Blue Hills Bank Mortgage Rates, Fees & Info

Norwood, MA

LEI: FJMKG323P0YU76XURH25

Tax ID: 04-1466100

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

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Mortgage Data

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

    Blue Hills Bank is a smaller bank specializing in Home Purchase loans. Blue Hills Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Boston, Barnstable Town, Providence, Worcester, and Springfield among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Blue Hills Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Blue Hills Bank 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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    Originations

    1,082

    Origination Dollar Volume (All Markets)

    $501,560,000
    Show all (5) 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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 918 $413,000,000 $449,891 $4,108 4.43%
    Outside of Metro Areas 52 $49,940,000 $960,385 $5,675 4.63%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 26 $13,340,000 $513,077 $4,240 4.50%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 44 $12,770,000 $290,227 $3,235 4.51%
    WORCESTER, MA-CT (FHA|USDA|VA) 35 $10,495,000 $299,857 $3,888 4.50%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $700,000 $350,000 $4,341 4.44%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $595,000 $198,333 $3,040 4.50%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $475,000 $475,000 $4,523 4.25%
    Laconia, NH (FHA|USDA|VA) 1 $245,000 $245,000 $3,073 4.63%
    Blue Hills Bank's top markets include Boston, Barnstable Town, Providence, Worcester, and Springfield among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Blue Hills Bank 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: 84
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Martha's Vineyard Savings Bank
    Similarity Rank: 128
    Triangle Credit Union
    Similarity Rank: 147

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,033 $482,435,000 $467,023 $3,840 4.45%
    FHA 40 $15,010,000 $375,250 $9,949 4.32%
    VA 9 $4,115,000 $457,222 $9,382 4.39%

    For 2018, Blue Hills Bank's most frequently originated type of loan was Conventional, with 1,033 originations. Their 2nd most popular type was FHA, with 40 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 857 $399,555,000 $466,225 $4,316 4.43%
    Cash Out Refi 130 $51,650,000 $397,308 $3,570 4.46%
    Refi 54 $27,730,000 $513,519 $3,330 4.31%
    Home Improvement 28 $19,260,000 $687,857 $2,009 4.86%
    Other 13 $3,365,000 $258,846 $2,387 4.56%

    For 2018, Blue Hills Bank's most frequently cited loan purpose was Home Purchase, with 857 originations. The 2nd most popular reason was Cash Out Refi, with 130 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 996 $454,560,000 $456,386 $4,219 4.45%
    15 Year 40 $10,270,000 $256,750 $2,771 3.98%
    10 Year 21 $15,745,000 $749,762 $1,036 4.72%
    20 Year 13 $6,825,000 $525,000 $3,180 4.33%
    5 Year 7 $12,655,000 $1,807,857 $650 5.26%
    Other 5 $1,505,000 $301,000 $3,683 4.84%

    For 2018, Blue Hills Bank's most frequently cited loan duration was 30 Year, with 996 originations. The 2nd most popular length was 15 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 913 $409,675,000 $448,713
    $1k-2k 59 $18,315,000 $310,424
    $2k-3k 34 $13,290,000 $390,882
    $5k+ 24 $17,500,000 $729,167
    $3k-4k 15 $5,675,000 $378,333
    $4k-5k 13 $5,335,000 $410,385

    Blue Hills Bank's average total fees were $4,219, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 913 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 804 $365,040,000 $454,030
    3-4% 187 $79,945,000 $427,513
    5-6% 81 $48,845,000 $603,025
    <2.5% 4 $40,000 $10,000
    2.5-3% 3 $965,000 $321,667

    During 2018, Blue Hills Bank's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 4-5%, with 804 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 452 $137,100,000 $303,319 $3,632 4.45%
    $400k-600k 326 $159,030,000 $487,822 $4,368 4.45%
    $600k-1MM 161 $118,855,000 $738,230 $5,293 4.45%
    $100k-200k 68 $10,430,000 $153,382 $2,818 4.47%
    $1MM+ 48 $74,720,000 $1,556,667 $7,036 4.55%
    $100,000 or less 27 $1,425,000 $52,778 $1,186 4.01%

    2018 saw Blue Hills Bank place emphasis on $200k-400k loans with 452 originations, totaling $137,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 287 $147,625,000 $514,373 $4,256 4.42%
    $100k-150k 256 $102,420,000 $400,078 $4,248 4.54%
    $75k-100k 168 $54,550,000 $324,702 $3,796 4.40%
    $250k+ 166 $117,460,000 $707,590 $4,758 4.43%
    $50k-75k 134 $35,580,000 $265,522 $3,454 4.31%
    $50k or less 38 $8,770,000 $230,789 $3,379 4.50%

    Blue Hills Bank lent most frequently to those with incomes in the $150k-250k range, with 287 originations. The second most popular income band? $100k-150k, with 256 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 239 $109,545,000 $458,347 $3,729 4.39%
    30-36% 217 $98,815,000 $455,369 $4,057 4.43%
    <20% 71 $33,325,000 $469,366 $3,963 4.46%
    40% 57 $26,845,000 $470,965 $4,194 4.28%
    37% 53 $23,045,000 $434,811 $4,260 4.33%
    39% 53 $22,455,000 $423,679 $4,402 4.48%
    38% 48 $20,540,000 $427,917 $3,798 4.55%
    41% 43 $21,715,000 $505,000 $4,172 4.40%
    42% 42 $22,020,000 $524,286 $4,437 4.46%
    44% 37 $16,145,000 $436,351 $4,243 4.63%
    36% 37 $14,035,000 $379,324 $3,847 4.44%
    46% 34 $13,930,000 $409,706 $4,223 4.51%
    43% 30 $10,970,000 $365,667 $4,124 4.45%
    48% 25 $9,305,000 $372,200 $4,257 4.47%
    49% 24 $8,270,000 $344,583 $4,288 4.51%
    45% 21 $8,555,000 $407,381 $3,717 4.41%
    47% 15 $5,615,000 $374,333 $5,338 4.41%
    50-60% 13 $4,565,000 $351,154 $9,801 4.35%
    >60% 1 $505,000 $505,000 $3,749 4.75%

    Blue Hills Bank lent most frequently to those with DTI ratios of 20-30%, with 239 originations. The next most common DTI ratio? 30-36%, with 217 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 832 $376,140,000 $452,091 $4,029 4.44%
    Asian 110 $43,340,000 $394,000 $4,566 4.44%
    Not applicable 18 $29,030,000 $1,612,778 $0 5.29%
    Black 74 $28,030,000 $378,784 $4,372 4.38%
    Not provided 44 $23,890,000 $542,955 $4,186 4.33%
    American Indian 2 $760,000 $380,000 $6,181 4.44%
    Native Hawaiian or Islander 1 $275,000 $275,000 $3,207 4.75%
    Asian Indian 1 $95,000 $95,000 $2,874 5.00%

    Approval Rates

    Total approvals of all applications
    94.16%

    Blue Hills Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.51%

    Blue Hills Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,082 $501,560,000 $463,549

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $5,875,000 $5,875,000
    Single Family (1-4 Units):Site-Built 1,081 $495,685,000 $458,543

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $18,735,000 $328,684 $3,234 4.34%
    40-60% 121 $58,485,000 $483,347 $3,764 4.43%
    60-80% 380 $190,670,000 $501,763 $4,035 4.51%
    80-100% 483 $220,505,000 $456,532 $4,467 4.43%
    Over 100% 2 $1,000,000 $500,000 $18,281 4.44%
    Under 20% 36 $5,440,000 $151,111 $1,722 4.14%