Salem Five Cents Savings Bank Mortgage Rates, Fees & Info

Salem, MA

LEI: 5493006NTCY0P06JR884

Tax ID: 04-1802790

2.3 stars - Updated: 12/23/24 - out of 5 stars, based on 27 reviews

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

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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% 12/23/24
30 Year Conventional Purchase 6.27% 12/23/24
30 Year Conventional Refi 6.27% 12/23/24
30 Year Cash-out Refi 6.27% 12/23/24
15 Year Conventional Purchase 5.68% 12/23/24
15 Year Conventional Refi 5.68% 12/23/24
15 Year Cash-out Refi 5.68% 12/23/24
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






Your Estimates

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

This is not an official calculator from Salem Five Cents Savings 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

719

Origination Dollar Volume (All Markets)

$198,385,000

Relative 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%
Salem Five Cents Savings Bank's top markets include Boston, Providence, Worcester, Barnstable Town, and Portland among others.

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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 265 $47,055,000 $177,566 $0 6.58%
    Refi 205 $58,995,000 $287,780 $0 6.52%
    Other 187 $28,735,000 $153,663 $0 6.65%
    Home Purchase 62 $63,600,000 $1,025,806 $386 7.12%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 659 $121,315,000 $184,090 $0 6.57%
    10 Year 52 $30,070,000 $578,269 $0 7.12%
    Other 6 $18,340,000 $3,056,667 $0 7.71%
    30 Year 1 $155,000 $155,000 $386 10.25%
    5 Year 1 $28,505,000 $28,505,000 $0 6.81%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 217 $58,715,000 $270,576 $0 6.58%
    $100k-200k 208 $27,850,000 $133,894 $386 6.65%
    $100,000 or less 202 $12,180,000 $60,297 $0 6.54%
    $400k-600k 61 $26,755,000 $438,607 $0 6.79%
    $600k-1MM 17 $12,585,000 $740,294 $0 7.02%
    $1MM+ 14 $60,300,000 $4,307,143 $0 7.23%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 222 $40,990,000 $184,640 $0 6.57%
    $100k-150k 161 $25,035,000 $155,497 $0 6.53%
    $250k+ 131 $39,215,000 $299,351 $386 6.62%
    $75k-100k 75 $9,825,000 $131,000 $0 6.69%
    $50k-75k 55 $5,295,000 $96,273 $0 6.53%
    $50k or less 16 $1,110,000 $69,375 $0 6.49%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 160 $28,410,000 $177,563 $0 6.58%
    30-36% 119 $22,095,000 $185,672 $0 6.62%
    44% 93 $15,185,000 $163,280 $0 6.52%
    <20% 60 $11,250,000 $187,500 $0 6.53%
    43% 54 $8,770,000 $162,407 $0 6.62%
    42% 39 $6,745,000 $172,949 $0 6.78%
    37% 29 $5,755,000 $198,448 $0 6.72%
    41% 28 $6,040,000 $215,714 $0 6.31%
    40% 22 $3,940,000 $179,091 $0 6.47%
    39% 20 $4,180,000 $209,000 $0 6.57%
    38% 17 $2,235,000 $131,471 $386 6.68%
    36% 13 $6,025,000 $463,462 $0 6.39%
    46% 2 $380,000 $190,000 $0 6.37%
    >60% 1 $105,000 $105,000 $0 6.99%
    45% 1 $115,000 $115,000 $0 6.24%
    47% 1 $215,000 $215,000 $0 6.99%
    49% 1 $25,000 $25,000 $0 6.24%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 520 $94,700,000 $182,115 $0 6.58%
    Not applicable 47 $72,145,000 $1,535,000 $0 7.17%
    Not provided 131 $28,045,000 $214,084 $0 6.56%
    Black 8 $1,270,000 $158,750 $0 7.00%
    Asian 9 $1,185,000 $131,667 $386 7.07%
    Chinese 2 $600,000 $300,000 $0 7.19%
    Asian Indian 1 $335,000 $335,000 $0 5.49%
    American Indian 1 $105,000 $105,000 $0 6.24%

    Approval Rates

    Total approvals of all applications
    88.59%

    Salem Five Cents Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.30%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    719 $198,385,000 $275,918

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 254 $63,900,000 $251,575 $0 6.60%
    40-60% 84 $59,500,000 $708,333 $0 6.59%
    60-80% 47 $35,805,000 $761,809 $0 6.94%
    80-100% 1 $205,000 $205,000 $0 6.69%
    Over 100% 2 $4,930,000 $2,465,000 $0 8.14%
    Under 20% 331 $34,045,000 $102,855 $386 6.60%