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 an 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.

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    Originations

    142

    Origination Dollar Volume (All Markets)

    $47,510,000

    Awards

    First Ipswich Bank 30 Year Conventional Loans silver First Ipswich Bank 30 Year Conventional Loans bronze
    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) 142 $47,510,000 $334,577 $2,733 4.56%
    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.

    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    Middlesex Savings Bank
    Similarity Rank: 310
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 417
    QUINCY CREDIT UNION
    Similarity Rank: 435
    Members Plus Credit Union
    Similarity Rank: 505
    Sharon & Crescent United Credit Union
    Similarity Rank: 525
    Bristol County Savings Bank
    Similarity Rank: 544
    Milford Federal Bank
    Similarity Rank: 570
    St. Mary's Credit Union
    Similarity Rank: 630

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 76 $12,440,000 $163,684 n/a 4.76%
    Conventional 66 $35,070,000 $531,364 $2,733 4.34%

    For 2019, First Ipswich Bank's most frequently originated type of loan was HELOC, with 76 originations. Their 2nd most popular type was Conventional, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 55 $26,955,000 $490,091 $2,733 4.36%
    Home Improvement 35 $4,215,000 $120,429 $769 4.79%
    Home Purchase 33 $13,785,000 $417,727 $3,987 4.56%
    Other 19 $2,555,000 $134,474 $615 4.74%

    For 2019, First Ipswich Bank's most frequently cited loan purpose was Refi, with 55 originations. The 2nd most popular reason was Home Improvement, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30+ year 74 $11,910,000 $160,946 $0 4.71%
    30 Year 43 $18,795,000 $437,093 $3,210 4.05%
    10 Year 13 $5,295,000 $407,308 $120 5.21%
    15 Year 4 $980,000 $245,000 $2,681 3.19%
    Other 4 $8,700,000 $2,175,000 $0 5.75%
    1 Year 3 $1,765,000 $588,333 $0 5.83%
    5 Year 1 $65,000 $65,000 $0 4.54%

    For 2019, First Ipswich Bank's most frequently cited loan duration was 30+ year, with 74 originations. The 2nd most popular length was 30 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 47 $17,485,000 $372,021
    $1k-2k 2 $820,000 $410,000
    $3k-4k 1 $705,000 $705,000

    First Ipswich Bank's average total fees were $3,210, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 47 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 93 $21,815,000 $234,570
    3-4% 33 $13,885,000 $420,758
    5-6% 13 $10,665,000 $820,385
    6-7% 3 $1,145,000 $381,667

    During 2019, First Ipswich Bank's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 4-5%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 44 $12,430,000 $282,500 $2,640 4.44%
    $100,000 or less 43 $2,605,000 $60,581 $0 4.87%
    $100k-200k 22 $3,210,000 $145,909 $2,322 4.41%
    $400k-600k 18 $8,880,000 $493,333 $3,205 4.31%
    $600k-1MM 9 $6,155,000 $683,889 $4,942 4.65%
    $1MM+ 6 $14,230,000 $2,371,667 $4,931 4.46%

    2019 saw First Ipswich Bank place emphasis on $200k-400k loans with 44 originations, totaling $12,430,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 32 $9,220,000 $288,125 $3,016 4.30%
    $100k-150k 27 $4,585,000 $169,815 $1,942 4.59%
    $250k+ 23 $10,705,000 $465,435 $3,296 4.37%
    $75k-100k 23 $4,205,000 $182,826 $2,257 4.63%
    $50k-75k 13 $1,915,000 $147,308 $2,538 4.75%
    $50k or less 5 $555,000 $111,000 $2,301 4.57%

    First Ipswich Bank lent most frequently to those with incomes in the $150k-250k range, with 32 originations. The second most popular income band? $100k-150k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $4,030,000 $183,182 $2,450 4.52%
    30-36% 18 $7,090,000 $393,889 $3,162 4.39%
    <20% 17 $6,385,000 $375,588 $2,896 4.13%
    48% 9 $2,315,000 $257,222 $4,377 4.57%
    50-60% 8 $1,380,000 $172,500 $2,696 4.45%
    49% 7 $1,085,000 $155,000 $0 4.89%
    38% 7 $1,415,000 $202,143 $3,906 4.42%
    40% 6 $1,330,000 $221,667 $3,088 4.72%
    39% 6 $1,480,000 $246,667 $2,142 4.44%
    44% 5 $1,785,000 $357,000 $2,903 4.40%
    41% 5 $475,000 $95,000 $1,088 4.65%
    46% 4 $820,000 $205,000 $2,426 4.59%
    45% 3 $395,000 $131,667 $1,260 4.72%
    47% 3 $895,000 $298,333 $2,882 4.54%
    37% 3 $605,000 $201,667 $2,743 4.84%
    36% 2 $320,000 $160,000 $2,524 4.56%
    42% 2 $430,000 $215,000 $0 4.62%
    43% 2 $160,000 $80,000 $0 4.99%

    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 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 124 $32,620,000 $263,065 $2,733 4.49%
    Not applicable 10 $13,710,000 $1,371,000 $0 5.23%
    Not provided 8 $1,180,000 $147,500 $0 4.77%

    Approval Rates

    Total approvals of all applications
    83.60%

    First Ipswich Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.14%

    First Ipswich Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 142 $47,510,000 $334,577

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $9,410,000 $2,352,500
    Single Family (1-4 Units):Site-Built 138 $38,100,000 $276,087

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $6,280,000 $224,286 $2,592 4.44%
    40-60% 20 $8,370,000 $418,500 $3,823 4.35%
    60-80% 37 $26,285,000 $710,405 $3,146 4.48%
    80-100% 7 $2,525,000 $360,714 $2,725 3.82%
    Under 20% 49 $3,875,000 $79,082 $103 4.89%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%