Somerset Mortgage Rates, Fees & InfoSomerset, MA
Tax ID: 04-2000200
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSomerset is a smaller mortgage company specializing in loans. Somerset has a high proportion of conventional loans. Their top (well, only) market is Providence.
Somerset 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. Somerset is typically an average 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.27%||3/19/23|
|30 Year Conventional Refi||6.27%||3/19/23|
|30 Year Cash-out Refi||6.27%||3/19/23|
|15 Year Conventional Purchase||5.68%||3/19/23|
|15 Year Conventional Refi||5.68%||3/19/23|
|15 Year Cash-out Refi||5.68%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$32,400,000
Somerset's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.15%.
Relative Fees (Closing Costs)
Somerset's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,000.
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.
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|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||166||$32,400,000||$195,181||$2,720||2.97%|
Their top states include:
We use machine learning to identify the top lenders compared against SOMERSET based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 87
Similarity Rank: 156
Similarity Rank: 205
Similarity Rank: 224
Similarity Rank: 396
Similarity Rank: 405
Similarity Rank: 418
Similarity Rank: 518
Similarity Rank: 524
Similarity Rank: 540
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Somerset's most frequently originated type of loan was Conventional, with 141 originations. Their 2nd most popular type was HELOC, with 25 originations.
For 2021, Somerset's most frequently cited loan purpose was Cash Out Refi, with 107 originations. The 2nd most popular reason was Home Improvement, with 26 originations.
For 2021, Somerset's most frequently cited loan duration was 30 Year, with 77 originations. The 2nd most popular length was 20 Year, with 45 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Somerset's average total fees were $3,000, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 128 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Somerset's average interest rate for loans was 3.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 121 originations.
2021 saw Somerset place emphasis on $200k-400k loans with 68 originations, totaling $18,620,000 in origination value.
Somerset lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $75k-100k, with 40 originations.
Applicant Debt to Income Ratio
Somerset lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? 30-36%, with 38 originations.
Approval RatesTotal approvals of all applications
Somerset has an average approval rate.
Pick RateApprovals leading to origination
Somerset has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|Synergy One Lending, Inc.||Conventional home mortgage||Applying for a mortgage or refinancing an existing mortgage||1||50.0%|
|Synergy One Lending, Inc.||FHA mortgage||Applying for a mortgage or refinancing an existing mortgage||1||50.0%|