First Ipswich Bank Mortgage Rates, Fees & Info

Ipswich, MA

LEI: 549300CB2K9NG8MMWO68

Tax ID: 04-1473215

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

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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

    First Ipswich Bank is a smaller bank specializing in Refi and Home Purchase loans. First Ipswich Bank has a high proportion of conventional loans. Their top (well, only) market is Boston.

    First Ipswich Bank 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. First Ipswich Bank 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 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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    Originations

    112

    Origination Dollar Volume (All Markets)

    $56,980,000

    Awards

    First Ipswich Bank 30 Year Conventional Loans gold First Ipswich Bank 30 Year Conventional Loans gold
    Show all (2) 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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 111 $56,725,000 $511,036 $3,050 4.52%
    Outside of Metro Areas 1 $255,000 $255,000 $2,784 3.88%
    First Ipswich Bank's top markets include and Boston among others.

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

    • Similar Lenders

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

    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    Middlesex Savings Bank
    Similarity Rank: 165
    Coastal Heritage Bank
    Similarity Rank: 180
    Bristol County Savings Bank
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 285
    Methuen Cooperative Bank
    Similarity Rank: 330
    The Cooperative Bank
    Similarity Rank: 380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 60 $8,560,000 $142,667 n/a 4.41%
    Conventional 52 $48,420,000 $931,154 $3,041 4.65%

    For 2018, First Ipswich Bank's most frequently originated type of loan was HELOC, with 60 originations. Their 2nd most popular type was Conventional, with 52 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 35 $3,255,000 $93,000 $492 4.53%
    Refi 33 $31,165,000 $944,394 $3,010 4.60%
    Home Purchase 30 $19,860,000 $662,000 $3,617 4.40%
    Other 14 $2,700,000 $192,857 $1,312 4.55%

    For 2018, First Ipswich Bank's most frequently cited loan purpose was Home Improvement, with 35 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30+ year 60 $8,560,000 $142,667 $0 4.41%
    30 Year 28 $11,550,000 $412,500 $3,458 3.92%
    10 Year 13 $29,855,000 $2,296,538 $164 5.13%
    Other 6 $3,950,000 $658,333 $0 6.21%
    1 Year 3 $2,325,000 $775,000 $0 6.00%
    5 Year 2 $740,000 $370,000 $0 5.02%

    For 2018, First Ipswich Bank's most frequently cited loan duration was 30+ year, with 60 originations. The 2nd most popular length was 30 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 29 $9,635,000 $332,241
    $1k-2k 1 $505,000 $505,000
    $3k-4k 1 $605,000 $605,000
    $5k+ 1 $1,005,000 $1,005,000

    First Ipswich Bank's average total fees were $3,458, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 61 $11,015,000 $180,574
    3-4% 32 $17,230,000 $538,438
    5-6% 14 $26,310,000 $1,879,286
    6-7% 5 $2,425,000 $485,000

    During 2018, First Ipswich Bank's average interest rate for loans was 3.92%, while their most frequently originated rate bucket for loans was 4-5%, with 61 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 34 $1,680,000 $49,412 $123 4.49%
    $200k-400k 29 $8,235,000 $283,966 $2,688 4.47%
    $100k-200k 20 $2,630,000 $131,500 $2,372 4.44%
    $400k-600k 17 $8,025,000 $472,059 $3,432 4.56%
    $1MM+ 7 $32,565,000 $4,652,143 $10,978 5.14%
    $600k-1MM 5 $3,845,000 $769,000 $5,199 4.35%

    2018 saw First Ipswich Bank place emphasis on $100,000 or less loans with 34 originations, totaling $1,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 25 $5,695,000 $227,800 $3,053 4.40%
    $100k-150k 18 $3,080,000 $171,111 $2,533 4.37%
    $250k+ 15 $7,645,000 $509,667 $4,970 4.25%
    $75k-100k 13 $1,615,000 $124,231 $2,661 4.37%
    $50k-75k 11 $1,485,000 $135,000 $2,034 4.27%
    $50k or less 6 $440,000 $73,333 $0 4.50%

    First Ipswich Bank lent most frequently to those with incomes in the $150k-250k range, with 25 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $5,550,000 $252,273 $3,167 4.31%
    30-36% 13 $3,415,000 $262,692 $2,064 4.50%
    39% 7 $1,205,000 $172,143 $2,931 4.32%
    47% 7 $1,265,000 $180,714 $10,978 4.26%
    <20% 6 $2,020,000 $336,667 $3,015 4.04%
    50-60% 6 $1,230,000 $205,000 $2,284 4.30%
    44% 5 $645,000 $129,000 $0 4.55%
    49% 4 $1,160,000 $290,000 $3,303 4.18%
    45% 4 $670,000 $167,500 $2,284 4.24%
    43% 4 $800,000 $200,000 $2,619 4.21%
    38% 3 $445,000 $148,333 $0 4.07%
    46% 3 $795,000 $265,000 $4,229 3.96%
    48% 2 $160,000 $80,000 $0 4.37%
    41% 2 $330,000 $165,000 $2,676 4.24%
    40% 1 $145,000 $145,000 $0 4.49%
    36% 1 $45,000 $45,000 $0 4.24%
    42% 1 $325,000 $325,000 $2,839 4.00%

    First Ipswich Bank lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 18 $35,830,000 $1,990,556 $0 5.46%
    White 83 $19,145,000 $230,663 $3,041 4.31%
    Not provided 10 $1,590,000 $159,000 $0 4.34%
    Asian 1 $415,000 $415,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    82.35%

    First Ipswich Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    88.39%

    First Ipswich Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 112 $56,980,000 $508,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $28,665,000 $5,733,000
    Single Family (1-4 Units):Site-Built 107 $28,315,000 $264,626

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $4,865,000 $256,053 $4,297 4.39%
    40-60% 14 $5,700,000 $407,143 $4,037 4.74%
    60-80% 29 $40,325,000 $1,390,517 $3,480 4.61%
    80-100% 7 $2,095,000 $299,286 $2,879 3.82%
    Under 20% 42 $2,740,000 $65,238 $123 4.51%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%