Westfield Bank Mortgage Rates, Fees & Info

Westfield, MA

LEI: 549300KV83NH6PNL5E48

Tax ID: 04-3305700

5 stars - Updated: 9/25/23 - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Westfield Bank is a smaller bank specializing in Refi, Home Purchase, and Home Improvement loans. Westfield Bank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Providence, Boston, and Pittsfield among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Westfield Bank 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. Westfield 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 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
Home Equity Line of Credit (HELOC) 3.99% 9/25/23
30 Year Conventional Purchase 6.14% 9/25/23
30 Year Conventional Refi 6.22% 9/25/23
15 Year Conventional Purchase 5.60% 9/25/23
15 Year Conventional Refi 5.97% 9/25/23
15 Year Cash-out Refi 5.97% 9/25/23
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.

Westfield Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Westfield 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

860

Origination Dollar Volume (All Markets)

$186,380,000

Awards

Westfield Bank 30 Year Conventional Loans silver Westfield Bank 30 Year Conventional Loans bronze Westfield Bank 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Westfield Bank's average 30 year fixed mortgage rate was 4.23%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.53%.

Relative Fees (Closing Costs)

Westfield Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,970.

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 $4,750.

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) 688 $117,670,000 $171,032 $2,423 3.48%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 116 $30,000,000 $258,621 $3,912 3.43%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $21,105,000 $4,221,000 $4,174 4.26%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 12 $4,970,000 $414,167 $4,641 3.39%
PITTSFIELD, MA (FHA|USDA|VA) 7 $2,995,000 $427,857 $5,326 3.46%
WORCESTER, MA-CT (FHA|USDA|VA) 12 $2,470,000 $205,833 $3,474 2.92%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $1,760,000 $880,000 $6,547 3.81%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,555,000 $518,333 $5,649 4.38%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $940,000 $470,000 $4,357 3.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $890,000 $445,000 $5,016 3.69%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $680,000 $340,000 $3,721 3.69%
Torrington, CT (FHA|USDA|VA) 4 $490,000 $122,500 $3,447 2.56%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $465,000 $155,000 $1,655 3.41%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.50%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $185,000 $185,000 $3,832 3.50%
Westfield Bank's top markets include Springfield, Hartford, Providence, Boston, and Pittsfield among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

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

    Freedom Credit Union
    Similarity Rank: 228
    ATHOL CREDIT UNION
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    GREATER SPRINGFIELD CREDIT UNION
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    Sanborn Mortgage Corporation
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    Florence Bank
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    SIKORSKY FINANCIAL
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    Greenfield Savings Bank
    Similarity Rank: 435
    The Torrington Savings Bank
    Similarity Rank: 475
    LUSO
    Similarity Rank: 528
    Country Bank for Savings
    Similarity Rank: 576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 539 $153,995,000 $285,705 $2,772 4.34%
    HELOC 321 $32,385,000 $100,888 n/a 1.99%

    For 2022, Westfield Bank's most frequently originated type of loan was Conventional, with 539 originations. Their 2nd most popular type was HELOC, with 321 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 283 $54,575,000 $192,845 $2,259 3.46%
    Home Purchase 225 $75,195,000 $334,200 $4,414 4.38%
    Home Improvement 206 $40,730,000 $197,718 $191 2.86%
    Other 146 $15,880,000 $108,767 $727 2.91%

    For 2022, Westfield Bank's most frequently cited loan purpose was Refi, with 283 originations. The 2nd most popular reason was Home Purchase, with 225 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 320 $38,910,000 $121,594 $3,915 2.02%
    30 Year 272 $75,910,000 $279,081 $3,970 4.23%
    15 Year 94 $10,680,000 $113,617 $1,104 4.65%
    20 Year 63 $12,695,000 $201,508 $1,550 4.19%
    10 Year 62 $29,200,000 $470,968 $334 4.52%
    30+ year 33 $18,285,000 $554,091 $5,843 4.05%
    5 Year 16 $700,000 $43,750 $127 4.23%

    For 2022, Westfield Bank's most frequently cited loan duration was Other, with 320 originations. The 2nd most popular length was 30 Year, with 272 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 340 $55,550,000 $163,382
    $1k-2k 170 $61,360,000 $360,941
    $2k-3k 1 $195,000 $195,000

    Westfield Bank's average total fees were $3,970, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 340 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 327 $33,255,000 $101,697
    4-5% 206 $53,060,000 $257,573
    3-4% 145 $39,225,000 $270,517
    5-6% 96 $43,260,000 $450,625
    2.5-3% 60 $14,530,000 $242,167
    6-7% 26 $3,050,000 $117,308

    During 2022, Westfield Bank's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was <2.5%, with 327 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 324 $16,580,000 $51,173 $422 3.12%
    $200k-400k 233 $62,565,000 $268,519 $3,768 3.75%
    $100k-200k 224 $32,170,000 $143,616 $2,426 3.43%
    $400k-600k 49 $23,255,000 $474,592 $4,618 4.12%
    $600k-1MM 23 $16,445,000 $715,000 $6,012 4.23%
    $1MM+ 7 $35,365,000 $5,052,143 $7,893 4.27%

    2022 saw Westfield Bank place emphasis on $100,000 or less loans with 324 originations, totaling $16,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 201 $26,205,000 $130,373 $2,236 3.57%
    $100k-150k 199 $36,085,000 $181,332 $2,695 3.45%
    $75k-100k 168 $25,630,000 $152,560 $2,856 3.41%
    $150k-250k 111 $29,535,000 $266,081 $3,609 3.34%
    $50k or less 103 $9,695,000 $94,126 $2,114 3.50%
    $250k+ 58 $24,830,000 $428,103 $4,450 3.48%

    Westfield Bank lent most frequently to those with incomes in the $50k-75k range, with 201 originations. The second most popular income band? $100k-150k, with 199 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 176 $33,910,000 $192,670 $2,672 3.55%
    30-36% 145 $25,745,000 $177,552 $2,698 3.63%
    <20% 63 $12,135,000 $192,619 $2,522 3.30%
    41% 44 $8,820,000 $200,455 $2,857 3.59%
    49% 38 $5,610,000 $147,632 $3,287 2.98%
    36% 35 $5,785,000 $165,286 $2,775 3.25%
    46% 34 $6,500,000 $191,176 $2,140 3.45%
    48% 34 $6,000,000 $176,471 $3,123 3.10%
    43% 32 $6,510,000 $203,438 $3,236 3.53%
    38% 31 $5,205,000 $167,903 $2,981 3.46%
    37% 31 $3,835,000 $123,710 $2,711 3.09%
    44% 31 $6,145,000 $198,226 $3,984 3.38%
    39% 29 $4,965,000 $171,207 $2,470 3.63%
    45% 28 $5,770,000 $206,071 $3,060 3.66%
    42% 27 $4,805,000 $177,963 $2,725 3.57%
    47% 26 $3,280,000 $126,154 $1,713 3.45%
    40% 23 $4,815,000 $209,348 $3,550 3.51%
    50-60% 23 $2,855,000 $124,130 $2,462 3.16%

    Westfield Bank lent most frequently to those with DTI ratios of 20-30%, with 176 originations. The next most common DTI ratio? 30-36%, with 145 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 695 $121,255,000 $174,468 $2,649 3.47%
    Not applicable 8 $32,770,000 $4,096,250 $0 4.58%
    Not provided 128 $26,990,000 $210,859 $3,405 3.38%
    Asian 12 $2,560,000 $213,333 $3,562 3.76%
    Black 13 $2,555,000 $196,538 $3,063 2.98%
    American Indian 3 $185,000 $61,667 $2,865 3.49%
    Native Hawaiian or Islander 1 $65,000 $65,000 $99 5.25%

    Approval Rates

    Total approvals of all applications
    92.09%

    Westfield Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.07%

    Westfield Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 860 $186,380,000 $216,721

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    860 $186,380,000 $216,721

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 185 $26,065,000 $140,892 $1,132 2.86%
    40-60% 112 $22,190,000 $198,125 $2,528 3.53%
    60-80% 201 $85,325,000 $424,502 $3,993 3.96%
    80-100% 126 $41,780,000 $331,587 $4,163 4.15%
    Under 20% 236 $11,020,000 $46,695 $122 3.13%