Salem Five Mortgage Company Rates, Fees & Info

WILMINGTON, DE

LEI: 549300H8H31LPYGJEW50

Tax ID: 04-2876549

5 stars - out of 5 stars, based on 40 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Salem Five Mortgage Company is a smaller mortgage company specializing in loans. Salem Five Mortgage Company 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, Barnstable Town, and Manchester among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Salem Five Mortgage Company 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. Salem Five Mortgage Company 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.

    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 6.24% 3/31/23
    30 Year Conventional Refi 6.45% 3/31/23
    30 Year Cash-out Refi 6.59% 3/31/23
    30 Year FHA Purchase 7.11% 3/31/23
    30 Year FHA Refi 6.27% 3/31/23
    30 Year VA Purchase 6.07% 3/31/23
    15 Year Conventional Purchase 4.30% 3/31/23
    15 Year Conventional Refi 5.97% 3/31/23
    15 Year Cash-out Refi 5.97% 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.


    Originations

    1,603

    Origination Dollar Volume (All Markets)

    $695,905,000

    Awards

    SALEM FIVE MORTGAGE COMPANY FHA Loans gold SALEM FIVE MORTGAGE COMPANY FHA Loans gold SALEM FIVE MORTGAGE COMPANY FHA Loans gold
    Show all (3) awards

    Relative Rate

    Salem Five Mortgage Company's average 30 year fixed mortgage rate was 4.36%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.4%.

    Relative Fees (Closing Costs)

    Salem Five Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $5,779.

    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.

    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) 1,212 $554,380,000 $457,409 $5,608 4.18%
    WORCESTER, MA-CT (FHA|USDA|VA) 116 $34,010,000 $293,190 $5,690 4.37%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 82 $33,010,000 $402,561 $5,652 4.59%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 42 $21,150,000 $503,571 $5,094 4.18%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 52 $18,580,000 $357,308 $4,930 4.66%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 20 $9,020,000 $451,000 $4,521 4.12%
    Outside of Metro Areas 16 $6,390,000 $399,375 $5,195 4.24%
    Laconia, NH (FHA|USDA|VA) 11 $3,755,000 $341,364 $4,545 4.54%
    Lebanon, NH-VT (FHA|USDA|VA) 9 $2,465,000 $273,889 $4,493 4.25%
    Concord, NH (FHA|USDA|VA) 7 $2,435,000 $347,857 $5,252 5.25%
    SPRINGFIELD, MA (FHA|USDA|VA) 8 $2,380,000 $297,500 $5,191 4.03%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $2,170,000 $361,667 $7,822 5.13%
    Keene, NH (FHA|USDA|VA) 8 $1,930,000 $241,250 $5,371 5.04%
    BANGOR, ME (FHA|USDA|VA) 2 $1,070,000 $535,000 $7,891 5.94%
    Berlin, NH (FHA|USDA|VA) 2 $650,000 $325,000 $3,326 4.31%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $465,000 $465,000 $6,963 3.75%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $380,000 $190,000 $3,263 3.94%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $8,726 6.50%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,586 6.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $290,000 $145,000 $3,688 3.75%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $275,000 $275,000 $5,013 5.63%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $255,000 $255,000 $3,287 5.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $205,000 $205,000 $5,790 5.38%
    Salem Five Mortgage Company's top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others.

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

    • Similar Lenders

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

    Homestar Mortgage, Inc.
    Similarity Rank: 52
    SOMERSET
    Similarity Rank: 87
    Northfield Savings Bank
    Similarity Rank: 155
    Freedom Credit Union
    Similarity Rank: 228
    POLISH NATIONAL
    Similarity Rank: 240
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    OCEAN STATE CREDIT UNION
    Similarity Rank: 360
    Rhode Island Credit Union
    Similarity Rank: 393
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    Florence Bank
    Similarity Rank: 400

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,502 $646,610,000 $430,499 $4,955 4.22%
    FHA 88 $43,600,000 $495,455 $14,513 4.64%
    VA 13 $5,695,000 $438,077 $7,670 4.86%

    For 2022, Salem Five Mortgage Company's most frequently originated type of loan was Conventional, with 1,502 originations. Their 2nd most popular type was FHA, with 88 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,122 $486,760,000 $433,832 $6,039 4.39%
    Cash Out Refi 289 $130,635,000 $452,024 $4,704 4.06%
    Refi 151 $58,145,000 $385,066 $3,862 3.63%
    Home Improvement 24 $12,690,000 $528,750 $4,792 4.19%
    Other 17 $7,675,000 $451,471 $3,653 4.09%

    For 2022, Salem Five Mortgage Company's most frequently cited loan purpose was Home Purchase, with 1,122 originations. The 2nd most popular reason was Cash Out Refi, with 289 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,477 $665,325,000 $450,457 $5,779 4.36%
    15 Year 94 $21,600,000 $229,787 $2,574 2.84%
    20 Year 16 $3,610,000 $225,625 $3,590 4.08%
    Other 10 $4,400,000 $440,000 $3,618 3.59%
    10 Year 6 $970,000 $161,667 $2,925 2.67%

    For 2022, Salem Five Mortgage Company's most frequently cited loan duration was 30 Year, with 1,477 originations. The 2nd most popular length was 15 Year, with 94 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 981 $446,405,000 $455,051
    $2k-3k 176 $72,370,000 $411,193
    $5k+ 141 $76,505,000 $542,589
    $4k-5k 72 $31,860,000 $442,500
    $3k-4k 69 $29,585,000 $428,768
    $<1k 30 $2,730,000 $91,000

    Salem Five Mortgage Company's average total fees were $5,779, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 981 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 531 $242,925,000 $457,486
    4-5% 421 $199,405,000 $473,646
    5-6% 339 $141,775,000 $418,215
    2.5-3% 120 $62,690,000 $522,417
    <2.5% 93 $9,495,000 $102,097
    6-7% 83 $32,895,000 $396,325
    7-8% 16 $6,720,000 $420,000

    During 2022, Salem Five Mortgage Company's average interest rate for loans was 4.36%, while their most frequently originated rate bucket for loans was 3-4%, with 531 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 581 $178,815,000 $307,771 $4,991 4.53%
    $400k-600k 463 $225,715,000 $487,505 $6,289 4.55%
    $600k-1MM 269 $195,085,000 $725,223 $6,932 4.17%
    $100k-200k 152 $24,440,000 $160,789 $3,283 4.10%
    $100,000 or less 87 $3,225,000 $37,069 $1,250 1.52%
    $1MM+ 51 $68,625,000 $1,345,588 $7,555 3.95%

    2022 saw Salem Five Mortgage Company place emphasis on $200k-400k loans with 581 originations, totaling $178,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 432 $179,060,000 $414,491 $6,013 4.49%
    $150k-250k 359 $192,035,000 $534,916 $5,746 4.31%
    $75k-100k 271 $90,065,000 $332,343 $5,576 4.32%
    $50k-75k 261 $59,425,000 $227,682 $4,757 3.91%
    $250k+ 219 $165,035,000 $753,584 $5,624 4.20%
    $50k or less 60 $9,790,000 $163,167 $3,527 3.58%

    Salem Five Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 432 originations. The second most popular income band? $150k-250k, with 359 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 286 $127,840,000 $446,993 $4,958 4.16%
    20-30% 250 $120,430,000 $481,720 $4,748 4.06%
    44% 130 $42,080,000 $323,692 $5,957 4.19%
    42% 108 $56,970,000 $527,500 $5,970 4.26%
    49% 105 $40,895,000 $389,476 $6,165 4.62%
    40% 95 $38,565,000 $405,947 $5,294 4.29%
    43% 76 $24,490,000 $322,237 $4,840 4.28%
    39% 75 $31,795,000 $423,933 $5,158 4.24%
    41% 67 $29,475,000 $439,925 $5,692 4.23%
    <20% 64 $27,660,000 $432,188 $3,944 3.80%
    38% 63 $27,195,000 $431,667 $5,567 4.37%
    36% 55 $22,675,000 $412,273 $4,926 4.05%
    37% 53 $28,725,000 $541,981 $5,153 4.22%
    47% 51 $21,565,000 $422,843 $8,306 4.58%
    48% 44 $19,220,000 $436,818 $7,058 4.85%
    46% 40 $16,890,000 $422,250 $6,721 4.62%
    45% 25 $10,635,000 $425,400 $6,269 4.30%
    50-60% 16 $8,800,000 $550,000 $15,381 5.20%

    Salem Five Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 286 originations. The next most common DTI ratio? 20-30%, with 250 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,348 $586,100,000 $434,792 $5,330 4.22%
    Black 99 $40,255,000 $406,616 $7,661 4.52%
    Asian 88 $39,310,000 $446,705 $5,591 4.17%
    Not provided 59 $26,525,000 $449,576 $6,477 4.61%
    American Indian 7 $3,335,000 $476,429 $10,742 5.07%
    Native Hawaiian or Islander 2 $380,000 $190,000 $2,504 2.88%

    Approval Rates

    Total approvals of all applications
    89.89%

    Salem Five Mortgage Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.77%

    Salem Five Mortgage Company has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,603 $695,905,000 $434,127

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,603 $695,905,000 $434,127

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 110 $28,160,000 $256,000 $3,426 4.04%
    40-60% 251 $95,345,000 $379,861 $3,987 4.04%
    60-80% 489 $248,665,000 $508,517 $5,230 4.39%
    80-100% 668 $319,230,000 $477,889 $6,873 4.63%
    Over 100% 2 $920,000 $460,000 $13,875 4.13%
    Under 20% 83 $3,585,000 $43,193 $1,128 1.38%