Worcester Mortgage Rates, Fees & Info
Worcester, MALEI: 549300JH0WD7YX0UUZ21
Tax ID: 04-1990205
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Mortgage Data
Review & Overview
Worcester is a smaller mortgage company specializing in Home Improvement, Other, and Refi loans. Worcester has a high proportion of conventional loans. Their top (well, only) market is Worcester.Worcester has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.39% | 12/2/24 |
| 15 Year Conventional Refi | 5.17% | 12/2/24 |
| 15 Year Cash-out Refi | 5.17% | 12/2/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
33Origination Dollar Volume (All Markets)
$2,665,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| WORCESTER, MA-CT (FHA|USDA|VA) | 33 | $2,665,000 | $80,758 | $0 | 6.22% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 33 | $2,665,000 | $80,758 | $0 | 6.22% |
For 2023, Worcester's most frequently originated type of loan was Conventional, with 33 originations.
Loan Reason
For 2023, Worcester's most frequently cited loan purpose was Home Improvement, with 20 originations. The 2nd most popular reason was Other, with 6 originations.
Loan Duration/Length
For 2023, Worcester's most frequently cited loan duration was 10 Year, with 17 originations. The 2nd most popular length was 20 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 3 | $175,000 | $58,333 |
Worcester's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 16 | $1,310,000 | $81,875 |
| 6-7% | 16 | $1,280,000 | $80,000 |
| 7-8% | 1 | $75,000 | $75,000 |
During 2023, Worcester's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 16 originations.
Loan Sizing
2023 saw Worcester place emphasis on $100,000 or less loans with 23 originations, totaling $1,055,000 in origination value.
Applicant Income
Worcester lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 9 originations.
Applicant Debt to Income Ratio
Worcester lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.55%
Worcester has a below average approval rate.
Pick Rate
Approvals leading to origination90.91%
Worcester has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 33 | $2,665,000 | $80,758 |