Dedham Institution For Savings Mortgage Rates, Fees & Info

Dedham, MA

LEI: 549300RS5LTZ0JDZYI59

Tax ID: 04-1238700

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

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  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Dedham Institution For Savings is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi 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 Portland 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.97% 12/4/24
    30 Year Conventional Refi 6.13% 12/4/24
    30 Year Cash-out Refi 6.21% 12/4/24
    15 Year Conventional Purchase 5.81% 12/4/24
    15 Year Conventional Refi 5.46% 12/4/24
    15 Year Cash-out Refi 5.46% 12/4/24
    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

    797

    Origination Dollar Volume (All Markets)

    $551,195,000

    Employee count

    210

    Awards

    Dedham Institution for Savings 30 Year Conventional Loans silver Dedham Institution for Savings 30 Year Conventional Loans silver
    Show all (2) 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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 726 $517,670,000 $713,044 $3,305 3.19%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 28 $17,720,000 $632,857 $3,753 2.90%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 28 $9,150,000 $326,786 $2,923 2.99%
    WORCESTER, MA-CT (FHA|USDA|VA) 12 $4,140,000 $345,000 $2,782 3.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $5,856 3.13%
    Outside of Metro Areas 1 $805,000 $805,000 $3,931 2.75%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $205,000 $205,000 $2,638 3.50%
    Dedham Institution For Savings's top markets include Boston, Barnstable Town, Providence, Worcester, and Portland among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Maine (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.

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Rhode Island Credit Union
    Similarity Rank: 524
    Sharon & Crescent United Credit Union
    Similarity Rank: 540
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 596
    WESTERLY COMMUNITY
    Similarity Rank: 618
    East Boston Savings Bank
    Similarity Rank: 755

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 797 $551,195,000 $691,587 $3,305 3.17%

    For 2021, Dedham Institution For Savings's most frequently originated type of loan was Conventional, with 797 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 287 $158,005,000 $550,540 $2,848 2.88%
    Home Purchase 258 $253,530,000 $982,674 $4,219 3.51%
    Cash Out Refi 224 $117,090,000 $522,723 $3,182 2.97%
    Home Improvement 21 $20,745,000 $987,857 $0 5.03%
    Other 7 $1,825,000 $260,714 $2,400 3.34%

    For 2021, Dedham Institution For Savings's most frequently cited loan purpose was Refi, with 287 originations. The 2nd most popular reason was Home Purchase, with 258 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 485 $288,805,000 $595,474 $3,569 2.98%
    15 Year 120 $38,900,000 $324,167 $2,672 2.54%
    Other 63 $120,755,000 $1,916,746 $2,939 4.91%
    10 Year 58 $63,750,000 $1,099,138 $1,849 3.69%
    20 Year 48 $19,090,000 $397,708 $2,632 2.67%
    1 Year 20 $16,270,000 $813,500 $0 5.53%
    5 Year 2 $2,810,000 $1,405,000 $0 3.98%
    3 Year 1 $815,000 $815,000 $0 4.00%

    For 2021, Dedham Institution For Savings's most frequently cited loan duration was 30 Year, with 485 originations. The 2nd most popular length was 15 Year, with 120 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 590 $289,320,000 $490,373
    $1k-2k 48 $43,130,000 $898,542
    $2k-3k 4 $1,950,000 $487,500
    $4k-5k 1 $405,000 $405,000
    $5k+ 1 $705,000 $705,000

    Dedham Institution For Savings's average total fees were $3,569, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 590 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 367 $182,985,000 $498,597
    3-4% 233 $194,125,000 $833,155
    <2.5% 113 $35,245,000 $311,903
    5-6% 48 $67,680,000 $1,410,000
    4-5% 34 $69,690,000 $2,049,706
    6-7% 2 $1,470,000 $735,000

    During 2021, Dedham Institution For Savings's average interest rate for loans was 2.98%, while their most frequently originated rate bucket for loans was 2.5-3%, with 367 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 265 $79,075,000 $298,396 $2,653 2.88%
    $400k-600k 173 $83,985,000 $485,462 $3,367 3.01%
    $600k-1MM 156 $117,630,000 $754,038 $3,962 3.33%
    $1MM+ 132 $260,890,000 $1,976,439 $5,524 3.95%
    $100k-200k 56 $8,760,000 $156,429 $2,317 2.79%
    $100,000 or less 15 $855,000 $57,000 $1,573 3.13%

    2021 saw Dedham Institution For Savings place emphasis on $200k-400k loans with 265 originations, totaling $79,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 187 $158,595,000 $848,102 $4,155 2.98%
    $150k-250k 182 $94,030,000 $516,648 $3,221 2.86%
    $100k-150k 152 $61,260,000 $403,026 $2,917 2.88%
    $75k-100k 80 $24,110,000 $301,375 $2,943 2.83%
    $50k-75k 60 $15,480,000 $258,000 $2,670 2.89%
    $50k or less 10 $1,890,000 $189,000 $2,303 2.91%

    Dedham Institution For Savings lent most frequently to those with incomes in the $250k+ range, with 187 originations. The second most popular income band? $150k-250k, with 182 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 199 $96,125,000 $483,040 $3,125 2.88%
    30-36% 128 $66,490,000 $519,453 $3,339 2.94%
    <20% 101 $52,865,000 $523,416 $3,172 2.79%
    39% 30 $21,230,000 $707,667 $3,702 2.93%
    36% 26 $12,650,000 $486,538 $3,339 2.84%
    43% 24 $12,390,000 $516,250 $3,478 2.79%
    42% 22 $10,550,000 $479,545 $3,309 2.83%
    37% 22 $11,380,000 $517,273 $3,445 2.98%
    41% 19 $10,135,000 $533,421 $3,393 2.95%
    38% 18 $8,070,000 $448,333 $3,233 2.86%
    44% 18 $11,120,000 $617,778 $3,885 2.96%
    40% 16 $9,380,000 $586,250 $3,450 2.87%
    47% 12 $6,350,000 $529,167 $3,508 2.83%
    45% 11 $5,585,000 $507,727 $3,324 2.79%
    49% 10 $3,050,000 $305,000 $2,831 2.99%
    46% 8 $5,480,000 $685,000 $3,745 2.78%
    48% 7 $5,745,000 $820,714 $4,378 3.02%
    50-60% 1 $795,000 $795,000 $4,346 2.99%

    Dedham Institution For Savings lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 128 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 558 $292,250,000 $523,746 $3,246 2.89%
    Not applicable 118 $192,780,000 $1,633,729 $0 4.73%
    Not provided 64 $32,330,000 $505,156 $3,122 2.93%
    Black 29 $14,215,000 $490,172 $4,117 2.83%
    Asian 19 $12,875,000 $677,632 $4,582 3.12%
    Asian Indian 5 $3,905,000 $781,000 $3,624 2.60%
    Other Asian 1 $1,295,000 $1,295,000 $5,784 3.13%
    Chinese 1 $1,005,000 $1,005,000 $0 4.00%
    Filipino 1 $305,000 $305,000 $2,351 2.63%
    American Indian 1 $235,000 $235,000 $2,674 2.75%

    Approval Rates

    Total approvals of all applications
    96.01%

    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
    88.46%

    Dedham Institution For Savings has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 797 $551,195,000 $691,587

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    797 $551,195,000 $691,587

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 110 $44,190,000 $401,727 $2,756 2.85%
    40-60% 234 $134,120,000 $573,162 $2,957 2.99%
    60-80% 304 $284,800,000 $936,842 $3,579 3.44%
    80-100% 111 $79,225,000 $713,739 $4,190 3.00%
    Under 20% 38 $8,860,000 $233,158 $2,090 3.47%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Dedham Institution For Savings 100 Old Billerica Road Bedford, MA 1730 Limited, Drive-thru $9,194
    Dedham Institution For Savings 1077 Great Plain Avenue Needham, MA 2492 Full Service B&M $148,717
    Dedham Institution For Savings 1428 Main Street Walpole, MA 2081 Full Service B&M $168,595
    Dedham Institution For Savings 180 Main Street Walpole, MA 2081 Full Service B&M $1,921
    Dedham Institution For Savings 185 Central Street Norwood, MA 2062 Full Service B&M $149,275
    Dedham Institution For Savings 260 Bussey Street Dedham, MA 2026 Full Service B&M $72,364
    Dedham Institution For Savings 420 Washington Street Dedham, MA 2026 Full Service B&M $75,242
    Dedham Institution For Savings 45 South Main Street Sharon, MA 2067 Full Service B&M $52,998
    Dedham Institution For Savings 5000 Great Meadow Rd Dedham, MA 2026 Full Service B&M $4,896
    Dedham Institution For Savings 55 Elm St Dedham, MA 2026 Full Service B&M $695,109
    Dedham Institution For Savings 55 Elm Street Dedham, MA 2026 Full Service Cyber Office $5,531
    Dedham Institution For Savings 636 East Broadway South Boston, MA 2127 Full Service B&M $50,976
    Dedham Institution For Savings 673 High Street Westwood, MA 2090 Full Service B&M $131,430
    Dedham Institution For Savings One Del Pond Drive Canton, MA 2021 Full Service B&M $12,126

    For 2021, Dedham Institution For Savings had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $61,196
    Net interest income $57,240
    Total noninterest income $7,154
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $719
    Trading account gains and fees $0
    Additional Noninterest Income $6,435
    Pre-tax net operating income $20,556
    Securities gains (or losses, -) $8,357
    Income before extraordinary items $22,136
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $22,136
    Minority interest net income $0
    Net income $22,136
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $15,533

    Dedham Institution For Savings's gross interest income from loans was $61,196,000.
    Dedham Institution For Savings's net interest income from loans was $57,240,000.
    Dedham Institution For Savings's fee based income from loans was $719,000.
    Dedham Institution For Savings's net income from loans was $22,136,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,956
    Provision for credit losses $232
    Total noninterest expense $43,606
    Salaries and employee benefits $27,313
    Premises and equipment expense $4,614
    Additional noninterest expense $11,679
    Applicable income taxes $6,777
    Net charge-offs $-33
    Cash dividends $0

    Dedham Institution For Savings's interest expense for loans was $3,956,000.
    Dedham Institution For Savings's payroll and benefits expense were $27,313,000.
    Dedham Institution For Savings's property, plant and equipment expenses $4,614,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,620,582
    Deposits held in domestic offices $1,620,582
    Deposits by Individuals, partnerships, and corporations $1,525,811
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $85,071
    Deposits by Commercial banks and other depository institutions in U.S. $9,700
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $577,601
    Demand deposits $237,531
    Nontransaction accounts $1,042,981
    Money market deposit accounts (MMDAs) $282,298
    Other savings deposits (excluding MMDAs) $462,844
    Total time deposits $297,838
    Total time and savings deposits $1,383,051
    Noninterest-bearing deposits $237,531
    Interest-bearing deposits $1,383,051
    Retail deposits $1,444,711
    IRAs and Keogh plan accounts $55,120
    Brokered deposits $102,001
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,873,719
    Cash & Balances due from depository institutions $34,592
    Interest-bearing balances $26,620
    Total securities $404,412
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,383,351
    Loan and leases loss allowance $9,747
    Trading account assets $0
    Bank premises and fixed assets $6,850
    Other real estate owned $0
    Goodwill and other intangibles $2,448
    All other assets $42,066

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,873,719
    Total Liabilities $1,649,782
    Total deposits $1,620,582
    Interest-bearing deposits $1,383,051
    Deposits held in domestic offices $1,620,582
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $847
    Subordinated debt $0
    All other liabilities $28,353

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,383,351
    Loan and leases loss allowance $9,747
    Total loans and leases (domestic) $1,393,098
    All real estate loans $1,310,121
    Real estate loans in domestic offices $1,310,121
    Construction and development loans $248,997
    Residential 1-4 family construction $203,605
    Other construction, all land development and other land $45,392
    Loans secured by nonfarm nonresidential properties $266,937
    Nonfarm nonresidential secured by owner-occupied properties $82,052
    Commercial real estate & other non-farm, non-residential $184,885
    Multifamily residential real estate $108,993
    1-4 family residential loans $685,194
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $48,169
    To non-U.S. addressees $0
    Loans to individuals $547
    Credit card loans $0
    Related Plans $236
    Consumer Auto Loans $21
    Other loans to individuals $290
    All other loans & leases $34,261
    Loans to foreign governments and official institutions $0
    Other loans $697
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,254
    Non 1-4 family restructured loans & leases $228
    Total loans and leases (foreign) $0

    Dedham Institution for Savings had $1,383,351,000 of loans outstanding in 2021. $1,310,121,000 of loans were in real estate loans. $248,997,000 of loans were in development loans. $108,993,000 of loans were in multifamily mortgage loans. $685,194,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $21,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 175 $55,996 $319,977
    Nonfarm, nonresidential loans - <$100k 11 $221 $20,091
    Nonfarm, nonresidential loans - $100-250k 30 $3,668 $122,267
    Nonfarm, nonresidential loans - $250k-1MM 134 $52,107 $388,858
    Commercial & Industrial, US addressed loans - <$1MM 647 $24,024 $37,131
    Commercial & Industrial, US addressed loans - <$100k 416 $6,511 $15,651
    Commercial & Industrial, US addressed loans - $100-250k 147 $4,976 $33,850
    Commercial & Industrial, US addressed loans - $250k-1MM 84 $12,537 $149,250