Salem Five Cents Savings Bank Mortgage Rates, Fees & Info

Salem, MA

LEI: 5493006NTCY0P06JR884

Tax ID: 04-1802790

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 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.

    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% 11/30/23
    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






    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

    959

    Origination Dollar Volume (All Markets)

    $202,535,000

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

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 894 $151,060,000 $168,971 n/a 3.21%
    Conventional 65 $51,475,000 $791,923 $0 5.82%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 452 $69,810,000 $154,447 $0 3.20%
    Other 242 $32,650,000 $134,917 $0 3.21%
    Refi 194 $55,220,000 $284,639 $0 3.47%
    Home Purchase 71 $44,855,000 $631,761 $0 4.97%

    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 Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 894 $151,060,000 $168,971 $0 3.21%
    10 Year 50 $33,210,000 $664,200 $0 5.98%
    Other 13 $16,095,000 $1,238,077 $0 5.27%
    5 Year 2 $2,170,000 $1,085,000 $0 5.43%

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 534 $89,910,000 $168,371
    3-4% 241 $42,975,000 $178,320
    4-5% 98 $27,210,000 $277,653
    5-6% 58 $24,380,000 $420,345
    6-7% 24 $13,400,000 $558,333
    7-8% 2 $3,240,000 $1,620,000
    Over 8% 2 $1,420,000 $710,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 318 $42,620,000 $134,025 $0 3.27%
    $100,000 or less 294 $17,040,000 $57,959 $0 3.22%
    $200k-400k 213 $56,345,000 $264,531 $0 3.26%
    $400k-600k 92 $39,170,000 $425,761 $0 3.62%
    $1MM+ 22 $32,810,000 $1,491,364 $0 5.16%
    $600k-1MM 20 $14,550,000 $727,500 $0 6.03%

    2022 saw Salem Five Cents Savings Bank place emphasis on $100k-200k loans with 318 originations, totaling $42,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 246 $41,930,000 $170,447 $0 3.22%
    $100k-150k 244 $36,520,000 $149,672 $0 3.12%
    $250k+ 163 $42,735,000 $262,178 $0 3.28%
    $75k-100k 123 $17,055,000 $138,659 $0 3.17%
    $50k-75k 98 $11,250,000 $114,796 $0 3.28%
    $50k or less 20 $1,570,000 $78,500 $0 3.47%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 242 $41,370,000 $170,950 $0 3.20%
    30-36% 180 $31,210,000 $173,389 $0 3.19%
    <20% 113 $23,205,000 $205,354 $0 3.03%
    44% 82 $12,290,000 $149,878 $0 3.46%
    43% 56 $9,060,000 $161,786 $0 3.06%
    42% 42 $7,780,000 $185,238 $0 3.47%
    41% 38 $4,590,000 $120,789 $0 3.37%
    38% 32 $4,950,000 $154,688 $0 3.10%
    40% 30 $5,630,000 $187,667 $0 3.33%
    39% 27 $3,545,000 $131,296 $0 2.93%
    37% 25 $3,265,000 $130,600 $0 3.21%
    36% 21 $3,435,000 $163,571 $0 3.17%
    45% 3 $535,000 $178,333 $0 4.41%
    46% 1 $25,000 $25,000 $0 4.00%
    48% 1 $55,000 $55,000 $0 3.50%
    50-60% 1 $115,000 $115,000 $0 2.50%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 692 $117,060,000 $169,162 $0 3.20%
    Not applicable 56 $47,170,000 $842,321 $0 5.83%
    Not provided 179 $33,055,000 $184,665 $0 3.32%
    Asian 18 $3,610,000 $200,556 $0 3.44%
    American Indian 5 $855,000 $171,000 $0 3.95%
    Black 6 $560,000 $93,333 $0 2.67%
    Other Asian 1 $155,000 $155,000 $0 4.99%
    Japanese 1 $45,000 $45,000 $0 2.50%
    Asian Indian 1 $25,000 $25,000 $0 3.50%

    Approval Rates

    Total approvals of all applications
    92.28%

    Salem Five Cents Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.17%

    Salem Five Cents Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 959 $202,535,000 $211,194

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    959 $202,535,000 $211,194

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 332 $76,670,000 $230,934 $0 3.37%
    40-60% 103 $40,995,000 $398,010 $0 3.37%
    60-80% 56 $38,760,000 $692,143 $0 5.20%
    80-100% 3 $3,185,000 $1,061,667 $0 4.57%
    Under 20% 465 $42,925,000 $92,312 $0 3.18%