The Bank Of Canton Mortgage Rates, Fees & Info

Canton, MA

LEI: 549300J8Y8IPQFMMIT88

Tax ID: 20-0935064

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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    The Bank Of Canton is a smaller bank specializing in Home Purchase and Refi 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 Springfield among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Bank Of Canton 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. 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.16% 11/22/24
    30 Year Conventional Refi 6.09% 11/22/24
    30 Year Cash-out Refi 6.24% 11/22/24
    15 Year Conventional Purchase 3.83% 11/22/24
    15 Year Conventional Refi 5.67% 11/22/24
    15 Year Cash-out Refi 5.67% 11/22/24
    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 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

    791

    Origination Dollar Volume (All Markets)

    $303,355,000

    Employee count

    104

    Awards

    The Bank of Canton 30 Year Conventional Loans silver The Bank of Canton 30 Year Conventional Loans silver
    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 524 $222,990,000 $425,553 $3,352 3.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 164 $46,140,000 $281,341 $3,088 2.88%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 45 $14,305,000 $317,889 $3,216 3.12%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 38 $13,130,000 $345,526 $3,150 2.88%
    SPRINGFIELD, MA (FHA|USDA|VA) 7 $1,345,000 $192,143 $3,074 3.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $1,290,000 $645,000 $4,478 3.06%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $1,050,000 $525,000 $3,831 2.88%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $1,020,000 $510,000 $3,274 3.56%
    Outside of Metro Areas 2 $950,000 $475,000 $3,785 3.13%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $520,000 $260,000 $3,434 2.81%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $420,000 $210,000 $3,090 2.88%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $195,000 $195,000 $4,023 3.25%
    The Bank Of Canton's top markets include Boston, Worcester, Providence, Barnstable Town, and Springfield among others.

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

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Rhode Island Credit Union
    Similarity Rank: 524
    Sharon & Crescent United Credit Union
    Similarity Rank: 540
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 596
    WESTERLY COMMUNITY
    Similarity Rank: 618
    East Boston Savings Bank
    Similarity Rank: 755

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 791 $303,355,000 $383,508 $3,276 2.98%

    For 2021, The Bank Of Canton's most frequently originated type of loan was Conventional, with 791 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 327 $136,425,000 $417,202 $3,773 3.13%
    Refi 288 $105,830,000 $367,465 $3,008 2.81%
    Cash Out Refi 164 $57,980,000 $353,537 $3,029 2.98%
    Home Improvement 6 $1,560,000 $260,000 $2,608 2.71%
    Other 6 $1,560,000 $260,000 $2,815 2.94%

    For 2021, The Bank Of Canton's most frequently cited loan purpose was Home Purchase, with 327 originations. The 2nd most popular reason was Refi, with 288 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 539 $216,455,000 $401,586 $3,512 3.03%
    15 Year 105 $26,495,000 $252,333 $2,536 2.39%
    20 Year 42 $13,550,000 $322,619 $3,134 2.73%
    1 Year 41 $14,665,000 $357,683 $0 3.55%
    Other 37 $18,805,000 $508,243 $2,850 3.12%
    10 Year 23 $12,715,000 $552,826 $2,740 3.36%
    5 Year 4 $670,000 $167,500 $0 4.38%

    For 2021, The Bank Of Canton's most frequently cited loan duration was 30 Year, with 539 originations. The 2nd most popular length was 15 Year, with 105 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 420 $160,740,000 $382,714
    $<1k 187 $62,255,000 $332,914
    $2k-3k 8 $2,850,000 $356,250
    $5k+ 5 $2,785,000 $557,000
    $3k-4k 3 $985,000 $328,333
    $4k-5k 1 $275,000 $275,000

    The Bank Of Canton's average total fees were $3,512, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 420 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 400 $155,680,000 $389,200
    3-4% 252 $99,000,000 $392,857
    <2.5% 109 $29,515,000 $270,780
    4-5% 30 $19,160,000 $638,667

    During 2021, The Bank Of Canton's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 2.5-3%, with 400 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 405 $120,875,000 $298,457 $3,115 2.96%
    $400k-600k 187 $91,175,000 $487,567 $3,622 2.97%
    $100k-200k 87 $14,145,000 $162,586 $2,780 2.86%
    $600k-1MM 73 $53,445,000 $732,123 $4,668 3.22%
    $100,000 or less 23 $795,000 $34,565 $528 2.48%
    $1MM+ 16 $22,920,000 $1,432,500 $4,956 3.67%

    2021 saw The Bank Of Canton place emphasis on $200k-400k loans with 405 originations, totaling $120,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 188 $66,520,000 $353,830 $3,168 2.91%
    $150k-250k 166 $72,420,000 $436,265 $3,519 2.95%
    $75k-100k 125 $37,425,000 $299,400 $3,105 2.92%
    $50k-75k 111 $27,925,000 $251,577 $2,921 2.86%
    $250k+ 108 $59,210,000 $548,241 $3,780 2.94%
    $50k or less 34 $6,050,000 $177,941 $3,019 2.88%

    The Bank Of Canton lent most frequently to those with incomes in the $100k-150k range, with 188 originations. The second most popular income band? $150k-250k, with 166 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 207 $78,695,000 $380,169 $3,084 2.90%
    30-36% 168 $65,530,000 $390,060 $3,316 2.98%
    <20% 86 $30,530,000 $355,000 $3,113 2.76%
    39% 33 $9,785,000 $296,515 $3,449 2.96%
    38% 32 $13,250,000 $414,063 $3,406 2.89%
    37% 29 $10,305,000 $355,345 $3,324 3.02%
    44% 25 $8,985,000 $359,400 $3,387 2.88%
    36% 21 $8,085,000 $385,000 $3,317 2.89%
    43% 21 $7,475,000 $355,952 $4,033 2.76%
    41% 18 $7,690,000 $427,222 $3,702 2.86%
    48% 17 $5,715,000 $336,176 $3,541 2.93%
    46% 15 $4,435,000 $295,667 $3,245 2.89%
    40% 15 $4,875,000 $325,000 $3,239 3.16%
    49% 13 $3,825,000 $294,231 $3,411 2.95%
    42% 12 $4,080,000 $340,000 $3,754 2.92%
    47% 11 $3,905,000 $355,000 $2,983 2.97%
    45% 5 $1,555,000 $311,000 $3,122 3.05%
    50-60% 1 $25,000 $25,000 $0 0.00%

    The Bank Of Canton lent most frequently to those with DTI ratios of 20-30%, with 207 originations. The next most common DTI ratio? 30-36%, with 168 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 476 $168,910,000 $354,853 $3,189 2.90%
    Asian 219 $86,855,000 $396,598 $3,489 2.95%
    Not applicable 58 $33,450,000 $576,724 $0 3.72%
    Not provided 17 $6,965,000 $409,706 $3,342 2.87%
    Black 20 $6,570,000 $328,500 $3,281 2.93%
    Vietnamese 1 $605,000 $605,000 $4,702 2.88%

    Approval Rates

    Total approvals of all applications
    94.51%

    The Bank Of Canton has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.10%

    The Bank Of Canton has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 791 $303,355,000 $383,508

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    791 $303,355,000 $383,508

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 83 $25,465,000 $306,807 $3,030 2.70%
    40-60% 204 $71,250,000 $349,265 $3,050 2.91%
    60-80% 374 $163,070,000 $436,016 $3,495 3.09%
    80-100% 106 $41,050,000 $387,264 $3,737 2.99%
    Under 20% 24 $2,520,000 $105,000 $666 2.58%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 24 16.9%
    TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 13 9.2%
    TD BANK US HOLDING COMPANY Conventional home mortgage Improper use of your report 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Incorrect information on your report 4 2.8%
    TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 6 4.2%
    TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 37 26.1%
    TD BANK US HOLDING COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.7%
    TD BANK US HOLDING COMPANY FHA mortgage Struggling to pay mortgage 2 1.4%
    TD BANK US HOLDING COMPANY FHA mortgage Trouble during payment process 1 0.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 15 10.6%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 6 4.2%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 11 7.7%
    TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 7 4.9%
    TD BANK US HOLDING COMPANY Other type of mortgage Closing on a mortgage 1 0.7%
    TD BANK US HOLDING COMPANY Other type of mortgage Struggling to pay mortgage 1 0.7%
    TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 6 4.2%
    TD BANK US HOLDING COMPANY VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY VA mortgage Trouble during payment process 1 0.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Bank of Canton 259 Turnpike Street Canton, MA 2021 Full Service B&M $145,840
    The Bank of Canton 490 Turnpike St Canton, MA 2021 Full Service B&M $0
    The Bank of Canton 557 Washington Street Canton, MA 2021 Full Service B&M $403,183
    The Bank of Canton 60 Mayor Thomas J. Mcgrath Highway Quincy, MA 2169 Full Service B&M $93,288
    The Bank of Canton 67 North Main Street Randolph, MA 2368 Full Service B&M $253,491

    For 2021, The Bank Of Canton had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,438
    Net interest income $20,413
    Total noninterest income $8,562
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $85
    Trading account gains and fees $0
    Additional Noninterest Income $8,477
    Pre-tax net operating income $6,891
    Securities gains (or losses, -) $35
    Income before extraordinary items $5,186
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,186
    Minority interest net income $0
    Net income $5,186
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,158

    The Bank Of Canton's gross interest income from loans was $22,438,000.
    The Bank Of Canton's net interest income from loans was $20,413,000.
    The Bank Of Canton's fee based income from loans was $85,000.
    The Bank Of Canton's net income from loans was $5,186,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,025
    Provision for credit losses $-500
    Total noninterest expense $22,584
    Salaries and employee benefits $14,962
    Premises and equipment expense $2,014
    Additional noninterest expense $5,608
    Applicable income taxes $1,740
    Net charge-offs $-164
    Cash dividends $700

    The Bank Of Canton's interest expense for loans was $2,025,000.
    The Bank Of Canton's payroll and benefits expense were $14,962,000.
    The Bank Of Canton's property, plant and equipment expenses $2,014,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $726,602
    Deposits held in domestic offices $726,602
    Deposits by Individuals, partnerships, and corporations $643,645
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $82,957
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $245,625
    Demand deposits $126,759
    Nontransaction accounts $480,977
    Money market deposit accounts (MMDAs) $242,558
    Other savings deposits (excluding MMDAs) $170,861
    Total time deposits $67,558
    Total time and savings deposits $599,843
    Noninterest-bearing deposits $126,759
    Interest-bearing deposits $599,843
    Retail deposits $716,674
    IRAs and Keogh plan accounts $17,351
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $819,423
    Cash & Balances due from depository institutions $227,380
    Interest-bearing balances $225,573
    Total securities $69,675
    Federal funds sold & reverse repurchase $0
    Net loans and leases $493,130
    Loan and leases loss allowance $6,612
    Trading account assets $0
    Bank premises and fixed assets $5,074
    Other real estate owned $0
    Goodwill and other intangibles $465
    All other assets $23,699

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $819,423
    Total Liabilities $735,161
    Total deposits $726,602
    Interest-bearing deposits $599,843
    Deposits held in domestic offices $726,602
    % insured (estimated) $60
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $373
    Subordinated debt $0
    All other liabilities $8,186

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $493,130
    Loan and leases loss allowance $6,612
    Total loans and leases (domestic) $499,742
    All real estate loans $477,235
    Real estate loans in domestic offices $477,235
    Construction and development loans $61,825
    Residential 1-4 family construction $21,505
    Other construction, all land development and other land $40,320
    Loans secured by nonfarm nonresidential properties $201,038
    Nonfarm nonresidential secured by owner-occupied properties $37,627
    Commercial real estate & other non-farm, non-residential $163,411
    Multifamily residential real estate $40,528
    1-4 family residential loans $173,844
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $13,406
    To non-U.S. addressees $0
    Loans to individuals $1,193
    Credit card loans $555
    Related Plans $0
    Consumer Auto Loans $20
    Other loans to individuals $618
    All other loans & leases $7,909
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Bank of Canton had $493,130,000 of loans outstanding in 2021. $477,235,000 of loans were in real estate loans. $61,825,000 of loans were in development loans. $40,528,000 of loans were in multifamily mortgage loans. $173,844,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $555,000 of loans were in credit card loans. $20,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 183 $55,993 $305,973
    Nonfarm, nonresidential loans - <$100k 10 $540 $54,000
    Nonfarm, nonresidential loans - $100-250k 37 $4,606 $124,486
    Nonfarm, nonresidential loans - $250k-1MM 136 $50,847 $373,875
    Commercial & Industrial, US addressed loans - <$1MM 123 $10,038 $81,610
    Commercial & Industrial, US addressed loans - <$100k 82 $2,182 $26,610
    Commercial & Industrial, US addressed loans - $100-250k 18 $1,850 $102,778
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $6,006 $261,130