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 Refi 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% 4/19/24
    30 Year Conventional Refi 6.27% 4/19/24
    30 Year Cash-out Refi 6.27% 4/19/24
    15 Year Conventional Purchase 5.68% 4/19/24
    15 Year Conventional Refi 5.68% 4/19/24
    15 Year Cash-out Refi 5.68% 4/19/24
    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!

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    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    158

    Origination Dollar Volume (All Markets)

    $22,970,000

    Awards

    SOMERSET 30 Year Conventional Loans gold SOMERSET 30 Year Conventional Loans bronze SOMERSET 30 Year Conventional Loans silver SOMERSET 30 Year Conventional Loans gold
    Show all (4) 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) 158 $22,970,000 $145,380 $2,205 3.79%
    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.

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    Sharon & Crescent United Credit Union
    Similarity Rank: 120
    PAWTUCKET
    Similarity Rank: 216
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 234
    ROCKLAND
    Similarity Rank: 300
    Milford Federal Bank
    Similarity Rank: 306
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 117 $19,425,000 $166,026 $2,205 4.07%
    HELOC 41 $3,545,000 $86,463 n/a 2.99%

    For 2019, Somerset's most frequently originated type of loan was Conventional, with 117 originations. Their 2nd most popular type was HELOC, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 69 $10,915,000 $158,188 $2,138 4.02%
    Refi 37 $5,335,000 $144,189 $2,226 3.63%
    Home Improvement 33 $2,575,000 $78,030 $1,899 3.48%
    Home Purchase 17 $3,795,000 $223,235 $2,636 3.90%
    Other 2 $350,000 $175,000 $0 2.99%

    For 2019, Somerset's most frequently cited loan purpose was Cash Out Refi, with 69 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 53 $12,505,000 $235,943 $2,739 3.90%
    20 Year 49 $5,415,000 $110,510 $2,721 3.12%
    15 Year 24 $2,720,000 $113,333 $1,568 4.42%
    10 Year 21 $1,405,000 $66,905 $1,016 4.28%
    5 Year 7 $185,000 $26,429 $25 4.25%
    Other 4 $740,000 $185,000 $2,172 3.47%

    For 2019, Somerset's most frequently cited loan duration was 30 Year, with 53 originations. The 2nd most popular length was 20 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 69 $15,245,000 $220,942

    Somerset's average total fees were $2,739, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 69 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 56 $12,470,000 $222,679
    4-5% 49 $5,895,000 $120,306
    2.5-3% 46 $4,160,000 $90,435
    5-6% 7 $445,000 $63,571

    During 2019, Somerset's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 3-4%, with 56 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 71 $3,645,000 $51,338 $780 3.86%
    $200k-400k 51 $13,215,000 $259,118 $2,805 3.72%
    $100k-200k 33 $4,655,000 $141,061 $2,349 3.73%
    $400k-600k 3 $1,455,000 $485,000 $3,698 3.92%

    2019 saw Somerset place emphasis on $100,000 or less loans with 71 originations, totaling $3,645,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $7,250,000 $172,619 $2,345 3.88%
    $75k-100k 34 $4,180,000 $122,941 $1,963 3.81%
    $150k-250k 32 $5,450,000 $170,313 $2,316 3.58%
    $50k-75k 32 $4,130,000 $129,063 $2,373 3.81%
    $50k or less 14 $960,000 $68,571 $1,490 4.10%
    $250k+ 4 $1,000,000 $250,000 $2,871 3.18%

    Somerset lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $75k-100k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 56 $8,890,000 $158,750 $2,374 3.74%
    30-36% 29 $4,345,000 $149,828 $2,134 3.88%
    <20% 10 $1,800,000 $180,000 $2,230 3.58%
    37% 9 $935,000 $103,889 $2,054 3.65%
    42% 8 $880,000 $110,000 $1,509 3.67%
    40% 7 $915,000 $130,714 $1,557 3.96%
    36% 7 $1,025,000 $146,429 $2,722 3.84%
    41% 7 $995,000 $142,143 $2,154 3.73%
    38% 6 $980,000 $163,333 $2,432 4.46%
    39% 6 $1,000,000 $166,667 $2,840 3.89%
    43% 6 $540,000 $90,000 $1,207 4.35%
    45% 3 $215,000 $71,667 $2,040 3.24%
    47% 2 $310,000 $155,000 $0 2.99%
    44% 1 $95,000 $95,000 $0 2.99%
    46% 1 $45,000 $45,000 $0 2.99%

    Somerset lent most frequently to those with DTI ratios of 20-30%, with 56 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 155 $22,575,000 $145,645 $2,195 3.80%
    Black 1 $265,000 $265,000 $3,031 3.63%
    Not provided 1 $105,000 $105,000 $0 2.99%
    Asian 1 $25,000 $25,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    87.94%

    Somerset has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.14%

    Somerset has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 158 $22,970,000 $145,380

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 158 $22,970,000 $145,380

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $2,270,000 $87,308 $1,615 3.53%
    40-60% 23 $4,305,000 $187,174 $2,543 3.69%
    60-80% 43 $10,615,000 $246,860 $2,801 3.78%
    80-100% 13 $3,435,000 $264,231 $2,669 3.93%
    Under 20% 53 $2,345,000 $44,245 $553 3.93%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SYNERGY ONE LENDING, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 37.5%
    SYNERGY ONE LENDING, INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 25.0%
    SYNERGY ONE LENDING, INC. FHA mortgage Closing on a mortgage 3 37.5%