Greenfield Savings Bank Mortgage Rates, Fees & Info

Greenfield, MA

LEI: 549300L6YKIXOYQ57883

Tax ID: 81-0669576

5 stars - Updated: 10/29/24 - out of 5 stars, based on 19 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Greenfield Savings Bank is a smaller bank specializing in Home Purchase loans. Greenfield Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Worcester, and Pittsfield among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Greenfield Savings 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. Greenfield Savings 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 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.19% 10/29/24
    30 Year Conventional Refi 6.41% 10/29/24
    30 Year Cash-out Refi 6.57% 10/29/24
    15 Year Conventional Purchase 5.30% 10/29/24
    15 Year Conventional Refi 5.79% 10/29/24
    15 Year Cash-out Refi 5.79% 10/29/24
    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.

    Greenfield Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Greenfield Savings 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

    370

    Origination Dollar Volume (All Markets)

    $127,540,000

    Awards

    Greenfield Savings Bank 30 Year Conventional Loans bronze Greenfield Savings Bank 30 Year Conventional Loans gold Greenfield Savings Bank 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Greenfield Savings Bank's average 30 year fixed mortgage rate was 5.18%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -1.3%.

    Relative Fees (Closing Costs)

    Greenfield Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,480.

    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
    SPRINGFIELD, MA (FHA|USDA|VA) 365 $126,605,000 $346,863 $2,930 5.69%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $845,000 $281,667 $5,387 5.46%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $90,000 $45,000 $0 0.00%
    Greenfield Savings Bank's top markets include Springfield, Worcester, and Pittsfield among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Greenfield Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Florence Bank
    Similarity Rank: 22
    LUSO
    Similarity Rank: 40
    Adams Community Bank
    Similarity Rank: 42
    Greenfield Savings Bank
    Similarity Rank: 45
    POLISH NATIONAL
    Similarity Rank: 68
    Country Bank for Savings
    Similarity Rank: 80
    Freedom Credit Union
    Similarity Rank: 126
    Westfield Bank
    Similarity Rank: 210
    PeoplesBank
    Similarity Rank: 240
    Easthampton Savings Bank
    Similarity Rank: 243

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 370 $127,540,000 $344,703 $2,946 5.65%

    For 2023, Greenfield Savings Bank's most frequently originated type of loan was Conventional, with 370 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 235 $112,675,000 $479,468 $4,503 5.56%
    Home Improvement 62 $5,400,000 $87,097 $173 5.48%
    Other 33 $3,265,000 $98,939 $407 6.03%
    Cash Out Refi 28 $3,170,000 $113,214 $896 6.08%
    Refi 12 $3,030,000 $252,500 $614 6.32%

    For 2023, Greenfield Savings Bank's most frequently cited loan purpose was Home Purchase, with 235 originations. The 2nd most popular reason was Home Improvement, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 199 $65,015,000 $326,709 $4,480 5.18%
    Other 60 $51,750,000 $862,500 $0 6.39%
    20 Year 37 $4,195,000 $113,378 $244 6.31%
    10 Year 32 $1,900,000 $59,375 $51 5.81%
    15 Year 29 $2,715,000 $93,621 $252 5.99%
    5 Year 8 $370,000 $46,250 $1 5.77%
    1 Year 5 $1,595,000 $319,000 $0 7.50%

    For 2023, Greenfield Savings Bank's most frequently cited loan duration was 30 Year, with 199 originations. The 2nd most popular length was Other, with 60 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 238 $50,350,000 $211,555
    $1k-2k 30 $9,690,000 $323,000
    $2k-3k 12 $4,000,000 $333,333
    $3k-4k 9 $3,065,000 $340,556
    $4k-5k 5 $1,875,000 $375,000
    $5k+ 4 $1,730,000 $432,500

    Greenfield Savings Bank's average total fees were $4,480, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 238 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 142 $48,460,000 $341,268
    6-7% 114 $43,210,000 $379,035
    4-5% 93 $31,305,000 $336,613
    7-8% 13 $4,115,000 $316,538
    <2.5% 7 $275,000 $39,286
    Over 8% 1 $175,000 $175,000

    During 2023, Greenfield Savings Bank's average interest rate for loans was 5.18%, while their most frequently originated rate bucket for loans was 5-6%, with 142 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 146 $42,900,000 $293,836 $4,314 5.64%
    $100,000 or less 88 $4,580,000 $52,045 $185 5.64%
    $100k-200k 64 $9,190,000 $143,594 $2,226 5.71%
    $400k-600k 44 $21,170,000 $481,136 $4,909 5.49%
    $1MM+ 18 $42,780,000 $2,376,667 $7,409 6.03%
    $600k-1MM 10 $6,920,000 $692,000 $6,302 5.65%

    2023 saw Greenfield Savings Bank place emphasis on $200k-400k loans with 146 originations, totaling $42,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 90 $20,020,000 $222,444 $2,962 5.59%
    $150k-250k 82 $25,760,000 $314,146 $3,590 5.47%
    $75k-100k 59 $11,345,000 $192,288 $3,025 5.47%
    $50k-75k 43 $5,825,000 $135,465 $2,033 5.47%
    $250k+ 25 $11,055,000 $442,200 $4,332 5.70%
    $50k or less 19 $1,365,000 $71,842 $798 5.41%

    Greenfield Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 90 originations. The second most popular income band? $150k-250k, with 82 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 76 $18,990,000 $249,868 $3,112 5.44%
    30-36% 68 $15,510,000 $228,088 $3,130 5.49%
    <20% 34 $6,680,000 $196,471 $2,314 5.57%
    42% 25 $6,835,000 $273,400 $2,529 5.51%
    38% 19 $3,425,000 $180,263 $2,898 5.28%
    41% 17 $3,465,000 $203,824 $2,780 5.47%
    39% 13 $2,925,000 $225,000 $2,450 5.76%
    36% 13 $3,115,000 $239,615 $2,844 5.95%
    37% 10 $2,010,000 $201,000 $3,401 4.99%
    43% 10 $3,240,000 $324,000 $2,468 5.71%
    40% 9 $2,605,000 $289,444 $3,844 5.85%
    44% 4 $1,210,000 $302,500 $5,201 5.81%
    >60% 2 $130,000 $65,000 $110 3.25%
    45% 1 $25,000 $25,000 $0 0.00%
    46% 1 $305,000 $305,000 $4,723 4.99%
    47% 1 $465,000 $465,000 $9,069 4.75%

    Greenfield Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 271 $61,745,000 $227,841 $2,879 5.54%
    Not applicable 48 $51,200,000 $1,066,667 $0 6.48%
    Not provided 33 $8,645,000 $261,970 $3,097 5.48%
    Asian 10 $2,580,000 $258,000 $2,887 5.82%
    Black 5 $2,335,000 $467,000 $4,357 5.25%
    Asian Indian 2 $720,000 $360,000 $5,175 4.99%
    Korean 1 $315,000 $315,000 $3,616 5.13%

    Approval Rates

    Total approvals of all applications
    90.02%

    Greenfield Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.27%

    Greenfield Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 370 $127,540,000 $344,703

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    370 $127,540,000 $344,703

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $7,010,000 $146,042 $522 6.00%
    40-60% 37 $14,645,000 $395,811 $2,556 5.64%
    60-80% 121 $68,385,000 $565,165 $4,287 5.81%
    80-100% 97 $34,335,000 $353,969 $4,743 5.36%
    Under 20% 67 $3,165,000 $47,239 $238 5.55%