Enterprise Bank And Trust Company Mortgage Rates, Fees & Info

Lowell, MA

LEI: 5493008ZK5SW6NTWB533

Tax ID: 04-2993547

5 stars - Updated: 12/8/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Enterprise Bank And Trust Company is a smaller bank specializing in Home Purchase loans. Enterprise Bank And Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Springfield, Worcester, and Vineyard Haven among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Enterprise Bank And Trust Company 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. Enterprise Bank And Trust Company 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.

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.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.00% 12/8/24
30 Year Conventional Refi 6.03% 12/8/24
30 Year Cash-out Refi 6.03% 12/8/24
15 Year Conventional Purchase 5.25% 12/8/24
15 Year Conventional Refi 5.64% 12/8/24
15 Year Cash-out Refi 5.64% 12/8/24
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.

Enterprise Bank And Trust Company Mortgage Calculator






Your Estimates

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

This is not an official calculator from Enterprise Bank And Trust Company. 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

368

Origination Dollar Volume (All Markets)

$346,660,000

Awards

Enterprise Bank and Trust Company 30 Year Conventional Loans bronze Enterprise Bank and Trust Company 30 Year Conventional Loans bronze Enterprise Bank and Trust Company 30 Year Conventional Loans gold Enterprise Bank and Trust Company 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Enterprise Bank And Trust Company's average 30 year fixed mortgage rate was 6.12%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.36%.

Relative Fees (Closing Costs)

Enterprise Bank And Trust Company's average total fees/closing costs for a 30 year fixed rate mortgage were $4,674.

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) 258 $247,340,000 $958,682 $4,738 7.11%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 53 $35,125,000 $662,736 $4,224 6.39%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $27,775,000 $9,258,333 $0 6.47%
Outside of Metro Areas 10 $13,110,000 $1,311,000 $4,835 6.36%
WORCESTER, MA-CT (FHA|USDA|VA) 24 $11,070,000 $461,250 $3,280 6.52%
Vineyard Haven, MA (FHA|USDA|VA) 1 $3,005,000 $3,005,000 $11,813 5.63%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $2,215,000 $738,333 $4,600 7.25%
Laconia, NH (FHA|USDA|VA) 4 $2,210,000 $552,500 $4,078 6.60%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 7 $2,025,000 $289,286 $3,394 6.50%
Concord, NH (FHA|USDA|VA) 2 $1,450,000 $725,000 $4,258 6.43%
Lebanon, NH-VT (FHA|USDA|VA) 3 $1,335,000 $445,000 $9,862 6.73%
Enterprise Bank And Trust Company's top markets include Boston, Manchester, Springfield, Worcester, and Vineyard Haven among others.

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

    We use machine learning to identify the top lenders compared against Enterprise Bank and Trust Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 368 $346,660,000 $942,011 $4,628 6.91%

    For 2023, Enterprise Bank And Trust Company's most frequently originated type of loan was Conventional, with 368 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 294 $310,490,000 $1,056,088 $4,843 7.00%
    Home Improvement 30 $13,860,000 $462,000 $3,899 7.17%
    Refi 21 $13,535,000 $644,524 $5,679 6.35%
    Cash Out Refi 18 $6,430,000 $357,222 $3,280 5.95%
    Other 5 $2,345,000 $469,000 $3,605 5.88%

    For 2023, Enterprise Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 294 originations. The 2nd most popular reason was Home Improvement, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 147 $117,675,000 $800,510 $4,674 6.12%
    10 Year 92 $69,610,000 $756,630 $0 6.48%
    Other 66 $101,890,000 $1,543,788 $0 7.92%
    1 Year 48 $41,860,000 $872,083 $0 9.09%
    15 Year 10 $5,680,000 $568,000 $3,962 5.96%
    5 Year 3 $1,835,000 $611,667 $0 6.25%
    20 Year 2 $8,110,000 $4,055,000 $0 5.25%

    For 2023, Enterprise Bank And Trust Company's most frequently cited loan duration was 30 Year, with 147 originations. The 2nd most popular length was 10 Year, with 92 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 136 $81,260,000 $597,500
    $2k-3k 6 $2,020,000 $336,667
    $3k-4k 4 $2,060,000 $515,000
    $1k-2k 3 $1,005,000 $335,000
    $5k+ 3 $4,385,000 $1,461,667
    $4k-5k 2 $1,380,000 $690,000

    Enterprise Bank And Trust Company's average total fees were $4,674, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 136 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 163 $106,375,000 $652,607
    5-6% 93 $118,455,000 $1,273,710
    Over 8% 82 $96,040,000 $1,171,220
    7-8% 24 $14,360,000 $598,333
    4-5% 5 $3,925,000 $785,000
    3-4% 1 $7,505,000 $7,505,000

    During 2023, Enterprise Bank And Trust Company's average interest rate for loans was 6.12%, while their most frequently originated rate bucket for loans was 6-7%, with 163 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 101 $30,215,000 $299,158 $3,719 6.75%
    $400k-600k 88 $42,600,000 $484,091 $4,332 6.59%
    $1MM+ 82 $223,640,000 $2,727,317 $8,673 7.54%
    $600k-1MM 61 $45,205,000 $741,066 $4,794 6.89%
    $100k-200k 30 $4,620,000 $154,000 $3,061 6.75%
    $100,000 or less 6 $380,000 $63,333 $2,886 6.88%

    2023 saw Enterprise Bank And Trust Company place emphasis on $200k-400k loans with 101 originations, totaling $30,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 40 $41,140,000 $1,028,500 $5,944 6.04%
    $100k-150k 36 $14,440,000 $401,111 $4,116 6.14%
    $150k-250k 35 $16,935,000 $483,857 $4,390 6.12%
    $75k-100k 20 $6,750,000 $337,500 $3,289 6.19%
    $50k-75k 13 $3,795,000 $291,923 $3,987 6.31%
    $50k or less 13 $4,505,000 $346,538 $2,886 6.46%

    Enterprise Bank And Trust Company lent most frequently to those with incomes in the $250k+ range, with 40 originations. The second most popular income band? $100k-150k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $14,665,000 $543,148 $4,169 5.95%
    30-36% 21 $9,585,000 $456,429 $3,990 5.99%
    49% 10 $4,890,000 $489,000 $4,157 6.32%
    41% 10 $3,730,000 $373,000 $4,074 5.99%
    47% 10 $3,850,000 $385,000 $3,476 6.40%
    46% 9 $5,355,000 $595,000 $5,114 6.18%
    <20% 6 $11,430,000 $1,905,000 $9,857 6.08%
    50-60% 6 $3,080,000 $513,333 $6,058 6.46%
    42% 5 $5,045,000 $1,009,000 $5,442 6.02%
    40% 5 $1,585,000 $317,000 $3,409 6.00%
    44% 5 $2,385,000 $477,000 $3,761 6.18%
    48% 4 $3,150,000 $787,500 $5,861 5.97%
    36% 4 $1,940,000 $485,000 $3,590 6.59%
    39% 4 $2,850,000 $712,500 $4,413 5.69%
    45% 4 $3,180,000 $795,000 $6,108 6.22%
    43% 3 $1,225,000 $408,333 $4,638 6.00%
    38% 3 $635,000 $211,667 $3,560 6.00%
    >60% 3 $1,395,000 $465,000 $5,146 6.46%
    37% 2 $1,060,000 $530,000 $3,763 6.38%

    Enterprise Bank And Trust Company lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 186 $239,040,000 $1,285,161 $0 7.50%
    White 115 $62,425,000 $542,826 $4,379 6.30%
    Not provided 44 $33,580,000 $763,182 $5,633 6.49%
    Asian 12 $5,320,000 $443,333 $3,901 6.26%
    Asian Indian 7 $5,145,000 $735,000 $5,583 5.86%
    Black 3 $895,000 $298,333 $3,455 5.67%
    Other Pacific Islander 1 $255,000 $255,000 $2,925 6.38%

    Approval Rates

    Total approvals of all applications
    98.26%

    Enterprise Bank And Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    78.26%

    Enterprise Bank And Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 368 $346,660,000 $942,011

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    368 $346,660,000 $942,011

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $12,945,000 $417,581 $3,427 6.68%
    40-60% 56 $66,990,000 $1,196,250 $5,712 6.90%
    60-80% 215 $221,535,000 $1,030,395 $4,852 7.16%
    80-100% 54 $39,440,000 $730,370 $4,162 6.06%
    Over 100% 3 $3,255,000 $1,085,000 $0 8.02%
    Under 20% 9 $2,495,000 $277,222 $2,693 6.71%