Main Street Bank Mortgage Rates, Fees & Info

Marlborough, MA

LEI: 549300CPZ5G5IZWT7878

Tax ID: 04-1584100

5 stars - Updated: 3/28/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Main Street Bank is a smaller bank specializing in Home Purchase loans. Main Street Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Lebanon, and Vineyard Haven among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Main Street Bank 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. Main Street Bank 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 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.

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
Home Equity Line of Credit (HELOC) 6.56% 3/28/24
30 Year Conventional Purchase 6.22% 3/28/24
30 Year Conventional Refi 6.16% 3/28/24
30 Year Cash-out Refi 6.32% 3/28/24
15 Year Conventional Purchase 5.81% 3/28/24
15 Year Conventional Refi 5.97% 3/28/24
15 Year Cash-out Refi 5.97% 3/28/24
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.

Main Street Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Main Street Bank. 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

467

Origination Dollar Volume (All Markets)

$249,155,000
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Relative Rate

Main Street Bank's average 30 year fixed mortgage rate was 5.68%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.8%.

Relative Fees (Closing Costs)

Main Street Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,803.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 285 $167,675,000 $588,333 $7,213 6.52%
WORCESTER, MA-CT (FHA|USDA|VA) 128 $52,950,000 $413,672 $4,222 6.65%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 24 $10,880,000 $453,333 $4,585 6.80%
Lebanon, NH-VT (FHA|USDA|VA) 3 $5,095,000 $1,698,333 $14,992 6.46%
Vineyard Haven, MA (FHA|USDA|VA) 2 $2,590,000 $1,295,000 $7,144 6.06%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $2,195,000 $731,667 $4,069 6.29%
Outside of Metro Areas 6 $2,190,000 $365,000 $3,560 6.96%
SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,945,000 $389,000 $3,865 5.80%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 6 $1,200,000 $200,000 $3,256 6.83%
Keene, NH (FHA|USDA|VA) 1 $785,000 $785,000 $4,160 5.38%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $735,000 $735,000 $0 6.25%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $505,000 $505,000 $5,834 5.38%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $410,000 $205,000 $2,720 5.63%
Main Street Bank's top markets include Boston, Worcester, Barnstable Town, Lebanon, and Vineyard Haven among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 327 $222,765,000 $681,239 $6,204 5.91%
    HELOC 140 $26,390,000 $188,500 n/a 8.07%

    For 2023, Main Street Bank's most frequently originated type of loan was Conventional, with 327 originations. Their 2nd most popular type was HELOC, with 140 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 263 $172,285,000 $655,076 $7,277 6.01%
    Home Improvement 77 $35,585,000 $462,143 $2,415 7.58%
    Refi 52 $17,440,000 $335,385 $2,445 7.23%
    Other 45 $11,415,000 $253,667 $2,711 7.59%
    Cash Out Refi 30 $12,430,000 $414,333 $3,151 6.05%

    For 2023, Main Street Bank's most frequently cited loan purpose was Home Purchase, with 263 originations. The 2nd most popular reason was Home Improvement, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 264 $158,800,000 $601,515 $6,803 5.68%
    20 Year 159 $31,745,000 $199,654 $1,497 7.90%
    Other 24 $36,330,000 $1,513,750 $533 7.07%
    15 Year 11 $2,185,000 $198,636 $1,377 6.05%
    1 Year 4 $1,820,000 $455,000 $0 9.50%
    10 Year 4 $270,000 $67,500 $545 6.53%
    3 Year 1 $18,005,000 $18,005,000 $0 7.00%

    For 2023, Main Street Bank's most frequently cited loan duration was 30 Year, with 264 originations. The 2nd most popular length was 20 Year, with 159 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 215 $118,225,000 $549,884
    $5k+ 16 $16,770,000 $1,048,125
    $1k-2k 14 $4,800,000 $342,857
    $3k-4k 11 $6,895,000 $626,818
    $4k-5k 6 $3,150,000 $525,000
    $2k-3k 5 $2,335,000 $467,000

    Main Street Bank's average total fees were $6,803, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 215 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 152 $94,500,000 $621,711
    7-8% 132 $32,340,000 $245,000
    6-7% 88 $72,490,000 $823,750
    4-5% 49 $31,285,000 $638,469
    Over 8% 42 $16,930,000 $403,095
    3-4% 2 $1,130,000 $565,000
    <2.5% 1 $25,000 $25,000

    During 2023, Main Street Bank's average interest rate for loans was 5.68%, while their most frequently originated rate bucket for loans was 5-6%, with 152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 109 $31,985,000 $293,440 $3,373 6.67%
    $400k-600k 93 $45,755,000 $491,989 $4,514 5.85%
    $600k-1MM 93 $71,365,000 $767,366 $11,798 5.75%
    $100k-200k 72 $10,090,000 $140,139 $1,721 7.60%
    $100,000 or less 64 $3,770,000 $58,906 $1,147 7.59%
    $1MM+ 36 $86,190,000 $2,394,167 $7,745 6.19%

    2023 saw Main Street Bank place emphasis on $200k-400k loans with 109 originations, totaling $31,985,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 147 $59,325,000 $403,571 $4,146 6.56%
    $250k+ 146 $97,550,000 $668,151 $10,863 6.37%
    $100k-150k 76 $21,010,000 $276,447 $3,313 6.61%
    $75k-100k 32 $7,840,000 $245,000 $3,278 6.25%
    $50k-75k 29 $4,185,000 $144,310 $2,954 6.81%
    $50k or less 5 $685,000 $137,000 $2,760 7.58%

    Main Street Bank lent most frequently to those with incomes in the $150k-250k range, with 147 originations. The second most popular income band? $250k+, with 146 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 93 $41,135,000 $442,312 $4,479 6.48%
    20-30% 85 $31,895,000 $375,235 $14,909 6.67%
    <20% 38 $12,590,000 $331,316 $2,980 6.84%
    44% 24 $10,050,000 $418,750 $3,798 6.46%
    37% 18 $10,500,000 $583,333 $5,519 5.99%
    38% 18 $6,640,000 $368,889 $3,653 6.97%
    43% 18 $7,030,000 $390,556 $4,263 6.88%
    45% 17 $8,455,000 $497,353 $4,609 6.45%
    40% 17 $7,475,000 $439,706 $3,440 6.32%
    42% 16 $7,340,000 $458,750 $3,904 6.52%
    39% 16 $6,350,000 $396,875 $5,152 6.38%
    41% 16 $7,750,000 $484,375 $4,032 6.80%
    47% 13 $7,385,000 $568,077 $4,242 5.68%
    36% 13 $4,925,000 $378,846 $5,048 7.02%
    48% 11 $5,455,000 $495,909 $4,784 5.92%
    46% 11 $7,635,000 $694,091 $4,338 5.34%
    49% 5 $2,855,000 $571,000 $4,720 5.78%
    50-60% 2 $1,540,000 $770,000 $7,331 5.81%
    >60% 1 $2,695,000 $2,695,000 $8,824 5.63%

    Main Street Bank lent most frequently to those with DTI ratios of 30-36%, with 93 originations. The next most common DTI ratio? 20-30%, with 85 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 260 $102,020,000 $392,385 $7,336 6.65%
    Not applicable 30 $57,380,000 $1,912,667 $0 7.15%
    Not provided 85 $36,755,000 $432,412 $5,043 6.88%
    Asian 49 $28,495,000 $581,531 $4,174 5.55%
    Asian Indian 24 $14,150,000 $589,583 $5,176 5.77%
    Chinese 9 $4,975,000 $552,778 $4,207 6.03%
    Black 4 $3,180,000 $795,000 $3,301 7.84%
    Other Asian 2 $1,080,000 $540,000 $3,850 5.63%
    American Indian 3 $1,015,000 $338,333 $3,805 6.00%
    Filipino 1 $105,000 $105,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    91.73%

    Main Street Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.51%

    Main Street Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 467 $249,155,000 $533,522

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    467 $249,155,000 $533,522

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 83 $20,445,000 $246,325 $2,640 7.42%
    40-60% 58 $30,060,000 $518,276 $4,478 6.67%
    60-80% 146 $119,760,000 $820,274 $5,192 6.01%
    80-100% 88 $52,340,000 $594,773 $10,637 5.61%
    Over 100% 1 $18,005,000 $18,005,000 $0 7.00%
    Under 20% 90 $8,200,000 $91,111 $1,193 7.51%