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 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. They have a low ratio of USDA loans. Their top markets by origination volume include: Boston, Barnstable Town, Worcester, Providence, and Manchester among others. We have data for 26 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 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% | 11/17/24 |
| 30 Year Conventional Refi | 6.45% | 11/17/24 |
| 30 Year Cash-out Refi | 6.59% | 11/17/24 |
| 30 Year FHA Purchase | 7.11% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.07% | 11/17/24 |
| 15 Year Conventional Purchase | 4.30% | 11/17/24 |
| 15 Year Conventional Refi | 5.97% | 11/17/24 |
| 15 Year Cash-out Refi | 5.97% | 11/17/24 |
| 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
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This is not an official calculator from Salem Five Mortgage Company. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,121Origination Dollar Volume (All Markets)
$692,695,000Awards
SALEM FIVE MORTGAGE COMPANY - 2018
SALEM FIVE MORTGAGE COMPANY is a 2018 , due to their low .
For 2018, 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) | 1,619 | $554,455,000 | $342,468 | $4,203 | 4.53% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 143 | $42,415,000 | $296,608 | $3,872 | 4.46% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 127 | $32,465,000 | $255,630 | $4,209 | 4.63% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 93 | $26,235,000 | $282,097 | $4,778 | 4.58% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 48 | $12,120,000 | $252,500 | $4,008 | 4.81% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 24 | $6,830,000 | $284,583 | $3,625 | 4.53% |
| Outside of Metro Areas | 19 | $4,605,000 | $242,368 | $3,433 | 4.53% |
| Lebanon, NH-VT (FHA|USDA|VA) | 6 | $2,060,000 | $343,333 | $4,020 | 4.25% |
| Vineyard Haven, MA (FHA|USDA|VA) | 2 | $1,500,000 | $750,000 | $5,711 | 4.38% |
| Laconia, NH (FHA|USDA|VA) | 5 | $1,275,000 | $255,000 | $4,207 | 4.60% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $1,265,000 | $421,667 | $6,478 | 4.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $1,120,000 | $280,000 | $4,507 | 4.59% |
| Concord, NH (FHA|USDA|VA) | 5 | $1,095,000 | $219,000 | $4,394 | 4.42% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $4,028 | 5.25% |
| Keene, NH (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $5,344 | 4.67% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $4,425 | 4.67% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $3,942 | 4.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,301 | 4.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $4,179 | 4.69% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $6,557 | 4.63% |
| Key West, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,291 | 3.88% |
| Berlin, NH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,769 | 4.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,324 | 4.50% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,479 | 5.50% |
| BANGOR, ME (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,468 | 4.99% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,059 | 4.88% |
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 2018, Salem Five Mortgage Company's most frequently originated type of loan was Conventional, with 1,908 originations. Their 2nd most popular type was FHA, with 178 originations.
Loan Reason
For 2018, Salem Five Mortgage Company's most frequently cited loan purpose was Home Purchase, with 1,474 originations. The 2nd most popular reason was Cash Out Refi, with 387 originations.
Loan Duration/Length
For 2018, Salem Five Mortgage Company's most frequently cited loan duration was 30 Year, with 1,869 originations. The 2nd most popular length was 15 Year, with 169 originations.
Origination Fees/Closing Costs
Salem Five Mortgage Company's average total fees were $4,441, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,404 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,527 | $522,675,000 | $342,289 |
| 5-6% | 314 | $95,880,000 | $305,350 |
| 3-4% | 218 | $72,690,000 | $333,440 |
| <2.5% | 58 | $400,000 | $6,897 |
| 6-7% | 4 | $1,050,000 | $262,500 |
During 2018, Salem Five Mortgage Company's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 1,527 originations.
Loan Sizing
2018 saw Salem Five Mortgage Company place emphasis on $200k-400k loans with 1,117 originations, totaling $331,245,000 in origination value.
Applicant Income
Salem Five Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 516 originations. The second most popular income band? $75k-100k, with 482 originations.
Applicant Debt to Income Ratio
Salem Five Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 395 originations. The next most common DTI ratio? 20-30%, with 317 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.93%
Salem Five Mortgage Company has an average approval rate.
Pick Rate
Approvals leading to origination82.18%
Salem Five Mortgage Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,121 | $692,695,000 | $326,589 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 2,121 | $692,695,000 | $326,589 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Selene Finance LP | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 1.9% |
| Selene Finance LP | Conventional home mortgage | Closing on a mortgage | 2 | 0.9% |
| Selene Finance LP | Conventional home mortgage | Incorrect information on your report | 1 | 0.5% |
| Selene Finance LP | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.5% |
| Selene Finance LP | Conventional home mortgage | Struggling to pay mortgage | 62 | 29.0% |
| Selene Finance LP | Conventional home mortgage | Trouble during payment process | 39 | 18.2% |
| Selene Finance LP | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.5% |
| Selene Finance LP | FHA mortgage | Closing on a mortgage | 2 | 0.9% |
| Selene Finance LP | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.5% |
| Selene Finance LP | FHA mortgage | Struggling to pay mortgage | 16 | 7.5% |
| Selene Finance LP | FHA mortgage | Trouble during payment process | 26 | 12.1% |
| Selene Finance LP | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.5% |
| Selene Finance LP | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 0.5% |
| Selene Finance LP | Home equity loan or line of credit (HELOC) | Trouble during payment process | 3 | 1.4% |
| Selene Finance LP | Other type of mortgage | Closing on a mortgage | 1 | 0.5% |
| Selene Finance LP | Other type of mortgage | Incorrect information on your report | 2 | 0.9% |
| Selene Finance LP | Other type of mortgage | Struggling to pay mortgage | 10 | 4.7% |
| Selene Finance LP | Other type of mortgage | Trouble during payment process | 15 | 7.0% |
| Selene Finance LP | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 1.9% |
| Selene Finance LP | VA mortgage | Closing on a mortgage | 2 | 0.9% |
| Selene Finance LP | VA mortgage | Trouble during payment process | 20 | 9.3% |