Salem Five Mortgage Company Rates, Fees & Info

WILMINGTON, DE

LEI: 549300H8H31LPYGJEW50

Tax ID: 04-2876549

5 stars - Updated: 12/16/24 - out of 5 stars, based on 34 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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 Home Purchase 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 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Salem Five Mortgage Company 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. 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 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 6.24% 12/16/24
    30 Year Conventional Refi 6.45% 12/16/24
    30 Year Cash-out Refi 6.59% 12/16/24
    30 Year FHA Purchase 7.11% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.07% 12/16/24
    15 Year Conventional Purchase 4.30% 12/16/24
    15 Year Conventional Refi 5.97% 12/16/24
    15 Year Cash-out Refi 5.97% 12/16/24
    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.

    Salem Five Mortgage Company Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Salem Five Mortgage Company. 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

    1,124

    Origination Dollar Volume (All Markets)

    $526,690,000

    Awards

    SALEM FIVE MORTGAGE COMPANY 30 Year Conventional Loans gold SALEM FIVE MORTGAGE COMPANY FHA Loans silver SALEM FIVE MORTGAGE COMPANY FHA Loans gold SALEM FIVE MORTGAGE COMPANY 30 Year Conventional Loans gold
    Show all (4) awards

    Relative Rate

    Salem Five Mortgage Company's average 30 year fixed mortgage rate was 6.17%.

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

    This yields a difference of -0.31%.

    Relative Fees (Closing Costs)

    Salem Five Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $6,216.

    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) 844 $405,250,000 $480,154 $6,121 6.06%
    WORCESTER, MA-CT (FHA|USDA|VA) 98 $39,480,000 $402,857 $6,223 6.20%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 58 $27,120,000 $467,586 $6,817 6.20%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 31 $12,795,000 $412,742 $4,665 6.10%
    Outside of Metro Areas 15 $12,405,000 $827,000 $5,144 6.57%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 26 $9,480,000 $364,615 $6,015 6.57%
    SPRINGFIELD, MA (FHA|USDA|VA) 18 $5,320,000 $295,556 $6,466 6.64%
    Laconia, NH (FHA|USDA|VA) 7 $5,015,000 $716,429 $6,100 6.05%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 11 $4,195,000 $381,364 $5,587 6.65%
    Lebanon, NH-VT (FHA|USDA|VA) 5 $1,705,000 $341,000 $5,347 6.77%
    Concord, NH (FHA|USDA|VA) 3 $1,295,000 $431,667 $4,410 6.08%
    Berlin, NH (FHA|USDA|VA) 2 $680,000 $340,000 $5,683 6.94%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $660,000 $330,000 $5,378 6.69%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $590,000 $295,000 $6,205 6.94%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $385,000 $385,000 $3,688 6.25%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $315,000 $315,000 $8,509 7.63%
    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)
  • Rhode Island (FHA|USDA|VA)
  • Maine (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.

    Florence Bank
    Similarity Rank: 22
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    LUSO
    Similarity Rank: 40
    Adams Community Bank
    Similarity Rank: 42
    Greenfield Savings Bank
    Similarity Rank: 45
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    Charter Oak Federal Credit Union
    Similarity Rank: 56
    Saco Valley Credit Union
    Similarity Rank: 64
    POLISH NATIONAL
    Similarity Rank: 68

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,031 $481,585,000 $467,105 $5,282 6.07%
    FHA 83 $39,395,000 $474,639 $14,734 6.69%
    VA 10 $5,710,000 $571,000 $11,915 6.64%

    For 2023, Salem Five Mortgage Company's most frequently originated type of loan was Conventional, with 1,031 originations. Their 2nd most popular type was FHA, with 83 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,011 $473,565,000 $468,412 $6,198 6.09%
    Cash Out Refi 55 $25,415,000 $462,091 $5,801 6.36%
    Refi 29 $12,315,000 $424,655 $3,795 6.18%
    Home Improvement 18 $10,990,000 $610,556 $6,746 6.68%
    Other 11 $4,405,000 $400,455 $4,220 6.44%

    For 2023, Salem Five Mortgage Company's most frequently cited loan purpose was Home Purchase, with 1,011 originations. The 2nd most popular reason was Cash Out Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,096 $523,890,000 $478,002 $6,216 6.17%
    15 Year 26 $1,910,000 $73,462 $1,614 3.89%
    20 Year 1 $485,000 $485,000 $4,118 6.63%
    Other 1 $405,000 $405,000 $3,858 6.38%

    For 2023, Salem Five Mortgage Company's most frequently cited loan duration was 30 Year, with 1,096 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
    $1k-2k 676 $353,260,000 $522,574
    $2k-3k 106 $40,940,000 $386,226
    $5k+ 100 $52,700,000 $527,000
    $3k-4k 56 $23,610,000 $421,607
    $4k-5k 45 $20,465,000 $454,778
    $<1k 19 $2,185,000 $115,000

    Salem Five Mortgage Company's average total fees were $6,216, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 676 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 611 $303,635,000 $496,948
    5-6% 307 $157,235,000 $512,166
    7-8% 142 $61,730,000 $434,718
    <2.5% 59 $1,735,000 $29,407
    4-5% 2 $1,180,000 $590,000
    Over 8% 2 $720,000 $360,000
    3-4% 1 $455,000 $455,000

    During 2023, Salem Five Mortgage Company's average interest rate for loans was 6.17%, while their most frequently originated rate bucket for loans was 6-7%, with 611 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 394 $191,980,000 $487,259 $6,769 6.45%
    $200k-400k 334 $104,800,000 $313,772 $5,388 6.45%
    $600k-1MM 206 $148,690,000 $721,796 $6,671 6.33%
    $100k-200k 72 $11,340,000 $157,500 $3,732 6.61%
    $100,000 or less 68 $2,480,000 $36,471 $1,209 1.28%
    $1MM+ 50 $67,400,000 $1,348,000 $8,361 6.32%

    2023 saw Salem Five Mortgage Company place emphasis on $400k-600k loans with 394 originations, totaling $191,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 332 $137,010,000 $412,681 $6,770 6.24%
    $150k-250k 281 $147,845,000 $526,139 $5,796 6.33%
    $250k+ 228 $172,000,000 $754,386 $5,895 6.36%
    $75k-100k 151 $45,285,000 $299,901 $6,130 5.83%
    $50k-75k 115 $22,545,000 $196,043 $5,221 5.31%
    $50k or less 17 $2,005,000 $117,941 $4,556 5.10%

    Salem Five Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 332 originations. The second most popular income band? $150k-250k, with 281 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 187 $96,035,000 $513,556 $5,249 6.15%
    20-30% 151 $73,225,000 $484,934 $4,632 6.31%
    44% 98 $34,290,000 $349,898 $6,986 5.23%
    40% 69 $36,305,000 $526,159 $6,221 6.22%
    42% 65 $31,485,000 $484,385 $7,482 5.89%
    43% 55 $20,645,000 $375,364 $5,634 5.71%
    <20% 53 $28,045,000 $529,151 $4,786 6.36%
    39% 51 $28,315,000 $555,196 $5,272 6.18%
    49% 47 $20,985,000 $446,489 $8,418 6.52%
    36% 47 $22,545,000 $479,681 $5,255 5.89%
    37% 46 $22,600,000 $491,304 $5,552 5.93%
    48% 44 $18,530,000 $421,136 $6,973 6.57%
    41% 41 $19,535,000 $476,463 $4,881 5.95%
    46% 39 $15,655,000 $401,410 $6,735 6.15%
    47% 36 $16,340,000 $453,889 $7,341 6.53%
    38% 34 $16,970,000 $499,118 $4,860 6.34%
    45% 32 $12,160,000 $380,000 $7,159 6.65%
    50-60% 29 $13,025,000 $449,138 $13,221 6.60%

    Salem Five Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 187 originations. The next most common DTI ratio? 20-30%, with 151 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 862 $408,590,000 $474,002 $6,008 6.17%
    Asian 107 $55,055,000 $514,533 $5,070 6.20%
    Black 104 $39,220,000 $377,115 $7,725 5.72%
    Not provided 47 $21,855,000 $465,000 $6,019 5.90%
    American Indian 4 $1,970,000 $492,500 $14,083 6.50%

    Approval Rates

    Total approvals of all applications
    91.52%

    Salem Five Mortgage Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.00%

    Salem Five Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,124 $526,690,000 $468,585

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,124 $526,690,000 $468,585

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $14,685,000 $257,632 $4,008 6.43%
    40-60% 132 $55,410,000 $419,773 $4,678 6.35%
    60-80% 345 $186,865,000 $541,638 $5,280 6.41%
    80-100% 519 $264,455,000 $509,547 $7,273 6.47%
    Over 100% 3 $1,995,000 $665,000 $15,491 6.71%
    Under 20% 68 $3,280,000 $48,235 $1,537 1.26%