Metro Mortgage Rates, Fees & Info

Chelsea, MA

LEI: 549300F6OBLSYWXXKH16

Tax ID: 04-1695745

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)

    • Review & Overview

    Metro is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Metro has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Providence, and Manchester among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Metro 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. Metro 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) 5.96% 11/21/24
    30 Year Conventional Purchase 5.78% 11/21/24
    30 Year Conventional Refi 5.96% 11/21/24
    30 Year Cash-out Refi 6.13% 11/21/24
    30 Year FHA Purchase 6.33% 11/21/24
    15 Year Conventional Purchase 5.28% 11/21/24
    15 Year Conventional Refi 5.90% 11/21/24
    15 Year Cash-out Refi 5.90% 11/21/24
    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.

    Metro Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Metro. 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

    1,359

    Origination Dollar Volume (All Markets)

    $367,475,000
    Show all (7) awards

    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) 1,246 $340,320,000 $273,130 $2,830 4.33%
    WORCESTER, MA-CT (FHA|USDA|VA) 50 $11,980,000 $239,600 $2,584 4.31%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 15 $7,195,000 $479,667 $3,263 4.11%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 22 $3,170,000 $144,091 $2,943 4.97%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 15 $2,165,000 $144,333 $2,783 4.52%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $1,100,000 $275,000 $3,322 4.88%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $700,000 $350,000 $3,501 3.25%
    Laconia, NH (FHA|USDA|VA) 3 $405,000 $135,000 $2,603 4.00%
    Outside of Metro Areas 1 $315,000 $315,000 $3,054 5.13%
    Keene, NH (FHA|USDA|VA) 1 $125,000 $125,000 $2,504 4.38%
    Metro's top markets include Boston, Worcester, Barnstable Town, Providence, and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 84
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Members First Credit Union N.H.
    Similarity Rank: 119
    Martha's Vineyard Savings Bank
    Similarity Rank: 128

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 879 $311,265,000 $354,113 $2,712 4.31%
    HELOC 464 $49,630,000 $106,961 n/a 4.39%
    FHA 15 $5,835,000 $389,000 $10,021 4.26%
    USDA 1 $745,000 $745,000 $3,157 3.25%

    For 2018, Metro's most frequently originated type of loan was Conventional, with 879 originations. Their 2nd most popular type was HELOC, with 464 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 424 $126,910,000 $299,316 $2,543 4.25%
    Home Purchase 422 $160,250,000 $379,739 $3,596 4.45%
    Home Improvement 305 $26,495,000 $86,869 $496 4.40%
    Refi 108 $40,430,000 $374,352 $2,909 4.03%
    Other 99 $12,955,000 $130,859 $1,331 4.36%
    NA 1 $435,000 $435,000 $0 5.26%

    For 2018, Metro's most frequently cited loan purpose was Cash Out Refi, with 424 originations. The 2nd most popular reason was Home Purchase, with 422 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 628 $268,760,000 $427,962 $3,348 4.23%
    Other 452 $49,940,000 $110,487 $70 4.39%
    20 Year 122 $26,880,000 $220,328 $1,044 5.19%
    15 Year 101 $14,585,000 $144,406 $1,606 4.00%
    10 Year 44 $6,760,000 $153,636 $475 4.23%
    5 Year 9 $385,000 $42,778 $65 3.05%
    3 Year 3 $165,000 $55,000 $163 3.44%

    For 2018, Metro's most frequently cited loan duration was 30 Year, with 628 originations. The 2nd most popular length was Other, with 452 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 729 $259,035,000 $355,329
    $1k-2k 55 $17,375,000 $315,909
    $2k-3k 16 $8,600,000 $537,500
    $3k-4k 7 $3,545,000 $506,429
    $5k+ 5 $2,775,000 $555,000
    $4k-5k 2 $1,760,000 $880,000

    Metro's average total fees were $3,348, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 729 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 853 $200,555,000 $235,117
    3-4% 307 $106,125,000 $345,684
    5-6% 102 $28,400,000 $278,431
    2.5-3% 61 $28,745,000 $471,230
    6-7% 18 $2,780,000 $154,444
    <2.5% 6 $120,000 $20,000

    During 2018, Metro's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 4-5%, with 853 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 402 $21,840,000 $54,328 $385 4.40%
    $200k-400k 360 $105,770,000 $293,806 $2,956 4.41%
    $100k-200k 286 $39,400,000 $137,762 $2,078 4.49%
    $400k-600k 183 $88,965,000 $486,148 $3,624 4.18%
    $600k-1MM 100 $74,920,000 $749,200 $3,992 3.73%
    $1MM+ 28 $36,580,000 $1,306,429 $5,324 4.05%

    2018 saw Metro place emphasis on $100,000 or less loans with 402 originations, totaling $21,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 360 $106,930,000 $297,028 $2,820 4.21%
    $100k-150k 351 $80,115,000 $228,248 $2,773 4.32%
    $75k-100k 243 $45,085,000 $185,535 $2,626 4.40%
    $50k-75k 185 $32,155,000 $173,811 $2,581 4.50%
    $250k+ 143 $78,135,000 $546,399 $3,671 4.07%
    $50k or less 54 $5,760,000 $106,667 $2,471 4.85%

    Metro lent most frequently to those with incomes in the $150k-250k range, with 360 originations. The second most popular income band? $100k-150k, with 351 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 290 $78,980,000 $272,345 $2,865 4.28%
    30-36% 277 $70,375,000 $254,061 $2,706 4.30%
    44% 98 $25,560,000 $260,816 $3,684 4.32%
    42% 84 $19,330,000 $230,119 $2,217 4.33%
    41% 78 $19,710,000 $252,692 $2,460 4.22%
    43% 66 $14,050,000 $212,879 $3,746 4.42%
    <20% 65 $13,825,000 $212,692 $2,709 4.27%
    40% 60 $16,300,000 $271,667 $2,432 4.46%
    37% 58 $16,990,000 $292,931 $2,941 4.31%
    39% 56 $18,420,000 $328,929 $2,673 4.43%
    38% 54 $14,910,000 $276,111 $2,699 4.09%
    36% 54 $11,570,000 $214,259 $2,433 4.39%
    47% 20 $4,980,000 $249,000 $3,343 4.52%
    49% 20 $5,610,000 $280,500 $3,769 4.63%
    46% 18 $5,550,000 $308,333 $3,227 4.42%
    45% 18 $5,690,000 $316,111 $3,466 4.35%
    48% 14 $4,230,000 $302,143 $2,773 4.63%
    >60% 4 $1,660,000 $415,000 $3,326 4.53%
    50-60% 2 $440,000 $220,000 $2,959 4.81%

    Metro lent most frequently to those with DTI ratios of 20-30%, with 290 originations. The next most common DTI ratio? 30-36%, with 277 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 872 $208,210,000 $238,773 $2,757 4.37%
    Not provided 306 $88,730,000 $289,967 $2,748 4.23%
    Asian 79 $31,305,000 $396,266 $3,205 4.16%
    Not applicable 23 $19,295,000 $838,913 $0 5.10%
    Black 75 $19,135,000 $255,133 $3,313 4.36%
    American Indian 3 $565,000 $188,333 $2,701 4.13%
    Native Hawaiian or Islander 1 $235,000 $235,000 $2,959 4.50%

    Approval Rates

    Total approvals of all applications
    91.32%

    Metro has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.95%

    Metro has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,359 $367,475,000 $270,401

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $14,960,000 $1,068,571
    Single Family (1-4 Units):Manufactured 50 $3,920,000 $78,400
    Single Family (1-4 Units):Site-Built 1,295 $348,595,000 $269,185

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 196 $41,270,000 $210,561 $2,234 4.31%
    40-60% 151 $52,235,000 $345,927 $2,905 4.14%
    60-80% 337 $158,105,000 $469,154 $3,222 4.26%
    80-100% 202 $83,810,000 $414,901 $3,781 4.36%
    Under 20% 422 $27,960,000 $66,256 $279 4.34%