Main Street Bank Mortgage Rates, Fees & Info

Marlborough, MA

LEI: 549300CPZ5G5IZWT7878

Tax ID: 04-1584100

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

Jump to:

Mortgage Data

Bank 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, Providence, and Concord among others. We have data for 12 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.

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% 10/29/24
30 Year Conventional Purchase 6.22% 10/29/24
30 Year Conventional Refi 6.16% 10/29/24
30 Year Cash-out Refi 6.32% 10/29/24
15 Year Conventional Purchase 5.81% 10/29/24
15 Year Conventional Refi 5.97% 10/29/24
15 Year Cash-out Refi 5.97% 10/29/24
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

253

Origination Dollar Volume (All Markets)

$96,585,000

Employee count

190

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) 123 $48,125,000 $391,260 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 80 $20,120,000 $251,500 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 29 $18,855,000 $650,172 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $2,540,000 $423,333 $0 0.00%
Concord, NH (FHA|USDA|VA) 1 $1,575,000 $1,575,000 $0 0.00%
Outside of Metro Areas 3 $1,425,000 $475,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $1,305,000 $435,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 0.00%
Laconia, NH (FHA|USDA|VA) 2 $630,000 $315,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $595,000 $198,333 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Vineyard Haven, MA (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
Main Street Bank's top markets include Boston, Worcester, Barnstable Town, Providence, and Concord among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Similar Lenders

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

    Charter Oak Federal Credit Union
    Similarity Rank: 18
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Martha's Vineyard Savings Bank
    Similarity Rank: 128
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 170
    Coastal Heritage Bank
    Similarity Rank: 180
    Middlesex Savings Bank
    Similarity Rank: 275
    Chelsea Groton Bank
    Similarity Rank: 304

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 253 $96,585,000 $381,759 $0 0.00%

    For 2018, Main Street Bank's most frequently originated type of loan was Conventional, with 253 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 151 $60,735,000 $402,219 $0 0.00%
    Cash Out Refi 36 $17,670,000 $490,833 $0 0.00%
    Home Improvement 34 $5,950,000 $175,000 $0 0.00%
    Refi 21 $7,255,000 $345,476 $0 0.00%
    Other 11 $4,975,000 $452,273 $0 0.00%

    For 2018, Main Street Bank's most frequently cited loan purpose was Home Purchase, with 151 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 253 $96,585,000 $381,759 $0 0.00%

    For 2018, Main Street Bank's most frequently cited loan duration was Other, with 253 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 112 $31,720,000 $283,214 $0 0.00%
    $100k-200k 50 $7,760,000 $155,200 $0 0.00%
    $400k-600k 34 $16,270,000 $478,529 $0 0.00%
    $100,000 or less 21 $945,000 $45,000 $0 0.00%
    $1MM+ 18 $26,740,000 $1,485,556 $0 0.00%
    $600k-1MM 18 $13,150,000 $730,556 $0 0.00%

    2018 saw Main Street Bank place emphasis on $200k-400k loans with 112 originations, totaling $31,720,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 51 $13,645,000 $267,549 $0 0.00%
    $150k-250k 51 $17,955,000 $352,059 $0 0.00%
    $250k+ 41 $28,195,000 $687,683 $0 0.00%
    $75k-100k 33 $8,205,000 $248,636 $0 0.00%
    $50k-75k 20 $3,940,000 $197,000 $0 0.00%
    $50k or less 16 $2,500,000 $156,250 $0 0.00%

    Main Street Bank lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $150k-250k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 253 $96,585,000 $381,759 $0 0.00%

    Main Street Bank lent most frequently to those with DTI ratios of Exempt%, with 253 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 185 $63,105,000 $341,108 $0 0.00%
    Not applicable 35 $20,605,000 $588,714 $0 0.00%
    Not provided 22 $9,020,000 $410,000 $0 0.00%
    Asian 7 $2,605,000 $372,143 $0 0.00%
    Chinese 1 $465,000 $465,000 $0 0.00%
    American Indian 1 $305,000 $305,000 $0 0.00%
    Asian Indian 1 $285,000 $285,000 $0 0.00%
    Black 1 $195,000 $195,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.29%

    Main Street Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.35%

    Main Street Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 253 $96,585,000 $381,759

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $7,070,000 $589,167
    Single Family (1-4 Units):Site-Built 241 $89,515,000 $371,432

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Main Street Bank 101 West Main Street Northborough, MA 1532 Full Service B&M $57,561
    Main Street Bank 186 Main Street Hudson, MA 1749 Full Service B&M $23,244
    Main Street Bank 21 East Main Street Westborough, MA 1581 Full Service B&M $32,047
    Main Street Bank 220 Great Road Littleton, MA 1460 Full Service B&M $44,336
    Main Street Bank 439 Boston Post Road Sudbury, MA 1776 Full Service B&M $46,321
    Main Street Bank 489 Main Street Groton, MA 1450 Full Service B&M $23,518
    Main Street Bank 6 East Main Street Southborough, MA 1772 Full Service B&M $81,158
    Main Street Bank 7 Main Street Ayer, MA 1432 Full Service B&M $101,414
    Main Street Bank 71 Boston Post Road Marlborough, MA 1752 Full Service B&M $55,120
    Main Street Bank 80 Main Street Pepperell, MA 1463 Full Service B&M $68,221
    Main Street Bank 81 Granger Boulevard Marlborough, MA 1752 Full Service B&M $263,720
    Main Street Bank 947 Massachusetts Avenue Branch Lunenburg, MA 1462 Full Service B&M $23,290
    Main Street Bank 95 Front Street Shirley, MA 1464 Full Service B&M $22,437

    For 2018, Main Street Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $40,735
    Net interest income $32,286
    Total noninterest income $4,288
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $981
    Trading account gains and fees $0
    Additional Noninterest Income $3,307
    Pre-tax net operating income $5,201
    Securities gains (or losses, -) $3,042
    Income before extraordinary items $6,372
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,372
    Minority interest net income $0
    Net income $6,372
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,968

    Main Street Bank's gross interest income from loans was $40,735,000.
    Main Street Bank's net interest income from loans was $32,286,000.
    Main Street Bank's fee based income from loans was $981,000.
    Main Street Bank's net income from loans was $6,372,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,449
    Provision for credit losses $1,425
    Total noninterest expense $29,948
    Salaries and employee benefits $16,575
    Premises and equipment expense $4,283
    Additional noninterest expense $9,090
    Applicable income taxes $1,871
    Net charge-offs $282
    Cash dividends $0

    Main Street Bank's interest expense for loans was $8,449,000.
    Main Street Bank's payroll and benefits expense were $16,575,000.
    Main Street Bank's property, plant and equipment expenses $4,283,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $867,837
    Deposits held in domestic offices $867,837
    Deposits by Individuals, partnerships, and corporations $775,200
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $86,201
    Deposits by Commercial banks and other depository institutions in U.S. $6,436
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $271,314
    Demand deposits $185,936
    Nontransaction accounts $596,523
    Money market deposit accounts (MMDAs) $129,246
    Other savings deposits (excluding MMDAs) $187,936
    Total time deposits $279,341
    Total time and savings deposits $681,901
    Noninterest-bearing deposits $136,664
    Interest-bearing deposits $731,173
    Retail deposits $722,328
    IRAs and Keogh plan accounts $32,095
    Brokered deposits $100,659
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,031,589
    Cash & Balances due from depository institutions $59,304
    Interest-bearing balances $43,878
    Total securities $117,286
    Federal funds sold & reverse repurchase $1
    Net loans and leases $796,379
    Loan and leases loss allowance $5,781
    Trading account assets $0
    Bank premises and fixed assets $11,019
    Other real estate owned $0
    Goodwill and other intangibles $13,523
    All other assets $34,077

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,031,589
    Total Liabilities $913,037
    Total deposits $867,837
    Interest-bearing deposits $731,173
    Deposits held in domestic offices $867,837
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $32,741
    Subordinated debt $0
    All other liabilities $12,459

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $796,379
    Loan and leases loss allowance $5,781
    Total loans and leases (domestic) $802,160
    All real estate loans $752,855
    Real estate loans in domestic offices $752,855
    Construction and development loans $59,623
    Residential 1-4 family construction $36,220
    Other construction, all land development and other land $23,403
    Loans secured by nonfarm nonresidential properties $279,636
    Nonfarm nonresidential secured by owner-occupied properties $61,664
    Commercial real estate & other non-farm, non-residential $217,972
    Multifamily residential real estate $36,567
    1-4 family residential loans $376,817
    Farmland loans $212
    Loans held in foreign offices $0
    Farm loans $821
    Commercial and industrial loans $36,828
    To non-U.S. addressees $0
    Loans to individuals $11,656
    Credit card loans $0
    Related Plans $152
    Consumer Auto Loans $1,233
    Other loans to individuals $10,271
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,354
    Non 1-4 family restructured loans & leases $1,786
    Total loans and leases (foreign) $0

    Main Street Bank had $796,379,000 of loans outstanding in 2018. $752,855,000 of loans were in real estate loans. $59,623,000 of loans were in development loans. $36,567,000 of loans were in multifamily mortgage loans. $376,817,000 of loans were in 1-4 family mortgage loans. $821,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,233,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 391 $106,290 $271,841
    Nonfarm, nonresidential loans - <$100k 61 $2,147 $35,197
    Nonfarm, nonresidential loans - $100-250k 130 $17,547 $134,977
    Nonfarm, nonresidential loans - $250k-1MM 200 $86,596 $432,980
    Commercial & Industrial, US addressed loans - <$1MM 475 $27,977 $58,899
    Commercial & Industrial, US addressed loans - <$100k 337 $7,100 $21,068
    Commercial & Industrial, US addressed loans - $100-250k 62 $5,349 $86,274
    Commercial & Industrial, US addressed loans - $250k-1MM 76 $15,528 $204,316
    Farmland loans - <$1MM 1 $212 $212,000
    Farmland loans - $100-250k 1 $212 $212,000
    Agriculture operations loans - <$1MM 1 $360 $360,000
    Agriculture operations loans - $250k-1MM 1 $360 $360,000