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 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.

    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% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    15 Year Conventional Refi 5.68% 4/28/24
    15 Year Cash-out Refi 5.68% 4/28/24
    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

    166

    Origination Dollar Volume (All Markets)

    $32,400,000

    Awards

    SOMERSET 30 Year Conventional Loans silver
    Show all (1) 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) 166 $32,400,000 $195,181 $2,720 2.97%
    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: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    Bridgewater Savings Bank
    Similarity Rank: 224
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    Dedham Institution for Savings
    Similarity Rank: 518
    Rhode Island Credit Union
    Similarity Rank: 524
    ROCKLAND
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 141 $30,885,000 $219,043 $2,720 2.97%
    HELOC 25 $1,515,000 $60,600 n/a 2.95%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 107 $22,425,000 $209,579 $2,723 2.96%
    Home Improvement 26 $2,110,000 $81,154 $1,836 3.00%
    Home Purchase 14 $3,280,000 $234,286 $2,890 2.98%
    Refi 14 $3,270,000 $233,571 $2,722 2.94%
    Other 5 $1,315,000 $263,000 $5,083 3.04%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 77 $20,225,000 $262,662 $3,000 3.00%
    20 Year 45 $6,045,000 $134,333 $2,520 2.91%
    15 Year 24 $3,310,000 $137,917 $2,289 3.02%
    10 Year 13 $1,675,000 $128,846 $2,109 2.97%
    Other 5 $985,000 $197,000 $2,390 2.73%
    5 Year 2 $160,000 $80,000 $1,527 2.75%

    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
    $<1k 128 $29,670,000 $231,797

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 121 $25,335,000 $209,380
    3-4% 26 $4,680,000 $180,000
    <2.5% 17 $2,265,000 $133,235
    4-5% 2 $120,000 $60,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 68 $18,620,000 $273,824 $2,829 2.95%
    $100k-200k 51 $7,785,000 $152,647 $2,626 2.89%
    $100,000 or less 39 $2,255,000 $57,821 $1,460 3.08%
    $400k-600k 8 $3,740,000 $467,500 $3,762 3.02%

    2021 saw Somerset place emphasis on $200k-400k loans with 68 originations, totaling $18,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 48 $10,520,000 $219,167 $2,737 2.98%
    $75k-100k 40 $7,990,000 $199,750 $2,838 2.89%
    $50k-75k 30 $4,910,000 $163,667 $2,550 2.97%
    $150k-250k 28 $5,890,000 $210,357 $2,704 3.05%
    $50k or less 13 $1,365,000 $105,000 $2,201 3.04%
    $250k+ 7 $1,725,000 $246,429 $3,736 2.82%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $11,930,000 $205,690 $2,764 2.93%
    30-36% 38 $7,320,000 $192,632 $2,650 3.01%
    <20% 16 $2,810,000 $175,625 $2,821 2.83%
    38% 8 $1,580,000 $197,500 $2,423 3.17%
    43% 7 $1,325,000 $189,286 $2,878 3.05%
    37% 7 $1,065,000 $152,143 $2,527 3.00%
    39% 7 $1,425,000 $203,571 $2,858 2.89%
    40% 6 $1,380,000 $230,000 $2,696 2.79%
    41% 5 $1,335,000 $267,000 $2,874 2.95%
    44% 3 $445,000 $148,333 $2,659 2.87%
    45% 3 $455,000 $151,667 $2,600 3.33%
    50-60% 3 $255,000 $85,000 $0 3.12%
    36% 2 $510,000 $255,000 $2,785 3.00%
    42% 2 $390,000 $195,000 $2,640 3.00%
    >60% 1 $175,000 $175,000 $2,539 3.50%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 161 $31,755,000 $197,236 $2,741 2.96%
    Black 2 $340,000 $170,000 $2,689 3.00%
    Other Asian 1 $195,000 $195,000 $2,705 2.88%
    Not provided 2 $110,000 $55,000 $25 3.75%

    Approval Rates

    Total approvals of all applications
    89.04%

    Somerset has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.76%

    Somerset has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 166 $32,400,000 $195,181

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    166 $32,400,000 $195,181

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $5,260,000 $138,421 $2,490 2.88%
    40-60% 41 $8,985,000 $219,146 $2,892 2.91%
    60-80% 46 $13,380,000 $290,870 $2,838 2.97%
    80-100% 8 $2,760,000 $345,000 $3,106 3.00%
    Under 20% 33 $2,015,000 $61,061 $1,687 3.11%

    Complaints

    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%