Country Bank For Savings Mortgage Rates, Fees & Info

Ware, MA

LEI: 5493005NN76XZ2NOFH19

Tax ID: 04-1946610

5 stars - Updated: 7/14/24 - out of 5 stars, based on 21 reviews

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

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Mortgage Data

Review & Overview

Country Bank For Savings is a smaller bank specializing in Home Purchase loans. Country Bank For Savings has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Worcester, Boston, Barnstable Town, and Hartford among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Country Bank For Savings 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. Country Bank For Savings 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 relatively high 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) 5.21% 7/14/24
30 Year Conventional Purchase 5.80% 7/14/24
30 Year Conventional Refi 5.87% 7/14/24
30 Year Cash-out Refi 6.20% 7/14/24
15 Year Conventional Purchase 5.26% 7/14/24
15 Year Conventional Refi 5.68% 7/14/24
15 Year Cash-out Refi 5.68% 7/14/24
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.

Country Bank For Savings Mortgage Calculator






Your Estimates

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

This is not an official calculator from Country Bank For Savings. 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

461

Origination Dollar Volume (All Markets)

$94,955,000

Awards

Country Bank for Savings 30 Year Conventional Loans silver Country Bank for Savings 30 Year Conventional Loans silver Country Bank for Savings 30 Year Conventional Loans gold Country Bank for Savings 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Country Bank For Savings's average 30 year fixed mortgage rate was 5.84%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.64%.

Relative Fees (Closing Costs)

Country Bank For Savings's average total fees/closing costs for a 30 year fixed rate mortgage were $4,382.

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 $9,089.

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
SPRINGFIELD, MA (FHA|USDA|VA) 259 $43,775,000 $169,015 $4,182 7.40%
WORCESTER, MA-CT (FHA|USDA|VA) 184 $41,280,000 $224,348 $4,582 7.19%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 9 $6,555,000 $728,333 $4,987 6.17%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $2,075,000 $415,000 $3,812 5.80%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,270,000 $317,500 $4,986 5.84%
Country Bank For Savings's top markets include Springfield, Worcester, Boston, Barnstable Town, and Hartford among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Country Bank for Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Florence Bank
    Similarity Rank: 22
    Charter Oak Federal Credit Union
    Similarity Rank: 24
    LUSO
    Similarity Rank: 40
    Adams Community Bank
    Similarity Rank: 42
    Greenfield Savings Bank
    Similarity Rank: 45
    POLISH NATIONAL
    Similarity Rank: 68
    HOMEFIELD
    Similarity Rank: 75
    Middlesex Savings Bank
    Similarity Rank: 108
    Freedom Credit Union
    Similarity Rank: 126
    Bristol County Savings Bank
    Similarity Rank: 138

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 257 $24,635,000 $95,856 n/a 8.39%
    Conventional 204 $70,320,000 $344,706 $4,380 5.84%

    For 2023, Country Bank For Savings's most frequently originated type of loan was HELOC, with 257 originations. Their 2nd most popular type was Conventional, with 204 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 181 $63,045,000 $348,315 $4,526 6.04%
    Home Improvement 120 $9,630,000 $80,250 $2,947 8.35%
    Refi 69 $9,695,000 $140,507 $4,288 8.07%
    Other 63 $4,705,000 $74,683 $0 8.43%
    Cash Out Refi 28 $7,880,000 $281,429 $3,565 5.79%

    For 2023, Country Bank For Savings's most frequently cited loan purpose was Home Purchase, with 181 originations. The 2nd most popular reason was Home Improvement, with 120 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 257 $24,635,000 $95,856 $0 8.39%
    30 Year 196 $69,000,000 $352,041 $4,382 5.84%
    15 Year 4 $490,000 $122,500 $4,312 5.78%
    20 Year 4 $830,000 $207,500 $4,368 5.84%

    For 2023, Country Bank For Savings's most frequently cited loan duration was Other, with 257 originations. The 2nd most popular length was 30 Year, with 196 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 152 $50,540,000 $332,500
    $1k-2k 22 $8,550,000 $388,636
    $2k-3k 8 $2,680,000 $335,000
    $5k+ 2 $690,000 $345,000
    $4k-5k 1 $345,000 $345,000

    Country Bank For Savings's average total fees were $4,382, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 152 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 190 $18,170,000 $95,632
    5-6% 109 $37,205,000 $341,330
    6-7% 72 $25,770,000 $357,917
    7-8% 70 $7,210,000 $103,000
    4-5% 20 $6,600,000 $330,000

    During 2023, Country Bank For Savings's average interest rate for loans was 5.84%, while their most frequently originated rate bucket for loans was Over 8%, with 190 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 173 $8,965,000 $51,821 $3,459 8.36%
    $200k-400k 136 $37,710,000 $277,279 $4,399 6.40%
    $100k-200k 90 $12,610,000 $140,111 $3,488 7.34%
    $400k-600k 45 $21,915,000 $487,000 $4,713 6.04%
    $600k-1MM 14 $9,610,000 $686,429 $5,271 5.71%
    $1MM+ 3 $4,145,000 $1,381,667 $6,363 6.04%

    2023 saw Country Bank For Savings place emphasis on $100,000 or less loans with 173 originations, totaling $8,965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 116 $23,790,000 $205,086 $4,486 7.26%
    $50k-75k 101 $12,765,000 $126,386 $3,948 7.30%
    $75k-100k 95 $16,615,000 $174,895 $4,331 7.14%
    $150k-250k 73 $22,915,000 $313,904 $4,642 7.40%
    $50k or less 44 $3,350,000 $76,136 $3,444 7.74%
    $250k+ 32 $15,520,000 $485,000 $5,734 6.51%

    Country Bank For Savings lent most frequently to those with incomes in the $100k-150k range, with 116 originations. The second most popular income band? $50k-75k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 93 $11,215,000 $120,591 $4,502 8.10%
    30-36% 67 $13,305,000 $198,582 $4,041 6.75%
    20-30% 62 $13,880,000 $223,871 $4,231 7.01%
    37% 23 $5,425,000 $235,870 $4,360 7.23%
    42% 20 $4,950,000 $247,500 $6,339 6.96%
    41% 19 $5,905,000 $310,789 $4,660 6.92%
    <20% 18 $2,540,000 $141,111 $3,596 7.40%
    43% 16 $5,180,000 $323,750 $4,668 6.80%
    39% 16 $3,660,000 $228,750 $3,962 6.70%
    49% 16 $3,390,000 $211,875 $4,308 7.60%
    40% 16 $2,720,000 $170,000 $3,655 7.11%
    44% 16 $2,780,000 $173,750 $4,025 7.25%
    38% 15 $3,025,000 $201,667 $3,805 6.79%
    47% 15 $3,955,000 $263,667 $4,041 7.48%
    46% 14 $4,600,000 $328,571 $4,881 7.17%
    36% 11 $2,425,000 $220,455 $5,524 6.95%
    45% 10 $2,490,000 $249,000 $4,861 7.51%
    48% 9 $2,695,000 $299,444 $4,720 7.38%
    >60% 4 $670,000 $167,500 $5,530 7.25%

    Country Bank For Savings lent most frequently to those with DTI ratios of 50-60%, with 93 originations. The next most common DTI ratio? 30-36%, with 67 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 372 $68,790,000 $184,919 $4,339 7.46%
    Not provided 61 $17,735,000 $290,738 $4,058 6.06%
    Asian 13 $4,825,000 $371,154 $7,493 7.08%
    Black 12 $3,100,000 $258,333 $5,285 7.16%
    American Indian 3 $505,000 $168,333 $5,008 7.54%

    Approval Rates

    Total approvals of all applications
    86.24%

    Country Bank For Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.38%

    Country Bank For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 461 $94,955,000 $205,976

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    461 $94,955,000 $205,976

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 109 $12,685,000 $116,376 $3,951 8.10%
    40-60% 54 $11,000,000 $203,704 $3,774 7.08%
    60-80% 87 $31,435,000 $361,322 $4,456 6.19%
    80-100% 94 $34,610,000 $368,191 $4,578 5.91%
    Under 20% 117 $5,225,000 $44,658 $0 8.44%