Monson Savings Bank Mortgage Rates, Fees & Info

Monson, MA

LEI: 5493007H0KZ81N1H6352

Tax ID: 56-2545442

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

Jump to:

Mortgage Data

Review & Overview

Monson Savings Bank is a smaller bank specializing in Home Purchase loans. Monson Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Worcester, Vineyard Haven, and Portland among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Monson 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.

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.


Originations

152

Origination Dollar Volume (All Markets)

$46,240,000

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
SPRINGFIELD, MA (FHA|USDA|VA) 107 $27,645,000 $258,364 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 17 $5,385,000 $316,765 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 10 $3,160,000 $316,000 $0 0.00%
Vineyard Haven, MA (FHA|USDA|VA) 2 $2,240,000 $1,120,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $0 0.00%
Lebanon, NH-VT (FHA|USDA|VA) 1 $1,445,000 $1,445,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $1,195,000 $398,333 $0 0.00%
Plattsburgh, NY (FHA|USDA|VA) 1 $975,000 $975,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 6 $730,000 $121,667 $0 0.00%
Outside of Metro Areas 1 $725,000 $725,000 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $645,000 $645,000 $0 0.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $490,000 $245,000 $0 0.00%
Monson Savings Bank's top markets include Springfield, Hartford, Worcester, Vineyard Haven, and Portland among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 152 $46,240,000 $304,211 $0 0.00%

    For 2023, Monson Savings Bank's most frequently originated type of loan was Conventional, with 152 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 112 $39,150,000 $349,554 $0 0.00%
    Home Improvement 17 $605,000 $35,588 $0 0.00%
    Cash Out Refi 17 $4,825,000 $283,824 $0 0.00%
    Refi 6 $1,660,000 $276,667 $0 0.00%

    For 2023, Monson Savings Bank's most frequently cited loan purpose was Home Purchase, with 112 originations. The 2nd most popular reason was Home Improvement, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 152 $46,240,000 $304,211 $0 0.00%

    For 2023, Monson Savings Bank's most frequently cited loan duration was Other, with 152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 75 $20,615,000 $274,867 $0 0.00%
    $100,000 or less 23 $815,000 $35,435 $0 0.00%
    $100k-200k 22 $3,400,000 $154,545 $0 0.00%
    $400k-600k 18 $8,300,000 $461,111 $0 0.00%
    $600k-1MM 10 $7,620,000 $762,000 $0 0.00%
    $1MM+ 4 $5,490,000 $1,372,500 $0 0.00%

    2023 saw Monson Savings Bank place emphasis on $200k-400k loans with 75 originations, totaling $20,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 35 $9,405,000 $268,714 $0 0.00%
    $150k-250k 24 $8,800,000 $366,667 $0 0.00%
    $50k-75k 20 $2,180,000 $109,000 $0 0.00%
    $250k+ 19 $11,445,000 $602,368 $0 0.00%
    $75k-100k 17 $3,915,000 $230,294 $0 0.00%
    $50k or less 15 $2,025,000 $135,000 $0 0.00%

    Monson Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $150k-250k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 152 $46,240,000 $304,211 $0 0.00%

    Monson Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 152 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 120 $34,890,000 $290,750 $0 0.00%
    Not applicable 21 $8,185,000 $389,762 $0 0.00%
    Not provided 8 $2,330,000 $291,250 $0 0.00%
    Black 2 $530,000 $265,000 $0 0.00%
    Other Pacific Islander 1 $305,000 $305,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.74%

    Monson Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.89%

    Monson Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 152 $46,240,000 $304,211

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    152 $46,240,000 $304,211