Dedham Institution For Savings Mortgage Rates, Fees & Info

Dedham, MA

LEI: 549300RS5LTZ0JDZYI59

Tax ID: 04-1238700

5 stars - out of 5 stars, based on 23 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Dedham Institution For Savings is a smaller mortgage company specializing in loans. Dedham Institution For Savings has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, Worcester, and Vineyard Haven among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Dedham Institution For Savings 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. Dedham Institution For Savings 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 5.97% 3/27/23
    30 Year Conventional Refi 6.13% 3/27/23
    30 Year Cash-out Refi 6.21% 3/27/23
    15 Year Conventional Purchase 5.81% 3/27/23
    15 Year Conventional Refi 5.46% 3/27/23
    15 Year Cash-out Refi 5.46% 3/27/23
    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.


    Originations

    518

    Origination Dollar Volume (All Markets)

    $460,310,000

    Awards

    Dedham Institution for Savings 30 Year Conventional Loans silver Dedham Institution for Savings 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Dedham Institution For Savings's average 30 year fixed mortgage rate was 4.1%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.66%.

    Relative Fees (Closing Costs)

    Dedham Institution For Savings's average total fees/closing costs for a 30 year fixed rate mortgage were $4,103.

    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 $4,750.

    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) 462 $429,880,000 $930,476 $3,839 4.48%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 17 $13,235,000 $778,529 $4,108 4.43%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 21 $7,335,000 $349,286 $3,392 4.21%
    WORCESTER, MA-CT (FHA|USDA|VA) 15 $4,935,000 $329,000 $3,034 4.28%
    Vineyard Haven, MA (FHA|USDA|VA) 2 $4,600,000 $2,300,000 $6,172 4.47%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $325,000 $325,000 $3,294 3.75%
    Dedham Institution For Savings's top markets include Boston, Barnstable Town, Providence, Worcester, and Vineyard Haven 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 Dedham Institution for Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Homestar Mortgage, Inc.
    Similarity Rank: 52
    SOMERSET
    Similarity Rank: 87
    OCEAN STATE CREDIT UNION
    Similarity Rank: 360
    Rhode Island Credit Union
    Similarity Rank: 393
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    Sharon & Crescent United Credit Union
    Similarity Rank: 432
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Piscataqua Savings Bank
    Similarity Rank: 526
    Middlesex Savings Bank
    Similarity Rank: 705
    Walpole Co-operative Bank
    Similarity Rank: 789

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 518 $460,310,000 $888,629 $3,809 4.46%

    For 2022, Dedham Institution For Savings's most frequently originated type of loan was Conventional, with 518 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 302 $291,890,000 $966,523 $4,408 4.76%
    Cash Out Refi 102 $63,590,000 $623,431 $3,465 3.65%
    Refi 54 $63,130,000 $1,169,074 $3,039 3.85%
    Home Improvement 43 $37,385,000 $869,419 $1,918 5.18%
    Other 17 $4,315,000 $253,824 $2,010 4.12%

    For 2022, Dedham Institution For Savings's most frequently cited loan purpose was Home Purchase, with 302 originations. The 2nd most popular reason was Cash Out Refi, with 102 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 334 $209,540,000 $627,365 $4,103 4.10%
    Other 82 $151,530,000 $1,847,927 $0 5.89%
    10 Year 37 $61,005,000 $1,648,784 $1,254 4.62%
    15 Year 28 $8,230,000 $293,929 $2,585 3.56%
    20 Year 15 $3,405,000 $227,000 $1,583 4.48%
    1 Year 10 $7,140,000 $714,000 $0 6.46%
    5 Year 8 $4,860,000 $607,500 $0 4.25%
    30+ year 2 $1,400,000 $700,000 $4,299 5.56%
    3 Year 2 $13,200,000 $6,600,000 $0 5.75%

    For 2022, Dedham Institution For Savings's most frequently cited loan duration was 30 Year, with 334 originations. The 2nd most popular length was Other, with 82 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 314 $160,610,000 $511,497
    $1k-2k 35 $39,835,000 $1,138,143
    $5k+ 7 $5,235,000 $747,857
    $2k-3k 2 $1,460,000 $730,000
    $3k-4k 1 $525,000 $525,000
    $4k-5k 1 $565,000 $565,000

    Dedham Institution For Savings's average total fees were $4,103, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 314 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 177 $160,465,000 $906,582
    3-4% 149 $104,915,000 $704,128
    5-6% 100 $101,110,000 $1,011,100
    2.5-3% 43 $25,535,000 $593,837
    6-7% 23 $39,105,000 $1,700,217
    7-8% 10 $19,300,000 $1,930,000
    <2.5% 9 $1,845,000 $205,000
    Over 8% 7 $8,035,000 $1,147,857

    During 2022, Dedham Institution For Savings's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 4-5%, with 177 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 125 $94,095,000 $752,760 $4,465 4.29%
    $400k-600k 119 $58,465,000 $491,303 $3,664 4.20%
    $1MM+ 117 $270,365,000 $2,310,812 $6,783 5.12%
    $200k-400k 107 $31,875,000 $297,897 $2,984 4.31%
    $100k-200k 29 $4,325,000 $149,138 $2,423 4.03%
    $100,000 or less 21 $1,185,000 $56,429 $375 4.65%

    2022 saw Dedham Institution For Savings place emphasis on $600k-1MM loans with 125 originations, totaling $94,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 124 $114,390,000 $922,500 $4,982 4.11%
    $150k-250k 113 $59,135,000 $523,319 $3,613 4.12%
    $100k-150k 82 $33,850,000 $412,805 $3,423 4.11%
    $75k-100k 37 $10,545,000 $285,000 $2,755 4.09%
    $50k-75k 34 $7,550,000 $222,059 $2,739 4.01%
    $50k or less 1 $315,000 $315,000 $0 8.50%

    Dedham Institution For Savings lent most frequently to those with incomes in the $250k+ range, with 124 originations. The second most popular income band? $150k-250k, with 113 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 106 $55,750,000 $525,943 $3,721 3.95%
    30-36% 75 $41,725,000 $556,333 $3,989 4.20%
    <20% 29 $13,685,000 $471,897 $2,963 4.12%
    42% 18 $8,570,000 $476,111 $3,244 3.94%
    37% 18 $9,610,000 $533,889 $4,366 4.32%
    40% 17 $9,335,000 $549,118 $3,247 4.17%
    38% 16 $8,030,000 $501,875 $3,543 4.43%
    44% 16 $11,240,000 $702,500 $4,198 4.08%
    43% 15 $6,685,000 $445,667 $3,289 3.78%
    39% 14 $8,670,000 $619,286 $3,596 3.94%
    49% 13 $7,315,000 $562,692 $3,668 4.28%
    36% 13 $9,605,000 $738,846 $3,902 3.88%
    41% 11 $7,555,000 $686,818 $4,150 4.85%
    45% 9 $7,025,000 $780,556 $5,116 4.18%
    50-60% 8 $12,800,000 $1,600,000 $6,625 3.97%
    46% 6 $2,400,000 $400,000 $3,730 4.08%
    47% 5 $3,145,000 $629,000 $3,980 4.20%
    48% 2 $960,000 $480,000 $3,459 3.44%

    Dedham Institution For Savings lent most frequently to those with DTI ratios of 20-30%, with 106 originations. The next most common DTI ratio? 30-36%, with 75 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 125 $233,985,000 $1,871,880 $0 5.57%
    White 326 $183,160,000 $561,840 $3,757 4.08%
    Not provided 37 $22,455,000 $606,892 $3,663 4.09%
    Asian 16 $10,280,000 $642,500 $5,231 4.30%
    Black 10 $6,080,000 $608,000 $3,979 4.64%
    Asian Indian 4 $4,350,000 $1,087,500 $4,475 4.78%

    Approval Rates

    Total approvals of all applications
    97.04%

    Dedham Institution For Savings 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
    83.01%

    Dedham Institution For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 518 $460,310,000 $888,629

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    518 $460,310,000 $888,629

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $25,845,000 $549,894 $3,140 3.90%
    40-60% 103 $90,315,000 $876,845 $3,365 4.18%
    60-80% 206 $261,390,000 $1,268,883 $4,530 4.73%
    80-100% 121 $74,975,000 $619,628 $4,214 4.36%
    Under 20% 41 $7,785,000 $189,878 $869 4.75%