The Bank Of Canton Mortgage Rates, Fees & Info

Canton, MA

LEI: 549300J8Y8IPQFMMIT88

Tax ID: 20-0935064

5 stars - Updated: 4/5/25 - out of 5 stars, based on 16 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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 Bank Of Canton is a smaller bank specializing in Home Purchase loans. The Bank Of Canton has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Vineyard Haven among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Bank Of Canton 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 Bank Of Canton 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.79% 4/5/25
    30 Year Conventional Refi 6.74% 4/5/25
    30 Year Cash-out Refi 6.71% 4/5/25
    15 Year Conventional Purchase 3.41% 4/5/25
    15 Year Conventional Refi 5.85% 4/5/25
    15 Year Cash-out Refi 5.85% 4/5/25
    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 Bank Of Canton Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Bank Of Canton. 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

    272

    Origination Dollar Volume (All Markets)

    $152,790,000

    Awards

    The Bank of Canton 30 Year Conventional Loans silver The Bank of Canton 30 Year Conventional Loans silver The Bank of Canton 30 Year Conventional Loans silver
    Show all (3) awards

    Relative Rate

    The Bank Of Canton's average 30 year fixed mortgage rate was 6.64%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.09%.

    Relative Fees (Closing Costs)

    The Bank Of Canton's average total fees/closing costs for a 30 year fixed rate mortgage were $4,335.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $8,356.

    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) 185 $119,105,000 $643,811 $4,009 6.64%
    WORCESTER, MA-CT (FHA|USDA|VA) 41 $13,055,000 $318,415 $3,340 6.40%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 19 $7,875,000 $414,474 $3,806 6.75%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 11 $4,945,000 $449,545 $4,333 6.43%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $2,255,000 $2,255,000 $0 9.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,485,000 $1,485,000 $8,599 7.75%
    SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,125,000 $225,000 $3,051 5.80%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 2 $970,000 $485,000 $4,977 6.62%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $710,000 $355,000 $4,783 7.50%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $315,000 $315,000 $4,848 6.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,990 6.88%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $285,000 $285,000 $3,607 6.88%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,873 6.63%
    Outside of Metro Areas 1 $165,000 $165,000 $0 7.00%
    The Bank Of Canton's top markets include Boston, Worcester, Providence, Barnstable Town, and Vineyard Haven among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Bank of Canton based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    OCEAN STATE CREDIT UNION
    Similarity Rank: 63
    SOMERSET
    Similarity Rank: 72
    Piscataqua Savings Bank
    Similarity Rank: 100
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 108
    Southern Mass Credit Union
    Similarity Rank: 112
    Centreville Bank
    Similarity Rank: 120
    The Washington Trust Company, of Westerly
    Similarity Rank: 240
    Sharon & Crescent United Credit Union
    Similarity Rank: 245
    CENTRAL ONE FEDERAL CREDIT UNION
    Similarity Rank: 299
    St. Mary's Credit Union
    Similarity Rank: 355

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $152,790,000 $561,728 $3,913 6.61%

    For 2024, The Bank Of Canton's most frequently originated type of loan was Conventional, with 272 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 214 $111,800,000 $522,430 $4,241 6.68%
    Refi 31 $21,765,000 $702,097 $3,525 6.69%
    Home Improvement 18 $17,150,000 $952,778 $1,444 5.39%
    Cash Out Refi 7 $2,045,000 $292,143 $3,254 6.80%
    Other 2 $30,000 $15,000 $0 8.38%

    For 2024, The Bank Of Canton's most frequently cited loan purpose was Home Purchase, with 214 originations. The 2nd most popular reason was Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 208 $105,420,000 $506,827 $4,335 6.64%
    15 Year 23 $2,605,000 $113,261 $1,314 3.86%
    1 Year 19 $15,075,000 $793,421 $0 8.34%
    20 Year 8 $1,750,000 $218,750 $1,126 7.47%
    10 Year 8 $10,320,000 $1,290,000 $0 7.44%
    Other 5 $10,695,000 $2,139,000 $0 8.30%
    3 Year 1 $6,925,000 $6,925,000 $0 8.00%

    For 2024, The Bank Of Canton's most frequently cited loan duration was 30 Year, with 208 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 184 $92,980,000 $505,326
    $<1k 24 $1,540,000 $64,167
    $2k-3k 10 $4,780,000 $478,000
    $3k-4k 3 $2,695,000 $898,333
    $5k+ 1 $625,000 $625,000

    The Bank Of Canton's average total fees were $4,335, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 184 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 160 $75,730,000 $473,313
    7-8% 43 $41,825,000 $972,674
    5-6% 31 $17,955,000 $579,194
    Over 8% 21 $16,815,000 $800,714
    <2.5% 13 $335,000 $25,769
    4-5% 4 $130,000 $32,500

    During 2024, The Bank Of Canton's average interest rate for loans was 6.64%, while their most frequently originated rate bucket for loans was 6-7%, with 160 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 89 $43,505,000 $488,820 $4,230 6.69%
    $200k-400k 73 $22,455,000 $307,603 $3,792 6.80%
    $600k-1MM 50 $37,780,000 $755,600 $5,189 6.93%
    $100,000 or less 24 $850,000 $35,417 $383 4.17%
    $1MM+ 20 $45,570,000 $2,278,500 $6,876 7.52%
    $100k-200k 16 $2,630,000 $164,375 $2,964 6.85%

    2024 saw The Bank Of Canton place emphasis on $400k-600k loans with 89 originations, totaling $43,505,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 67 $32,145,000 $479,776 $4,256 6.63%
    $250k+ 64 $46,510,000 $726,719 $4,909 6.76%
    $100k-150k 56 $19,060,000 $340,357 $3,510 6.19%
    $75k-100k 32 $8,970,000 $280,313 $3,223 6.10%
    $50k-75k 19 $3,625,000 $190,789 $2,609 5.79%
    $50k or less 3 $345,000 $115,000 $96 5.00%

    The Bank Of Canton lent most frequently to those with incomes in the $150k-250k range, with 67 originations. The second most popular income band? $250k+, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $18,425,000 $428,488 $3,817 6.54%
    30-36% 36 $20,610,000 $572,500 $4,192 6.37%
    47% 18 $7,590,000 $421,667 $3,995 6.39%
    41% 18 $6,720,000 $373,333 $3,206 6.37%
    43% 15 $5,005,000 $333,667 $2,696 5.66%
    44% 14 $6,450,000 $460,714 $4,323 6.64%
    46% 13 $5,185,000 $398,846 $4,311 6.59%
    40% 12 $6,410,000 $534,167 $4,308 6.81%
    49% 11 $5,445,000 $495,000 $4,177 6.35%
    37% 10 $6,540,000 $654,000 $5,056 6.93%
    <20% 10 $5,620,000 $562,000 $4,319 6.23%
    42% 9 $4,785,000 $531,667 $4,637 6.43%
    38% 8 $3,000,000 $375,000 $3,122 7.01%
    48% 7 $2,275,000 $325,000 $3,167 5.96%
    39% 6 $2,050,000 $341,667 $4,377 6.64%
    36% 6 $2,610,000 $435,000 $3,721 6.02%
    45% 3 $1,075,000 $358,333 $3,977 6.37%
    >60% 1 $35,000 $35,000 $192 0.00%

    The Bank Of Canton lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 143 $67,785,000 $474,021 $3,819 6.39%
    Not applicable 28 $38,620,000 $1,379,286 $0 8.21%
    Asian 56 $23,220,000 $414,643 $4,043 6.32%
    Not provided 31 $17,295,000 $557,903 $4,116 6.72%
    Black 9 $4,105,000 $456,111 $4,066 6.85%
    Filipino 1 $665,000 $665,000 $3,414 5.63%
    Other Asian 1 $455,000 $455,000 $4,312 6.49%
    Chinese 2 $330,000 $165,000 $0 5.81%
    Asian Indian 1 $315,000 $315,000 $3,995 6.49%

    Approval Rates

    Total approvals of all applications
    87.31%

    The Bank Of Canton has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.68%

    The Bank Of Canton has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 272 $152,790,000 $561,728

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    272 $152,790,000 $561,728

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $8,045,000 $423,421 $3,456 6.62%
    40-60% 48 $33,950,000 $707,292 $4,099 6.82%
    60-80% 122 $79,190,000 $649,098 $4,478 6.94%
    80-100% 55 $29,405,000 $534,636 $4,507 6.77%
    Under 20% 28 $2,200,000 $78,571 $825 4.51%