Salem Five Mortgage Company Rates, Fees & Info

WILMINGTON, DE

LEI: 549300H8H31LPYGJEW50

Tax ID: 04-2876549

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 small mortgage company specializing in Home Purchase and Refi 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.24% 11/21/24
    30 Year Conventional Refi 6.45% 11/21/24
    30 Year Cash-out Refi 6.59% 11/21/24
    30 Year FHA Purchase 7.11% 11/21/24
    30 Year FHA Refi 6.27% 11/21/24
    30 Year VA Purchase 6.07% 11/21/24
    15 Year Conventional Purchase 4.30% 11/21/24
    15 Year Conventional Refi 5.97% 11/21/24
    15 Year Cash-out Refi 5.97% 11/21/24
    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

    3,061

    Origination Dollar Volume (All Markets)

    $1,097,525,000
    Show all (8) awards

    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) 2,406 $893,350,000 $371,301 $4,158 3.93%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 185 $64,205,000 $347,054 $4,164 3.94%
    WORCESTER, MA-CT (FHA|USDA|VA) 166 $45,800,000 $275,904 $4,301 3.97%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 124 $38,960,000 $314,194 $4,586 3.94%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 62 $18,350,000 $295,968 $4,084 4.10%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 37 $11,575,000 $312,838 $3,756 3.92%
    Vineyard Haven, MA (FHA|USDA|VA) 6 $4,960,000 $826,667 $6,617 3.73%
    Outside of Metro Areas 17 $4,575,000 $269,118 $3,080 3.90%
    PITTSFIELD, MA (FHA|USDA|VA) 4 $2,890,000 $722,500 $6,491 4.21%
    Lebanon, NH-VT (FHA|USDA|VA) 13 $2,545,000 $195,769 $3,257 4.30%
    SPRINGFIELD, MA (FHA|USDA|VA) 7 $1,795,000 $256,429 $4,800 3.70%
    Concord, NH (FHA|USDA|VA) 5 $1,215,000 $243,000 $3,752 4.15%
    Laconia, NH (FHA|USDA|VA) 5 $1,205,000 $241,000 $3,166 4.05%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,115,000 $371,667 $5,605 4.21%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,100,000 $275,000 $4,030 3.97%
    Keene, NH (FHA|USDA|VA) 3 $755,000 $251,667 $6,196 4.29%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $700,000 $175,000 $4,515 4.03%
    Berlin, NH (FHA|USDA|VA) 2 $460,000 $230,000 $3,103 4.06%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $345,000 $345,000 $5,738 3.75%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $3,204 3.75%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $305,000 $305,000 $3,535 3.99%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,259 4.38%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $225,000 $225,000 $3,056 3.75%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,751 3.63%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,973 4.00%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.88%
    Salem Five Mortgage Company's top markets include Boston, Barnstable Town, Worcester, Providence, and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Rhode Island (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.

    SOMERSET
    Similarity Rank: 26
    POLISH NATIONAL
    Similarity Rank: 48
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Florence Bank
    Similarity Rank: 96
    Northfield Savings Bank
    Similarity Rank: 115
    Rhode Island Credit Union
    Similarity Rank: 116
    CASCO
    Similarity Rank: 126
    HOLYOKE
    Similarity Rank: 132
    First Ipswich Bank
    Similarity Rank: 139
    Maine Savings Federal Credit Union
    Similarity Rank: 161

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,807 $1,002,455,000 $357,127 $3,672 3.96%
    FHA 191 $70,065,000 $366,832 $10,356 3.82%
    VA 62 $24,590,000 $396,613 $6,241 3.66%
    USDA 1 $415,000 $415,000 $8,177 3.25%

    For 2019, Salem Five Mortgage Company's most frequently originated type of loan was Conventional, with 2,807 originations. Their 2nd most popular type was FHA, with 191 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,450 $502,100,000 $346,276 $4,910 3.98%
    Refi 983 $363,805,000 $370,097 $3,279 3.83%
    Cash Out Refi 580 $215,430,000 $371,431 $4,004 4.03%
    Home Improvement 34 $12,550,000 $369,118 $4,408 4.05%
    Other 14 $3,640,000 $260,000 $3,198 4.01%

    For 2019, Salem Five Mortgage Company's most frequently cited loan purpose was Home Purchase, with 1,450 originations. The 2nd most popular reason was Refi, with 983 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,590 $969,080,000 $374,162 $4,331 4.03%
    15 Year 287 $72,385,000 $252,213 $3,217 3.18%
    20 Year 80 $24,730,000 $309,125 $3,328 3.90%
    Other 69 $24,315,000 $352,391 $3,357 3.90%
    10 Year 35 $7,015,000 $200,429 $3,052 3.59%

    For 2019, Salem Five Mortgage Company's most frequently cited loan duration was 30 Year, with 2,590 originations. The 2nd most popular length was 15 Year, with 287 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,943 $701,445,000 $361,011
    $<1k 698 $242,680,000 $347,679
    $2k-3k 130 $48,220,000 $370,923
    $3k-4k 54 $18,850,000 $349,074
    $5k+ 33 $14,735,000 $446,515
    $4k-5k 27 $10,935,000 $405,000

    Salem Five Mortgage Company's average total fees were $4,331, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,943 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,923 $703,155,000 $365,655
    4-5% 978 $354,070,000 $362,035
    5-6% 80 $28,580,000 $357,250
    2.5-3% 44 $11,400,000 $259,091
    <2.5% 36 $320,000 $8,889

    During 2019, Salem Five Mortgage Company's average interest rate for loans was 4.03%, while their most frequently originated rate bucket for loans was 3-4%, with 1,923 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,623 $486,575,000 $299,800 $3,951 3.98%
    $400k-600k 728 $345,230,000 $474,217 $4,746 3.99%
    $100k-200k 384 $60,460,000 $157,448 $3,136 3.95%
    $600k-1MM 217 $156,455,000 $720,991 $5,407 3.98%
    $100,000 or less 72 $3,080,000 $42,778 $2,664 2.58%
    $1MM+ 37 $45,725,000 $1,235,811 $6,690 4.02%

    2019 saw Salem Five Mortgage Company place emphasis on $200k-400k loans with 1,623 originations, totaling $486,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 775 $272,735,000 $351,916 $4,088 3.99%
    $150k-250k 656 $287,910,000 $438,887 $4,236 3.99%
    $75k-100k 635 $191,165,000 $301,047 $4,367 3.88%
    $50k-75k 508 $126,030,000 $248,091 $3,974 3.91%
    $250k+ 303 $180,905,000 $597,046 $4,412 3.96%
    $50k or less 162 $30,280,000 $186,914 $3,866 3.89%

    Salem Five Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 775 originations. The second most popular income band? $150k-250k, with 656 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 616 $240,160,000 $389,870 $3,922 3.97%
    20-30% 615 $231,915,000 $377,098 $3,619 3.92%
    <20% 169 $64,295,000 $380,444 $3,572 3.80%
    37% 143 $52,755,000 $368,916 $4,455 3.99%
    49% 131 $42,715,000 $326,069 $4,762 4.06%
    44% 129 $42,295,000 $327,868 $4,323 3.97%
    39% 127 $45,125,000 $355,315 $4,034 4.00%
    40% 124 $41,860,000 $337,581 $4,015 3.95%
    41% 120 $41,360,000 $344,667 $4,444 3.89%
    36% 120 $43,990,000 $366,583 $3,813 3.88%
    38% 116 $40,920,000 $352,759 $4,149 4.07%
    43% 116 $35,750,000 $308,190 $4,066 3.87%
    42% 107 $33,815,000 $316,028 $4,147 3.95%
    48% 89 $27,635,000 $310,506 $4,092 4.08%
    46% 87 $26,285,000 $302,126 $4,337 3.84%
    45% 85 $26,595,000 $312,882 $4,351 4.02%
    50-60% 82 $31,910,000 $389,146 $10,037 3.83%
    47% 75 $24,475,000 $326,333 $4,245 3.98%
    >60% 1 $315,000 $315,000 $1,788 3.38%

    Salem Five Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 616 originations. The next most common DTI ratio? 20-30%, with 615 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,741 $981,985,000 $358,258 $4,065 3.94%
    Asian 128 $47,980,000 $374,844 $4,471 3.93%
    Black 122 $41,160,000 $337,377 $6,179 3.92%
    Not provided 66 $25,410,000 $385,000 $5,035 3.99%
    Native Hawaiian or Islander 3 $675,000 $225,000 $6,294 4.83%
    American Indian 1 $315,000 $315,000 $3,105 4.63%

    Approval Rates

    Total approvals of all applications
    94.33%

    Salem Five Mortgage Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.22%

    Salem Five Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,061 $1,097,525,000 $358,551

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 3,061 $1,097,525,000 $358,551

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 197 $46,375,000 $235,406 $3,306 3.80%
    40-60% 474 $149,710,000 $315,844 $3,229 3.83%
    60-80% 1,153 $455,055,000 $394,670 $3,714 4.02%
    80-100% 1,151 $433,985,000 $377,050 $5,099 4.03%
    Over 100% 13 $6,085,000 $468,077 $14,133 3.78%
    Under 20% 69 $4,665,000 $67,609 $2,928 2.46%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Selene Finance LP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 1.4%
    Selene Finance LP Conventional home mortgage Closing on a mortgage 4 1.9%
    Selene Finance LP Conventional home mortgage Incorrect information on your report 1 0.5%
    Selene Finance LP Conventional home mortgage Struggling to pay mortgage 74 34.6%
    Selene Finance LP Conventional home mortgage Trouble during payment process 49 22.9%
    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 3 1.4%
    Selene Finance LP FHA mortgage Incorrect information on your report 3 1.4%
    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 19 8.9%
    Selene Finance LP FHA mortgage Trouble during payment process 23 10.7%
    Selene Finance LP Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 0.5%
    Selene Finance LP Other type of mortgage Struggling to pay mortgage 5 2.3%
    Selene Finance LP Other type of mortgage Trouble during payment process 2 0.9%
    Selene Finance LP VA mortgage Closing on a mortgage 1 0.5%
    Selene Finance LP VA mortgage Struggling to pay mortgage 5 2.3%
    Selene Finance LP VA mortgage Trouble during payment process 19 8.9%