Polish National Mortgage Rates, Fees & Info

Chicopee, MA

LEI: 549300FQS3UXEAID1Q88

Tax ID: 04-1734980

5 stars - Updated: 7/11/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Polish National is a smaller mortgage company specializing in Home Purchase loans. Polish National has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Barnstable Town, and Providence among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Polish National has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Polish National 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 relatively high 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
30 Year Conventional Purchase 6.44% 7/11/24
30 Year Conventional Refi 6.44% 7/11/24
30 Year Cash-out Refi 6.39% 7/11/24
15 Year Conventional Purchase 5.99% 7/11/24
15 Year Conventional Refi 5.84% 7/11/24
15 Year Cash-out Refi 5.84% 7/11/24
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.

Polish National Mortgage Calculator






Your Estimates

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

This is not an official calculator from Polish National. 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

253

Origination Dollar Volume (All Markets)

$27,985,000

Awards

POLISH NATIONAL 30 Year Conventional Loans gold POLISH NATIONAL 30 Year Conventional Loans bronze POLISH NATIONAL 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Polish National's average 30 year fixed mortgage rate was 6.22%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.26%.

Relative Fees (Closing Costs)

Polish National's average total fees/closing costs for a 30 year fixed rate mortgage were $3,936.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
SPRINGFIELD, MA (FHA|USDA|VA) 242 $25,300,000 $104,545 $1,318 6.56%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 9 $1,985,000 $220,556 $2,991 6.36%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $485,000 $485,000 $4,542 6.25%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $215,000 $215,000 $3,343 5.13%
Polish National's top markets include Springfield, Hartford, Barnstable Town, and Providence among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

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

    Florence Bank
    Similarity Rank: 22
    Charter Oak Federal Credit Union
    Similarity Rank: 32
    LUSO
    Similarity Rank: 40
    Adams Community Bank
    Similarity Rank: 42
    Greenfield Savings Bank
    Similarity Rank: 45
    The Torrington Savings Bank
    Similarity Rank: 45
    Chelsea Groton Bank
    Similarity Rank: 56
    Stafford Savings Bank
    Similarity Rank: 63
    POLISH NATIONAL
    Similarity Rank: 68
    Country Bank for Savings
    Similarity Rank: 80

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 253 $27,985,000 $110,613 $1,400 6.54%

    For 2023, Polish National's most frequently originated type of loan was Conventional, with 253 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 86 $3,150,000 $36,628 $100 6.76%
    Home Purchase 67 $17,425,000 $260,075 $4,149 6.35%
    Other 57 $2,375,000 $41,667 $173 6.66%
    Cash Out Refi 33 $4,025,000 $121,970 $1,543 6.31%
    Refi 10 $1,010,000 $101,000 $1,057 5.99%

    For 2023, Polish National's most frequently cited loan purpose was Home Improvement, with 86 originations. The 2nd most popular reason was Home Purchase, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 76 $19,180,000 $252,368 $3,936 6.22%
    10 Year 61 $2,505,000 $41,066 $168 6.66%
    20 Year 52 $2,660,000 $51,154 $180 7.09%
    15 Year 33 $1,995,000 $60,455 $620 6.62%
    5 Year 28 $800,000 $28,571 $103 6.07%
    Other 2 $390,000 $195,000 $0 6.25%
    30+ year 1 $455,000 $455,000 $6,741 6.63%

    For 2023, Polish National's most frequently cited loan duration was 30 Year, with 76 originations. The 2nd most popular length was 10 Year, with 61 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 233 $23,005,000 $98,734
    $1k-2k 11 $2,865,000 $260,455
    $3k-4k 2 $690,000 $345,000
    $2k-3k 1 $325,000 $325,000
    $5k+ 1 $315,000 $315,000

    Polish National's average total fees were $3,936, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 233 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 108 $15,100,000 $139,815
    7-8% 79 $4,085,000 $51,709
    5-6% 59 $7,655,000 $129,746
    4-5% 7 $1,145,000 $163,571

    During 2023, Polish National's average interest rate for loans was 6.22%, while their most frequently originated rate bucket for loans was 6-7%, with 108 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 171 $6,805,000 $39,795 $233 6.69%
    $200k-400k 48 $13,980,000 $291,250 $4,195 6.29%
    $100k-200k 29 $4,695,000 $161,897 $3,368 6.13%
    $400k-600k 4 $1,820,000 $455,000 $5,154 6.59%
    $600k-1MM 1 $685,000 $685,000 $4,115 5.13%

    2023 saw Polish National place emphasis on $100,000 or less loans with 171 originations, totaling $6,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 71 $9,205,000 $129,648 $1,698 6.59%
    $75k-100k 60 $5,850,000 $97,500 $1,323 6.52%
    $50k-75k 59 $3,925,000 $66,525 $796 6.66%
    $150k-250k 37 $6,725,000 $181,757 $2,149 6.50%
    $50k or less 20 $1,120,000 $56,000 $772 6.37%
    $250k+ 3 $725,000 $241,667 $2,696 5.38%

    Polish National lent most frequently to those with incomes in the $100k-150k range, with 71 originations. The second most popular income band? $75k-100k, with 60 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 51 $4,945,000 $96,961 $1,243 6.47%
    20-30% 43 $4,755,000 $110,581 $1,690 6.28%
    44% 21 $2,065,000 $98,333 $1,141 6.63%
    <20% 21 $1,785,000 $85,000 $1,126 6.61%
    42% 16 $2,200,000 $137,500 $1,321 6.59%
    40% 16 $1,000,000 $62,500 $420 6.85%
    39% 15 $1,985,000 $132,333 $1,541 6.93%
    41% 14 $1,810,000 $129,286 $1,484 6.22%
    38% 14 $1,640,000 $117,143 $1,564 6.62%
    37% 10 $500,000 $50,000 $707 6.56%
    43% 9 $1,515,000 $168,333 $1,877 6.99%
    36% 8 $970,000 $121,250 $2,089 6.42%
    46% 6 $1,450,000 $241,667 $3,376 6.38%
    45% 3 $235,000 $78,333 $1,229 7.21%
    49% 1 $385,000 $385,000 $6,458 7.00%
    >60% 1 $15,000 $15,000 $99 6.75%

    Polish National lent most frequently to those with DTI ratios of 30-36%, with 51 originations. The next most common DTI ratio? 20-30%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 217 $23,715,000 $109,286 $1,363 6.53%
    Not provided 19 $2,015,000 $106,053 $1,371 6.64%
    Black 12 $1,420,000 $118,333 $1,828 6.58%
    Not applicable 2 $420,000 $210,000 $0 6.25%
    Asian 3 $415,000 $138,333 $2,514 7.04%

    Approval Rates

    Total approvals of all applications
    80.42%

    Polish National has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.40%

    Polish National has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 253 $27,985,000 $110,613

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    253 $27,985,000 $110,613

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $2,310,000 $88,846 $1,265 6.39%
    40-60% 17 $2,945,000 $173,235 $3,557 5.88%
    60-80% 27 $7,335,000 $271,667 $3,992 6.38%
    80-100% 35 $10,085,000 $288,143 $4,120 6.38%
    Under 20% 148 $5,310,000 $35,878 $105 6.71%