Merrimack Valley Mortgage Rates, Fees & Info

Lawrence, MA

LEI: 549300L4PTYXDMX1GS50

Tax ID: 04-2206928

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Mortgage Data

Review & Overview

Merrimack Valley is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Merrimack Valley has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Manchester, Barnstable Town, and Portland among others. We have data for 9 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 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) 5.76% 10/13/24
30 Year Conventional Purchase 5.96% 10/13/24
30 Year Conventional Refi 5.95% 10/13/24
30 Year Cash-out Refi 6.24% 10/13/24
15 Year Conventional Purchase 5.83% 10/13/24
15 Year Conventional Refi 5.90% 10/13/24
15 Year Cash-out Refi 5.90% 10/13/24
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

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

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

551

Origination Dollar Volume (All Markets)

$83,915,000

Awards

MERRIMACK VALLEY 30 Year Conventional Loans gold MERRIMACK VALLEY 30 Year Conventional Loans gold MERRIMACK VALLEY 30 Year Conventional Loans silver MERRIMACK VALLEY 30 Year Conventional Loans bronze
Show all (4) 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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 468 $68,640,000 $146,667 $1,100 4.27%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 50 $9,140,000 $182,800 $1,693 4.12%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 15 $2,725,000 $181,667 $1,595 4.27%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $1,245,000 $177,857 $1,817 3.91%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $470,000 $235,000 $2,464 4.19%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $460,000 $230,000 $829 3.38%
Outside of Metro Areas 2 $460,000 $230,000 $1,187 4.25%
Concord, NH (FHA|USDA|VA) 2 $450,000 $225,000 $2,147 3.56%
Laconia, NH (FHA|USDA|VA) 3 $325,000 $108,333 $1,546 3.58%
Merrimack Valley's top markets include Boston, Providence, Manchester, Barnstable Town, and Portland among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • 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.

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    Middlesex Savings Bank
    Similarity Rank: 310
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    BankNewport
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348
    Bank Rhode Island
    Similarity Rank: 432
    QUINCY CREDIT UNION
    Similarity Rank: 435

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 551 $83,915,000 $152,296 $1,183 4.24%

    For 2019, Merrimack Valley's most frequently originated type of loan was Conventional, with 551 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 154 $32,830,000 $213,182 $1,795 4.06%
    Other 139 $6,645,000 $47,806 $67 4.68%
    Refi 112 $19,140,000 $170,893 $1,346 4.10%
    Home Purchase 84 $21,990,000 $261,786 $2,509 3.99%
    Home Improvement 62 $3,310,000 $53,387 $233 4.30%

    For 2019, Merrimack Valley's most frequently cited loan purpose was Cash Out Refi, with 154 originations. The 2nd most popular reason was Other, with 139 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 210 $52,660,000 $250,762 $2,311 4.04%
    15 Year 197 $21,525,000 $109,264 $629 4.54%
    10 Year 67 $3,235,000 $48,284 $104 4.40%
    5 Year 57 $1,785,000 $31,316 $11 3.83%
    20 Year 16 $3,590,000 $224,375 $2,238 3.88%
    Other 4 $1,120,000 $280,000 $2,142 4.31%

    For 2019, Merrimack Valley's most frequently cited loan duration was 30 Year, with 210 originations. The 2nd most popular length was 15 Year, with 197 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 532 $79,750,000 $149,906
    $3k-4k 2 $760,000 $380,000
    $1k-2k 1 $175,000 $175,000
    $2k-3k 1 $285,000 $285,000

    Merrimack Valley's average total fees were $2,311, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 532 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 248 $27,680,000 $111,613
    3-4% 242 $48,070,000 $198,636
    5-6% 32 $3,310,000 $103,438
    2.5-3% 18 $4,160,000 $231,111
    6-7% 11 $695,000 $63,182

    During 2019, Merrimack Valley's average interest rate for loans was 4.04%, while their most frequently originated rate bucket for loans was 4-5%, with 248 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 243 $10,485,000 $43,148 $75 4.58%
    $200k-400k 177 $48,455,000 $273,757 $2,297 3.94%
    $100k-200k 115 $17,425,000 $151,522 $1,639 4.03%
    $400k-600k 14 $6,260,000 $447,143 $2,867 3.84%
    $600k-1MM 2 $1,290,000 $645,000 $3,234 4.00%

    2019 saw Merrimack Valley place emphasis on $100,000 or less loans with 243 originations, totaling $10,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 153 $24,455,000 $159,837 $1,158 4.30%
    $75k-100k 119 $15,495,000 $130,210 $1,041 4.30%
    $150k-250k 111 $21,555,000 $194,189 $1,255 4.18%
    $50k-75k 109 $14,785,000 $135,642 $1,236 4.19%
    $50k or less 46 $4,440,000 $96,522 $1,187 4.14%
    $250k+ 10 $2,670,000 $267,000 $1,939 3.96%

    Merrimack Valley lent most frequently to those with incomes in the $100k-150k range, with 153 originations. The second most popular income band? $75k-100k, with 119 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 113 $17,925,000 $158,628 $1,364 4.17%
    20-30% 113 $19,675,000 $174,115 $1,402 4.09%
    44% 32 $4,880,000 $152,500 $1,051 4.39%
    <20% 26 $4,530,000 $174,231 $1,539 3.83%
    47% 25 $3,005,000 $120,200 $782 4.34%
    36% 25 $3,845,000 $153,800 $1,072 4.58%
    38% 25 $4,325,000 $173,000 $1,274 4.14%
    41% 23 $3,655,000 $158,913 $1,307 4.46%
    42% 22 $3,850,000 $175,000 $1,388 4.16%
    49% 21 $2,045,000 $97,381 $385 4.36%
    40% 21 $3,435,000 $163,571 $1,284 4.22%
    43% 20 $3,000,000 $150,000 $1,372 4.23%
    39% 19 $2,075,000 $109,211 $629 4.78%
    46% 18 $1,160,000 $64,444 $413 4.29%
    48% 14 $2,140,000 $152,857 $1,054 4.37%
    45% 13 $1,385,000 $106,538 $970 4.08%
    37% 11 $2,145,000 $195,000 $1,393 4.34%
    50-60% 6 $300,000 $50,000 $0 4.67%
    >60% 1 $25,000 $25,000 $0 4.25%

    Merrimack Valley lent most frequently to those with DTI ratios of 30-36%, with 113 originations. The next most common DTI ratio? 20-30%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 480 $74,070,000 $154,313 $1,232 4.21%
    Not provided 57 $6,785,000 $119,035 $613 4.48%
    Black 9 $1,965,000 $218,333 $2,146 4.10%
    Asian 4 $850,000 $212,500 $1,208 4.34%
    Not applicable 1 $245,000 $245,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    84.60%

    Merrimack Valley has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.30%

    Merrimack Valley has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 551 $83,915,000 $152,296

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $225,000 $225,000
    Single Family (1-4 Units):Site-Built 550 $83,690,000 $152,164

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $8,010,000 $117,794 $908 4.43%
    40-60% 85 $17,655,000 $207,706 $2,022 3.83%
    60-80% 121 $32,415,000 $267,893 $2,252 4.00%
    80-100% 60 $17,160,000 $286,000 $2,471 3.95%
    Under 20% 217 $8,675,000 $39,977 $29 4.55%