Belmont Savings Bank Mortgage Rates, Fees & Info

BELMONT, MA

LEI: 549300U2W3RYPYVWZY37

Tax ID: 27-0988452

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
  • 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

    Belmont Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Belmont Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Springfield, and Barnstable Town among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Belmont 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. Belmont 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.

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    Originations

    124

    Origination Dollar Volume (All Markets)

    $94,970,000

    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) 118 $92,340,000 $782,542 $3,894 4.42%
    WORCESTER, MA-CT (FHA|USDA|VA) 4 $2,310,000 $577,500 $4,557 4.28%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $175,000 $175,000 $2,693 4.15%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $145,000 $145,000 $2,668 3.75%
    Belmont Savings Bank's top markets include Boston, Worcester, Springfield, and Barnstable Town among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Belmont Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Charter Oak Federal Credit Union
    Similarity Rank: 294
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 417
    Liberty Bank
    Similarity Rank: 420
    QUINCY CREDIT UNION
    Similarity Rank: 435
    Middlesex Savings Bank
    Similarity Rank: 455
    Members Plus Credit Union
    Similarity Rank: 505

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 124 $94,970,000 $765,887 $3,896 4.40%

    For 2019, Belmont Savings Bank's most frequently originated type of loan was Conventional, with 124 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 81 $44,275,000 $546,605 $4,117 4.46%
    Refi 36 $45,540,000 $1,265,000 $3,477 4.31%
    Cash Out Refi 6 $4,770,000 $795,000 $3,501 4.17%
    Home Improvement 1 $385,000 $385,000 $3,285 4.75%

    For 2019, Belmont Savings Bank's most frequently cited loan purpose was Home Purchase, with 81 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 116 $63,360,000 $546,207 $3,930 4.43%
    15 Year 6 $3,800,000 $633,333 $3,256 4.06%
    10 Year 2 $27,810,000 $13,905,000 $0 3.94%

    For 2019, Belmont Savings Bank's most frequently cited loan duration was 30 Year, with 116 originations. The 2nd most popular length was 15 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 58 $33,970,000 $585,690
    $<1k 50 $26,900,000 $538,000
    $2k-3k 7 $3,405,000 $486,429
    $3k-4k 3 $1,525,000 $508,333
    $4k-5k 1 $435,000 $435,000

    Belmont Savings Bank's average total fees were $3,930, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 99 $54,855,000 $554,091
    3-4% 25 $40,115,000 $1,604,600

    During 2019, Belmont Savings Bank's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 4-5%, with 99 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 65 $31,795,000 $489,154 $3,852 4.44%
    $600k-1MM 41 $29,835,000 $727,683 $4,216 4.41%
    $200k-400k 11 $3,365,000 $305,909 $3,141 4.38%
    $100k-200k 4 $660,000 $165,000 $2,624 4.07%
    $1MM+ 3 $29,315,000 $9,771,667 $4,955 3.96%

    2019 saw Belmont Savings Bank place emphasis on $400k-600k loans with 65 originations, totaling $31,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 56 $31,270,000 $558,393 $3,897 4.48%
    $250k+ 28 $19,010,000 $678,929 $4,040 4.31%
    $100k-150k 25 $12,255,000 $490,200 $3,950 4.43%
    $75k-100k 6 $2,210,000 $368,333 $3,245 4.21%
    $50k-75k 5 $1,605,000 $321,000 $3,181 4.43%
    $50k or less 1 $485,000 $485,000 $3,475 4.25%

    Belmont Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 56 originations. The second most popular income band? $250k+, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 30 $15,770,000 $525,667 $3,915 4.44%
    20-30% 28 $15,850,000 $566,071 $3,680 4.35%
    39% 11 $6,445,000 $585,909 $4,257 4.45%
    42% 11 $5,245,000 $476,818 $3,982 4.36%
    <20% 8 $4,820,000 $602,500 $4,193 4.51%
    41% 7 $4,015,000 $573,571 $3,552 4.55%
    37% 7 $3,455,000 $493,571 $3,652 4.32%
    40% 7 $4,455,000 $636,429 $4,048 4.47%
    38% 7 $3,885,000 $555,000 $4,047 4.43%
    36% 3 $1,845,000 $615,000 $3,455 4.25%
    >60% 2 $810,000 $405,000 $4,904 4.19%
    43% 1 $565,000 $565,000 $3,624 4.50%

    Belmont Savings Bank lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 87 $48,205,000 $554,080 $3,884 4.39%
    Not applicable 2 $27,810,000 $13,905,000 $0 3.94%
    Not provided 15 $8,395,000 $559,667 $4,015 4.56%
    Asian 16 $7,840,000 $490,000 $3,702 4.38%
    Black 2 $1,340,000 $670,000 $4,204 4.25%
    Chinese 1 $705,000 $705,000 $4,820 4.50%
    Asian Indian 1 $675,000 $675,000 $4,308 4.50%

    Approval Rates

    Total approvals of all applications
    98.59%

    Belmont 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
    89.52%

    Belmont Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 124 $94,970,000 $765,887

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $27,810,000 $13,905,000
    Single Family (1-4 Units):Site-Built 122 $67,160,000 $550,492

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $2,250,000 $375,000 $3,266 4.21%
    40-60% 9 $4,735,000 $526,111 $3,540 4.07%
    60-80% 73 $69,345,000 $949,932 $3,927 4.45%
    80-100% 34 $17,780,000 $522,941 $4,041 4.41%
    Under 20% 2 $860,000 $430,000 $3,865 4.50%