Needham Bank Mortgage Rates, Fees & Info

Needham, MA

LEI: 5493000NZZZU3GFIYL71

Tax ID: 04-1655620

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

Jump to:

Mortgage Data

Bank Data

Review & Overview

Needham Bank is a smaller bank specializing in Refi and Home Purchase loans. Needham Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, Worcester, and Laconia among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Needham 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. Needham 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 6.36% 3/28/24
30 Year Conventional Refi 6.23% 3/28/24
15 Year Conventional Purchase 5.86% 3/28/24
15 Year Conventional Refi 5.65% 3/28/24
15 Year Cash-out Refi 5.65% 3/28/24
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.

Needham Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Needham 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

677

Origination Dollar Volume (All Markets)

$448,285,000

Employee count

229

Awards

Needham Bank 30 Year Conventional Loans silver Needham Bank 30 Year Conventional Loans silver Needham Bank 30 Year Conventional Loans bronze
Show all (3) 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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 605 $413,515,000 $683,496 $3,083 3.45%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 25 $17,145,000 $685,800 $3,600 3.61%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 22 $8,470,000 $385,000 $2,895 3.39%
WORCESTER, MA-CT (FHA|USDA|VA) 14 $5,200,000 $371,429 $2,736 3.44%
Outside of Metro Areas 2 $1,870,000 $935,000 $4,944 3.31%
Laconia, NH (FHA|USDA|VA) 3 $865,000 $288,333 $2,345 3.08%
Lebanon, NH-VT (FHA|USDA|VA) 2 $470,000 $235,000 $2,389 3.81%
Concord, NH (FHA|USDA|VA) 2 $350,000 $175,000 $2,065 3.63%
PITTSFIELD, MA (FHA|USDA|VA) 1 $265,000 $265,000 $2,693 3.13%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $135,000 $135,000 $2,296 3.25%
Needham Bank's top markets include Boston, Barnstable Town, Providence, Worcester, and Laconia among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Needham 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
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Rhode Island Credit Union
    Similarity Rank: 510
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Triangle Credit Union
    Similarity Rank: 696
    NEW HAMPSHIRE
    Similarity Rank: 756
    NESC
    Similarity Rank: 772

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 677 $448,285,000 $662,164 $3,085 3.45%

    For 2020, Needham Bank's most frequently originated type of loan was Conventional, with 677 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 428 $247,870,000 $579,136 $2,736 3.38%
    Home Purchase 237 $195,245,000 $823,819 $3,779 3.56%
    Home Improvement 10 $4,480,000 $448,000 $2,937 4.04%
    Other 2 $690,000 $345,000 $2,241 3.00%

    For 2020, Needham Bank's most frequently cited loan purpose was Refi, with 428 originations. The 2nd most popular reason was Home Purchase, with 237 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 473 $299,375,000 $632,928 $3,032 3.50%
    30+ year 100 $91,010,000 $910,100 $4,011 3.67%
    15 Year 50 $17,530,000 $350,600 $2,489 2.81%
    20 Year 47 $18,105,000 $385,213 $2,408 3.15%
    10 Year 3 $12,005,000 $4,001,667 $2,368 2.95%
    Other 3 $2,755,000 $918,333 $2,299 3.42%
    3 Year 1 $7,505,000 $7,505,000 $0 4.68%

    For 2020, Needham Bank's most frequently cited loan duration was 30 Year, with 473 originations. The 2nd most popular length was 30+ year, with 100 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 605 $340,055,000 $562,074
    $5k+ 2 $1,200,000 $600,000

    Needham Bank's average total fees were $3,032, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 605 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 460 $290,630,000 $631,804
    2.5-3% 139 $59,815,000 $430,324
    4-5% 70 $96,460,000 $1,378,000
    <2.5% 7 $735,000 $105,000
    5-6% 1 $645,000 $645,000

    During 2020, Needham Bank's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 460 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 230 $72,250,000 $314,130 $2,459 3.33%
    $400k-600k 219 $104,365,000 $476,553 $2,888 3.34%
    $600k-1MM 100 $76,470,000 $764,700 $3,715 3.72%
    $1MM+ 89 $190,245,000 $2,137,584 $5,308 3.81%
    $100k-200k 28 $4,340,000 $155,000 $2,200 3.42%
    $100,000 or less 11 $615,000 $55,909 $1,584 3.05%

    2020 saw Needham Bank place emphasis on $200k-400k loans with 230 originations, totaling $72,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 185 $91,195,000 $492,946 $2,862 3.38%
    $250k+ 182 $169,940,000 $933,736 $4,013 3.57%
    $100k-150k 136 $52,950,000 $389,338 $2,679 3.34%
    $75k-100k 83 $26,115,000 $314,639 $2,588 3.25%
    $50k-75k 40 $10,290,000 $257,250 $2,398 3.26%
    $50k or less 6 $1,060,000 $176,667 $2,256 3.23%

    Needham Bank lent most frequently to those with incomes in the $150k-250k range, with 185 originations. The second most popular income band? $250k+, with 182 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 216 $127,760,000 $591,481 $3,114 3.35%
    30-36% 151 $82,145,000 $544,007 $3,037 3.47%
    <20% 81 $41,125,000 $507,716 $2,920 3.33%
    38% 29 $14,475,000 $499,138 $2,933 3.36%
    37% 29 $19,355,000 $667,414 $3,523 3.51%
    40% 23 $11,005,000 $478,478 $2,998 3.42%
    39% 21 $9,055,000 $431,190 $3,020 3.42%
    36% 20 $11,520,000 $576,000 $2,866 3.28%
    42% 20 $12,330,000 $616,500 $3,475 3.55%
    41% 16 $8,230,000 $514,375 $3,019 3.45%
    43% 12 $5,320,000 $443,333 $2,841 3.61%
    44% 11 $4,215,000 $383,182 $3,016 3.34%
    46% 2 $1,190,000 $595,000 $3,417 2.88%
    45% 1 $3,375,000 $3,375,000 $4,033 3.88%
    50-60% 1 $955,000 $955,000 $4,930 3.88%

    Needham Bank lent most frequently to those with DTI ratios of 20-30%, with 216 originations. The next most common DTI ratio? 30-36%, with 151 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 497 $263,065,000 $529,306 $3,041 3.40%
    Not applicable 41 $95,095,000 $2,319,390 $0 4.25%
    Not provided 81 $62,425,000 $770,679 $3,499 3.47%
    Black 33 $14,195,000 $430,152 $2,900 2.98%
    Asian 20 $10,790,000 $539,500 $2,835 3.69%
    Asian Indian 3 $2,025,000 $675,000 $2,824 3.04%
    Chinese 1 $365,000 $365,000 $2,795 4.38%
    American Indian 1 $325,000 $325,000 $2,271 3.25%

    Approval Rates

    Total approvals of all applications
    92.15%

    Needham Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.42%

    Needham Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 677 $448,285,000 $662,164

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $58,780,000 $5,878,000
    Single Family (1-4 Units):Site-Built 667 $389,505,000 $583,966

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 73 $30,435,000 $416,918 $2,548 3.36%
    40-60% 138 $78,880,000 $571,594 $2,813 3.36%
    60-80% 303 $246,145,000 $812,360 $3,109 3.56%
    80-100% 147 $89,095,000 $606,088 $3,587 3.40%
    Over 100% 1 $1,345,000 $1,345,000 $6,568 4.00%
    Under 20% 14 $1,980,000 $141,429 $1,944 2.84%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Needham Bank 402 Washington Street Dedham, MA 2026 Full Service B&M $170,446
    Needham Bank 1063 Great Plain Avenue Needham, MA 2492 Full Service Cyber Office $57,301
    Needham Bank 1063 Great Plain Avenue Needham, MA 2492 Full Service B&M $930,054
    Needham Bank 1457 Tremont Street Mission Hill, MA 2120 Full Service B&M $545
    Needham Bank 17 West Central St Natick, MA 1760 Full Service B&M $102,630
    Needham Bank 341 Washington Street Westwood, MA 2090 Full Service B&M $225,195
    Needham Bank 41 Front Street Ashland, MA 1721 Full Service B&M $65,896
    Needham Bank 458 Washington Street Wellesley, MA 2482 Full Service B&M $213,349
    Needham Bank 520 Main Street Medfield, MA 2052 Full Service B&M $174,652
    Needham Bank 60 Centre St Dover, MA 2030 Full Service B&M $76,952
    Needham Bank 857 Main St Millis, MA 2054 Full Service B&M $60,142

    For 2020, Needham Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $96,247
    Net interest income $69,995
    Total noninterest income $8,278
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $423
    Trading account gains and fees $0
    Additional Noninterest Income $7,855
    Pre-tax net operating income $19,412
    Securities gains (or losses, -) $102
    Income before extraordinary items $14,235
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,235
    Minority interest net income $0
    Net income $14,235
    Sale, conversion, retirement of capital stock, net $1
    Net operating income $14,154

    Needham Bank's gross interest income from loans was $96,247,000.
    Needham Bank's net interest income from loans was $69,995,000.
    Needham Bank's fee based income from loans was $423,000.
    Needham Bank's net income from loans was $14,235,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $26,252
    Provision for credit losses $6,900
    Total noninterest expense $51,961
    Salaries and employee benefits $33,262
    Premises and equipment expense $3,929
    Additional noninterest expense $14,770
    Applicable income taxes $5,279
    Net charge-offs $2,217
    Cash dividends $250

    Needham Bank's interest expense for loans was $26,252,000.
    Needham Bank's payroll and benefits expense were $33,262,000.
    Needham Bank's property, plant and equipment expenses $3,929,000.

    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 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 3.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $2,205,851
    Deposits held in domestic offices $2,205,851
    Deposits by Individuals, partnerships, and corporations $2,066,511
    Deposits by U.S. Government $22,528
    Deposits by States and political subdivisions in the U.S. $105,150
    Deposits by Commercial banks and other depository institutions in U.S. $11,662
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $120,056
    Demand deposits $36,913
    Nontransaction accounts $2,085,795
    Money market deposit accounts (MMDAs) $527,289
    Other savings deposits (excluding MMDAs) $632,016
    Total time deposits $926,490
    Total time and savings deposits $2,168,938
    Noninterest-bearing deposits $296,473
    Interest-bearing deposits $1,909,378
    Retail deposits $1,836,782
    IRAs and Keogh plan accounts $74,924
    Brokered deposits $20,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,664,111
    Cash & Balances due from depository institutions $191,580
    Interest-bearing balances $176,888
    Total securities $156,192
    Federal funds sold & reverse repurchase $31,139
    Net loans and leases $2,175,308
    Loan and leases loss allowance $19,845
    Trading account assets $0
    Bank premises and fixed assets $29,555
    Other real estate owned $0
    Goodwill and other intangibles $3,015
    All other assets $77,322

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,664,111
    Total Liabilities $2,356,880
    Total deposits $2,205,851
    Interest-bearing deposits $1,909,378
    Deposits held in domestic offices $2,205,851
    % insured (estimated) $69
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $120,368
    Subordinated debt $0
    All other liabilities $30,661

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,175,308
    Loan and leases loss allowance $19,845
    Total loans and leases (domestic) $2,195,153
    All real estate loans $1,988,327
    Real estate loans in domestic offices $1,988,327
    Construction and development loans $408,035
    Residential 1-4 family construction $258,148
    Other construction, all land development and other land $149,887
    Loans secured by nonfarm nonresidential properties $510,604
    Nonfarm nonresidential secured by owner-occupied properties $96,952
    Commercial real estate & other non-farm, non-residential $413,652
    Multifamily residential real estate $91,504
    1-4 family residential loans $976,804
    Farmland loans $1,380
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $190,481
    To non-U.S. addressees $0
    Loans to individuals $7,246
    Credit card loans $12
    Related Plans $2
    Consumer Auto Loans $0
    Other loans to individuals $7,232
    All other loans & leases $9,099
    Loans to foreign governments and official institutions $0
    Other loans $117
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,065
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3,372
    Non 1-4 family restructured loans & leases $2,506
    Total loans and leases (foreign) $0

    Needham Bank had $2,175,308,000 of loans outstanding in 2020. $1,988,327,000 of loans were in real estate loans. $408,035,000 of loans were in development loans. $91,504,000 of loans were in multifamily mortgage loans. $976,804,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $12,000 of loans were in credit card loans. $0 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 193 $53,153 $275,404
    Nonfarm, nonresidential loans - <$100k 40 $596 $14,900
    Nonfarm, nonresidential loans - $100-250k 37 $3,984 $107,676
    Nonfarm, nonresidential loans - $250k-1MM 116 $48,573 $418,733
    Commercial & Industrial, US addressed loans - <$1MM 1,053 $60,251 $57,218
    Commercial & Industrial, US addressed loans - <$100k 717 $10,822 $15,093
    Commercial & Industrial, US addressed loans - $100-250k 152 $15,435 $101,546
    Commercial & Industrial, US addressed loans - $250k-1MM 184 $33,994 $184,750
    Farmland loans - <$1MM 1 $380 $380,000
    Farmland loans - $250k-1MM 1 $380 $380,000