Drew Mortgage Associates Rates, Fees & Info
BOSTON, MALEI: 549300GTJL0LGX444G33
Tax ID: 04-3128200
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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% | 11/17/24 |
| 30 Year Conventional Refi | 6.71% | 11/17/24 |
| 30 Year FHA Purchase | 7.52% | 11/17/24 |
| 30 Year FHA Refi | 7.13% | 11/17/24 |
| 30 Year VA Purchase | 6.06% | 11/17/24 |
| 30 Year VA Refi | 6.15% | 11/17/24 |
| 15 Year Conventional Purchase | 6.12% | 11/17/24 |
| 15 Year Conventional Refi | 6.86% | 11/17/24 |
| 15 Year Cash-out Refi | 6.86% | 11/17/24 |
| 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
207Origination Dollar Volume (All Markets)
$87,165,000Relative 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% |
Their top states include:
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.
Similarity Rank: 40
Similarity Rank: 45
Similarity Rank: 48
Similarity Rank: 56
Similarity Rank: 75
Similarity Rank: 135
Similarity Rank: 160
Similarity Rank: 165
Similarity Rank: 177
Similarity Rank: 180
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
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
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
2023 saw Drew Mortgage Associates place emphasis on $200k-400k loans with 90 originations, totaling $27,090,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications94.78%
Drew Mortgage Associates has an average approval rate.
Pick Rate
Approvals leading to origination85.99%
Drew Mortgage Associates has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 207 | $87,165,000 | $421,087 |