Merrimack Valley Mortgage Rates, Fees & Info
Lawrence, MALEI: 549300L4PTYXDMX1GS50
Tax ID: 04-2206928
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Mortgage Data
Review & Overview
Merrimack Valley is a smaller mortgage company specializing in Home Purchase loans. Merrimack Valley has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, Manchester, and Concord among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Merrimack Valley 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. Merrimack Valley 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.76% | 11/17/24 |
| 30 Year Conventional Purchase | 5.96% | 11/17/24 |
| 30 Year Conventional Refi | 5.95% | 11/17/24 |
| 30 Year Cash-out Refi | 6.24% | 11/17/24 |
| 15 Year Conventional Purchase | 5.83% | 11/17/24 |
| 15 Year Conventional Refi | 5.90% | 11/17/24 |
| 15 Year Cash-out Refi | 5.90% | 11/17/24 |
| 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. | ||
Merrimack Valley Mortgage Calculator
Your Estimates
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This is not an official calculator from Merrimack Valley. 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
682Origination Dollar Volume (All Markets)
$140,690,000Awards
MERRIMACK VALLEY - 2023
MERRIMACK VALLEY is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Merrimack Valley's average 30 year fixed mortgage rate was
5.99%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.49%.
Relative Fees (Closing Costs)
Merrimack Valley's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,455.
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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 583 | $119,345,000 | $204,708 | $1,362 | 7.06% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 20 | $6,430,000 | $321,500 | $2,640 | 6.55% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 38 | $5,730,000 | $150,789 | $1,311 | 6.91% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 18 | $3,670,000 | $203,889 | $1,095 | 7.00% |
| Concord, NH (FHA|USDA|VA) | 5 | $1,395,000 | $279,000 | $3,115 | 6.23% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 4 | $1,250,000 | $312,500 | $3,522 | 7.06% |
| Outside of Metro Areas | 3 | $1,085,000 | $361,667 | $3,700 | 6.71% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $3,441 | 6.25% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $0 | 7.79% |
| Berlin, NH (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,640 | 5.94% |
| Laconia, NH (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $1,656 | 6.44% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,059 | 6.75% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against MERRIMACK VALLEY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
Similarity Rank: 40
Similarity Rank: 45
Similarity Rank: 48
Similarity Rank: 135
Similarity Rank: 160
Similarity Rank: 177
Similarity Rank: 180
Similarity Rank: 195
Similarity Rank: 220
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 444 | $113,500,000 | $255,631 | $1,445 | 6.47% |
| HELOC | 238 | $27,190,000 | $114,244 | n/a | 8.03% |
For 2023, Merrimack Valley's most frequently originated type of loan was Conventional, with 444 originations. Their 2nd most popular type was HELOC, with 238 originations.
Loan Reason
For 2023, Merrimack Valley's most frequently cited loan purpose was Home Improvement, with 254 originations. The 2nd most popular reason was Home Purchase, with 181 originations.
Loan Duration/Length
For 2023, Merrimack Valley's most frequently cited loan duration was Other, with 220 originations. The 2nd most popular length was 30 Year, with 180 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 409 | $95,825,000 | $234,291 |
| $1k-2k | 3 | $735,000 | $245,000 |
| $2k-3k | 2 | $1,350,000 | $675,000 |
| $5k+ | 2 | $1,480,000 | $740,000 |
Merrimack Valley's average total fees were $3,455, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 409 originations.
Interest Rates
During 2023, Merrimack Valley's average interest rate for loans was 5.99%, while their most frequently originated rate bucket for loans was 6-7%, with 205 originations.
Loan Sizing
2023 saw Merrimack Valley place emphasis on $100,000 or less loans with 302 originations, totaling $16,890,000 in origination value.
Applicant Income
Merrimack Valley lent most frequently to those with incomes in the $100k-150k range, with 211 originations. The second most popular income band? $150k-250k, with 195 originations.
Applicant Debt to Income Ratio
Merrimack Valley lent most frequently to those with DTI ratios of 30-36%, with 107 originations. The next most common DTI ratio? 20-30%, with 97 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.83%
Merrimack Valley has an average approval rate.
Pick Rate
Approvals leading to origination83.28%
Merrimack Valley has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 682 | $140,690,000 | $206,290 |