Harborone Bank Mortgage Rates, Fees & Info
Brockton, MALEI: 549300E0KRXI8PZWAO17
Tax ID: 04-1123040
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Mortgage Data
Review & Overview
Harborone Bank is a smaller bank specializing in Home Improvement and Home Purchase loans. Harborone Bank has an average proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, Worcester, and Manchester among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Harborone Bank has a below 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.26% | 4/21/24 |
| 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. | ||
Harborone Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
463Origination Dollar Volume (All Markets)
$98,185,000Top 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) | 241 | $52,235,000 | $216,743 | $0 | 7.10% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 198 | $42,370,000 | $213,990 | $0 | 7.14% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 7 | $1,225,000 | $175,000 | $0 | 7.35% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 5 | $805,000 | $161,000 | $0 | 6.99% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $0 | 6.32% |
| Outside of Metro Areas | 1 | $305,000 | $305,000 | $0 | 7.49% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 7.24% |
| Concord, NH (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 7.24% |
| Laconia, NH (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 6.99% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 7.24% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.99% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against HarborOne Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 458 | $72,700,000 | $158,734 | n/a | 7.12% |
| Conventional | 5 | $25,485,000 | $5,097,000 | $0 | 6.62% |
For 2023, Harborone Bank's most frequently originated type of loan was HELOC, with 458 originations. Their 2nd most popular type was Conventional, with 5 originations.
Loan Reason
For 2023, Harborone Bank's most frequently cited loan purpose was Home Improvement, with 266 originations. The 2nd most popular reason was Other, with 89 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 459 | $81,245,000 | $177,004 | $0 | 7.12% |
| 10 Year | 3 | $3,135,000 | $1,045,000 | $0 | 6.35% |
| 3 Year | 1 | $13,805,000 | $13,805,000 | $0 | 7.61% |
For 2023, Harborone Bank's most frequently cited loan duration was Other, with 459 originations. The 2nd most popular length was 10 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 252 | $46,530,000 | $184,643 |
| 7-8% | 111 | $35,405,000 | $318,964 |
| 5-6% | 55 | $7,885,000 | $143,364 |
| Over 8% | 45 | $8,365,000 | $185,889 |
During 2023, Harborone Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 252 originations.
Loan Sizing
2023 saw Harborone Bank place emphasis on $100k-200k loans with 194 originations, totaling $24,730,000 in origination value.
Applicant Income
Harborone Bank lent most frequently to those with incomes in the $100k-150k range, with 140 originations. The second most popular income band? $150k-250k, with 107 originations.
Applicant Debt to Income Ratio
Harborone Bank lent most frequently to those with DTI ratios of 20-30%, with 91 originations. The next most common DTI ratio? 30-36%, with 83 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications56.17%
Harborone Bank has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination82.07%
Harborone Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 463 | $98,185,000 | $212,063 |