Salem Five Cents Savings Bank Mortgage Rates, Fees & Info
Salem, MALEI: 5493006NTCY0P06JR884
Tax ID: 04-1802790
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Mortgage Data
Review & Overview
Salem Five Cents Savings Bank is a smaller bank specializing in Home Improvement, Refi, and Home Purchase loans. Salem Five Cents Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Worcester, Barnstable Town, and Portland among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Salem Five Cents Savings 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. Salem Five Cents Savings 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.74% | 11/23/24 |
| 30 Year Conventional Purchase | 6.27% | 11/23/24 |
| 30 Year Conventional Refi | 6.27% | 11/23/24 |
| 30 Year Cash-out Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Purchase | 5.68% | 11/23/24 |
| 15 Year Conventional Refi | 5.68% | 11/23/24 |
| 15 Year Cash-out Refi | 5.68% | 11/23/24 |
| 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. | ||
Salem Five Cents Savings Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
719Origination Dollar Volume (All Markets)
$198,385,000Relative Rate
Salem Five Cents Savings Bank's average 30 year fixed mortgage rate was
10.25%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 3.77%.
Relative Fees (Closing Costs)
Salem Five Cents Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $386.
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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 640 | $177,360,000 | $277,125 | $0 | 6.60% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 15 | $5,075,000 | $338,333 | $0 | 6.61% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 22 | $4,780,000 | $217,273 | $386 | 7.16% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 13 | $4,275,000 | $328,846 | $0 | 6.55% |
| Outside of Metro Areas | 5 | $2,115,000 | $423,000 | $0 | 6.82% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 8 | $1,730,000 | $216,250 | $0 | 6.77% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $0 | 7.12% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 6 | $630,000 | $105,000 | $0 | 6.74% |
| Lebanon, NH-VT (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $0 | 6.63% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 7.24% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 7.44% |
| Concord, NH (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 5.49% |
| Laconia, NH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 7.24% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 659 | $121,315,000 | $184,090 | n/a | 6.57% |
| Conventional | 60 | $77,070,000 | $1,284,500 | $386 | 7.23% |
For 2023, Salem Five Cents Savings Bank's most frequently originated type of loan was HELOC, with 659 originations. Their 2nd most popular type was Conventional, with 60 originations.
Loan Reason
For 2023, Salem Five Cents Savings Bank's most frequently cited loan purpose was Home Improvement, with 265 originations. The 2nd most popular reason was Refi, with 205 originations.
Loan Duration/Length
For 2023, Salem Five Cents Savings Bank's most frequently cited loan duration was 20 Year, with 659 originations. The 2nd most popular length was 10 Year, with 52 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $155,000 | $155,000 |
Salem Five Cents Savings Bank's average total fees were $386, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 304 | $95,040,000 | $312,632 |
| 7-8% | 269 | $60,475,000 | $224,814 |
| 5-6% | 141 | $36,055,000 | $255,709 |
| Over 8% | 5 | $6,815,000 | $1,363,000 |
During 2023, Salem Five Cents Savings Bank's average interest rate for loans was 10.25%, while their most frequently originated rate bucket for loans was 6-7%, with 304 originations.
Loan Sizing
2023 saw Salem Five Cents Savings Bank place emphasis on $200k-400k loans with 217 originations, totaling $58,715,000 in origination value.
Applicant Income
Salem Five Cents Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 222 originations. The second most popular income band? $100k-150k, with 161 originations.
Applicant Debt to Income Ratio
Salem Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 160 originations. The next most common DTI ratio? 30-36%, with 119 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.59%
Salem Five Cents Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination78.30%
Salem Five Cents Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 719 | $198,385,000 | $275,918 |