The Washington Trust Company Of Westerly Mortgage Rates, Fees & Info

Westerly, RI

LEI: 549300HKYBSATM44Q425

Tax ID: 05-0235370

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
  • 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

    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.

    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
    Home Equity Line of Credit (HELOC) 6.27% 11/21/24
    30 Year Conventional Purchase 6.29% 11/21/24
    30 Year Conventional Refi 6.43% 11/21/24
    30 Year Cash-out Refi 6.53% 11/21/24
    30 Year FHA Purchase 6.89% 11/21/24
    30 Year FHA Refi 6.27% 11/21/24
    30 Year VA Purchase 6.01% 11/21/24
    30 Year VA Refi 5.81% 11/21/24
    15 Year Conventional Purchase 6.83% 11/21/24
    15 Year Conventional Refi 6.16% 11/21/24
    15 Year Cash-out Refi 6.16% 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.

    The Washington Trust Company Of Westerly Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Washington Trust Company Of Westerly. 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

    1,742

    Origination Dollar Volume (All Markets)

    $533,310,000

    Awards

    The Washington Trust Company of Westerly 30 Year Conventional Loans silver The Washington Trust Company of Westerly FHA Loans gold
    Show all (2) 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
    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%
    The Washington Trust Company Of Westerly's top markets include Providence, Boston, Norwich, Hartford, and Bridgeport among others.

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

    • 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.

    Homestar Mortgage, Inc.
    Similarity Rank: 8
    Rhode Island Credit Union
    Similarity Rank: 15
    SOMERSET
    Similarity Rank: 21
    Charter Oak Federal Credit Union
    Similarity Rank: 28
    QUINCY CREDIT UNION
    Similarity Rank: 50
    SCIENT Federal Credit Union
    Similarity Rank: 104
    Direct Federal Credit Union
    Similarity Rank: 115
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 129
    Ridgewood Savings Bank
    Similarity Rank: 146
    SIKORSKY FINANCIAL
    Similarity Rank: 189

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 918 $183,400,000 $199,782 n/a 3.38%
    Conventional 797 $339,295,000 $425,715 $2,821 4.73%
    FHA 17 $6,675,000 $392,647 $11,332 4.41%
    VA 10 $3,940,000 $394,000 $6,833 3.81%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 675 $267,415,000 $396,170 $3,379 4.67%
    Home Improvement 458 $62,700,000 $136,900 $488 3.47%
    Refi 287 $125,895,000 $438,659 $2,835 3.53%
    Other 221 $40,155,000 $181,697 $1,280 3.68%
    Cash Out Refi 101 $37,145,000 $367,772 $3,680 4.11%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 926 $211,820,000 $228,747 $2,731 3.39%
    30 Year 541 $208,975,000 $386,275 $3,860 4.57%
    15 Year 161 $24,415,000 $151,646 $889 5.24%
    10 Year 43 $47,685,000 $1,108,953 $601 4.94%
    30+ year 27 $21,545,000 $797,963 $6,719 4.49%
    5 Year 24 $1,750,000 $72,917 $30 4.42%
    20 Year 19 $4,115,000 $216,579 $2,602 4.41%
    3 Year 1 $13,005,000 $13,005,000 $0 7.57%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 468 $207,160,000 $442,650
    $<1k 268 $28,460,000 $106,194
    $2k-3k 18 $7,020,000 $390,000
    $3k-4k 9 $4,795,000 $532,778
    $4k-5k 5 $1,845,000 $369,000
    $5k+ 4 $2,670,000 $667,500

    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

    Loan Rate Originations Total Value Average Loan
    <2.5% 448 $96,780,000 $216,027
    4-5% 352 $134,350,000 $381,676
    3-4% 301 $101,225,000 $336,296
    5-6% 267 $62,645,000 $234,625
    2.5-3% 193 $53,455,000 $276,969
    6-7% 132 $39,380,000 $298,333
    7-8% 46 $45,130,000 $981,087
    Over 8% 3 $345,000 $115,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 490 $137,750,000 $281,122 $3,757 4.07%
    $100k-200k 471 $63,715,000 $135,276 $1,731 3.81%
    $100,000 or less 447 $25,195,000 $56,365 $217 4.26%
    $400k-600k 169 $80,555,000 $476,657 $5,015 3.94%
    $600k-1MM 112 $80,540,000 $719,107 $5,303 3.70%
    $1MM+ 53 $145,555,000 $2,746,321 $7,274 4.02%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 455 $110,425,000 $242,692 $2,787 3.98%
    $250k+ 424 $192,100,000 $453,066 $3,268 3.96%
    $100k-150k 359 $66,905,000 $186,365 $3,063 4.00%
    $75k-100k 211 $36,845,000 $174,621 $3,697 3.84%
    $50k-75k 173 $25,495,000 $147,370 $2,707 4.29%
    $50k or less 62 $7,930,000 $127,903 $2,758 4.12%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 425 $113,055,000 $266,012 $2,952 3.82%
    30-36% 381 $92,645,000 $243,163 $2,389 4.08%
    <20% 156 $45,350,000 $290,705 $3,213 3.87%
    42% 156 $33,830,000 $216,859 $2,910 3.66%
    41% 94 $24,890,000 $264,787 $3,705 4.05%
    39% 73 $18,965,000 $259,795 $3,581 4.10%
    37% 72 $21,260,000 $295,278 $3,259 4.06%
    40% 70 $15,970,000 $228,143 $2,832 4.20%
    36% 66 $13,300,000 $201,515 $2,387 4.11%
    38% 65 $17,255,000 $265,462 $2,685 4.11%
    43% 46 $9,500,000 $206,522 $3,978 3.87%
    44% 34 $10,670,000 $313,824 $4,563 4.40%
    45% 24 $7,990,000 $332,917 $3,705 4.10%
    47% 19 $5,265,000 $277,105 $3,988 4.68%
    46% 16 $4,500,000 $281,250 $4,439 4.71%
    48% 14 $4,710,000 $336,429 $4,092 4.50%
    49% 13 $6,435,000 $495,000 $3,579 4.89%
    50-60% 2 $690,000 $345,000 $7,442 3.75%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,351 $337,825,000 $250,056 $3,072 3.96%
    Not applicable 16 $87,030,000 $5,439,375 $0 6.35%
    Not provided 245 $71,105,000 $290,224 $3,287 4.01%
    Asian 85 $26,395,000 $310,529 $1,192 4.21%
    Black 31 $6,835,000 $220,484 $5,252 4.27%
    American Indian 9 $2,155,000 $239,444 $2,892 3.99%
    Asian Indian 2 $1,480,000 $740,000 $5,023 4.13%
    Chinese 1 $315,000 $315,000 $3,533 4.25%
    Native Hawaiian or Islander 1 $145,000 $145,000 $0 3.63%
    Other Pacific Islander 1 $25,000 $25,000 $0 6.63%

    Approval Rates

    Total approvals of all applications
    88.73%

    The Washington Trust Company Of Westerly has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.95%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,742 $533,310,000 $306,148

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 404 $98,980,000 $245,000 $2,658 3.50%
    40-60% 223 $85,425,000 $383,072 $3,638 3.88%
    60-80% 312 $218,780,000 $701,218 $4,290 4.22%
    80-100% 157 $69,645,000 $443,599 $5,095 4.57%
    Over 100% 1 $345,000 $345,000 $14,312 3.00%
    Under 20% 645 $60,135,000 $93,233 $322 4.14%