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

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%	11/22/24
30 Year Conventional Purchase	6.22%	11/22/24
30 Year Conventional Refi	6.16%	11/22/24
30 Year Cash-out Refi	6.32%	11/22/24
15 Year Conventional Purchase	5.81%	11/22/24
15 Year Conventional Refi	5.97%	11/22/24
15 Year Cash-out Refi	5.97%	11/22/24
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

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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

LUSO-AMERICAN CREDIT UNION
Similarity Rank: 474

East Boston Savings Bank
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Piscataqua Savings Bank
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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