Merrimack Valley Mortgage Rates, Fees & Info

Lawrence, MA

LEI: 549300L4PTYXDMX1GS50

Tax ID: 04-2206928

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Merrimack Valley is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Merrimack Valley has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Manchester, Barnstable Town, and Laconia 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 above 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% 12/16/24
    30 Year Conventional Purchase 5.96% 12/16/24
    30 Year Conventional Refi 5.95% 12/16/24
    30 Year Cash-out Refi 6.24% 12/16/24
    15 Year Conventional Purchase 5.83% 12/16/24
    15 Year Conventional Refi 5.90% 12/16/24
    15 Year Cash-out Refi 5.90% 12/16/24
    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

    797

    Origination Dollar Volume (All Markets)

    $176,445,000
    Show all (5) 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) 683 $150,115,000 $219,788 $1,940 3.23%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 75 $16,305,000 $217,400 $1,790 3.28%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 20 $3,970,000 $198,500 $2,008 2.99%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 11 $2,865,000 $260,455 $2,201 3.23%
    Laconia, NH (FHA|USDA|VA) 3 $1,485,000 $495,000 $3,372 3.13%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $515,000 $515,000 $2,627 2.88%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $485,000 $485,000 $2,541 3.00%
    Concord, NH (FHA|USDA|VA) 2 $480,000 $240,000 $2,217 3.06%
    Outside of Metro Areas 1 $225,000 $225,000 $1,585 2.88%
    Merrimack Valley's top markets include Boston, Providence, Manchester, Barnstable Town, and Laconia among others.

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

    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Rhode Island Credit Union
    Similarity Rank: 510
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Bridgewater Savings Bank
    Similarity Rank: 738
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 797 $176,445,000 $221,386 $1,940 3.23%

    For 2020, Merrimack Valley's most frequently originated type of loan was Conventional, with 797 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 345 $82,385,000 $238,797 $2,089 3.23%
    Refi 307 $69,295,000 $225,717 $2,039 2.92%
    Home Purchase 69 $20,625,000 $298,913 $2,604 3.26%
    Home Improvement 47 $2,355,000 $50,106 $183 4.49%
    Other 29 $1,785,000 $61,552 $324 4.41%

    For 2020, Merrimack Valley's most frequently cited loan purpose was Cash Out Refi, with 345 originations. The 2nd most popular reason was Refi, with 307 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 393 $102,245,000 $260,165 $2,251 3.24%
    15 Year 244 $43,990,000 $180,287 $1,742 3.11%
    20 Year 74 $19,720,000 $266,486 $2,210 3.09%
    10 Year 45 $6,065,000 $134,778 $817 3.70%
    5 Year 26 $760,000 $29,231 $21 3.98%
    Other 15 $3,665,000 $244,333 $2,096 3.03%

    For 2020, Merrimack Valley's most frequently cited loan duration was 30 Year, with 393 originations. The 2nd most popular length was 15 Year, with 244 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 767 $168,415,000 $219,576
    $1k-2k 7 $1,625,000 $232,143
    $4k-5k 3 $1,015,000 $338,333

    Merrimack Valley's average total fees were $2,251, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 767 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 328 $82,140,000 $250,427
    2.5-3% 294 $70,020,000 $238,163
    <2.5% 93 $16,415,000 $176,505
    4-5% 69 $7,195,000 $104,275
    5-6% 11 $525,000 $47,727
    6-7% 2 $150,000 $75,000

    During 2020, Merrimack Valley's average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was 3-4%, with 328 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 396 $108,440,000 $273,838 $2,277 3.16%
    $100k-200k 221 $34,735,000 $157,172 $1,951 2.92%
    $100,000 or less 124 $6,610,000 $53,306 $556 4.01%
    $400k-600k 52 $23,560,000 $453,077 $2,592 3.20%
    $600k-1MM 4 $3,100,000 $775,000 $3,343 3.50%

    2020 saw Merrimack Valley place emphasis on $200k-400k loans with 396 originations, totaling $108,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 213 $52,525,000 $246,596 $2,066 3.23%
    $75k-100k 184 $37,340,000 $202,935 $1,872 3.23%
    $50k-75k 168 $29,410,000 $175,060 $1,823 3.21%
    $150k-250k 146 $39,710,000 $271,986 $2,004 3.20%
    $50k or less 54 $7,230,000 $133,889 $1,718 3.25%
    $250k+ 21 $6,835,000 $325,476 $2,269 3.42%

    Merrimack Valley lent most frequently to those with incomes in the $100k-150k range, with 213 originations. The second most popular income band? $75k-100k, with 184 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 228 $52,300,000 $229,386 $2,016 3.11%
    30-36% 157 $34,515,000 $219,841 $1,912 3.27%
    <20% 59 $11,295,000 $191,441 $1,965 2.81%
    44% 56 $12,620,000 $225,357 $1,906 3.46%
    43% 37 $9,155,000 $247,432 $2,079 3.09%
    42% 37 $8,145,000 $220,135 $1,832 3.30%
    41% 25 $4,755,000 $190,200 $1,649 3.46%
    45% 24 $4,360,000 $181,667 $1,526 3.58%
    39% 24 $5,520,000 $230,000 $2,269 3.30%
    40% 21 $4,855,000 $231,190 $2,077 3.14%
    46% 21 $4,015,000 $191,190 $1,744 3.36%
    37% 20 $4,720,000 $236,000 $2,192 3.04%
    36% 18 $4,150,000 $230,556 $2,034 3.32%
    38% 17 $4,785,000 $281,471 $2,394 3.33%
    47% 17 $3,255,000 $191,471 $1,633 3.43%
    48% 16 $2,760,000 $172,500 $1,622 3.46%
    49% 15 $2,955,000 $197,000 $1,377 3.80%

    Merrimack Valley lent most frequently to those with DTI ratios of 20-30%, with 228 originations. The next most common DTI ratio? 30-36%, with 157 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 738 $161,790,000 $219,228 $1,938 3.23%
    Not provided 33 $6,965,000 $211,061 $1,837 3.38%
    Asian 9 $2,605,000 $289,444 $2,067 2.67%
    Black 10 $2,490,000 $249,000 $2,141 3.14%
    Not applicable 4 $2,020,000 $505,000 $0 3.75%
    American Indian 2 $450,000 $225,000 $2,468 3.06%
    Native Hawaiian or Islander 1 $125,000 $125,000 $2,009 3.50%

    Approval Rates

    Total approvals of all applications
    90.84%

    Merrimack Valley has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.15%

    Merrimack Valley has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 797 $176,445,000 $221,386

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,575,000 $525,000
    Single Family (1-4 Units):Site-Built 794 $174,870,000 $220,239

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 113 $16,615,000 $147,035 $1,777 3.03%
    40-60% 217 $48,495,000 $223,479 $2,082 2.91%
    60-80% 304 $86,650,000 $285,033 $2,283 3.24%
    80-100% 62 $19,580,000 $315,806 $2,611 3.21%
    Under 20% 100 $4,910,000 $49,100 $365 4.12%