Dedham Institution For Savings Mortgage Rates, Fees & Info

Dedham, MA

LEI: 549300RS5LTZ0JDZYI59

Tax ID: 04-1238700

5 stars - Updated: 3/29/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Dedham Institution For Savings is a smaller mortgage company specializing in Home Purchase loans. Dedham Institution For Savings has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, Worcester, and Bridgeport among others. We have data for 7 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 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.

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% 3/29/24
30 Year Conventional Refi 6.13% 3/29/24
30 Year Cash-out Refi 6.21% 3/29/24
15 Year Conventional Purchase 5.81% 3/29/24
15 Year Conventional Refi 5.46% 3/29/24
15 Year Cash-out Refi 5.46% 3/29/24
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.

Dedham Institution For Savings Mortgage Calculator






Your Estimates

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

This is not an official calculator from Dedham Institution For Savings. 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

366

Origination Dollar Volume (All Markets)

$301,540,000

Awards

Dedham Institution for Savings 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Dedham Institution For Savings's average 30 year fixed mortgage rate was 6.2%.

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

This yields a difference of -0.28%.

Relative Fees (Closing Costs)

Dedham Institution For Savings's average total fees/closing costs for a 30 year fixed rate mortgage were $4,482.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 319 $281,135,000 $881,301 $3,806 6.58%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 17 $7,115,000 $418,529 $2,976 6.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 14 $6,200,000 $442,857 $3,184 6.10%
WORCESTER, MA-CT (FHA|USDA|VA) 13 $4,855,000 $373,462 $3,069 6.38%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $0 6.67%
Vineyard Haven, MA (FHA|USDA|VA) 1 $745,000 $745,000 $3,350 5.75%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $285,000 $285,000 $3,033 6.13%
Dedham Institution For Savings's top markets include Boston, Providence, Barnstable Town, Worcester, and Bridgeport among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (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.

    Charter Oak Federal Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 366 $301,540,000 $823,880 $3,701 6.55%

    For 2023, Dedham Institution For Savings's most frequently originated type of loan was Conventional, with 366 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 258 $235,410,000 $912,442 $4,469 6.52%
    Home Improvement 48 $25,390,000 $528,958 $654 6.94%
    Cash Out Refi 30 $17,620,000 $587,333 $3,127 6.24%
    Refi 16 $21,530,000 $1,345,625 $2,320 6.79%
    Other 14 $1,590,000 $113,571 $672 6.09%

    For 2023, Dedham Institution For Savings's most frequently cited loan purpose was Home Purchase, with 258 originations. The 2nd most popular reason was Home Improvement, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 221 $146,725,000 $663,914 $4,482 6.20%
    Other 42 $74,580,000 $1,775,714 $0 8.69%
    10 Year 32 $16,530,000 $516,563 $605 6.29%
    20 Year 26 $3,840,000 $147,692 $185 6.56%
    30+ year 15 $11,345,000 $756,333 $4,614 5.89%
    5 Year 15 $6,905,000 $460,333 $0 6.26%
    15 Year 9 $2,815,000 $312,778 $1,875 6.07%
    1 Year 4 $5,120,000 $1,280,000 $0 8.94%
    3 Year 2 $33,680,000 $16,840,000 $0 8.13%

    For 2023, Dedham Institution For Savings's most frequently cited loan duration was 30 Year, with 221 originations. The 2nd most popular length was Other, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 237 $122,805,000 $518,165
    $1k-2k 18 $19,390,000 $1,077,222
    $5k+ 8 $10,800,000 $1,350,000
    $3k-4k 3 $795,000 $265,000
    $2k-3k 2 $550,000 $275,000
    $4k-5k 2 $1,150,000 $575,000

    Dedham Institution For Savings's average total fees were $4,482, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 237 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 155 $100,125,000 $645,968
    5-6% 136 $84,080,000 $618,235
    Over 8% 42 $74,820,000 $1,781,429
    7-8% 28 $39,030,000 $1,393,929
    4-5% 4 $1,310,000 $327,500

    During 2023, Dedham Institution For Savings's average interest rate for loans was 6.20%, while their most frequently originated rate bucket for loans was 6-7%, with 155 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 82 $63,050,000 $768,902 $4,460 6.36%
    $1MM+ 77 $177,035,000 $2,299,156 $6,846 7.34%
    $200k-400k 71 $20,905,000 $294,437 $3,314 6.37%
    $400k-600k 71 $34,225,000 $482,042 $3,988 6.32%
    $100,000 or less 34 $1,820,000 $53,529 $170 6.15%
    $100k-200k 31 $4,505,000 $145,323 $2,326 6.50%

    2023 saw Dedham Institution For Savings place emphasis on $600k-1MM loans with 82 originations, totaling $63,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 104 $98,280,000 $945,000 $4,897 6.15%
    $150k-250k 84 $40,750,000 $485,119 $3,201 6.31%
    $100k-150k 55 $17,995,000 $327,182 $3,159 6.29%
    $75k-100k 28 $6,390,000 $228,214 $2,734 6.04%
    $50k-75k 20 $3,200,000 $160,000 $2,910 6.08%
    $50k or less 3 $605,000 $201,667 $1,301 6.00%

    Dedham Institution For Savings lent most frequently to those with incomes in the $250k+ range, with 104 originations. The second most popular income band? $150k-250k, with 84 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 66 $25,890,000 $392,273 $2,686 6.25%
    30-36% 60 $36,210,000 $603,500 $4,209 6.25%
    38% 21 $15,215,000 $724,524 $4,534 6.12%
    <20% 17 $11,055,000 $650,294 $3,974 6.21%
    44% 16 $8,460,000 $528,750 $3,597 6.10%
    41% 15 $8,265,000 $551,000 $3,408 6.12%
    37% 12 $5,100,000 $425,000 $3,594 6.07%
    36% 12 $6,710,000 $559,167 $3,877 5.95%
    43% 11 $5,045,000 $458,636 $3,395 6.14%
    42% 10 $7,310,000 $731,000 $4,482 6.18%
    39% 10 $5,350,000 $535,000 $3,025 6.18%
    45% 9 $5,535,000 $615,000 $3,776 6.18%
    40% 8 $5,370,000 $671,250 $4,312 6.03%
    46% 7 $3,165,000 $452,143 $3,272 6.63%
    50-60% 4 $5,320,000 $1,330,000 $5,813 6.19%
    47% 4 $2,530,000 $632,500 $4,003 5.91%
    48% 4 $4,600,000 $1,150,000 $6,315 6.34%
    49% 4 $3,440,000 $860,000 $3,992 6.09%

    Dedham Institution For Savings lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? 30-36%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 70 $133,990,000 $1,914,143 $0 8.01%
    White 220 $124,230,000 $564,682 $3,619 6.23%
    Asian 21 $13,395,000 $637,857 $3,948 6.01%
    Not provided 31 $12,385,000 $399,516 $3,017 6.28%
    Asian Indian 2 $8,160,000 $4,080,000 $22,341 6.38%
    Black 18 $7,960,000 $442,222 $4,441 6.14%
    American Indian 2 $770,000 $385,000 $2,196 5.94%
    Chinese 1 $505,000 $505,000 $3,911 5.63%
    Other Asian 1 $145,000 $145,000 $5,646 6.38%

    Approval Rates

    Total approvals of all applications
    96.36%

    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
    84.43%

    Dedham Institution For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 366 $301,540,000 $823,880

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    366 $301,540,000 $823,880

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $16,555,000 $385,000 $2,437 6.36%
    40-60% 52 $53,460,000 $1,028,077 $4,261 6.75%
    60-80% 115 $155,505,000 $1,352,217 $4,834 6.93%
    80-100% 105 $67,665,000 $644,429 $4,616 6.12%
    Under 20% 50 $6,180,000 $123,600 $410 6.53%