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

Jump to:

  • 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

    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, Barnstable Town, Providence, and Laconia among others. We have data for 6 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% 4/28/24
    30 Year Conventional Refi 6.09% 4/28/24
    30 Year Cash-out Refi 6.24% 4/28/24
    15 Year Conventional Purchase 3.83% 4/28/24
    15 Year Conventional Refi 5.67% 4/28/24
    15 Year Cash-out Refi 5.67% 4/28/24
    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

    318

    Origination Dollar Volume (All Markets)

    $148,110,000

    Awards

    The Bank of Canton 30 Year Conventional Loans bronze The Bank of Canton 30 Year Conventional Loans bronze
    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) 219 $111,895,000 $510,936 $3,787 4.30%
    WORCESTER, MA-CT (FHA|USDA|VA) 68 $23,840,000 $350,588 $3,884 4.40%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 11 $6,265,000 $569,545 $4,816 4.45%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 18 $4,470,000 $248,333 $4,579 4.16%
    Laconia, NH (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $7,855 4.25%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $135,000 $135,000 $3,006 3.13%
    The Bank Of Canton's top markets include Boston, Worcester, Barnstable Town, Providence, and Laconia among others.

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

    Homestar Mortgage, Inc.
    Similarity Rank: 8
    Rhode Island Credit Union
    Similarity Rank: 15
    SOMERSET
    Similarity Rank: 21
    Charter Oak Federal Credit Union
    Similarity Rank: 42
    QUINCY CREDIT UNION
    Similarity Rank: 50
    HOMEFIELD
    Similarity Rank: 72
    Direct Federal Credit Union
    Similarity Rank: 115
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 129
    IC Federal Credit Union
    Similarity Rank: 144
    Piscataqua Savings Bank
    Similarity Rank: 200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 318 $148,110,000 $465,755 $3,896 4.32%

    For 2022, The Bank Of Canton's most frequently originated type of loan was Conventional, with 318 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 235 $112,335,000 $478,021 $4,257 4.47%
    Cash Out Refi 30 $11,450,000 $381,667 $3,321 3.81%
    Refi 29 $17,805,000 $613,966 $3,033 3.78%
    Home Improvement 13 $2,695,000 $207,308 $2,153 4.08%
    Other 11 $3,825,000 $347,727 $2,829 4.13%

    For 2022, The Bank Of Canton's most frequently cited loan purpose was Home Purchase, with 235 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 228 $100,380,000 $440,263 $4,219 4.33%
    1 Year 27 $13,285,000 $492,037 $0 5.18%
    15 Year 23 $4,185,000 $181,957 $2,055 2.91%
    10 Year 17 $11,455,000 $673,824 $935 4.65%
    Other 10 $15,140,000 $1,514,000 $2,879 4.85%
    20 Year 8 $1,960,000 $245,000 $3,492 3.45%
    5 Year 4 $560,000 $140,000 $0 4.38%
    30+ year 1 $1,145,000 $1,145,000 $17,714 5.25%

    For 2022, The Bank Of Canton's most frequently cited loan duration was 30 Year, with 228 originations. The 2nd most popular length was 1 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 190 $80,330,000 $422,789
    $<1k 18 $600,000 $33,333
    $5k+ 7 $3,405,000 $486,429
    $2k-3k 4 $1,800,000 $450,000
    $4k-5k 2 $940,000 $470,000
    $3k-4k 1 $225,000 $225,000

    The Bank Of Canton's average total fees were $4,219, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 190 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 113 $49,565,000 $438,628
    4-5% 112 $61,990,000 $553,482
    5-6% 41 $16,985,000 $414,268
    6-7% 23 $12,885,000 $560,217
    2.5-3% 14 $4,300,000 $307,143
    <2.5% 14 $1,110,000 $79,286
    7-8% 1 $1,275,000 $1,275,000

    During 2022, The Bank Of Canton's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 3-4%, with 113 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 112 $33,010,000 $294,732 $3,809 4.39%
    $400k-600k 96 $46,590,000 $485,313 $4,548 4.37%
    $600k-1MM 50 $36,810,000 $736,200 $4,670 4.48%
    $100k-200k 24 $3,650,000 $152,083 $2,967 3.90%
    $100,000 or less 21 $685,000 $32,619 $189 3.27%
    $1MM+ 15 $27,365,000 $1,824,333 $10,559 5.02%

    2022 saw The Bank Of Canton place emphasis on $200k-400k loans with 112 originations, totaling $33,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 69 $26,035,000 $377,319 $3,879 4.42%
    $150k-250k 65 $29,245,000 $449,923 $4,313 4.17%
    $75k-100k 52 $14,490,000 $278,654 $3,320 4.04%
    $250k+ 44 $29,110,000 $661,591 $4,978 4.39%
    $50k-75k 35 $8,615,000 $246,143 $2,897 3.79%
    $50k or less 6 $1,450,000 $241,667 $3,545 3.92%

    The Bank Of Canton lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $150k-250k, with 65 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 69 $32,865,000 $476,304 $4,354 4.32%
    20-30% 66 $23,090,000 $349,848 $3,549 4.26%
    <20% 22 $9,960,000 $452,727 $3,558 4.08%
    38% 21 $9,165,000 $436,429 $4,158 4.07%
    39% 17 $6,745,000 $396,765 $3,751 4.05%
    37% 14 $4,230,000 $302,143 $2,930 4.11%
    41% 13 $4,835,000 $371,923 $3,253 3.74%
    36% 13 $4,305,000 $331,154 $3,510 4.52%
    42% 9 $4,315,000 $479,444 $5,596 3.92%
    40% 6 $2,070,000 $345,000 $3,983 4.44%
    45% 4 $1,650,000 $412,500 $5,698 4.47%
    43% 4 $1,540,000 $385,000 $3,451 3.59%
    44% 3 $1,145,000 $381,667 $4,167 3.88%
    47% 3 $605,000 $201,667 $3,153 3.67%
    49% 3 $1,345,000 $448,333 $4,581 5.79%
    46% 2 $500,000 $250,000 $2,903 2.50%
    48% 1 $285,000 $285,000 $4,029 3.25%

    The Bank Of Canton lent most frequently to those with DTI ratios of 30-36%, with 69 originations. The next most common DTI ratio? 20-30%, with 66 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 149 $57,245,000 $384,195 $3,894 4.27%
    Asian 97 $47,435,000 $489,021 $4,141 4.13%
    Not applicable 42 $34,150,000 $813,095 $0 5.05%
    Black 14 $4,580,000 $327,143 $3,958 4.20%
    Not provided 12 $3,950,000 $329,167 $3,134 4.23%
    Vietnamese 1 $415,000 $415,000 $3,715 4.75%
    American Indian 1 $285,000 $285,000 $2,717 3.63%
    Native Hawaiian or Islander 2 $50,000 $25,000 $774 3.38%

    Approval Rates

    Total approvals of all applications
    92.36%

    The Bank Of Canton has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.59%

    The Bank Of Canton has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 318 $148,110,000 $465,755

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    318 $148,110,000 $465,755

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $8,185,000 $282,241 $3,386 3.69%
    40-60% 56 $30,090,000 $537,321 $3,865 4.34%
    60-80% 160 $85,100,000 $531,875 $4,285 4.47%
    80-100% 52 $22,300,000 $428,846 $4,725 4.55%
    Under 20% 21 $2,435,000 $115,952 $467 3.36%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 1 50.0%