Drew Mortgage Associates Rates, Fees & Info
BOSTON, MALEI: 549300GTJL0LGX444G33
Tax ID: 04-3128200
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Mortgage Data
Review & Overview
Drew Mortgage Associates is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Drew Mortgage Associates has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Providence, and Manchester among others. We have data for 17 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.
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 | 6.57% | 4/21/24 |
| 30 Year Conventional Refi | 6.71% | 4/21/24 |
| 30 Year FHA Purchase | 7.52% | 4/21/24 |
| 30 Year FHA Refi | 7.13% | 4/21/24 |
| 30 Year VA Purchase | 6.06% | 4/21/24 |
| 30 Year VA Refi | 6.15% | 4/21/24 |
| 15 Year Conventional Purchase | 6.12% | 4/21/24 |
| 15 Year Conventional Refi | 6.86% | 4/21/24 |
| 15 Year Cash-out Refi | 6.86% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
377Origination Dollar Volume (All Markets)
$111,605,000Top 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) | 161 | $58,045,000 | $360,528 | $5,954 | 4.82% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 174 | $43,680,000 | $251,034 | $5,789 | 4.94% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 7 | $2,175,000 | $310,714 | $5,670 | 5.07% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 6 | $2,030,000 | $338,333 | $4,533 | 4.83% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $4,912 | 4.84% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $4,983 | 4.78% |
| Keene, NH (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $5,829 | 4.79% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $5,513 | 4.88% |
| Outside of Metro Areas | 3 | $515,000 | $171,667 | $3,718 | 4.96% |
| Laconia, NH (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,183 | 4.38% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $4,714 | 5.04% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $3,685 | 5.12% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,924 | 4.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,430 | 4.75% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,838 | 5.13% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,533 | 5.88% |
| Torrington, CT (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,347 | 4.63% |
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.
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Product Mix
For 2018, Drew Mortgage Associates's most frequently originated type of loan was Conventional, with 279 originations. Their 2nd most popular type was FHA, with 83 originations.
Loan Reason
For 2018, Drew Mortgage Associates's most frequently cited loan purpose was Home Purchase, with 262 originations. The 2nd most popular reason was Cash Out Refi, with 83 originations.
Loan Duration/Length
For 2018, Drew Mortgage Associates's most frequently cited loan duration was 30 Year, with 338 originations. The 2nd most popular length was 15 Year, with 16 originations.
Origination Fees/Closing Costs
Drew Mortgage Associates's average total fees were $5,906, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 293 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 250 | $77,370,000 | $309,480 |
| 5-6% | 115 | $31,275,000 | $271,957 |
| 3-4% | 10 | $2,730,000 | $273,000 |
| 6-7% | 2 | $230,000 | $115,000 |
During 2018, Drew Mortgage Associates's average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 4-5%, with 250 originations.
Loan Sizing
2018 saw Drew Mortgage Associates place emphasis on $200k-400k loans with 231 originations, totaling $65,695,000 in origination value.
Applicant Income
Drew Mortgage Associates lent most frequently to those with incomes in the $100k-150k range, with 105 originations. The second most popular income band? $75k-100k, with 79 originations.
Applicant Debt to Income Ratio
Drew Mortgage Associates lent most frequently to those with DTI ratios of 20-30%, with 57 originations. The next most common DTI ratio? 30-36%, with 56 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.05%
Drew Mortgage Associates has an average approval rate.
Pick Rate
Approvals leading to origination84.35%
Drew Mortgage Associates has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 377 | $111,605,000 | $296,034 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 377 | $111,605,000 | $296,034 |