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 Home Purchase, Cash Out Refi, and Refi 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.) Their top markets by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Vineyard Haven 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

    1,943

    Origination Dollar Volume (All Markets)

    $612,065,000
    Show all (9) 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) 1,759 $558,715,000 $317,632 $3,135 4.02%
    WORCESTER, MA-CT (FHA|USDA|VA) 65 $17,585,000 $270,538 $2,904 4.14%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 37 $8,465,000 $228,784 $3,648 4.29%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 26 $7,370,000 $283,462 $2,986 3.78%
    Vineyard Haven, MA (FHA|USDA|VA) 4 $6,490,000 $1,622,500 $6,273 3.56%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 26 $6,360,000 $244,615 $3,125 4.01%
    SPRINGFIELD, MA (FHA|USDA|VA) 18 $4,100,000 $227,778 $3,421 3.81%
    Outside of Metro Areas 6 $2,310,000 $385,000 $3,549 3.63%
    Laconia, NH (FHA|USDA|VA) 1 $405,000 $405,000 $2,965 3.13%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $265,000 $265,000 $2,952 3.25%
    Metro's top markets include Boston, Worcester, Providence, Barnstable Town, and Vineyard Haven 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.

    SOMERSET
    Similarity Rank: 26
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Charter Oak Federal Credit Union
    Similarity Rank: 294
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,482 $553,880,000 $373,738 $2,964 3.81%
    HELOC 428 $44,080,000 $102,991 n/a 4.80%
    FHA 33 $14,105,000 $427,424 $10,679 3.61%

    For 2019, Metro's most frequently originated type of loan was Conventional, with 1,482 originations. Their 2nd most popular type was HELOC, with 428 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 562 $217,230,000 $386,530 $3,906 3.95%
    Cash Out Refi 506 $165,330,000 $326,739 $2,885 3.95%
    Refi 416 $176,970,000 $425,409 $3,089 3.49%
    Home Improvement 307 $36,585,000 $119,169 $1,300 4.66%
    Other 152 $15,950,000 $104,934 $758 4.68%

    For 2019, Metro's most frequently cited loan purpose was Home Purchase, with 562 originations. The 2nd most popular reason was Cash Out Refi, with 506 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,083 $469,555,000 $433,569 $3,552 3.75%
    Other 422 $45,970,000 $108,934 $2,202 4.78%
    15 Year 216 $47,970,000 $222,083 $2,335 3.38%
    20 Year 163 $39,355,000 $241,442 $1,586 4.72%
    10 Year 42 $8,020,000 $190,952 $1,049 4.08%
    5 Year 16 $1,150,000 $71,875 $62 3.75%
    3 Year 1 $45,000 $45,000 $65 3.50%

    For 2019, Metro's most frequently cited loan duration was 30 Year, with 1,083 originations. The 2nd most popular length was Other, with 422 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,061 $430,535,000 $405,782
    $<1k 288 $75,560,000 $262,361
    $2k-3k 36 $16,920,000 $470,000
    $3k-4k 6 $2,780,000 $463,333
    $4k-5k 4 $2,680,000 $670,000
    $5k+ 4 $2,040,000 $510,000

    Metro's average total fees were $3,552, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,061 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 998 $427,500,000 $428,357
    4-5% 703 $126,995,000 $180,647
    2.5-3% 123 $39,755,000 $323,211
    5-6% 85 $14,095,000 $165,824
    6-7% 19 $2,545,000 $133,947
    <2.5% 6 $50,000 $8,333

    During 2019, Metro's average interest rate for loans was 3.75%, while their most frequently originated rate bucket for loans was 3-4%, with 998 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 676 $201,280,000 $297,751 $3,068 3.78%
    $100,000 or less 409 $22,815,000 $55,782 $397 4.75%
    $400k-600k 381 $182,405,000 $478,753 $3,766 3.70%
    $100k-200k 296 $41,900,000 $141,554 $2,444 4.24%
    $600k-1MM 133 $97,725,000 $734,774 $4,366 3.62%
    $1MM+ 48 $65,940,000 $1,373,750 $5,028 3.63%

    2019 saw Metro place emphasis on $200k-400k loans with 676 originations, totaling $201,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 539 $149,065,000 $276,558 $3,124 4.02%
    $150k-250k 521 $182,805,000 $350,873 $3,152 3.94%
    $75k-100k 315 $74,225,000 $235,635 $3,020 4.11%
    $50k-75k 248 $50,120,000 $202,097 $3,011 4.03%
    $250k+ 218 $124,560,000 $571,376 $3,630 3.93%
    $50k or less 68 $7,710,000 $113,382 $2,817 4.39%

    Metro lent most frequently to those with incomes in the $100k-150k range, with 539 originations. The second most popular income band? $150k-250k, with 521 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 451 $146,785,000 $325,466 $3,099 3.89%
    30-36% 387 $119,765,000 $309,470 $3,023 4.08%
    <20% 144 $44,300,000 $307,639 $2,923 3.68%
    44% 106 $28,120,000 $265,283 $3,359 4.23%
    42% 106 $25,850,000 $243,868 $2,518 4.28%
    41% 93 $26,935,000 $289,624 $2,907 4.23%
    40% 91 $26,885,000 $295,440 $2,871 4.05%
    38% 89 $28,695,000 $322,416 $2,954 3.97%
    43% 78 $24,590,000 $315,256 $3,583 4.15%
    36% 75 $24,565,000 $327,533 $3,298 4.05%
    39% 67 $20,355,000 $303,806 $3,213 4.18%
    37% 65 $20,645,000 $317,615 $3,134 4.06%
    46% 38 $11,400,000 $300,000 $4,346 4.02%
    49% 35 $11,125,000 $317,857 $4,134 3.70%
    48% 33 $11,795,000 $357,424 $4,298 3.91%
    45% 29 $9,935,000 $342,586 $3,580 3.92%
    47% 25 $7,885,000 $315,400 $3,651 4.02%

    Metro lent most frequently to those with DTI ratios of 20-30%, with 451 originations. The next most common DTI ratio? 30-36%, with 387 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,315 $396,425,000 $301,464 $3,079 4.03%
    Not provided 361 $116,105,000 $321,620 $2,968 4.01%
    Asian 116 $43,090,000 $371,466 $3,216 3.83%
    Black 118 $34,230,000 $290,085 $4,192 4.00%
    Not applicable 30 $22,030,000 $734,333 $0 4.29%
    American Indian 3 $185,000 $61,667 $0 5.24%

    Approval Rates

    Total approvals of all applications
    93.25%

    Metro has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.26%

    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 1,943 $612,065,000 $315,010

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 18 $15,620,000 $867,778
    Single Family (1-4 Units):Manufactured 46 $4,170,000 $90,652
    Single Family (1-4 Units):Site-Built 1,879 $592,275,000 $315,208

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 218 $42,760,000 $196,147 $2,486 4.07%
    40-60% 313 $110,205,000 $352,093 $2,965 3.58%
    60-80% 579 $277,195,000 $478,748 $3,340 3.73%
    80-100% 348 $145,210,000 $417,270 $4,142 3.82%
    Under 20% 439 $32,525,000 $74,089 $452 4.69%