Watertown Savings Bank Mortgage Rates, Fees & Info

Watertown, NY

LEI: 549300NVMV4W48B8SC18

Tax ID: 15-0486160

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

Jump to:

  • 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

    Watertown Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi 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 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
    30 Year Conventional Purchase 6.25% 11/21/24
    30 Year Conventional Refi 6.27% 11/21/24
    30 Year Cash-out Refi 6.27% 11/21/24
    15 Year Conventional Purchase 5.68% 11/21/24
    15 Year Conventional Refi 5.46% 11/21/24
    15 Year Cash-out Refi 5.46% 11/21/24
    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.

    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

    266

    Origination Dollar Volume (All Markets)

    $43,170,000
    Show all (6) 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
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 243 $38,275,000 $157,510 $1,545 4.23%
    Outside of Metro Areas 23 $4,895,000 $212,826 $1,836 4.09%
    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.

    Watertown Savings Bank
    Similarity Rank: 6
    AMERICU Credit Union
    Similarity Rank: 184
    NORTHERN CREDIT UNION
    Similarity Rank: 195
    Genesee Regional Bank
    Similarity Rank: 403
    Community Bank
    Similarity Rank: 528
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 2652
    KeyBank
    Similarity Rank: 4482
    HOMESTEAD FUNDING CORP.
    Similarity Rank: 7504
    PLAZA HOME MORTGAGE, INC.
    Similarity Rank: 8096
    USAA Federal Savings Bank
    Similarity Rank: 8380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 266 $43,170,000 $162,293 $1,569 4.22%

    For 2022, Watertown Savings Bank's most frequently originated type of loan was Conventional, with 266 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 116 $23,170,000 $199,741 $2,419 4.38%
    Cash Out Refi 64 $9,230,000 $144,219 $1,359 3.82%
    Other 33 $3,735,000 $113,182 $1,094 4.19%
    Home Improvement 32 $1,900,000 $59,375 $318 4.31%
    Refi 21 $5,135,000 $244,524 $173 4.39%

    For 2022, Watertown Savings Bank's most frequently cited loan purpose was Home Purchase, with 116 originations. The 2nd most popular reason was Cash Out Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 120 $25,230,000 $210,250 $2,489 4.09%
    15 Year 78 $8,670,000 $111,154 $639 4.25%
    10 Year 30 $1,700,000 $56,667 $301 4.18%
    20 Year 15 $3,465,000 $231,000 $3,032 4.79%
    Other 14 $3,810,000 $272,143 $1,666 4.91%
    5 Year 9 $295,000 $32,778 $178 3.63%

    For 2022, Watertown Savings Bank's most frequently cited loan duration was 30 Year, with 120 originations. The 2nd most popular length was 15 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 250 $38,150,000 $152,600

    Watertown Savings Bank's average total fees were $2,489, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 104 $15,410,000 $148,173
    4-5% 103 $18,515,000 $179,757
    5-6% 34 $5,220,000 $153,529
    2.5-3% 19 $3,065,000 $161,316
    6-7% 4 $510,000 $127,500
    <2.5% 1 $185,000 $185,000
    7-8% 1 $265,000 $265,000

    During 2022, Watertown Savings Bank's average interest rate for loans was 4.09%, while their most frequently originated rate bucket for loans was 3-4%, with 104 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 102 $5,680,000 $55,686 $714 4.25%
    $100k-200k 95 $13,955,000 $146,895 $1,891 4.19%
    $200k-400k 56 $15,160,000 $270,714 $2,239 4.19%
    $400k-600k 9 $4,495,000 $499,444 $3,926 4.22%
    $600k-1MM 3 $2,275,000 $758,333 $188 4.33%
    $1MM+ 1 $1,605,000 $1,605,000 $0 4.75%

    2022 saw Watertown Savings Bank place emphasis on $100,000 or less loans with 102 originations, totaling $5,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 61 $9,555,000 $156,639 $1,536 4.22%
    $50k-75k 54 $6,350,000 $117,593 $1,245 4.17%
    $75k-100k 40 $5,230,000 $130,750 $1,286 4.34%
    $50k or less 38 $3,040,000 $80,000 $1,305 4.00%
    $150k-250k 32 $7,520,000 $235,000 $2,393 3.93%
    $250k+ 17 $5,405,000 $317,941 $3,082 4.49%

    Watertown Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 61 originations. The second most popular income band? $50k-75k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $8,295,000 $150,818 $1,534 4.13%
    30-36% 46 $6,970,000 $151,522 $1,830 4.07%
    <20% 23 $3,255,000 $141,522 $2,015 3.94%
    42% 18 $3,180,000 $176,667 $1,999 4.02%
    40% 15 $2,405,000 $160,333 $2,131 4.72%
    41% 13 $1,865,000 $143,462 $1,392 3.82%
    37% 12 $2,560,000 $213,333 $2,086 4.38%
    38% 10 $1,190,000 $119,000 $1,570 4.13%
    39% 9 $1,055,000 $117,222 $1,333 4.21%
    50-60% 7 $1,045,000 $149,286 $941 4.68%
    36% 6 $620,000 $103,333 $1,544 3.69%
    43% 4 $300,000 $75,000 $316 4.53%
    46% 4 $380,000 $95,000 $314 4.63%
    >60% 2 $240,000 $120,000 $144 5.06%
    47% 1 $365,000 $365,000 $188 3.75%

    Watertown Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 229 $35,615,000 $155,524 $1,561 4.14%
    Not applicable 13 $3,295,000 $253,462 $0 5.31%
    Not provided 19 $3,235,000 $170,263 $1,672 4.32%
    Asian 2 $630,000 $315,000 $3,206 4.38%
    American Indian 1 $285,000 $285,000 $593 4.38%
    Black 2 $110,000 $55,000 $359 4.38%

    Approval Rates

    Total approvals of all applications
    96.56%

    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
    86.09%

    Watertown Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 266 $43,170,000 $162,293

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    266 $43,170,000 $162,293

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $3,215,000 $78,415 $523 4.20%
    40-60% 35 $6,405,000 $183,000 $1,643 4.27%
    60-80% 114 $22,150,000 $194,298 $1,965 4.25%
    80-100% 50 $10,530,000 $210,600 $2,225 4.10%
    Under 20% 26 $870,000 $33,462 $334 4.25%