Salem Five Mortgage Company Rates, Fees & Info
WILMINGTON, DELEI: 549300H8H31LPYGJEW50
Tax ID: 04-2876549
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Mortgage Data
Review & 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 by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Manchester among others. We have data for 20 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 an above average pick rate when compared to similar lenders. Salem Five Mortgage Company is typically a low 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 | 6.24% | 10/31/24 |
30 Year Conventional Refi | 6.45% | 10/31/24 |
30 Year Cash-out Refi | 6.59% | 10/31/24 |
30 Year FHA Purchase | 7.11% | 10/31/24 |
30 Year FHA Refi | 6.27% | 10/31/24 |
30 Year VA Purchase | 6.07% | 10/31/24 |
15 Year Conventional Purchase | 4.30% | 10/31/24 |
15 Year Conventional Refi | 5.97% | 10/31/24 |
15 Year Cash-out Refi | 5.97% | 10/31/24 |
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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,555Origination Dollar Volume (All Markets)
$1,638,375,000SALEM FIVE MORTGAGE COMPANY - 2021
SALEM FIVE MORTGAGE COMPANY is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 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% |
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.
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Product Mix
For 2021, Salem Five Mortgage Company's most frequently originated type of loan was Conventional, with 4,438 originations. Their 2nd most popular type was FHA, with 88 originations.
Loan Reason
For 2021, Salem Five Mortgage Company's most frequently cited loan purpose was Refi, with 1,807 originations. The 2nd most popular reason was Home Purchase, with 1,516 originations.
Loan Duration/Length
For 2021, Salem Five Mortgage Company's most frequently cited loan duration was 30 Year, with 3,353 originations. The 2nd most popular length was 15 Year, with 714 originations.
Origination Fees/Closing Costs
Salem Five Mortgage Company's average total fees were $4,097, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.04%, while their most frequently originated rate bucket for loans was 2.5-3%, with 2,245 originations.
Loan Sizing
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
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
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
Approval Rates
Total approvals of all applications93.76%
Salem Five Mortgage Company has an average approval rate.
Pick Rate
Approvals leading to origination90.85%
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 |