Westfield Bank Mortgage Rates, Fees & Info

Westfield, MA

LEI: 549300KV83NH6PNL5E48

Tax ID: 04-3305700

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

Jump to:

Mortgage Data

Bank Data

Review & Overview

Westfield Bank is a smaller bank specializing in Refi and Home Purchase loans. Westfield Bank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Boston, Worcester, and New Haven among others. We have data for 17 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% 3/28/24
30 Year Conventional Purchase 6.14% 3/28/24
30 Year Conventional Refi 6.22% 3/28/24
15 Year Conventional Purchase 5.60% 3/28/24
15 Year Conventional Refi 5.97% 3/28/24
15 Year Cash-out Refi 5.97% 3/28/24
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.

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

822

Origination Dollar Volume (All Markets)

$254,770,000

Employee count

309

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

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) 662 $146,090,000 $220,680 $2,774 3.19%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 102 $65,040,000 $637,647 $3,735 3.10%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 11 $15,705,000 $1,427,727 $3,901 3.30%
WORCESTER, MA-CT (FHA|USDA|VA) 13 $13,955,000 $1,073,462 $2,856 3.60%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $2,830,000 $707,500 $4,806 3.39%
PITTSFIELD, MA (FHA|USDA|VA) 9 $2,355,000 $261,667 $3,741 3.25%
Lebanon, NH-VT (FHA|USDA|VA) 2 $2,120,000 $1,060,000 $5,360 3.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $1,745,000 $581,667 $4,465 3.08%
Outside of Metro Areas 4 $1,570,000 $392,500 $6,240 3.25%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $780,000 $390,000 $4,130 3.06%
Torrington, CT (FHA|USDA|VA) 3 $735,000 $245,000 $2,808 3.25%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $680,000 $340,000 $3,501 3.25%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $355,000 $355,000 $3,331 3.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $305,000 $305,000 $3,827 3.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,372 3.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,754 3.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,343 3.00%
Westfield Bank's top markets include Springfield, Hartford, Boston, Worcester, and New Haven among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Maine (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: 266
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    SIKORSKY FINANCIAL
    Similarity Rank: 354
    ATHOL CREDIT UNION
    Similarity Rank: 368
    Florence Bank
    Similarity Rank: 400
    Sanborn Mortgage Corporation
    Similarity Rank: 435
    The Torrington Savings Bank
    Similarity Rank: 475
    Greenfield Savings Bank
    Similarity Rank: 522
    POLISH NATIONAL
    Similarity Rank: 568
    Cornerstone Bank
    Similarity Rank: 646

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 822 $254,770,000 $309,939 $2,957 3.18%

    For 2021, Westfield Bank's most frequently originated type of loan was Conventional, with 822 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 338 $101,830,000 $301,272 $2,339 3.26%
    Home Purchase 276 $95,460,000 $345,870 $4,015 3.13%
    Cash Out Refi 159 $32,625,000 $205,189 $3,135 2.89%
    Home Improvement 32 $23,360,000 $730,000 $541 3.97%
    Other 17 $1,495,000 $87,941 $648 3.84%

    For 2021, Westfield Bank's most frequently cited loan purpose was Refi, with 338 originations. The 2nd most popular reason was Home Purchase, with 276 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 447 $133,545,000 $298,758 $3,544 3.11%
    15 Year 147 $26,885,000 $182,891 $2,032 3.19%
    20 Year 93 $21,865,000 $235,108 $2,303 3.23%
    10 Year 63 $42,935,000 $681,508 $937 3.52%
    30+ year 35 $15,325,000 $437,857 $5,541 3.08%
    Other 22 $13,440,000 $610,909 $3,828 3.63%
    5 Year 15 $775,000 $51,667 $107 3.27%

    For 2021, Westfield Bank's most frequently cited loan duration was 30 Year, with 447 originations. The 2nd most popular length was 15 Year, with 147 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 719 $159,985,000 $222,510
    $1k-2k 8 $3,710,000 $463,750

    Westfield Bank's average total fees were $3,544, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 719 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 499 $126,265,000 $253,036
    3-4% 247 $117,535,000 $475,850
    4-5% 53 $6,375,000 $120,283
    <2.5% 15 $3,815,000 $254,333
    5-6% 8 $780,000 $97,500

    During 2021, Westfield Bank's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 499 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 313 $83,505,000 $266,789 $3,566 3.03%
    $100k-200k 280 $42,590,000 $152,107 $2,757 3.12%
    $100,000 or less 125 $6,955,000 $55,640 $613 3.71%
    $400k-600k 64 $29,910,000 $467,344 $4,541 3.05%
    $1MM+ 23 $79,865,000 $3,472,391 $6,210 3.58%
    $600k-1MM 17 $11,945,000 $702,647 $5,385 3.07%

    2021 saw Westfield Bank place emphasis on $200k-400k loans with 313 originations, totaling $83,505,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 188 $30,430,000 $161,862 $2,631 3.15%
    $100k-150k 179 $44,195,000 $246,899 $3,220 3.19%
    $75k-100k 133 $25,795,000 $193,947 $2,949 3.08%
    $150k-250k 105 $31,495,000 $299,952 $3,282 3.10%
    $50k or less 101 $12,335,000 $122,129 $2,319 3.16%
    $250k+ 56 $26,780,000 $478,214 $4,044 3.18%

    Westfield Bank lent most frequently to those with incomes in the $50k-75k range, with 188 originations. The second most popular income band? $100k-150k, with 179 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 202 $46,430,000 $229,851 $3,078 3.08%
    30-36% 139 $29,875,000 $214,928 $2,805 3.11%
    <20% 92 $21,480,000 $233,478 $2,749 3.12%
    36% 34 $9,390,000 $276,176 $2,893 3.28%
    44% 32 $7,240,000 $226,250 $3,367 3.04%
    42% 30 $5,850,000 $195,000 $2,679 3.34%
    38% 28 $5,760,000 $205,714 $2,929 3.07%
    41% 26 $5,820,000 $223,846 $2,860 3.07%
    39% 25 $5,965,000 $238,600 $3,718 3.18%
    43% 24 $4,600,000 $191,667 $2,735 3.21%
    45% 22 $4,240,000 $192,727 $2,880 3.26%
    37% 22 $3,450,000 $156,818 $2,927 3.14%
    49% 22 $5,080,000 $230,909 $2,538 3.45%
    40% 20 $4,420,000 $221,000 $3,337 3.11%
    48% 17 $3,705,000 $217,941 $2,805 3.21%
    46% 16 $4,710,000 $294,375 $3,449 3.23%
    47% 15 $3,315,000 $221,000 $3,029 3.16%
    50-60% 14 $3,240,000 $231,429 $3,092 3.17%

    Westfield Bank lent most frequently to those with DTI ratios of 20-30%, with 202 originations. The next most common DTI ratio? 30-36%, with 139 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 653 $147,075,000 $225,230 $2,931 3.14%
    Not applicable 41 $78,115,000 $1,905,244 $0 3.93%
    Not provided 99 $22,785,000 $230,152 $3,101 3.18%
    Asian 17 $4,605,000 $270,882 $3,045 3.33%
    Black 12 $2,190,000 $182,500 $3,136 3.02%

    Approval Rates

    Total approvals of all applications
    94.99%

    Westfield Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.64%

    Westfield Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 822 $254,770,000 $309,939

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    822 $254,770,000 $309,939

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 88 $9,350,000 $106,250 $1,609 3.26%
    40-60% 151 $32,575,000 $215,728 $2,846 3.08%
    60-80% 338 $149,580,000 $442,544 $3,391 3.13%
    80-100% 190 $60,650,000 $319,211 $3,919 3.07%
    Over 100% 1 $575,000 $575,000 $0 3.85%
    Under 20% 54 $2,040,000 $37,778 $125 4.04%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Westfield Bank 10 Hartford Avenue Granby, CT 6035 Full Service B&M $33,773
    Westfield Bank 1305 Memorial Avenue West Springfield, MA 1089 Limited, Mobile/Seasonal Office $0
    Westfield Bank 1342 Liberty Street Springfield, MA 1104 Full Service B&M $29,422
    Westfield Bank 14 Russell Road Huntington, MA 1050 Full Service B&M $27,109
    Westfield Bank 141 Elm St Westfield, MA 1085 Full Service B&M $295,981
    Westfield Bank 141 Elm Street Westfield, MA 1085 Full Service Cyber Office $32,881
    Westfield Bank 1500 Main Street Springfield, MA 1103 Full Service B&M $47,835
    Westfield Bank 1650 Northhampton Street Holyoke, MA 1040 Full Service B&M $67,959
    Westfield Bank 206 Park Street West Springfield, MA 1089 Full Service B&M $178,908
    Westfield Bank 241 Burnett Road Chicopee, MA 1013 Full Service B&M $55,279
    Westfield Bank 241 South Westfield Street Feeding Hills, MA 1030 Full Service B&M $67,029
    Westfield Bank 26 Arnold Street Westfield, MA 1085 Full Service B&M $35,833
    Westfield Bank 300 Southampton Road Westfield, MA 1085 Full Service B&M $123,979
    Westfield Bank 32 Willimansett Street South Hadley, MA 1075 Full Service B&M $44,873
    Westfield Bank 350 Palmer Road, Suite 100 Ware, MA 1082 Full Service B&M $24,040
    Westfield Bank 377 Cottage Grove Rd Bloomfield, CT 6002 Full Service B&M $5,387
    Westfield Bank 382 North Main Street East Longmeadow, MA 1028 Full Service B&M $99,641
    Westfield Bank 39 Morgan Road West Springfield, MA 1089 Full Service B&M $92,826
    Westfield Bank 462 College Highway Southwick, MA 1077 Full Service B&M $72,695
    Westfield Bank 47 Palomba Drive Enfield, CT 6082 Full Service B&M $75,969
    Westfield Bank 477 Center Street Ludlow, MA 1056 Full Service B&M $97,131
    Westfield Bank 560 East Main Street Westfield, MA 1085 Full Service B&M $136,927
    Westfield Bank 569 East Street Chicopee, MA 1020 Full Service B&M $73,268
    Westfield Bank 599 Memorial Drive Chicopee, MA 1020 Full Service B&M $65,117
    Westfield Bank 655 Main Street Agawam, MA 1001 Full Service B&M $162,420
    Westfield Bank 70 Center Street Chicopee, MA 1013 Full Service B&M $228,558
    Westfield Bank 977 Farmington Avenue West Hartford, CT 6107 Full Service B&M $14,692

    For 2021, Westfield Bank had 27 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $79,849
    Net interest income $73,883
    Total noninterest income $12,804
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,306
    Trading account gains and fees $0
    Additional Noninterest Income $10,498
    Pre-tax net operating income $35,115
    Securities gains (or losses, -) $-240
    Income before extraordinary items $26,033
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $26,033
    Minority interest net income $0
    Net income $26,033
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $26,222

    Westfield Bank's gross interest income from loans was $79,849,000.
    Westfield Bank's net interest income from loans was $73,883,000.
    Westfield Bank's fee based income from loans was $2,306,000.
    Westfield Bank's net income from loans was $26,033,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,966
    Provision for credit losses $-925
    Total noninterest expense $52,497
    Salaries and employee benefits $29,951
    Premises and equipment expense $7,143
    Additional noninterest expense $15,403
    Applicable income taxes $8,842
    Net charge-offs $445
    Cash dividends $13,024

    Westfield Bank's interest expense for loans was $5,966,000.
    Westfield Bank's payroll and benefits expense were $29,951,000.
    Westfield Bank's property, plant and equipment expenses $7,143,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $2,259,093
    Deposits held in domestic offices $2,259,093
    Deposits by Individuals, partnerships, and corporations $2,132,102
    Deposits by U.S. Government $1,334
    Deposits by States and political subdivisions in the U.S. $123,444
    Deposits by Commercial banks and other depository institutions in U.S. $2,213
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $147,006
    Demand deposits $147,006
    Nontransaction accounts $2,112,087
    Money market deposit accounts (MMDAs) $850,329
    Other savings deposits (excluding MMDAs) $859,726
    Total time deposits $402,032
    Total time and savings deposits $2,112,087
    Noninterest-bearing deposits $117,505
    Interest-bearing deposits $2,141,588
    Retail deposits $2,193,483
    IRAs and Keogh plan accounts $96,206
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,532,479
    Cash & Balances due from depository institutions $94,475
    Interest-bearing balances $79,342
    Total securities $428,520
    Federal funds sold & reverse repurchase $4,898
    Net loans and leases $1,844,929
    Loan and leases loss allowance $19,787
    Trading account assets $1,692
    Bank premises and fixed assets $34,670
    Other real estate owned $0
    Goodwill and other intangibles $15,743
    All other assets $107,552

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,532,479
    Total Liabilities $2,306,463
    Total deposits $2,259,093
    Interest-bearing deposits $2,141,588
    Deposits held in domestic offices $2,259,093
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $1,692
    Other borrowed funds $2,653
    Subordinated debt $0
    All other liabilities $43,025

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,844,929
    Loan and leases loss allowance $19,787
    Total loans and leases (domestic) $1,864,716
    All real estate loans $1,606,080
    Real estate loans in domestic offices $1,606,080
    Construction and development loans $91,572
    Residential 1-4 family construction $10,975
    Other construction, all land development and other land $80,597
    Loans secured by nonfarm nonresidential properties $652,591
    Nonfarm nonresidential secured by owner-occupied properties $176,365
    Commercial real estate & other non-farm, non-residential $476,226
    Multifamily residential real estate $175,981
    1-4 family residential loans $685,936
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $214,525
    To non-U.S. addressees $0
    Loans to individuals $4,097
    Credit card loans $0
    Related Plans $917
    Consumer Auto Loans $3,009
    Other loans to individuals $171
    All other loans & leases $40,014
    Loans to foreign governments and official institutions $0
    Other loans $9,068
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $266
    Loans secured by real estate to non-U.S. addressees $670
    Restructured Loans & leases $3,957
    Non 1-4 family restructured loans & leases $3,347
    Total loans and leases (foreign) $0

    Westfield Bank had $1,844,929,000 of loans outstanding in 2021. $1,606,080,000 of loans were in real estate loans. $91,572,000 of loans were in development loans. $175,981,000 of loans were in multifamily mortgage loans. $685,936,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,009,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 455 $112,210 $246,615
    Nonfarm, nonresidential loans - <$100k 31 $1,299 $41,903
    Nonfarm, nonresidential loans - $100-250k 172 $19,980 $116,163
    Nonfarm, nonresidential loans - $250k-1MM 252 $90,931 $360,837
    Commercial & Industrial, US addressed loans - <$1MM 1,254 $83,376 $66,488
    Commercial & Industrial, US addressed loans - <$100k 835 $17,921 $21,462
    Commercial & Industrial, US addressed loans - $100-250k 215 $20,507 $95,381
    Commercial & Industrial, US addressed loans - $250k-1MM 204 $44,948 $220,333