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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.76% | 4/21/24 |
| 30 Year Conventional Purchase | 5.96% | 4/21/24 |
| 30 Year Conventional Refi | 5.95% | 4/21/24 |
| 30 Year Cash-out Refi | 6.24% | 4/21/24 |
| 15 Year Conventional Purchase | 5.83% | 4/21/24 |
| 15 Year Conventional Refi | 5.90% | 4/21/24 |
| 15 Year Cash-out Refi | 5.90% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
551Origination Dollar Volume (All Markets)
$83,915,000Awards
MERRIMACK VALLEY - 2019
MERRIMACK VALLEY is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
2019 saw Merrimack Valley place emphasis on $100,000 or less loans with 243 originations, totaling $10,485,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications84.60%
Merrimack Valley has a below average approval rate.
Pick Rate
Approvals leading to origination87.30%
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 |