Watertown Savings Bank Mortgage Rates, Fees & Info

Watertown, NY

LEI: 549300NVMV4W48B8SC18

Tax ID: 15-0486160

5 stars - Updated: 12/16/24 - out of 5 stars, based on 14 reviews

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

Jump to:

  • 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

    Watertown Savings Bank is a smaller bank specializing in Home Purchase loans. Watertown Savings Bank has a high proportion of conventional loans. Their top (well, only) market is Watertown.

    Watertown 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. Watertown 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 6.25% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    15 Year Conventional Purchase 5.68% 12/16/24
    15 Year Conventional Refi 5.46% 12/16/24
    15 Year Cash-out Refi 5.46% 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.

    Watertown Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Watertown 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

    196

    Origination Dollar Volume (All Markets)

    $32,880,000

    Awards

    Watertown Savings Bank 30 Year Conventional Loans gold Watertown Savings Bank 30 Year Conventional Loans gold Watertown Savings Bank 30 Year Conventional Loans gold Watertown Savings Bank 30 Year Conventional Loans silver
    Show all (4) awards

    Relative Rate

    Watertown Savings Bank's average 30 year fixed mortgage rate was 6.06%.

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

    This yields a difference of -0.42%.

    Relative Fees (Closing Costs)

    Watertown Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,577.

    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
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 173 $28,905,000 $167,081 $1,496 6.28%
    Outside of Metro Areas 23 $3,975,000 $172,826 $2,000 5.91%
    Watertown Savings Bank's top markets include and Watertown among others.

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

    • Similar Lenders

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

    Gouverneur Savings and Loan Association
    Similarity Rank: 9
    Watertown Savings Bank
    Similarity Rank: 12
    NORTHERN CREDIT UNION
    Similarity Rank: 126
    AMERICU Credit Union
    Similarity Rank: 168
    Genesee Regional Bank
    Similarity Rank: 341
    Community Bank
    Similarity Rank: 570
    HOMESTEAD FUNDING CORP.
    Similarity Rank: 3330
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 3556
    PLAZA HOME MORTGAGE, INC.
    Similarity Rank: 5430
    CROSSCOUNTRY MORTGAGE, LLC
    Similarity Rank: 5852

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 196 $32,880,000 $167,755 $1,558 6.24%

    For 2023, Watertown Savings Bank's most frequently originated type of loan was Conventional, with 196 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 93 $24,635,000 $264,892 $2,540 6.11%
    Home Improvement 31 $1,435,000 $46,290 $424 6.51%
    Cash Out Refi 31 $3,615,000 $116,613 $1,142 6.24%
    Other 26 $1,880,000 $72,308 $693 6.28%
    Refi 15 $1,315,000 $87,667 $400 6.39%

    For 2023, Watertown Savings Bank's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Home Improvement, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 90 $18,670,000 $207,444 $2,577 6.06%
    15 Year 50 $3,970,000 $79,400 $517 6.55%
    10 Year 29 $1,715,000 $59,138 $253 6.30%
    5 Year 11 $285,000 $25,909 $187 5.85%
    20 Year 9 $1,675,000 $186,111 $2,837 6.18%
    Other 7 $6,565,000 $937,857 $2,514 6.68%

    For 2023, Watertown Savings Bank's most frequently cited loan duration was 30 Year, with 90 originations. The 2nd most popular length was 15 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 186 $25,520,000 $137,204

    Watertown Savings Bank's average total fees were $2,577, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 186 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 82 $11,610,000 $141,585
    6-7% 76 $10,070,000 $132,500
    7-8% 29 $3,775,000 $130,172
    4-5% 9 $7,425,000 $825,000

    During 2023, Watertown Savings Bank's average interest rate for loans was 6.06%, while their most frequently originated rate bucket for loans was 5-6%, with 82 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 95 $5,195,000 $54,684 $689 6.31%
    $100k-200k 53 $7,835,000 $147,830 $2,412 6.19%
    $200k-400k 43 $11,915,000 $277,093 $2,303 6.15%
    $400k-600k 3 $1,335,000 $445,000 $2,883 5.88%
    $1MM+ 1 $5,915,000 $5,915,000 $0 5.00%
    $600k-1MM 1 $685,000 $685,000 $4,941 7.50%

    2023 saw Watertown Savings Bank place emphasis on $100,000 or less loans with 95 originations, totaling $5,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 46 $4,330,000 $94,130 $1,363 6.12%
    $100k-150k 39 $5,845,000 $149,872 $1,640 6.27%
    $75k-100k 37 $5,235,000 $141,486 $1,612 6.04%
    $150k-250k 27 $4,415,000 $163,519 $1,711 6.52%
    $50k or less 19 $995,000 $52,368 $877 6.22%
    $250k+ 14 $4,560,000 $325,714 $2,754 6.34%

    Watertown Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 46 originations. The second most popular income band? $100k-150k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $5,995,000 $139,419 $1,741 6.04%
    30-36% 38 $3,530,000 $92,895 $1,262 6.40%
    <20% 13 $2,525,000 $194,231 $2,412 6.34%
    41% 11 $1,525,000 $138,636 $1,451 6.18%
    42% 10 $850,000 $85,000 $553 6.48%
    39% 10 $1,620,000 $162,000 $1,866 6.50%
    36% 9 $1,575,000 $175,000 $1,552 6.46%
    37% 8 $1,000,000 $125,000 $1,836 6.02%
    38% 8 $810,000 $101,250 $1,451 5.91%
    40% 4 $520,000 $130,000 $901 5.47%
    44% 4 $400,000 $100,000 $830 6.19%
    43% 2 $320,000 $160,000 $2,004 6.56%
    >60% 1 $25,000 $25,000 $520 5.63%
    45% 1 $95,000 $95,000 $119 5.88%
    50-60% 1 $115,000 $115,000 $138 5.88%

    Watertown Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 176 $23,700,000 $134,659 $1,509 6.19%
    Not applicable 7 $6,835,000 $976,429 $0 6.82%
    Not provided 11 $2,215,000 $201,364 $2,416 6.76%
    Black 1 $115,000 $115,000 $3,015 5.75%
    Asian 1 $15,000 $15,000 $138 5.25%

    Approval Rates

    Total approvals of all applications
    97.38%

    Watertown Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    86.73%

    Watertown Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 196 $32,880,000 $167,755

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    196 $32,880,000 $167,755

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $2,605,000 $74,429 $578 6.39%
    40-60% 24 $2,880,000 $120,000 $1,300 6.35%
    60-80% 78 $21,180,000 $271,538 $2,322 6.32%
    80-100% 29 $5,295,000 $182,586 $2,474 5.78%
    Under 20% 30 $920,000 $30,667 $238 6.20%