Salem Five Mortgage Company Rates, Fees & Info

WILMINGTON, DE

LEI: 549300H8H31LPYGJEW50

Tax ID: 04-2876549

5 stars - out of 5 stars, based on 67 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Salem Five Mortgage Company is a small mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Salem Five Mortgage Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others. Salem Five Mortgage Company has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Salem Five Mortgage Company is typically an average fee lendor.


Originations

4,555

Origination Dollar Volume (All Markets)

$1,638,375,000

Awards

SALEM FIVE MORTGAGE COMPANY  FHA Loans gold SALEM FIVE MORTGAGE COMPANY  FHA Loans gold SALEM FIVE MORTGAGE COMPANY  FHA Loans gold
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Relative Rate

Salem Five Mortgage Company 's average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

Salem Five Mortgage Company 's average total fees for a 30 year fixed rate mortgage are $4,097.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3,643 $1,349,565,000 $370,454 $3,734 2.92%
WORCESTER, MA-CT (FHA|USDA|VA) 268 $77,430,000 $288,918 $3,992 2.91%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 197 $65,545,000 $332,716 $4,237 2.96%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 177 $60,065,000 $339,350 $3,601 2.98%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 88 $28,170,000 $320,114 $3,965 3.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 54 $16,740,000 $310,000 $3,870 2.92%
Outside of Metro Areas 43 $16,275,000 $378,488 $3,677 2.99%
SPRINGFIELD, MA (FHA|USDA|VA) 21 $5,285,000 $251,667 $4,176 2.90%
Lebanon, NH-VT (FHA|USDA|VA) 20 $4,660,000 $233,000 $3,420 3.07%
Laconia, NH (FHA|USDA|VA) 13 $3,985,000 $306,538 $3,216 2.91%
Vineyard Haven, MA (FHA|USDA|VA) 7 $3,565,000 $509,286 $5,168 2.59%
Concord, NH (FHA|USDA|VA) 10 $2,580,000 $258,000 $3,829 3.06%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,285,000 $428,333 $6,316 3.38%
PITTSFIELD, MA (FHA|USDA|VA) 3 $1,105,000 $368,333 $4,829 2.54%
Keene, NH (FHA|USDA|VA) 3 $625,000 $208,333 $3,751 2.66%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $395,000 $395,000 $5,145 2.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,964 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,136 3.00%
BANGOR, ME (FHA|USDA|VA) 1 $235,000 $235,000 $2,699 3.13%
Berlin, NH (FHA|USDA|VA) 1 $175,000 $175,000 $4,525 2.99%

Salem Five Mortgage Company 's top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,438 $1,586,810,000 $357,551 $3,597 2.94%
FHA 88 $37,710,000 $428,523 $11,437 2.61%
VA 29 $13,855,000 $477,759 $8,832 2.59%

For the 2021 period, Salem Five Mortgage Company 's most frequently originated loan type of loans were Conventional, with 4,438 originations. Their 2nd most popular type is FHA, with 88 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,807 $599,995,000 $332,039 $3,113 2.86%
Home Purchase 1,516 $599,810,000 $395,653 $4,784 2.86%
Cash Out Refi 1,187 $419,625,000 $353,517 $3,533 3.10%
Home Improvement 24 $10,160,000 $423,333 $4,446 3.34%
Other 21 $8,785,000 $418,333 $4,101 3.00%

For the 2021, Salem Five Mortgage Company 's most frequently cited loan purpose of loans were Refi, with 1,807 originations. The 2nd most popular reason of loans were Home Purchase, with 1,516 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 3,353 $1,323,695,000 $394,779 $4,097 3.04%
15 Year 714 $172,210,000 $241,190 $2,795 2.44%
20 Year 229 $64,705,000 $282,555 $3,031 2.97%
Other 190 $62,480,000 $328,842 $3,223 2.92%
10 Year 69 $15,285,000 $221,522 $2,785 2.45%

For the 2021, Salem Five Mortgage Company 's most frequently cited loan length of loans were 30 Year, with 3,353 originations. The 2nd most popular length of loans were 15 Year, with 714 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 3,660 $1,339,510,000 $365,986
$2k-3k 247 $87,275,000 $353,340
$3k-4k 164 $61,750,000 $376,524
$<1k 125 $13,455,000 $107,640
$5k+ 65 $30,095,000 $463,000

$4,097 of loans were Salem Five Mortgage Company 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 3,660 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,245 $827,125,000 $368,430
3-4% 1,549 $632,465,000 $408,305
<2.5% 739 $171,415,000 $231,955
4-5% 21 $7,355,000 $350,238

During 2021, Salem Five Mortgage Company 's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,245 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 2,157 $641,355,000 $297,337 $3,506 2.96%
$400k-600k 1,151 $556,155,000 $483,193 $4,538 3.02%
$100k-200k 685 $108,525,000 $158,431 $2,791 2.81%
$600k-1MM 355 $258,255,000 $727,479 $5,271 3.13%
$100,000 or less 150 $5,270,000 $35,133 $1,157 1.68%
$1MM+ 57 $68,815,000 $1,207,281 $5,428 3.09%

2021 saw Salem Five Mortgage Company place emphasis on $200k-400k loans with 2,157 originations, totaling $641,355,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,136 $399,410,000 $351,593 $3,804 2.98%
$150k-250k 1,010 $435,640,000 $431,327 $3,898 2.98%
$75k-100k 862 $263,860,000 $306,102 $3,812 2.91%
$50k-75k 800 $197,670,000 $247,088 $3,510 2.78%
$250k+ 487 $293,695,000 $603,070 $4,091 3.03%
$50k or less 251 $45,095,000 $179,661 $3,291 2.80%

Salem Five Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 1,136 originations. The second most popular income band? $150k-250k, with 1,010 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,060 $388,750,000 $366,745 $3,525 2.90%
30-36% 902 $344,150,000 $381,541 $3,753 2.97%
<20% 401 $155,115,000 $386,820 $3,401 2.90%
44% 243 $78,355,000 $322,449 $4,181 2.82%
43% 191 $59,435,000 $311,178 $4,309 2.86%
40% 179 $68,645,000 $383,492 $3,808 3.01%
38% 175 $59,655,000 $340,886 $3,835 3.02%
39% 161 $56,765,000 $352,578 $3,733 2.92%
49% 159 $54,515,000 $342,862 $4,345 2.98%
42% 158 $50,970,000 $322,595 $3,807 2.91%
37% 153 $58,395,000 $381,667 $3,613 2.94%
41% 151 $53,735,000 $355,861 $4,221 2.90%
36% 150 $50,990,000 $339,933 $3,549 2.94%
45% 125 $41,025,000 $328,200 $3,810 2.94%
46% 116 $40,370,000 $348,017 $4,220 2.93%
48% 114 $34,940,000 $306,491 $4,081 2.94%
47% 103 $37,205,000 $361,214 $4,206 2.93%
50-60% 9 $3,805,000 $422,778 $3,264 2.85%
>60% 2 $510,000 $255,000 $2,981 2.69%

Salem Five Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 1,060 originations. The next most common DTI ratio? 30-36%, with 902 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,981 $1,432,995,000 $359,959 $3,736 2.94%
Asian 248 $92,770,000 $374,073 $3,861 2.79%
Black 187 $63,345,000 $338,743 $4,297 2.90%
Not provided 129 $45,755,000 $354,690 $4,117 2.88%
American Indian 9 $3,165,000 $351,667 $3,805 3.05%
Native Hawaiian 1 $345,000 $345,000 $3,402 2.99%

Approval Rates

Total approvals of all applications
94.19%

Salem Five Mortgage Company has an average approval rate.

Pick Rate

Approvals leading to origination
87.17%

Salem Five Mortgage Company has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,555 $1,638,375,000 $359,687

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,555 $1,638,375,000 $359,687

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 517 $117,695,000 $227,650 $2,942 2.77%
40-60% 1,244 $397,550,000 $319,574 $3,102 2.88%
60-80% 1,592 $667,700,000 $419,410 $3,785 3.10%
80-100% 1,035 $444,165,000 $429,145 $5,141 2.99%
Over 100% 4 $1,970,000 $492,500 $16,616 2.47%
Under 20% 163 $9,295,000 $57,025 $1,519 1.76%