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 and Cash Out Refi loans. Westerly Community has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Norwich, and Boston among others. We have data for 3 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.31% 11/21/24
    30 Year Conventional Refi 6.23% 11/21/24
    30 Year Cash-out Refi 6.47% 11/21/24
    30 Year VA Purchase 5.93% 11/21/24
    15 Year Conventional Purchase 6.63% 11/21/24
    15 Year Conventional Refi 6.00% 11/21/24
    15 Year Cash-out Refi 6.00% 11/21/24
    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

    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

    242

    Origination Dollar Volume (All Markets)

    $49,090,000

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 217 $44,445,000 $204,816 $2,170 2.92%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 21 $4,175,000 $198,810 $3,816 2.89%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $470,000 $117,500 $0 5.49%
    Westerly Community's top markets include Providence, Norwich, and Boston 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.

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    Bridgewater Savings Bank
    Similarity Rank: 224
    SCIENT Federal Credit Union
    Similarity Rank: 286
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 470
    Liberty Bank
    Similarity Rank: 496

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 241 $48,765,000 $202,344 $2,312 2.96%
    VA 1 $325,000 $325,000 $3,795 2.25%

    For 2021, Westerly Community's most frequently originated type of loan was Conventional, with 241 originations. Their 2nd most popular type was VA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 143 $28,385,000 $198,497 $1,429 2.82%
    Cash Out Refi 45 $10,665,000 $237,000 $5,189 2.82%
    Home Purchase 32 $7,010,000 $219,063 $4,297 3.81%
    Home Improvement 11 $1,545,000 $140,455 $45 2.77%
    Other 11 $1,485,000 $135,000 $14 3.03%

    For 2021, Westerly Community's most frequently cited loan purpose was Refi, with 143 originations. The 2nd most popular reason was Cash Out Refi, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 74 $18,050,000 $243,919 $4,849 3.02%
    15 Year 67 $13,405,000 $200,075 $1,753 2.72%
    20 Year 54 $12,390,000 $229,444 $1,099 3.21%
    Other 24 $2,580,000 $107,500 $207 3.12%
    10 Year 23 $2,665,000 $115,870 $220 2.70%

    For 2021, Westerly Community's most frequently cited loan duration was 30 Year, with 74 originations. The 2nd most popular length was 15 Year, with 67 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 132 $24,160,000 $183,030
    $1k-2k 37 $6,595,000 $178,243
    $2k-3k 25 $5,695,000 $227,800
    $5k+ 18 $5,520,000 $306,667
    $3k-4k 15 $4,295,000 $286,333
    $4k-5k 6 $1,930,000 $321,667

    Westerly Community's average total fees were $4,849, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 132 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 155 $32,465,000 $209,452
    <2.5% 45 $8,025,000 $178,333
    3-4% 30 $7,230,000 $241,000
    4-5% 5 $595,000 $119,000
    5-6% 5 $605,000 $121,000
    6-7% 2 $170,000 $85,000

    During 2021, Westerly Community's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 155 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 99 $26,485,000 $267,525 $3,020 2.88%
    $100k-200k 89 $13,705,000 $153,989 $1,865 2.96%
    $100,000 or less 41 $2,615,000 $63,780 $617 3.18%
    $400k-600k 12 $5,600,000 $466,667 $4,032 2.83%
    $600k-1MM 1 $685,000 $685,000 $12,158 3.63%

    2021 saw Westerly Community place emphasis on $200k-400k loans with 99 originations, totaling $26,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 69 $16,365,000 $237,174 $2,833 2.94%
    $50k-75k 51 $8,985,000 $176,176 $2,700 2.98%
    $75k-100k 49 $8,605,000 $175,612 $1,848 2.89%
    $150k-250k 33 $8,825,000 $267,424 $2,230 2.76%
    $50k or less 30 $3,170,000 $105,667 $1,215 3.32%
    $250k+ 10 $3,140,000 $314,000 $2,510 2.83%

    Westerly Community lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $50k-75k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 71 $13,535,000 $190,634 $2,394 2.94%
    30-36% 51 $9,995,000 $195,980 $2,325 2.93%
    <20% 33 $6,725,000 $203,788 $1,880 2.92%
    40% 12 $2,700,000 $225,000 $2,953 3.31%
    41% 12 $2,950,000 $245,833 $2,987 2.92%
    42% 8 $1,290,000 $161,250 $1,092 2.92%
    48% 8 $1,810,000 $226,250 $821 2.77%
    47% 7 $1,555,000 $222,143 $3,353 2.96%
    38% 7 $1,485,000 $212,143 $2,198 2.80%
    49% 6 $2,020,000 $336,667 $5,589 3.23%
    36% 6 $960,000 $160,000 $1,634 2.83%
    39% 5 $745,000 $149,000 $803 3.32%
    43% 5 $825,000 $165,000 $762 2.88%
    45% 4 $800,000 $200,000 $6,205 3.40%
    37% 3 $785,000 $261,667 $2,317 2.96%
    44% 2 $470,000 $235,000 $2,501 2.63%
    46% 1 $355,000 $355,000 $0 2.88%
    50-60% 1 $85,000 $85,000 $0 2.88%

    Westerly Community lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? 30-36%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 219 $44,805,000 $204,589 $2,356 2.94%
    Not provided 18 $3,450,000 $191,667 $1,787 3.21%
    Asian 3 $635,000 $211,667 $1,984 2.79%
    American Indian 2 $200,000 $100,000 $3,148 3.31%

    Approval Rates

    Total approvals of all applications
    88.89%

    Westerly Community has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.49%

    Westerly Community has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 242 $49,090,000 $202,851

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    242 $49,090,000 $202,851

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $6,890,000 $143,542 $884 2.87%
    40-60% 69 $14,305,000 $207,319 $1,815 2.89%
    60-80% 80 $21,020,000 $262,750 $3,913 2.96%
    80-100% 22 $5,500,000 $250,000 $3,763 3.69%
    Under 20% 23 $1,375,000 $59,783 $133 2.64%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    WESTERN UNION COMPANY, THE Conventional home mortgage Trouble during payment process 1 100.0%