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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Main Street Bank is a smaller bank specializing in Refi, Cash Out Refi, and 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 Lebanon 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 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.

    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% 4/28/24
    30 Year Conventional Purchase 6.22% 4/28/24
    30 Year Conventional Refi 6.16% 4/28/24
    30 Year Cash-out Refi 6.32% 4/28/24
    15 Year Conventional Purchase 5.81% 4/28/24
    15 Year Conventional Refi 5.97% 4/28/24
    15 Year Cash-out Refi 5.97% 4/28/24
    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

    535

    Origination Dollar Volume (All Markets)

    $206,015,000

    Employee count

    167

    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) 266 $100,140,000 $376,466 $3,294 3.07%
    WORCESTER, MA-CT (FHA|USDA|VA) 166 $53,650,000 $323,193 $3,054 3.08%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 61 $36,345,000 $595,820 $4,847 3.17%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 7 $3,645,000 $520,714 $2,743 3.43%
    Lebanon, NH-VT (FHA|USDA|VA) 5 $2,875,000 $575,000 $5,598 3.45%
    Outside of Metro Areas 6 $2,580,000 $430,000 $3,249 2.90%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 8 $2,460,000 $307,500 $3,718 2.91%
    Vineyard Haven, MA (FHA|USDA|VA) 2 $1,100,000 $550,000 $2,981 2.88%
    Keene, NH (FHA|USDA|VA) 5 $1,065,000 $213,000 $3,046 2.70%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,020,000 $255,000 $0 4.50%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $620,000 $310,000 $2,599 2.69%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $350,000 $175,000 $3,001 2.38%
    BANGOR, ME (FHA|USDA|VA) 1 $165,000 $165,000 $2,660 3.00%
    Main Street Bank's top markets include Boston, Worcester, Barnstable Town, Providence, and Lebanon among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Connecticut (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.

    Sharon & Crescent United Credit Union
    Similarity Rank: 335
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    Similarity Rank: 474
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    Norwood Co-operative Bank
    Similarity Rank: 820
    QUINCY CREDIT UNION
    Similarity Rank: 900
    Centreville Bank
    Similarity Rank: 966
    Charter Oak Federal Credit Union
    Similarity Rank: 990
    Middlesex Savings Bank
    Similarity Rank: 1020
    ATHOL CREDIT UNION
    Similarity Rank: 1044

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 535 $206,015,000 $385,075 $3,412 3.09%

    For 2021, Main Street Bank's most frequently originated type of loan was Conventional, with 535 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 192 $61,340,000 $319,479 $2,782 2.73%
    Cash Out Refi 158 $63,550,000 $402,215 $3,359 3.11%
    Home Purchase 155 $72,105,000 $465,194 $4,516 3.43%
    Home Improvement 18 $4,890,000 $271,667 $2,203 3.58%
    Other 12 $4,130,000 $344,167 $3,277 3.34%

    For 2021, Main Street Bank's most frequently cited loan purpose was Refi, with 192 originations. The 2nd most popular reason was Cash Out Refi, with 158 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 298 $135,850,000 $455,872 $3,869 3.21%
    15 Year 116 $29,440,000 $253,793 $2,788 2.53%
    20 Year 56 $16,270,000 $290,536 $2,849 2.93%
    Other 45 $17,795,000 $395,444 $2,450 3.71%
    10 Year 12 $1,690,000 $140,833 $2,118 2.55%
    1 Year 8 $4,970,000 $621,250 $0 5.25%

    For 2021, Main Street Bank's most frequently cited loan duration was 30 Year, with 298 originations. The 2nd most popular length was 15 Year, with 116 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 340 $125,290,000 $368,500
    $1k-2k 67 $18,405,000 $274,701
    $2k-3k 21 $7,125,000 $339,286
    $5k+ 11 $13,605,000 $1,236,818
    $4k-5k 10 $5,070,000 $507,000
    $3k-4k 8 $4,260,000 $532,500

    Main Street Bank's average total fees were $3,869, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 340 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 204 $103,770,000 $508,676
    2.5-3% 169 $57,625,000 $340,976
    <2.5% 114 $27,030,000 $237,105
    4-5% 41 $13,985,000 $341,098
    5-6% 7 $3,605,000 $515,000

    During 2021, Main Street Bank's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 3-4%, with 204 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 239 $69,405,000 $290,397 $3,052 3.06%
    $100k-200k 111 $17,225,000 $155,180 $2,538 2.86%
    $400k-600k 104 $49,090,000 $472,019 $3,681 3.20%
    $600k-1MM 39 $29,435,000 $754,744 $5,094 3.51%
    $1MM+ 23 $39,535,000 $1,718,913 $9,273 3.40%
    $100,000 or less 19 $1,325,000 $69,737 $1,641 2.89%

    2021 saw Main Street Bank place emphasis on $200k-400k loans with 239 originations, totaling $69,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 143 $54,495,000 $381,084 $3,336 3.00%
    $100k-150k 131 $40,105,000 $306,145 $3,147 3.01%
    $250k+ 81 $59,765,000 $737,840 $5,149 3.06%
    $50k-75k 66 $14,630,000 $221,667 $2,726 2.96%
    $75k-100k 54 $14,530,000 $269,074 $2,973 2.86%
    $50k or less 20 $3,680,000 $184,000 $2,619 2.81%

    Main Street Bank lent most frequently to those with incomes in the $150k-250k range, with 143 originations. The second most popular income band? $100k-150k, with 131 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 139 $49,865,000 $358,741 $3,270 2.88%
    30-36% 96 $44,960,000 $468,333 $3,746 3.00%
    <20% 67 $20,495,000 $305,896 $3,037 2.81%
    46% 23 $8,515,000 $370,217 $3,714 2.95%
    39% 18 $6,030,000 $335,000 $3,075 3.16%
    41% 16 $6,220,000 $388,750 $3,398 3.35%
    43% 16 $8,230,000 $514,375 $4,295 3.18%
    40% 15 $5,745,000 $383,000 $3,768 3.22%
    42% 14 $6,060,000 $432,857 $3,562 2.92%
    38% 14 $4,620,000 $330,000 $3,418 3.12%
    48% 13 $4,215,000 $324,231 $3,365 3.25%
    37% 12 $3,820,000 $318,333 $3,192 3.21%
    45% 12 $3,700,000 $308,333 $3,099 3.08%
    36% 12 $3,680,000 $306,667 $2,875 3.01%
    47% 9 $2,885,000 $320,556 $2,907 3.15%
    49% 9 $4,765,000 $529,444 $3,947 3.25%
    44% 8 $2,470,000 $308,750 $3,883 3.03%
    50-60% 3 $1,195,000 $398,333 $4,758 2.96%
    >60% 1 $25,000 $25,000 $842 0.00%

    Main Street Bank lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? 30-36%, with 96 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 410 $155,540,000 $379,366 $3,445 3.02%
    Not provided 65 $22,685,000 $349,000 $3,211 2.89%
    Not applicable 27 $15,385,000 $569,815 $0 4.50%
    Asian 24 $9,090,000 $378,750 $3,535 3.34%
    Black 4 $1,370,000 $342,500 $3,110 3.09%
    Asian Indian 2 $780,000 $390,000 $2,712 2.63%
    Native Hawaiian or Islander 1 $425,000 $425,000 $5,945 3.38%
    Other Asian 1 $415,000 $415,000 $2,566 2.75%
    American Indian 1 $325,000 $325,000 $1,745 2.63%

    Approval Rates

    Total approvals of all applications
    95.73%

    Main Street Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    79.63%

    Main Street Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 535 $206,015,000 $385,075

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    535 $206,015,000 $385,075

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 84 $18,500,000 $220,238 $2,746 2.81%
    40-60% 160 $54,030,000 $337,688 $2,999 2.93%
    60-80% 210 $101,940,000 $485,429 $4,012 3.29%
    80-100% 65 $29,055,000 $447,000 $3,835 3.19%
    Over 100% 1 $395,000 $395,000 $3,706 3.50%
    Under 20% 14 $1,180,000 $84,286 $1,502 3.08%

    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 $147,945
    Main Street Bank 186 Main Street Hudson, MA 1749 Full Service B&M $109,277
    Main Street Bank 220 Great Road Littleton, MA 1460 Full Service B&M $57,964
    Main Street Bank 439 Boston Post Road, Sudbury Farms Market Sudbury, MA 1776 Full Service B&M $47,005
    Main Street Bank 489 Main Street Groton, MA 1450 Full Service B&M $34,467
    Main Street Bank 6 East Main Street Southborough, MA 1772 Full Service B&M $100,950
    Main Street Bank 7 Main Street Ayer, MA 1432 Full Service B&M $159,676
    Main Street Bank 71 Boston Post Road Marlborough, MA 1752 Full Service B&M $69,371
    Main Street Bank 80 Main Street Pepperell, MA 1463 Full Service B&M $94,734
    Main Street Bank 81 Granger Blvd Marlborough, MA 1752 Full Service B&M $212,699
    Main Street Bank 947 Massachusetts Avenue Branch Lunenburg, MA 1462 Full Service B&M $29,787
    Main Street Bank 95 Front Street Shirley, MA 1464 Full Service B&M $37,156

    For 2021, Main Street Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $43,532
    Net interest income $39,067
    Total noninterest income $8,147
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,328
    Trading account gains and fees $0
    Additional Noninterest Income $6,819
    Pre-tax net operating income $11,250
    Securities gains (or losses, -) $184
    Income before extraordinary items $8,580
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,580
    Minority interest net income $0
    Net income $8,580
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,434

    Main Street Bank's gross interest income from loans was $43,532,000.
    Main Street Bank's net interest income from loans was $39,067,000.
    Main Street Bank's fee based income from loans was $1,328,000.
    Main Street Bank's net income from loans was $8,580,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,465
    Provision for credit losses $2,250
    Total noninterest expense $33,714
    Salaries and employee benefits $19,031
    Premises and equipment expense $3,860
    Additional noninterest expense $10,823
    Applicable income taxes $2,854
    Net charge-offs $51
    Cash dividends $0

    Main Street Bank's interest expense for loans was $4,465,000.
    Main Street Bank's payroll and benefits expense were $19,031,000.
    Main Street Bank's property, plant and equipment expenses $3,860,000.

    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 0.0%
    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 $1,232,540
    Deposits held in domestic offices $1,232,540
    Deposits by Individuals, partnerships, and corporations $1,175,143
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $57,397
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $93,026
    Demand deposits $62,679
    Nontransaction accounts $1,139,514
    Money market deposit accounts (MMDAs) $165,660
    Other savings deposits (excluding MMDAs) $821,458
    Total time deposits $152,396
    Total time and savings deposits $1,169,861
    Noninterest-bearing deposits $269,644
    Interest-bearing deposits $962,896
    Retail deposits $1,194,820
    IRAs and Keogh plan accounts $28,540
    Brokered deposits $226
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,429,127
    Cash & Balances due from depository institutions $132,698
    Interest-bearing balances $122,184
    Total securities $261,529
    Federal funds sold & reverse repurchase $1,117
    Net loans and leases $971,406
    Loan and leases loss allowance $12,526
    Trading account assets $0
    Bank premises and fixed assets $9,317
    Other real estate owned $800
    Goodwill and other intangibles $9,335
    All other assets $42,925

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,429,127
    Total Liabilities $1,275,162
    Total deposits $1,232,540
    Interest-bearing deposits $962,896
    Deposits held in domestic offices $1,232,540
    % insured (estimated) $60
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $24,900
    Subordinated debt $0
    All other liabilities $17,722

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $971,406
    Loan and leases loss allowance $12,526
    Total loans and leases (domestic) $983,932
    All real estate loans $925,620
    Real estate loans in domestic offices $925,620
    Construction and development loans $81,280
    Residential 1-4 family construction $45,632
    Other construction, all land development and other land $35,648
    Loans secured by nonfarm nonresidential properties $270,171
    Nonfarm nonresidential secured by owner-occupied properties $85,010
    Commercial real estate & other non-farm, non-residential $185,161
    Multifamily residential real estate $60,090
    1-4 family residential loans $513,893
    Farmland loans $186
    Loans held in foreign offices $0
    Farm loans $324
    Commercial and industrial loans $45,076
    To non-U.S. addressees $0
    Loans to individuals $12,912
    Credit card loans $0
    Related Plans $100
    Consumer Auto Loans $1,309
    Other loans to individuals $11,503
    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 $4,162
    Non 1-4 family restructured loans & leases $1,845
    Total loans and leases (foreign) $0

    Main Street Bank had $971,406,000 of loans outstanding in 2021. $925,620,000 of loans were in real estate loans. $81,280,000 of loans were in development loans. $60,090,000 of loans were in multifamily mortgage loans. $513,893,000 of loans were in 1-4 family mortgage loans. $324,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,309,000 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 295 $80,237 $271,990
    Nonfarm, nonresidential loans - <$100k 24 $742 $30,917
    Nonfarm, nonresidential loans - $100-250k 94 $10,299 $109,564
    Nonfarm, nonresidential loans - $250k-1MM 177 $69,196 $390,938
    Commercial & Industrial, US addressed loans - <$1MM 486 $35,459 $72,961
    Commercial & Industrial, US addressed loans - <$100k 312 $5,953 $19,080
    Commercial & Industrial, US addressed loans - $100-250k 98 $10,980 $112,041
    Commercial & Industrial, US addressed loans - $250k-1MM 76 $18,526 $243,763
    Farmland loans - <$1MM 1 $186 $186,000
    Farmland loans - $100-250k 1 $186 $186,000
    Agriculture operations loans - <$1MM 1 $324 $324,000
    Agriculture operations loans - $250k-1MM 1 $324 $324,000