Salem Co-operative Bank Mortgage Rates, Fees & Info

Salem, NH

LEI: 549300O2WI1UYPLRU579

Tax ID: 02-0187470

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Salem Co-operative Bank is a smaller bank specializing in Home Purchase loans. Salem Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Laconia, Lebanon, and Concord among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Salem Co-operative Bank 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.

    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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    Originations

    139

    Origination Dollar Volume (All Markets)

    $52,275,000

    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) 104 $39,450,000 $379,327 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 30 $10,840,000 $361,333 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 1 $725,000 $725,000 $0 0.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $615,000 $615,000 $0 0.00%
    Outside of Metro Areas 2 $330,000 $165,000 $0 0.00%
    Concord, NH (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
    Salem Co-operative Bank's top markets include Boston, Manchester, Laconia, Lebanon, and Concord among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 139 $52,275,000 $376,079 $0 0.00%

    For 2023, Salem Co-operative Bank's most frequently originated type of loan was Conventional, with 139 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 89 $43,665,000 $490,618 $0 0.00%
    Refi 19 $5,275,000 $277,632 $0 0.00%
    Other 16 $2,180,000 $136,250 $0 0.00%
    Home Improvement 15 $1,155,000 $77,000 $0 0.00%

    For 2023, Salem Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 89 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 139 $52,275,000 $376,079 $0 0.00%

    For 2023, Salem Co-operative Bank's most frequently cited loan duration was Other, with 139 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 46 $13,560,000 $294,783 $0 0.00%
    $400k-600k 32 $15,180,000 $474,375 $0 0.00%
    $100,000 or less 27 $1,495,000 $55,370 $0 0.00%
    $600k-1MM 23 $17,165,000 $746,304 $0 0.00%
    $100k-200k 9 $1,185,000 $131,667 $0 0.00%
    $1MM+ 2 $3,690,000 $1,845,000 $0 0.00%

    2023 saw Salem Co-operative Bank place emphasis on $200k-400k loans with 46 originations, totaling $13,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 42 $15,920,000 $379,048 $0 0.00%
    $100k-150k 32 $8,190,000 $255,938 $0 0.00%
    $75k-100k 24 $6,010,000 $250,417 $0 0.00%
    $250k+ 19 $11,445,000 $602,368 $0 0.00%
    $50k-75k 10 $1,970,000 $197,000 $0 0.00%

    Salem Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 42 originations. The second most popular income band? $100k-150k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 139 $52,275,000 $376,079 $0 0.00%

    Salem Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 139 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 105 $34,215,000 $325,857 $0 0.00%
    Not applicable 11 $8,235,000 $748,636 $0 0.00%
    Not provided 14 $5,360,000 $382,857 $0 0.00%
    Asian 8 $3,790,000 $473,750 $0 0.00%
    Black 1 $675,000 $675,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.85%

    Salem Co-operative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.78%

    Salem Co-operative Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 139 $52,275,000 $376,079

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    139 $52,275,000 $376,079