,449 $2,206 4.14%
    $250k+ 75 $38,635,000 $515,133 $3,744 4.03%
    $50k or less 23 $3,155,000 $137,174 $2,246 4.18%

    Chelsea Groton Bank lent most frequently to those with incomes in the $100k-150k range, with 170 originations. The second most popular income band? $150k-250k, with 126 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 169 $45,685,000 $270,325 $2,778 3.94%
    30-36% 130 $33,720,000 $259,385 $2,458 3.91%
    <20% 49 $10,275,000 $209,694 $2,116 3.88%
    38% 29 $8,105,000 $279,483 $2,905 4.19%
    39% 27 $7,695,000 $285,000 $3,139 4.00%
    40% 25 $7,155,000 $286,200 $2,348 4.31%
    42% 21 $6,315,000 $300,714 $2,762 3.76%
    43% 20 $4,530,000 $226,500 $3,363 3.95%
    37% 18 $6,340,000 $352,222 $2,615 4.08%
    41% 16 $4,370,000 $273,125 $2,104 4.10%
    36% 16 $4,070,000 $254,375 $2,520 4.23%
    44% 16 $4,650,000 $290,625 $2,913 4.00%
    45% 15 $3,595,000 $239,667 $3,364 4.41%
    46% 15 $3,495,000 $233,000 $2,318 4.49%
    49% 14 $4,000,000 $285,714 $2,978 3.41%
    47% 12 $3,110,000 $259,167 $2,776 4.34%
    48% 6 $2,330,000 $388,333 $3,874 4.10%
    50-60% 4 $3,140,000 $785,000 $4,861 3.97%

    Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 169 originations. The next most common DTI ratio? 30-36%, with 130 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 417 $105,115,000 $252,074 $2,465 4.01%
    Asian 120 $40,270,000 $335,583 $3,583 3.80%
    Not provided 45 $11,495,000 $255,444 $2,329 4.19%
    Not applicable 11 $4,905,000 $445,909 $0 6.24%
    Black 16 $4,670,000 $291,875 $3,293 4.20%
    American Indian 3 $975,000 $325,000 $4,419 4.20%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 3.99%

    Approval Rates

    Total approvals of all applications
    92.72%

    Chelsea Groton Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.59%

    Chelsea Groton Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 613 $167,485,000 $273,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    613 $167,485,000 $273,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $9,560,000 $177,037 $1,207 3.72%
    40-60% 78 $20,560,000 $263,590 $2,740 3.82%
    60-80% 221 $76,895,000 $347,941 $3,521 4.13%
    80-100% 171 $55,455,000 $324,298 $3,615 4.22%
    Over 100% 1 $445,000 $445,000 $13,123 5.25%
    Under 20% 88 $4,570,000 $51,932 $102 3.78%