Westfield Bank Mortgage Rates, Fees & Info
Westfield, MALEI: 549300KV83NH6PNL5E48
Tax ID: 04-3305700
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 3.99% | 3/31/23 |
| 30 Year Conventional Purchase | 6.14% | 3/31/23 |
| 30 Year Conventional Refi | 6.22% | 3/31/23 |
| 15 Year Conventional Purchase | 5.60% | 3/31/23 |
| 15 Year Conventional Refi | 5.97% | 3/31/23 |
| 15 Year Cash-out Refi | 5.97% | 3/31/23 |
| 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. | ||
Originations
860Origination Dollar Volume (All Markets)
$186,380,000Awards
Westfield Bank - 2022
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For 2022, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 228
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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
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
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
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
2022 saw Westfield Bank place emphasis on $100,000 or less loans with 324 originations, totaling $16,580,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications92.09%
Westfield Bank has an average approval rate.
Pick Rate
Approvals leading to origination79.07%
Westfield Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 860 | $186,380,000 | $216,721 |