Drew Mortgage Associates Rates, Fees & Info

BOSTON, MA

LEI: 549300GTJL0LGX444G33

Tax ID: 04-3128200

5 stars - Updated: 10/13/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Drew Mortgage Associates is a smaller mortgage company specializing in Home Purchase 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, Hartford, and Portland among others. We have data for 15 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 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 6.57% 10/13/24
30 Year Conventional Refi 6.71% 10/13/24
30 Year FHA Purchase 7.52% 10/13/24
30 Year FHA Refi 7.13% 10/13/24
30 Year VA Purchase 6.06% 10/13/24
30 Year VA Refi 6.15% 10/13/24
15 Year Conventional Purchase 6.12% 10/13/24
15 Year Conventional Refi 6.86% 10/13/24
15 Year Cash-out Refi 6.86% 10/13/24
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.

Drew Mortgage Associates Mortgage Calculator






Your Estimates

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

This is not an official calculator from Drew Mortgage Associates. 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

207

Origination Dollar Volume (All Markets)

$87,165,000

Relative Rate

Drew Mortgage Associates's average 30 year fixed mortgage rate was 6.71%.

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

This yields a difference of 0.23%.

Relative Fees (Closing Costs)

Drew Mortgage Associates's average total fees/closing costs for a 30 year fixed rate mortgage were $8,313.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 86 $43,320,000 $503,721 $8,688 6.60%
WORCESTER, MA-CT (FHA|USDA|VA) 95 $33,515,000 $352,789 $8,317 6.83%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $2,580,000 $430,000 $7,298 6.81%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $1,385,000 $461,667 $5,096 6.70%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $1,120,000 $560,000 $5,917 7.49%
Vineyard Haven, MA (FHA|USDA|VA) 1 $1,085,000 $1,085,000 $17,768 7.63%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $705,000 $235,000 $6,582 6.67%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $675,000 $225,000 $5,447 6.83%
Outside of Metro Areas 1 $665,000 $665,000 $13,115 6.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $630,000 $315,000 $8,277 7.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $585,000 $585,000 $3,908 6.49%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $415,000 $415,000 $14,826 7.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,823 6.63%
Keene, NH (FHA|USDA|VA) 1 $175,000 $175,000 $3,503 6.25%
Laconia, NH (FHA|USDA|VA) 1 $105,000 $105,000 $4,028 6.99%
Drew Mortgage Associates's top markets include Boston, Worcester, Providence, Hartford, and Portland among others.

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

    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.

    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
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    Charter Oak Federal Credit Union
    Similarity Rank: 56
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    FALL RIVER MUNICIPAL CREDIT UNION
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    GREYLOCK
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    Country Bank for Savings
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    Piscataqua Savings Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 167 $70,865,000 $424,341 $7,180 6.78%
    FHA 36 $14,210,000 $394,722 $13,890 6.56%
    VA 4 $2,090,000 $522,500 $6,416 6.50%

    For 2023, Drew Mortgage Associates's most frequently originated type of loan was Conventional, with 167 originations. Their 2nd most popular type was FHA, with 36 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 173 $76,065,000 $439,682 $8,139 6.70%
    Refi 34 $11,100,000 $326,471 $9,316 6.94%

    For 2023, Drew Mortgage Associates's most frequently cited loan purpose was Home Purchase, with 173 originations. The 2nd most popular reason was Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 202 $85,200,000 $421,782 $8,313 6.71%
    20 Year 3 $1,265,000 $421,667 $11,817 8.08%
    10 Year 1 $195,000 $195,000 $4,088 9.50%
    15 Year 1 $505,000 $505,000 $5,946 6.25%

    For 2023, Drew Mortgage Associates's most frequently cited loan duration was 30 Year, with 202 originations. The 2nd most popular length was 20 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 77 $32,645,000 $423,961
    $5k+ 65 $31,245,000 $480,692
    $2k-3k 23 $8,475,000 $368,478
    $3k-4k 23 $7,625,000 $331,522
    $4k-5k 19 $7,175,000 $377,632

    Drew Mortgage Associates's average total fees were $8,313, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 77 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 108 $46,460,000 $430,185
    7-8% 63 $24,015,000 $381,190
    5-6% 32 $15,630,000 $488,438
    Over 8% 4 $1,060,000 $265,000

    During 2023, Drew Mortgage Associates's average interest rate for loans was 6.71%, 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
    $200k-400k 90 $27,090,000 $301,000 $7,789 6.82%
    $400k-600k 74 $35,670,000 $482,027 $9,232 6.61%
    $600k-1MM 26 $17,960,000 $690,769 $8,481 6.59%
    $100k-200k 12 $1,650,000 $137,500 $4,832 6.94%
    $1MM+ 4 $4,710,000 $1,177,500 $14,461 6.63%
    $100,000 or less 1 $85,000 $85,000 $4,198 10.63%

    2023 saw Drew Mortgage Associates place emphasis on $200k-400k loans with 90 originations, totaling $27,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 66 $25,420,000 $385,152 $8,709 6.80%
    $150k-250k 52 $26,280,000 $505,385 $8,404 6.63%
    $75k-100k 33 $10,835,000 $328,333 $8,709 6.70%
    $250k+ 30 $18,770,000 $625,667 $8,824 6.93%
    $50k-75k 23 $5,485,000 $238,478 $6,419 6.67%
    $50k or less 3 $375,000 $125,000 $4,410 6.25%

    Drew Mortgage Associates lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 30 $12,820,000 $427,333 $7,410 6.83%
    49% 24 $10,720,000 $446,667 $9,607 6.47%
    50-60% 20 $7,820,000 $391,000 $10,495 6.45%
    20-30% 19 $6,555,000 $345,000 $6,548 7.04%
    44% 15 $6,455,000 $430,333 $9,076 6.53%
    42% 11 $3,775,000 $343,182 $9,657 7.12%
    45% 11 $6,125,000 $556,818 $8,986 6.63%
    41% 10 $3,810,000 $381,000 $6,969 7.22%
    46% 10 $3,750,000 $375,000 $7,670 6.58%
    48% 9 $3,975,000 $441,667 $9,810 6.94%
    43% 9 $3,745,000 $416,111 $9,098 6.67%
    47% 8 $2,590,000 $323,750 $6,899 6.58%
    40% 7 $2,725,000 $389,286 $6,907 6.64%
    37% 7 $4,055,000 $579,286 $7,501 6.59%
    <20% 6 $2,440,000 $406,667 $5,163 7.20%
    39% 4 $1,940,000 $485,000 $7,600 6.31%
    38% 4 $2,600,000 $650,000 $10,160 6.59%
    36% 3 $1,265,000 $421,667 $7,246 7.25%

    Drew Mortgage Associates lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 49%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 178 $73,660,000 $413,820 $8,042 6.76%
    Black 16 $7,390,000 $461,875 $11,801 6.75%
    Asian 9 $4,375,000 $486,111 $7,988 6.40%
    Native Hawaiian or Islander 2 $660,000 $330,000 $7,348 6.50%
    Not provided 1 $555,000 $555,000 $5,226 6.63%
    American Indian 1 $525,000 $525,000 $12,643 6.50%

    Approval Rates

    Total approvals of all applications
    94.78%

    Drew Mortgage Associates has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.99%

    Drew Mortgage Associates has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 207 $87,165,000 $421,087

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    207 $87,165,000 $421,087

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $1,435,000 $159,444 $4,891 6.74%
    40-60% 28 $9,660,000 $345,000 $7,656 6.76%
    60-80% 60 $25,840,000 $430,667 $8,873 6.79%
    80-100% 106 $49,380,000 $465,849 $8,507 6.64%
    Over 100% 1 $325,000 $325,000 $20,459 6.13%
    Under 20% 3 $525,000 $175,000 $3,937 9.17%