Somerset Mortgage Rates, Fees & Info

Somerset, MA

LEI: 549300VWMFYNEEG33W94

Tax ID: 04-2000200

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Somerset is a smaller mortgage company specializing in Cash Out Refi and Home Purchase 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 an average pick rate when compared to similar lenders. Somerset 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 6.27% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    15 Year Conventional Purchase 5.68% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 12/16/24
    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.

    Somerset Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Somerset. 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

    123

    Origination Dollar Volume (All Markets)

    $14,935,000

    Awards

    SOMERSET 30 Year Conventional Loans bronze SOMERSET 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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 123 $14,935,000 $121,423 $2,513 3.94%
    Somerset's top markets include and Providence among others.

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

    • Similar Lenders

    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.

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 66
    SOMERSET
    Similarity Rank: 99
    Sharon & Crescent United Credit Union
    Similarity Rank: 140
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 168
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 189
    UniBank for Savings
    Similarity Rank: 234

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 76 $12,190,000 $160,395 $2,513 4.53%
    HELOC 47 $2,745,000 $58,404 n/a 2.99%

    For 2018, Somerset's most frequently originated type of loan was Conventional, with 76 originations. Their 2nd most popular type was HELOC, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 65 $6,735,000 $103,615 $2,078 3.85%
    Home Improvement 23 $1,355,000 $58,913 $834 3.80%
    Home Purchase 20 $5,070,000 $253,500 $4,445 4.36%
    Refi 14 $1,740,000 $124,286 $2,552 3.94%
    Other 1 $35,000 $35,000 $41 5.00%

    For 2018, Somerset's most frequently cited loan purpose was Cash Out Refi, with 65 originations. The 2nd most popular reason was Home Improvement, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 52 $3,620,000 $69,615 $3,219 3.11%
    30 Year 40 $9,300,000 $232,500 $3,957 4.40%
    15 Year 20 $1,550,000 $77,500 $767 4.85%
    10 Year 9 $415,000 $46,111 $133 4.69%
    5 Year 2 $50,000 $25,000 $17 4.00%

    For 2018, Somerset's most frequently cited loan duration was 20 Year, with 52 originations. The 2nd most popular length was 30 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 47 $10,425,000 $221,809

    Somerset's average total fees were $3,957, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 47 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 62 $9,990,000 $161,129
    2.5-3% 47 $2,745,000 $58,404
    3-4% 10 $1,970,000 $197,000
    5-6% 4 $230,000 $57,500

    During 2018, Somerset's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 62 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 68 $3,100,000 $45,588 $360 3.71%
    $200k-400k 28 $7,240,000 $258,571 $4,006 4.30%
    $100k-200k 25 $3,755,000 $150,200 $2,826 4.13%
    $400k-600k 2 $840,000 $420,000 $8,283 4.63%

    2018 saw Somerset place emphasis on $100,000 or less loans with 68 originations, totaling $3,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 33 $5,155,000 $156,212 $3,107 3.89%
    $50k-75k 29 $3,115,000 $107,414 $2,147 3.97%
    $75k-100k 29 $3,115,000 $107,414 $2,298 4.02%
    $150k-250k 15 $2,055,000 $137,000 $2,517 3.82%
    $50k or less 14 $1,110,000 $79,286 $1,706 4.09%
    $250k+ 3 $385,000 $128,333 $7,688 3.58%

    Somerset lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $50k-75k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 38 $4,020,000 $105,789 $2,209 4.06%
    30-36% 29 $3,695,000 $127,414 $2,329 4.06%
    <20% 12 $1,280,000 $106,667 $2,579 3.85%
    36% 8 $870,000 $108,750 $1,439 4.09%
    42% 7 $1,155,000 $165,000 $2,927 3.64%
    37% 6 $1,170,000 $195,000 $4,026 4.08%
    40% 4 $520,000 $130,000 $2,375 4.25%
    43% 4 $500,000 $125,000 $3,203 4.00%
    38% 3 $925,000 $308,333 $4,619 4.17%
    39% 3 $265,000 $88,333 $4,035 3.33%
    45% 3 $215,000 $71,667 $0 2.99%
    50-60% 2 $110,000 $55,000 $0 2.99%
    41% 2 $130,000 $65,000 $656 4.00%
    44% 1 $55,000 $55,000 $0 2.99%
    49% 1 $25,000 $25,000 $0 2.99%

    Somerset lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 123 $14,935,000 $121,423 $2,513 3.94%

    Approval Rates

    Total approvals of all applications
    88.08%

    Somerset has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.68%

    Somerset has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 123 $14,935,000 $121,423

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 123 $14,935,000 $121,423

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $1,755,000 $83,571 $910 3.50%
    40-60% 10 $1,650,000 $165,000 $2,990 4.30%
    60-80% 25 $5,795,000 $231,800 $3,789 4.39%
    80-100% 14 $3,620,000 $258,571 $4,367 4.20%
    Under 20% 53 $2,115,000 $39,906 $308 3.78%

    Complaints

    Bank Name Product Issue 2018 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. Conventional home mortgage Closing on a mortgage 1 50.0%