Salem Five Cents Savings Bank Mortgage Rates, Fees & InfoSalem, MA
Tax ID: 04-1802790
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSalem Five Cents Savings Bank is a smaller bank specializing in Home Improvement, Refi, and Home Purchase loans. Salem Five Cents Savings Bank has an average proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, Worcester, and Manchester among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)
Salem Five Cents Savings 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.
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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||4.74%||11/30/23|
|30 Year Conventional Purchase||6.27%||11/30/23|
|30 Year Conventional Refi||6.27%||11/30/23|
|30 Year Cash-out Refi||6.27%||11/30/23|
|15 Year Conventional Purchase||5.68%||11/30/23|
|15 Year Conventional Refi||5.68%||11/30/23|
|15 Year Cash-out Refi||5.68%||11/30/23|
|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.
Origination Dollar Volume (All Markets)$202,535,000
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)||862||$182,060,000||$211,206||$0||3.35%|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||23||$5,815,000||$252,826||$0||3.84%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||22||$5,140,000||$233,636||$0||3.43%|
|WORCESTER, MA-CT (FHA|USDA|VA)||18||$2,830,000||$157,222||$0||3.77%|
|MANCHESTER-NASHUA, NH (FHA|USDA|VA)||12||$1,590,000||$132,500||$0||3.20%|
|PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)||8||$1,570,000||$196,250||$0||3.87%|
|Concord, NH (FHA|USDA|VA)||4||$910,000||$227,500||$0||3.55%|
|SPRINGFIELD, MA (FHA|USDA|VA)||2||$870,000||$435,000||$0||4.48%|
|Laconia, NH (FHA|USDA|VA)||2||$530,000||$265,000||$0||5.22%|
|Lebanon, NH-VT (FHA|USDA|VA)||1||$485,000||$485,000||$0||6.35%|
|Outside of Metro Areas||2||$300,000||$150,000||$0||4.72%|
|HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA)||1||$215,000||$215,000||$0||6.75%|
|Vineyard Haven, MA (FHA|USDA|VA)||1||$175,000||$175,000||$0||2.50%|
|Keene, NH (FHA|USDA|VA)||1||$45,000||$45,000||$0||2.50%|
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Salem Five Cents Savings Bank's most frequently originated type of loan was HELOC, with 894 originations. Their 2nd most popular type was Conventional, with 65 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Salem Five Cents Savings Bank's most frequently cited loan purpose was Home Improvement, with 452 originations. The 2nd most popular reason was Other, with 242 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
For 2022, Salem Five Cents Savings Bank's most frequently cited loan duration was 20 Year, with 894 originations. The 2nd most popular length was 10 Year, with 50 originations.
During 2022, Salem Five Cents Savings Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was <2.5%, with 534 originations.
2022 saw Salem Five Cents Savings Bank place emphasis on $100k-200k loans with 318 originations, totaling $42,620,000 in origination value.
Salem Five Cents Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 246 originations. The second most popular income band? $100k-150k, with 244 originations.
Applicant Debt to Income Ratio
Salem Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 242 originations. The next most common DTI ratio? 30-36%, with 180 originations.
Approval RatesTotal approvals of all applications
Salem Five Cents Savings Bank has an average approval rate.
Pick RateApprovals leading to origination
Salem Five Cents Savings Bank has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|