Westerly Community Mortgage Rates, Fees & Info

Westerly, RI

LEI: 549300BUIG4G67S5O712

Tax ID: 05-0255222

Latest/2023 | 2022 Data | 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
  • Complaints
  • Similar Lenders
  • 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

    Westerly Community is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Westerly Community has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Norwich, Boston, Worcester, and Bridgeport among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Westerly Community 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. Westerly Community is typically an average 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 about average 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 6.31% 11/22/24
    30 Year Conventional Refi 6.23% 11/22/24
    30 Year Cash-out Refi 6.47% 11/22/24
    30 Year VA Purchase 5.93% 11/22/24
    15 Year Conventional Purchase 6.63% 11/22/24
    15 Year Conventional Refi 6.00% 11/22/24
    15 Year Cash-out Refi 6.00% 11/22/24
    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

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

    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

    293

    Origination Dollar Volume (All Markets)

    $59,905,000

    Awards

    WESTERLY COMMUNITY 30 Year Conventional Loans bronze
    Show all (1) awards

    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) 255 $52,475,000 $205,784 $3,769 3.35%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 26 $6,030,000 $231,923 $5,446 3.09%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 8 $1,120,000 $140,000 $0 6.18%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $215,000 $71,667 $0 5.49%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.99%
    Westerly Community's top markets include Providence, Norwich, Boston, Worcester, and Bridgeport among others.

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

    • 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.

    Bridgewater Savings Bank
    Similarity Rank: 138
    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    CorePlus Federal Credit Union
    Similarity Rank: 250
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 280
    Poli Mortgage Group, Inc.
    Similarity Rank: 352
    Beeline Loans, Inc.
    Similarity Rank: 430
    Charter Oak Federal Credit Union
    Similarity Rank: 441
    Sharon & Crescent United Credit Union
    Similarity Rank: 460

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 293 $59,905,000 $204,454 $3,925 3.44%

    For 2020, Westerly Community's most frequently originated type of loan was Conventional, with 293 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 153 $31,115,000 $203,366 $2,925 3.07%
    Home Purchase 62 $12,010,000 $193,710 $5,916 4.53%
    Cash Out Refi 60 $14,130,000 $235,500 $6,255 3.18%
    Home Improvement 9 $1,775,000 $197,222 $0 3.29%
    Other 9 $875,000 $97,222 $50 4.01%

    For 2020, Westerly Community's most frequently cited loan purpose was Refi, with 153 originations. The 2nd most popular reason was Home Purchase, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 116 $29,900,000 $257,759 $6,123 3.18%
    20 Year 79 $15,335,000 $194,114 $2,047 3.82%
    15 Year 53 $8,965,000 $169,151 $3,056 3.00%
    Other 31 $3,485,000 $112,419 $265 4.38%
    10 Year 13 $1,755,000 $135,000 $774 2.88%
    30+ year 1 $465,000 $465,000 $9,121 4.13%

    For 2020, Westerly Community's most frequently cited loan duration was 30 Year, with 116 originations. The 2nd most popular length was 20 Year, with 79 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 94 $16,450,000 $175,000
    $1k-2k 29 $6,455,000 $222,586
    $2k-3k 22 $5,370,000 $244,091
    $3k-4k 8 $2,310,000 $288,750
    $4k-5k 7 $1,725,000 $246,429
    $5k+ 7 $1,695,000 $242,143

    Westerly Community's average total fees were $6,123, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 94 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 139 $28,945,000 $208,237
    3-4% 114 $25,630,000 $224,825
    5-6% 21 $2,155,000 $102,619
    6-7% 9 $1,065,000 $118,333
    4-5% 8 $1,700,000 $212,500
    <2.5% 2 $410,000 $205,000

    During 2020, Westerly Community's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 2.5-3%, with 139 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 135 $35,465,000 $262,704 $4,796 3.17%
    $100k-200k 104 $15,660,000 $150,577 $3,239 3.47%
    $100,000 or less 42 $2,930,000 $69,762 $1,084 4.23%
    $400k-600k 10 $4,440,000 $444,000 $5,810 3.33%
    $600k-1MM 2 $1,410,000 $705,000 $5,376 3.50%

    2020 saw Westerly Community place emphasis on $200k-400k loans with 135 originations, totaling $35,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 78 $18,390,000 $235,769 $3,540 3.19%
    $50k-75k 77 $13,075,000 $169,805 $4,287 3.80%
    $150k-250k 49 $12,605,000 $257,245 $4,528 3.10%
    $75k-100k 49 $10,255,000 $209,286 $3,653 3.35%
    $50k or less 34 $3,680,000 $108,235 $3,437 3.81%
    $250k+ 5 $1,725,000 $345,000 $5,688 3.33%

    Westerly Community lent most frequently to those with incomes in the $100k-150k range, with 78 originations. The second most popular income band? $50k-75k, with 77 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 86 $18,320,000 $213,023 $3,853 3.24%
    30-36% 68 $13,110,000 $192,794 $3,774 3.38%
    <20% 26 $5,150,000 $198,077 $3,724 3.11%
    36% 14 $2,680,000 $191,429 $4,415 3.20%
    42% 11 $2,025,000 $184,091 $4,726 4.17%
    41% 11 $2,365,000 $215,000 $4,961 3.90%
    37% 10 $1,460,000 $146,000 $4,058 3.97%
    43% 9 $2,385,000 $265,000 $4,831 3.62%
    46% 9 $2,445,000 $271,667 $4,888 3.54%
    45% 9 $1,865,000 $207,222 $5,065 3.26%
    38% 7 $1,065,000 $152,143 $4,320 3.57%
    39% 6 $1,020,000 $170,000 $1,929 4.27%
    44% 6 $1,390,000 $231,667 $1,299 3.71%
    49% 5 $1,155,000 $231,000 $5,814 2.95%
    40% 5 $825,000 $165,000 $2,847 4.35%
    >60% 5 $845,000 $169,000 $70 4.13%
    47% 3 $1,095,000 $365,000 $6,574 3.67%
    48% 3 $705,000 $235,000 $4,644 3.17%

    Westerly Community lent most frequently to those with DTI ratios of 20-30%, with 86 originations. The next most common DTI ratio? 30-36%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 272 $55,620,000 $204,485 $3,812 3.41%
    Not provided 17 $3,435,000 $202,059 $5,097 3.74%
    Asian 2 $620,000 $310,000 $11,916 3.13%
    Black 1 $165,000 $165,000 $0 2.63%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 5.99%

    Approval Rates

    Total approvals of all applications
    92.11%

    Westerly Community has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.40%

    Westerly Community has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1260.0 1 $255,000 $255,000
    3436.0 1 $195,000 $195,000
    NA 291 $59,455,000 $204,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 26 $2,870,000 $110,385
    Single Family (1-4 Units):Site-Built 267 $57,035,000 $213,614

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $6,585,000 $140,106 $2,488 3.19%
    40-60% 75 $15,565,000 $207,533 $3,564 3.10%
    60-80% 108 $25,640,000 $237,407 $4,664 3.37%
    80-100% 53 $11,305,000 $213,302 $5,579 4.36%
    Under 20% 10 $810,000 $81,000 $382 2.91%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WESTERN UNION COMPANY, THE Conventional home mortgage Trouble during payment process 1 50.0%
    WESTERN UNION COMPANY, THE Other type of mortgage Trouble during payment process 1 50.0%