Westerly Community Mortgage Rates, Fees & Info
Westerly, RILEI: 549300BUIG4G67S5O712
Tax ID: 05-0255222
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Mortgage Data
Review & Overview
Westerly Community is a smaller mortgage company specializing in Home Purchase loans. Westerly Community has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Portland, Norwich, and Worcester among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Westerly Community 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. Westerly Community 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.31% | 4/21/24 |
| 30 Year Conventional Refi | 6.23% | 4/21/24 |
| 30 Year Cash-out Refi | 6.47% | 4/21/24 |
| 30 Year VA Purchase | 5.93% | 4/21/24 |
| 15 Year Conventional Purchase | 6.63% | 4/21/24 |
| 15 Year Conventional Refi | 6.00% | 4/21/24 |
| 15 Year Cash-out Refi | 6.00% | 4/21/24 |
| 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. | ||
Westerly Community Mortgage Calculator
Your Estimates
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This is not an official calculator from Westerly Community. 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
183Origination Dollar Volume (All Markets)
$29,815,000Awards
WESTERLY COMMUNITY - 2023
WESTERLY COMMUNITY is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Westerly Community's average 30 year fixed mortgage rate was
6.21%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.27%.
Relative Fees (Closing Costs)
Westerly Community's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,880.
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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 63 | $15,225,000 | $241,667 | $2,636 | 6.15% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 36 | $5,140,000 | $142,778 | $0 | 7.09% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 29 | $3,265,000 | $112,586 | $0 | 7.20% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 13 | $2,035,000 | $156,538 | $3,794 | 6.32% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 8 | $1,180,000 | $147,500 | $4,543 | 6.68% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 12 | $760,000 | $63,333 | $0 | 7.10% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $0 | 7.32% |
| Outside of Metro Areas | 4 | $310,000 | $77,500 | $0 | 7.06% |
| Keene, NH (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 6.95% |
| Concord, NH (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 6.98% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 7.08% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 6.95% |
| Laconia, NH (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 7.42% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 7.20% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 7.25% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 7.10% |
| BANGOR, ME (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.50% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 7.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against WESTERLY COMMUNITY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
Similarity Rank: 45
Similarity Rank: 48
Similarity Rank: 48
Similarity Rank: 50
Similarity Rank: 84
Similarity Rank: 96
Similarity Rank: 124
Similarity Rank: 135
Similarity Rank: 136
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 183 | $29,815,000 | $162,923 | $2,824 | 6.72% |
For 2023, Westerly Community's most frequently originated type of loan was Conventional, with 183 originations.
Loan Reason
For 2023, Westerly Community's most frequently cited loan purpose was Home Purchase, with 155 originations. The 2nd most popular reason was Other, with 10 originations.
Loan Duration/Length
For 2023, Westerly Community's most frequently cited loan duration was 20 Year, with 103 originations. The 2nd most popular length was 30 Year, with 40 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 41 | $11,045,000 | $269,390 |
| $2k-3k | 8 | $2,530,000 | $316,250 |
| $1k-2k | 2 | $480,000 | $240,000 |
Westerly Community's average total fees were $3,880, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 41 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 86 | $13,230,000 | $153,837 |
| 7-8% | 60 | $7,320,000 | $122,000 |
| 5-6% | 25 | $6,465,000 | $258,600 |
| 4-5% | 10 | $1,830,000 | $183,000 |
| Over 8% | 2 | $970,000 | $485,000 |
During 2023, Westerly Community's average interest rate for loans was 6.21%, while their most frequently originated rate bucket for loans was 6-7%, with 86 originations.
Loan Sizing
2023 saw Westerly Community place emphasis on $100k-200k loans with 71 originations, totaling $9,785,000 in origination value.
Applicant Income
Westerly Community lent most frequently to those with incomes in the $50k-75k range, with 65 originations. The second most popular income band? $50k or less, with 34 originations.
Applicant Debt to Income Ratio
Westerly Community lent most frequently to those with DTI ratios of 30-36%, with 40 originations. The next most common DTI ratio? 20-30%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.83%
Westerly Community has a below average approval rate.
Pick Rate
Approvals leading to origination65.57%
Westerly Community has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 10494.5 | 1 | $135,000 | $135,000 |
| 10711.68 | 1 | $135,000 | $135,000 |
| 1100.78 | 1 | $45,000 | $45,000 |
| 1101.02 | 1 | $45,000 | $45,000 |
| 1200.57 | 1 | $65,000 | $65,000 |
| 12241.68 | 1 | $125,000 | $125,000 |
| 1376.24 | 1 | $55,000 | $55,000 |
| 1387.24 | 1 | $55,000 | $55,000 |
| 14110.14 | 1 | $185,000 | $185,000 |
| 14868.57 | 1 | $195,000 | $195,000 |
| 1513.74 | 1 | $55,000 | $55,000 |
| 1560.03 | 1 | $55,000 | $55,000 |
| 1595.14 | 1 | $55,000 | $55,000 |
| 1607.24 | 1 | $55,000 | $55,000 |
| 1650.0 | 1 | $65,000 | $65,000 |
| 1650.14 | 1 | $65,000 | $65,000 |
| 1727.14 | 1 | $65,000 | $65,000 |
| 1871.24 | 1 | $65,000 | $65,000 |
| 1923.59 | 1 | $65,000 | $65,000 |
| 1925.14 | 1 | $75,000 | $75,000 |
| 1978.76 | 1 | $75,000 | $75,000 |
| 2118.74 | 1 | $75,000 | $75,000 |
| 2228.74 | 1 | $85,000 | $85,000 |
| 2335.05 | 1 | $35,000 | $35,000 |
| 2475.14 | 1 | $95,000 | $95,000 |
| 2516.39 | 1 | $95,000 | $95,000 |
| 2722.64 | 1 | $95,000 | $95,000 |
| 2743.26 | 1 | $95,000 | $95,000 |
| 2747.94 | 1 | $95,000 | $95,000 |
| 2750.14 | 1 | $105,000 | $105,000 |
| 2846.39 | 1 | $105,000 | $105,000 |
| 29024.14 | 1 | $295,000 | $295,000 |
| 2945.39 | 1 | $105,000 | $105,000 |
| 29665.32 | 1 | $295,000 | $295,000 |
| 2970.14 | 3 | $315,000 | $105,000 |
| 3022.39 | 1 | $105,000 | $105,000 |
| 3039.81 | 1 | $45,000 | $45,000 |
| 3058.25 | 1 | $45,000 | $45,000 |
| 3077.94 | 1 | $115,000 | $115,000 |
| 3080.14 | 1 | $115,000 | $115,000 |
| 3081.24 | 1 | $115,000 | $115,000 |
| 3122.96 | 1 | $25,000 | $25,000 |
| 3162.64 | 1 | $115,000 | $115,000 |
| 3297.39 | 1 | $115,000 | $115,000 |
| 3300.14 | 2 | $250,000 | $125,000 |
| 3300.78 | 1 | $125,000 | $125,000 |
| 3341.39 | 1 | $125,000 | $125,000 |
| 3413.16 | 1 | $125,000 | $125,000 |
| 3439.92 | 1 | $45,000 | $45,000 |
| 3462.66 | 1 | $125,000 | $125,000 |
| 3465.14 | 1 | $125,000 | $125,000 |
| 3466.24 | 1 | $125,000 | $125,000 |
| 3520.14 | 1 | $125,000 | $125,000 |
| 3520.78 | 1 | $125,000 | $125,000 |
| 3589.99 | 1 | $135,000 | $135,000 |
| 3658.92 | 1 | $35,000 | $35,000 |
| 3684.89 | 1 | $135,000 | $135,000 |
| 3687.89 | 1 | $95,000 | $95,000 |
| 3804.21 | 1 | $135,000 | $135,000 |
| 3823.28 | 1 | $135,000 | $135,000 |
| 3833.91 | 1 | $135,000 | $135,000 |
| 3850.78 | 1 | $145,000 | $145,000 |
| 3960.46 | 1 | $35,000 | $35,000 |
| 3988.59 | 1 | $55,000 | $55,000 |
| 4040.7 | 1 | $55,000 | $55,000 |
| 4047.29 | 2 | $290,000 | $145,000 |
| 4048.14 | 1 | $145,000 | $145,000 |
| 4153.58 | 1 | $55,000 | $55,000 |
| 4204.96 | 1 | $55,000 | $55,000 |
| 4205.81 | 1 | $155,000 | $155,000 |
| 4209.74 | 1 | $45,000 | $45,000 |
| 4262.64 | 1 | $155,000 | $155,000 |
| 4323.15 | 1 | $55,000 | $55,000 |
| 4332.49 | 1 | $155,000 | $155,000 |
| 4400.14 | 1 | $165,000 | $165,000 |
| 4621.24 | 1 | $165,000 | $165,000 |
| 4660.21 | 1 | $65,000 | $65,000 |
| 4703.38 | 1 | $175,000 | $175,000 |
| 4730.14 | 1 | $175,000 | $175,000 |
| 4752.14 | 1 | $175,000 | $175,000 |
| 4968.35 | 1 | $65,000 | $65,000 |
| 5000.74 | 1 | $185,000 | $185,000 |
| 5140.3 | 1 | $155,000 | $155,000 |
| 5170.14 | 1 | $185,000 | $185,000 |
| 5631.0 | 1 | $75,000 | $75,000 |
| 5733.21 | 1 | $205,000 | $205,000 |
| 5914.99 | 1 | $75,000 | $75,000 |
| 5961.38 | 1 | $75,000 | $75,000 |
| 6002.66 | 1 | $215,000 | $215,000 |
| 6051.24 | 1 | $225,000 | $225,000 |
| 6163.99 | 1 | $225,000 | $225,000 |
| 6312.03 | 1 | $225,000 | $225,000 |
| 6485.74 | 1 | $235,000 | $235,000 |
| 6581.65 | 1 | $85,000 | $85,000 |
| 6728.38 | 1 | $85,000 | $85,000 |
| 6750.18 | 1 | $85,000 | $85,000 |
| 6880.97 | 1 | $95,000 | $95,000 |
| 6921.05 | 1 | $95,000 | $95,000 |
| 7068.0 | 1 | $95,000 | $95,000 |
| 7200.88 | 1 | $75,000 | $75,000 |
| 7261.25 | 1 | $95,000 | $95,000 |
| 7262.94 | 1 | $95,000 | $95,000 |
| 7301.12 | 1 | $95,000 | $95,000 |
| 7350.2 | 1 | $95,000 | $95,000 |
| 7692.14 | 1 | $105,000 | $105,000 |
| 7726.91 | 1 | $105,000 | $105,000 |
| 8335.95 | 1 | $105,000 | $105,000 |
| 9058.89 | 1 | $115,000 | $115,000 |
| 907.64 | 1 | $35,000 | $35,000 |
| 9356.99 | 1 | $125,000 | $125,000 |
| 9581.14 | 1 | $125,000 | $125,000 |
| 959.89 | 1 | $35,000 | $35,000 |
| 963.52 | 1 | $35,000 | $35,000 |
| 9674.86 | 1 | $125,000 | $125,000 |
| NA | 65 | $16,925,000 | $260,385 |