Metro Mortgage Rates, Fees & Info
Chelsea, MALEI: 549300F6OBLSYWXXKH16
Tax ID: 04-1695745
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Mortgage Data
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 11 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.96% | 4/21/24 |
| 30 Year Conventional Purchase | 5.78% | 4/21/24 |
| 30 Year Conventional Refi | 5.96% | 4/21/24 |
| 30 Year Cash-out Refi | 6.13% | 4/21/24 |
| 30 Year FHA Purchase | 6.33% | 4/21/24 |
| 15 Year Conventional Purchase | 5.28% | 4/21/24 |
| 15 Year Conventional Refi | 5.90% | 4/21/24 |
| 15 Year Cash-out Refi | 5.90% | 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. | ||
Metro Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,898Origination Dollar Volume (All Markets)
$816,970,000Awards
METRO - 2021
METRO is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 1,718 | $750,650,000 | $436,932 | $3,184 | 3.07% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 82 | $31,990,000 | $390,122 | $2,983 | 3.12% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 32 | $11,650,000 | $364,063 | $2,987 | 2.92% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 32 | $9,420,000 | $294,375 | $2,873 | 3.42% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 20 | $5,690,000 | $284,500 | $2,520 | 3.17% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $2,205,000 | $2,205,000 | $6,623 | 2.88% |
| Outside of Metro Areas | 3 | $1,485,000 | $495,000 | $3,615 | 2.71% |
| Laconia, NH (FHA|USDA|VA) | 2 | $1,190,000 | $595,000 | $5,727 | 2.75% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 5 | $1,145,000 | $229,000 | $4,540 | 2.80% |
| PITTSFIELD, MA (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $3,589 | 2.94% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $3,553 | 2.88% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,538 | $768,500,000 | $499,675 | $3,107 | 3.04% |
| HELOC | 342 | $40,230,000 | $117,632 | n/a | 3.25% |
| FHA | 18 | $8,240,000 | $457,778 | $8,253 | 2.53% |
For 2021, Metro's most frequently originated type of loan was Conventional, with 1,538 originations. Their 2nd most popular type was HELOC, with 342 originations.
Loan Reason
For 2021, Metro's most frequently cited loan purpose was Refi, with 600 originations. The 2nd most popular reason was Cash Out Refi, with 532 originations.
Loan Duration/Length
For 2021, Metro's most frequently cited loan duration was 30 Year, with 1,027 originations. The 2nd most popular length was Other, with 371 originations.
Origination Fees/Closing Costs
Metro's average total fees were $3,454, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,300 originations.
Interest Rates
During 2021, Metro's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 2.5-3%, with 825 originations.
Loan Sizing
2021 saw Metro place emphasis on $200k-400k loans with 654 originations, totaling $191,710,000 in origination value.
Applicant Income
Metro lent most frequently to those with incomes in the $100k-150k range, with 496 originations. The second most popular income band? $150k-250k, with 472 originations.
Applicant Debt to Income Ratio
Metro lent most frequently to those with DTI ratios of 20-30%, with 511 originations. The next most common DTI ratio? 30-36%, with 379 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.24%
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 origination75.08%
Metro has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,898 | $816,970,000 | $430,437 |