The Washington Trust Company Of Westerly Mortgage Rates, Fees & Info
Westerly, RILEI: 549300HKYBSATM44Q425
Tax ID: 05-0235370
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Mortgage Data
Review & Overview
The Washington Trust Company Of Westerly is a smaller mortgage company specializing in Home Purchase and Refi loans. The Washington Trust Company Of Westerly 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: Providence, Boston, Norwich, Hartford, and Bridgeport among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)The Washington Trust Company Of Westerly 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. The Washington Trust Company Of Westerly 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 5/4/24 |
| 30 Year Conventional Purchase | 6.29% | 5/4/24 |
| 30 Year Conventional Refi | 6.43% | 5/4/24 |
| 30 Year Cash-out Refi | 6.53% | 5/4/24 |
| 30 Year FHA Purchase | 6.89% | 5/4/24 |
| 30 Year FHA Refi | 6.27% | 5/4/24 |
| 30 Year VA Purchase | 6.01% | 5/4/24 |
| 30 Year VA Refi | 5.81% | 5/4/24 |
| 15 Year Conventional Purchase | 6.83% | 5/4/24 |
| 15 Year Conventional Refi | 6.16% | 5/4/24 |
| 15 Year Cash-out Refi | 6.16% | 5/4/24 |
| 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. | ||
The Washington Trust Company Of Westerly Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,742Origination Dollar Volume (All Markets)
$533,310,000Awards
The Washington Trust Company of Westerly - 2022
The Washington Trust Company of Westerly is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1,247 | $361,175,000 | $289,635 | $3,467 | 3.98% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 310 | $76,540,000 | $246,903 | $1,090 | 4.05% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 67 | $36,655,000 | $547,090 | $3,247 | 4.20% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 30 | $30,920,000 | $1,030,667 | $1,541 | 4.52% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 14 | $8,650,000 | $617,857 | $4,659 | 4.15% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 32 | $5,780,000 | $180,625 | $2,958 | 4.04% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 14 | $4,810,000 | $343,571 | $2,166 | 3.98% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 10 | $4,470,000 | $447,000 | $6,731 | 2.90% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 7 | $1,515,000 | $216,429 | $3,666 | 4.71% |
| Outside of Metro Areas | 3 | $835,000 | $278,333 | $3,342 | 4.33% |
| Torrington, CT (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $2,174 | 4.79% |
| Lebanon, NH-VT (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $6,831 | 4.25% |
| Concord, NH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 2.40% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.24% |
| Keene, NH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.38% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against The Washington Trust Company of Westerly 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 2022, The Washington Trust Company Of Westerly's most frequently originated type of loan was HELOC, with 918 originations. Their 2nd most popular type was Conventional, with 797 originations.
Loan Reason
For 2022, The Washington Trust Company Of Westerly's most frequently cited loan purpose was Home Purchase, with 675 originations. The 2nd most popular reason was Home Improvement, with 458 originations.
Loan Duration/Length
For 2022, The Washington Trust Company Of Westerly's most frequently cited loan duration was Other, with 926 originations. The 2nd most popular length was 30 Year, with 541 originations.
Origination Fees/Closing Costs
The Washington Trust Company Of Westerly's average total fees were $3,860, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 468 originations.
Interest Rates
During 2022, The Washington Trust Company Of Westerly's average interest rate for loans was 4.57%, while their most frequently originated rate bucket for loans was <2.5%, with 448 originations.
Loan Sizing
2022 saw The Washington Trust Company Of Westerly place emphasis on $200k-400k loans with 490 originations, totaling $137,750,000 in origination value.
Applicant Income
The Washington Trust Company Of Westerly lent most frequently to those with incomes in the $150k-250k range, with 455 originations. The second most popular income band? $250k+, with 424 originations.
Applicant Debt to Income Ratio
The Washington Trust Company Of Westerly lent most frequently to those with DTI ratios of 20-30%, with 425 originations. The next most common DTI ratio? 30-36%, with 381 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.73%
The Washington Trust Company Of Westerly has an average approval rate.
Pick Rate
Approvals leading to origination82.95%
The Washington Trust Company Of Westerly has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,742 | $533,310,000 | $306,148 |