Drew Mortgage Associates Rates, Fees & InfoBOSTON, MA
Tax ID: 04-3128200
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewDrew Mortgage Associates is a smaller mortgage company specializing in Home Purchase and Refi loans. Drew Mortgage Associates has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Boston, Worcester, Providence, Springfield, and Manchester among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)
Drew Mortgage Associates 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. Drew Mortgage Associates is typically an average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.57%||3/31/23|
|30 Year Conventional Refi||6.71%||3/31/23|
|30 Year FHA Purchase||7.52%||3/31/23|
|30 Year FHA Refi||7.13%||3/31/23|
|30 Year VA Purchase||6.06%||3/31/23|
|30 Year VA Refi||6.15%||3/31/23|
|15 Year Conventional Purchase||6.12%||3/31/23|
|15 Year Conventional Refi||6.86%||3/31/23|
|15 Year Cash-out Refi||6.86%||3/31/23|
|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.|
Origination Dollar Volume (All Markets)$138,775,000
Drew Mortgage Associates's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.12%.
Relative Fees (Closing Costs)
Drew Mortgage Associates's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,227.
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 $4,750.
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)||146||$72,000,000||$493,151||$6,757||4.47%|
|WORCESTER, MA-CT (FHA|USDA|VA)||158||$55,060,000||$348,481||$7,114||5.00%|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||9||$2,435,000||$270,556||$7,929||5.30%|
|SPRINGFIELD, MA (FHA|USDA|VA)||7||$2,255,000||$322,143||$10,874||5.25%|
|MANCHESTER-NASHUA, NH (FHA|USDA|VA)||4||$1,130,000||$282,500||$3,643||5.16%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||3||$945,000||$315,000||$5,102||3.54%|
|HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA)||4||$930,000||$232,500||$3,993||6.63%|
|Laconia, NH (FHA|USDA|VA)||2||$600,000||$300,000||$4,634||4.87%|
|NEW HAVEN-MILFORD, CT (FHA|USDA|VA)||1||$475,000||$475,000||$8,845||5.63%|
|CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)||1||$445,000||$445,000||$7,480||5.13%|
|Outside of Metro Areas||1||$395,000||$395,000||$9,980||4.99%|
|PITTSFIELD, MA (FHA|USDA|VA)||1||$365,000||$365,000||$4,822||5.38%|
|Concord, NH (FHA|USDA|VA)||1||$355,000||$355,000||$3,945||4.13%|
|Augusta-Waterville, ME (FHA|USDA|VA)||1||$305,000||$305,000||$9,008||5.13%|
|Keene, NH (FHA|USDA|VA)||1||$295,000||$295,000||$6,768||4.63%|
|LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA)||1||$205,000||$205,000||$7,992||4.63%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||1||$165,000||$165,000||$4,894||4.88%|
|BANGOR, ME (FHA|USDA|VA)||1||$165,000||$165,000||$3,492||6.13%|
|Torrington, CT (FHA|USDA|VA)||1||$135,000||$135,000||$3,629||4.38%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||1||$115,000||$115,000||$3,842||2.99%|
Their top states include:
We use machine learning to identify the top lenders compared against DREW MORTGAGE ASSOCIATES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Drew Mortgage Associates's most frequently originated type of loan was Conventional, with 304 originations. Their 2nd most popular type was FHA, with 32 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Drew Mortgage Associates's most frequently cited loan purpose was Home Purchase, with 222 originations. The 2nd most popular reason was Refi, with 123 originations.
For 2022, Drew Mortgage Associates's most frequently cited loan duration was 30 Year, with 305 originations. The 2nd most popular length was 15 Year, with 26 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Drew Mortgage Associates's average total fees were $7,227, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 169 originations.
During 2022, Drew Mortgage Associates's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 5-6%, with 102 originations.
2022 saw Drew Mortgage Associates place emphasis on $200k-400k loans with 165 originations, totaling $49,565,000 in origination value.
Drew Mortgage Associates lent most frequently to those with incomes in the $100k-150k range, with 101 originations. The second most popular income band? $150k-250k, with 87 originations.
Applicant Debt to Income Ratio
Drew Mortgage Associates lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 62 originations.
Approval RatesTotal approvals of all applications
Drew Mortgage Associates has an average approval rate.
Pick RateApprovals leading to origination
Drew Mortgage Associates has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|