Florence Bank Mortgage Rates, Fees & Info

Northampton, MA

LEI: 549300JXIQJRQ1HME757

Tax ID: 04-1332530

5 stars - Updated: 10/29/24 - out of 5 stars, based on 24 reviews

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

Jump to:

  • 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

    Florence Bank is a smaller bank specializing in Home Purchase and Refi loans. Florence Bank has a high proportion of conventional loans. Their top two markets are Springfield and Worcester .

    Florence Bank 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. Florence Bank 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 relatively high 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
    Home Equity Line of Credit (HELOC) 3.75% 10/29/24
    30 Year Conventional Purchase 5.68% 10/29/24
    30 Year Conventional Refi 5.93% 10/29/24
    30 Year Cash-out Refi 5.88% 10/29/24
    15 Year Conventional Purchase 5.09% 10/29/24
    15 Year Conventional Refi 5.53% 10/29/24
    15 Year Cash-out Refi 5.53% 10/29/24
    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.

    Florence Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Florence Bank. 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

    588

    Origination Dollar Volume (All Markets)

    $115,350,000

    Awards

    Florence Bank 30 Year Conventional Loans silver Florence Bank 30 Year Conventional Loans gold Florence Bank 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Florence Bank's average 30 year fixed mortgage rate was 5.45%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -1.03%.

    Relative Fees (Closing Costs)

    Florence Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,976.

    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 $9,089.

    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
    SPRINGFIELD, MA (FHA|USDA|VA) 586 $114,340,000 $195,119 $2,867 3.85%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $1,010,000 $505,000 $3,670 5.69%
    Florence Bank's top markets include Springfield and Worcester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

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

    Florence Bank
    Similarity Rank: 22
    LUSO
    Similarity Rank: 40
    Adams Community Bank
    Similarity Rank: 42
    Greenfield Savings Bank
    Similarity Rank: 45
    POLISH NATIONAL
    Similarity Rank: 68
    Country Bank for Savings
    Similarity Rank: 80
    Freedom Credit Union
    Similarity Rank: 126
    Westfield Bank
    Similarity Rank: 210
    PeoplesBank
    Similarity Rank: 240
    Easthampton Savings Bank
    Similarity Rank: 243

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 302 $42,300,000 $140,066 n/a 2.07%
    Conventional 286 $73,050,000 $255,420 $2,870 5.74%

    For 2023, Florence Bank's most frequently originated type of loan was HELOC, with 302 originations. Their 2nd most popular type was Conventional, with 286 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 176 $53,630,000 $304,716 $4,026 5.46%
    Refi 174 $37,170,000 $213,621 $1,857 2.90%
    Home Improvement 131 $11,445,000 $87,366 $509 3.06%
    Other 105 $12,675,000 $120,714 $561 3.67%
    Cash Out Refi 2 $430,000 $215,000 $4,611 5.69%

    For 2023, Florence Bank's most frequently cited loan purpose was Home Purchase, with 176 originations. The 2nd most popular reason was Refi, with 174 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 356 $55,240,000 $155,169 $882 2.72%
    30 Year 179 $53,455,000 $298,631 $3,976 5.45%
    10 Year 23 $2,795,000 $121,522 $385 6.09%
    15 Year 20 $2,150,000 $107,500 $449 6.05%
    5 Year 7 $425,000 $60,714 $71 6.04%
    Other 2 $910,000 $455,000 $3,205 6.26%
    1 Year 1 $375,000 $375,000 $0 6.00%

    For 2023, Florence Bank's most frequently cited loan duration was 20 Year, with 356 originations. The 2nd most popular length was 30 Year, with 179 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 218 $45,900,000 $210,550
    $1k-2k 26 $7,870,000 $302,692
    $2k-3k 13 $4,605,000 $354,231
    $3k-4k 5 $1,905,000 $381,000
    $4k-5k 4 $2,030,000 $507,500
    $5k+ 2 $580,000 $290,000

    Florence Bank's average total fees were $3,976, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 218 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 290 $40,570,000 $139,897
    6-7% 113 $18,235,000 $161,372
    5-6% 102 $31,750,000 $311,275
    4-5% 68 $21,690,000 $318,971
    3-4% 13 $2,095,000 $161,154
    2.5-3% 1 $155,000 $155,000
    7-8% 1 $855,000 $855,000

    During 2023, Florence Bank's average interest rate for loans was 5.45%, while their most frequently originated rate bucket for loans was <2.5%, with 290 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 199 $11,015,000 $55,352 $192 3.36%
    $200k-400k 180 $49,130,000 $272,944 $3,863 4.39%
    $100k-200k 151 $20,455,000 $135,464 $2,214 3.55%
    $400k-600k 43 $20,365,000 $473,605 $4,979 4.71%
    $600k-1MM 13 $9,325,000 $717,308 $5,648 4.38%
    $1MM+ 2 $5,060,000 $2,530,000 $0 5.69%

    2023 saw Florence Bank place emphasis on $100,000 or less loans with 199 originations, totaling $11,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 171 $31,765,000 $185,760 $3,330 3.69%
    $150k-250k 127 $28,375,000 $223,425 $3,067 3.60%
    $75k-100k 107 $15,035,000 $140,514 $2,212 3.96%
    $50k-75k 79 $9,785,000 $123,861 $2,327 3.96%
    $50k or less 40 $3,210,000 $80,250 $2,080 3.79%
    $250k+ 35 $14,795,000 $422,714 $4,341 3.89%

    Florence Bank lent most frequently to those with incomes in the $100k-150k range, with 171 originations. The second most popular income band? $150k-250k, with 127 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 141 $25,535,000 $181,099 $3,064 3.80%
    30-36% 125 $22,915,000 $183,320 $3,024 3.76%
    42% 85 $14,375,000 $169,118 $1,441 2.96%
    <20% 40 $6,890,000 $172,250 $3,162 4.29%
    41% 28 $5,190,000 $185,357 $1,933 4.36%
    39% 26 $4,380,000 $168,462 $2,455 3.69%
    40% 25 $4,355,000 $174,200 $2,589 3.91%
    36% 25 $4,305,000 $172,200 $2,459 4.17%
    38% 23 $4,595,000 $199,783 $3,496 3.58%
    37% 22 $3,340,000 $151,818 $2,832 3.10%
    44% 8 $2,540,000 $317,500 $4,475 5.01%
    43% 8 $2,290,000 $286,250 $2,780 4.87%
    47% 4 $1,240,000 $310,000 $3,968 5.31%
    48% 3 $735,000 $245,000 $3,068 5.67%
    49% 3 $1,005,000 $335,000 $4,231 5.12%
    45% 2 $1,070,000 $535,000 $4,279 4.81%
    46% 1 $225,000 $225,000 $2,758 5.13%
    50-60% 1 $205,000 $205,000 $3,589 5.00%

    Florence Bank lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? 30-36%, with 125 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 495 $88,735,000 $179,263 $2,820 3.73%
    Not provided 62 $12,610,000 $203,387 $3,207 4.15%
    Not applicable 15 $9,765,000 $651,000 $0 6.33%
    Asian 13 $2,525,000 $194,231 $2,206 4.20%
    Asian Indian 1 $945,000 $945,000 $5,764 4.50%
    Black 1 $715,000 $715,000 $4,700 4.75%
    American Indian 1 $55,000 $55,000 $0 1.99%

    Approval Rates

    Total approvals of all applications
    88.27%

    Florence Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.72%

    Florence Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 588 $115,350,000 $196,173

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    588 $115,350,000 $196,173

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 158 $21,840,000 $138,228 $1,288 3.07%
    40-60% 83 $23,615,000 $284,518 $3,032 4.04%
    60-80% 106 $35,820,000 $337,925 $4,100 4.95%
    80-100% 68 $24,560,000 $361,176 $4,276 5.32%
    Under 20% 173 $9,515,000 $55,000 $131 3.23%