Salem Five Mortgage Company Rates, Fees & InfoWILMINGTON, DE
Tax ID: 04-2876549
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSalem 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 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.24%||11/30/23|
|30 Year Conventional Refi||6.45%||11/30/23|
|30 Year Cash-out Refi||6.59%||11/30/23|
|30 Year FHA Purchase||7.11%||11/30/23|
|30 Year FHA Refi||6.27%||11/30/23|
|30 Year VA Purchase||6.07%||11/30/23|
|15 Year Conventional Purchase||4.30%||11/30/23|
|15 Year Conventional Refi||5.97%||11/30/23|
|15 Year Cash-out Refi||5.97%||11/30/23|
|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.|
Salem Five Mortgage Company Mortgage Calculator
Your EstimatesEstimated 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.
Origination Dollar Volume (All Markets)$695,905,000
SALEM FIVE MORTGAGE COMPANY - 2022
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For 2022, less than of lenders were eligible for this award.
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Salem Five Mortgage Company's average 30 year fixed mortgage rate was
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.
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%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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.
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.
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|
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.
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.
2022 saw Salem Five Mortgage Company place emphasis on $200k-400k loans with 581 originations, totaling $178,815,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Salem Five Mortgage Company has an average approval rate.
Pick RateApprovals leading to origination
Salem Five Mortgage Company has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|