Somerville Bank Mortgage Rates, Fees & Info
Somerville, OHLEI: 549300FHRL270LZY2I23
Tax ID: 31-0449766
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Mortgage Data
Review & Overview
Somerville Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Somerville Bank has a high proportion of conventional loans. They have a low ratio of USDA 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: Cincinnati, Dayton, Richmond, Youngstown, and Tampa among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Somerville Bank 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. Somerville Bank 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.85% | 12/3/24 |
| 30 Year Conventional Refi | 6.52% | 12/3/24 |
| 30 Year Cash-out Refi | 6.93% | 12/3/24 |
| 30 Year FHA Purchase | 7.46% | 12/3/24 |
| 30 Year USDA Purchase | 7.00% | 12/3/24 |
| 15 Year Conventional Purchase | 5.48% | 12/3/24 |
| 15 Year Conventional Refi | 5.84% | 12/3/24 |
| 15 Year Cash-out Refi | 5.84% | 12/3/24 |
| 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. | ||
Somerville Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
113Origination Dollar Volume (All Markets)
$19,275,000Awards
Somerville Bank - 2022
Somerville Bank is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 55 | $10,855,000 | $197,364 | $2,971 | 4.67% |
| Outside of Metro Areas | 40 | $5,970,000 | $149,250 | $2,882 | 4.87% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 7 | $705,000 | $100,714 | $2,399 | 4.18% |
| Richmond, IN (FHA|USDA|VA) | 5 | $585,000 | $117,000 | $2,211 | 3.82% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,625 | 5.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $9,177 | 5.50% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,423 | 2.50% |
| Greenville, OH (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $3,276 | 4.19% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,123 | 3.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against Somerville 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 |
|---|---|---|---|---|---|
| Conventional | 110 | $18,690,000 | $169,909 | $2,828 | 4.64% |
| USDA | 2 | $310,000 | $155,000 | $5,262 | 4.50% |
| FHA | 1 | $275,000 | $275,000 | $9,177 | 5.50% |
For 2022, Somerville Bank's most frequently originated type of loan was Conventional, with 110 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2022, Somerville Bank's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.
Loan Duration/Length
For 2022, Somerville Bank's most frequently cited loan duration was 30 Year, with 84 originations. The 2nd most popular length was 15 Year, with 16 originations.
Origination Fees/Closing Costs
Somerville Bank's average total fees were $3,011, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 87 originations.
Interest Rates
During 2022, Somerville Bank's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 31 originations.
Loan Sizing
2022 saw Somerville Bank place emphasis on $100k-200k loans with 59 originations, totaling $8,695,000 in origination value.
Applicant Income
Somerville Bank lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $75k-100k, with 25 originations.
Applicant Debt to Income Ratio
Somerville Bank lent most frequently to those with DTI ratios of 30-36%, with 28 originations. The next most common DTI ratio? 20-30%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.07%
Somerville Bank has an average approval rate.
Pick Rate
Approvals leading to origination87.61%
Somerville Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 113 | $19,275,000 | $170,575 |