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 Refi, 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.) 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% 4/18/24
    30 Year Conventional Purchase 5.78% 4/18/24
    30 Year Conventional Refi 5.96% 4/18/24
    30 Year Cash-out Refi 6.13% 4/18/24
    30 Year FHA Purchase 6.33% 4/18/24
    15 Year Conventional Purchase 5.28% 4/18/24
    15 Year Conventional Refi 5.90% 4/18/24
    15 Year Cash-out Refi 5.90% 4/18/24
    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

    2,500

    Origination Dollar Volume (All Markets)

    $887,680,000
    Show all (6) 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) 2,260 $817,060,000 $361,531 $3,037 3.20%
    WORCESTER, MA-CT (FHA|USDA|VA) 110 $32,560,000 $296,000 $3,098 3.21%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 47 $16,615,000 $353,511 $3,114 3.17%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 35 $8,455,000 $241,571 $2,644 3.50%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 33 $8,405,000 $254,697 $2,825 2.98%
    SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,635,000 $327,000 $2,847 2.90%
    Laconia, NH (FHA|USDA|VA) 5 $1,075,000 $215,000 $3,148 2.93%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $940,000 $470,000 $3,524 2.75%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $725,000 $725,000 $4,074 3.25%
    Outside of Metro Areas 2 $210,000 $105,000 $2,183 3.56%
    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)
  • Rhode Island (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.

    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Rhode Island Credit Union
    Similarity Rank: 510
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    CorePlus Federal Credit Union
    Similarity Rank: 710
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,175 $843,725,000 $387,920 $2,982 3.16%
    HELOC 309 $36,705,000 $118,786 n/a 3.53%
    FHA 15 $6,735,000 $449,000 $8,913 2.55%
    VA 1 $515,000 $515,000 $21,264 2.75%

    For 2020, Metro's most frequently originated type of loan was Conventional, with 2,175 originations. Their 2nd most popular type was HELOC, with 309 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,079 $401,205,000 $371,830 $2,809 2.99%
    Cash Out Refi 567 $213,505,000 $376,552 $3,036 3.21%
    Home Purchase 421 $184,695,000 $438,705 $3,836 3.43%
    Home Improvement 328 $73,370,000 $223,689 $2,789 3.44%
    Other 105 $14,905,000 $141,952 $2,061 3.63%

    For 2020, Metro's most frequently cited loan purpose was Refi, with 1,079 originations. The 2nd most popular reason was Cash Out Refi, with 567 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,414 $608,790,000 $430,545 $3,249 3.18%
    15 Year 428 $117,380,000 $274,252 $2,630 2.74%
    Other 346 $55,320,000 $159,884 $2,669 3.50%
    20 Year 262 $81,340,000 $310,458 $2,605 3.69%
    10 Year 46 $14,180,000 $308,261 $2,099 3.14%
    5 Year 3 $2,315,000 $771,667 $65 3.67%
    1 Year 1 $8,355,000 $8,355,000 $0 5.00%

    For 2020, Metro's most frequently cited loan duration was 30 Year, with 1,414 originations. The 2nd most popular length was 15 Year, with 428 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,877 $722,235,000 $384,782
    $<1k 91 $22,875,000 $251,374
    $2k-3k 72 $30,620,000 $425,278
    $3k-4k 27 $14,805,000 $548,333
    $5k+ 14 $5,250,000 $375,000
    $4k-5k 9 $3,965,000 $440,556

    Metro's average total fees were $3,249, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,877 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,125 $444,025,000 $394,689
    2.5-3% 892 $319,910,000 $358,643
    <2.5% 259 $73,945,000 $285,502
    4-5% 165 $42,565,000 $257,970
    5-6% 41 $5,395,000 $131,585
    6-7% 16 $1,630,000 $101,875
    % 2 $210,000 $105,000

    During 2020, Metro's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 1,125 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,093 $326,445,000 $298,669 $2,822 3.05%
    $400k-600k 524 $249,600,000 $476,336 $3,339 3.10%
    $100k-200k 382 $57,550,000 $150,654 $2,459 3.28%
    $100,000 or less 250 $14,950,000 $59,800 $893 3.87%
    $600k-1MM 185 $136,405,000 $737,324 $4,204 3.25%
    $1MM+ 66 $102,730,000 $1,556,515 $5,046 3.34%

    2020 saw Metro place emphasis on $200k-400k loans with 1,093 originations, totaling $326,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 722 $223,140,000 $309,058 $2,971 3.14%
    $150k-250k 685 $262,885,000 $383,774 $3,151 3.11%
    $75k-100k 393 $102,415,000 $260,598 $2,752 3.19%
    $250k+ 347 $192,675,000 $555,259 $3,566 3.26%
    $50k-75k 260 $54,100,000 $208,077 $2,758 3.31%
    $50k or less 58 $8,350,000 $143,966 $2,449 3.78%

    Metro lent most frequently to those with incomes in the $100k-150k range, with 722 originations. The second most popular income band? $150k-250k, with 685 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 767 $268,795,000 $350,450 $2,972 3.15%
    30-36% 501 $169,085,000 $337,495 $3,048 3.16%
    <20% 279 $92,105,000 $330,125 $2,889 3.01%
    44% 97 $31,965,000 $329,536 $3,197 3.32%
    42% 96 $30,420,000 $316,875 $3,025 3.30%
    40% 94 $35,490,000 $377,553 $3,345 3.34%
    41% 88 $31,340,000 $356,136 $3,006 3.36%
    38% 80 $28,000,000 $350,000 $3,031 3.25%
    39% 78 $27,420,000 $351,538 $3,143 3.30%
    37% 78 $25,050,000 $321,154 $2,939 3.38%
    36% 68 $21,050,000 $309,559 $2,931 3.35%
    43% 63 $21,405,000 $339,762 $3,413 3.29%
    45% 45 $15,075,000 $335,000 $3,005 3.28%
    46% 36 $11,260,000 $312,778 $2,937 3.24%
    48% 35 $12,325,000 $352,143 $3,150 3.21%
    47% 32 $12,060,000 $376,875 $3,825 3.00%
    49% 28 $10,090,000 $360,357 $3,174 3.11%
    50-60% 1 $655,000 $655,000 $0 3.75%

    Metro lent most frequently to those with DTI ratios of 20-30%, with 767 originations. The next most common DTI ratio? 30-36%, with 501 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,627 $555,185,000 $341,232 $3,028 3.19%
    Not provided 569 $185,665,000 $326,301 $2,978 3.23%
    Asian 168 $69,210,000 $411,964 $3,077 3.06%
    Not applicable 28 $40,480,000 $1,445,714 $0 3.79%
    Black 101 $34,745,000 $344,010 $3,310 3.18%
    American Indian 6 $2,050,000 $341,667 $2,904 3.23%
    Native Hawaiian or Islander 1 $345,000 $345,000 $5,909 2.25%

    Approval Rates

    Total approvals of all applications
    95.68%

    Metro 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
    66.08%

    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
    0.0 1 $215,000 $215,000
    NA 2,499 $887,465,000 $355,128

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 22 $36,350,000 $1,652,273
    Single Family (1-4 Units):Manufactured 58 $5,270,000 $90,862
    Single Family (1-4 Units):Site-Built 2,420 $846,060,000 $349,612

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 328 $77,240,000 $235,488 $2,685 3.02%
    40-60% 687 $244,265,000 $355,553 $2,820 2.96%
    60-80% 849 $402,745,000 $474,376 $3,181 3.20%
    80-100% 281 $130,275,000 $463,612 $3,838 3.15%
    Under 20% 297 $27,885,000 $93,889 $1,396 3.59%