Cape Ann Savings Bank Mortgage Rates, Fees & Info
Gloucester, MALEI: 549300XSCD2USU6CQ848
Tax ID: 04-1148820
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Cape Ann Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Cape Ann Savings Bank has a high proportion of conventional loans. Their top two markets are Boston and Barnstable Town .Cape Ann Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
263Origination Dollar Volume (All Markets)
$131,525,000Top 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 262 | $130,940,000 | $499,771 | $3,059 | 3.13% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 263 | $131,525,000 | $500,095 | $3,059 | 3.13% |
For 2022, Cape Ann Savings Bank's most frequently originated type of loan was Conventional, with 263 originations.
Loan Reason
For 2022, Cape Ann Savings Bank's most frequently cited loan purpose was Refi, with 125 originations. The 2nd most popular reason was Home Purchase, with 121 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 263 | $131,525,000 | $500,095 | $3,059 | 3.13% |
For 2022, Cape Ann Savings Bank's most frequently cited loan duration was Other, with 263 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $525,000 | $525,000 |
Cape Ann Savings Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1 | $525,000 | $525,000 |
During 2022, Cape Ann Savings Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 1 originations.
Loan Sizing
2022 saw Cape Ann Savings Bank place emphasis on $200k-400k loans with 92 originations, totaling $27,090,000 in origination value.
Applicant Income
Cape Ann Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 66 originations. The second most popular income band? $100k-150k, with 55 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 262 | $131,000,000 | $500,000 | $0 | 0.00% |
| 42% | 1 | $525,000 | $525,000 | $3,059 | 3.13% |
Cape Ann Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 262 originations. The next most common DTI ratio? 42%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.74%
Cape Ann Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.25%
Cape Ann Savings Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 262 | $131,000,000 | $500,000 |
| NA | 1 | $525,000 | $525,000 |