Somerset Mortgage Rates, Fees & Info

Somerset, MA

LEI: 549300VWMFYNEEG33W94

Tax ID: 04-2000200

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Mortgage Data

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 a below 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.

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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






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


Originations

163

Origination Dollar Volume (All Markets)

$28,965,000

Awards

SOMERSET 30 Year Conventional Loans bronze
Show all (1) awards

Top Markets

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    Market Originations Total Value Average Loan Average Fees Average Rate
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 163 $28,965,000 $177,699 $2,389 3.39%
    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.

    Bridgewater Savings Bank
    Similarity Rank: 138
    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    Poli Mortgage Group, Inc.
    Similarity Rank: 352
    Beeline Loans, Inc.
    Similarity Rank: 430
    Rhode Island Credit Union
    Similarity Rank: 510
    Bristol County Savings Bank
    Similarity Rank: 592
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 132 $26,960,000 $204,242 $2,389 3.48%
    HELOC 31 $2,005,000 $64,677 n/a 3.01%

    For 2020, Somerset's most frequently originated type of loan was Conventional, with 132 originations. Their 2nd most popular type was HELOC, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 64 $13,210,000 $206,406 $2,499 3.30%
    Refi 44 $8,430,000 $191,591 $2,181 3.47%
    Home Improvement 41 $3,705,000 $90,366 $1,930 3.43%
    Home Purchase 12 $3,440,000 $286,667 $3,090 3.54%
    Other 2 $180,000 $90,000 $0 2.99%

    For 2020, Somerset's most frequently cited loan purpose was Cash Out Refi, with 64 originations. The 2nd most popular reason was Refi, with 44 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 56 $7,760,000 $138,571 $2,591 3.08%
    30 Year 55 $14,055,000 $255,545 $2,687 3.40%
    15 Year 27 $3,995,000 $147,963 $1,901 3.69%
    10 Year 14 $740,000 $52,857 $1,132 4.07%
    Other 9 $2,335,000 $259,444 $2,331 3.21%
    5 Year 2 $80,000 $40,000 $25 4.00%

    For 2020, Somerset's most frequently cited loan duration was 20 Year, with 56 originations. The 2nd most popular length was 30 Year, with 55 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 107 $24,965,000 $233,318

    Somerset's average total fees were $2,687, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 107 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 93 $20,775,000 $223,387
    2.5-3% 55 $7,105,000 $129,182
    4-5% 15 $1,085,000 $72,333

    During 2020, Somerset's average interest rate for loans was 3.40%, while their most frequently originated rate bucket for loans was 3-4%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 67 $18,145,000 $270,821 $2,774 3.30%
    $100,000 or less 52 $2,520,000 $48,462 $769 3.56%
    $100k-200k 38 $5,630,000 $148,158 $2,109 3.31%
    $400k-600k 6 $2,670,000 $445,000 $3,406 3.44%

    2020 saw Somerset place emphasis on $200k-400k loans with 67 originations, totaling $18,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 52 $11,240,000 $216,154 $2,557 3.45%
    $75k-100k 38 $5,540,000 $145,789 $2,347 3.34%
    $150k-250k 29 $5,965,000 $205,690 $2,528 3.42%
    $50k-75k 27 $4,775,000 $176,852 $2,221 3.37%
    $50k or less 15 $1,185,000 $79,000 $1,900 3.37%
    $250k+ 2 $260,000 $130,000 $2,912 3.06%

    Somerset lent most frequently to those with incomes in the $100k-150k range, with 52 originations. The second most popular income band? $75k-100k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $9,090,000 $197,609 $2,429 3.29%
    30-36% 46 $8,150,000 $177,174 $2,339 3.35%
    <20% 11 $2,035,000 $185,000 $3,010 3.45%
    43% 11 $1,525,000 $138,636 $1,368 3.61%
    41% 9 $1,565,000 $173,889 $2,683 3.47%
    38% 8 $1,500,000 $187,500 $2,304 3.64%
    39% 6 $1,090,000 $181,667 $2,108 3.83%
    40% 6 $1,400,000 $233,333 $2,782 3.33%
    42% 6 $940,000 $156,667 $2,491 3.23%
    36% 5 $395,000 $79,000 $13 3.65%
    37% 5 $585,000 $117,000 $3,037 3.27%
    44% 3 $635,000 $211,667 $5,409 3.16%
    >60% 1 $55,000 $55,000 $0 2.99%

    Somerset lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 156 $28,460,000 $182,436 $2,385 3.40%
    Not provided 5 $415,000 $83,000 $2,859 3.22%
    Black 2 $90,000 $45,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    87.91%

    Somerset has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.05%

    Somerset has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 163 $28,965,000 $177,699

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 163 $28,965,000 $177,699

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $1,940,000 $97,000 $1,963 3.22%
    40-60% 30 $5,980,000 $199,333 $2,223 3.21%
    60-80% 53 $14,355,000 $270,849 $2,686 3.38%
    80-100% 15 $4,575,000 $305,000 $3,372 3.40%
    Under 20% 45 $2,115,000 $47,000 $885 3.60%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    SYNERGY ONE LENDING, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 33.3%
    SYNERGY ONE LENDING, INC. Conventional home mortgage Closing on a mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. Conventional home mortgage Trouble during payment process 1 11.1%
    SYNERGY ONE LENDING, INC. FHA mortgage Closing on a mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. VA mortgage Closing on a mortgage 1 11.1%