Blue Hills Bank Mortgage Rates, Fees & Info
Norwood, MALEI: FJMKG323P0YU76XURH25
Tax ID: 04-1466100
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Mortgage Data
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 8 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.
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Originations
186Origination Dollar Volume (All Markets)
$83,050,000Top 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) | 161 | $71,375,000 | $443,323 | $4,059 | 4.37% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $4,940,000 | $2,470,000 | $9,845 | 4.25% |
| Outside of Metro Areas | 6 | $2,340,000 | $390,000 | $5,373 | 4.83% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 7 | $2,115,000 | $302,143 | $3,169 | 4.46% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 7 | $1,425,000 | $203,571 | $3,542 | 4.36% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,354 | 4.63% |
| Concord, NH (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,182 | 3.75% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,107 | 4.38% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 174 | $78,850,000 | $453,161 | $3,758 | 4.39% |
| FHA | 8 | $2,850,000 | $356,250 | $9,520 | 4.25% |
| VA | 4 | $1,350,000 | $337,500 | $8,000 | 4.47% |
For 2019, Blue Hills Bank's most frequently originated type of loan was Conventional, with 174 originations. Their 2nd most popular type was FHA, with 8 originations.
Loan Reason
For 2019, Blue Hills Bank's most frequently cited loan purpose was Home Purchase, with 140 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.
Loan Duration/Length
For 2019, Blue Hills Bank's most frequently cited loan duration was 30 Year, with 167 originations. The 2nd most popular length was 15 Year, with 12 originations.
Origination Fees/Closing Costs
Blue Hills Bank's average total fees were $4,261, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 171 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 140 | $58,870,000 | $420,500 |
| 3-4% | 29 | $19,985,000 | $689,138 |
| 5-6% | 15 | $4,175,000 | $278,333 |
| <2.5% | 2 | $20,000 | $10,000 |
During 2019, Blue Hills Bank's average interest rate for loans was 4.41%, while their most frequently originated rate bucket for loans was 4-5%, with 140 originations.
Loan Sizing
2019 saw Blue Hills Bank place emphasis on $200k-400k loans with 76 originations, totaling $23,040,000 in origination value.
Applicant Income
Blue Hills Bank lent most frequently to those with incomes in the $150k-250k range, with 60 originations. The second most popular income band? $100k-150k, with 45 originations.
Applicant Debt to Income Ratio
Blue Hills Bank lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.62%
Blue Hills Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.18%
Blue Hills Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 186 | $83,050,000 | $446,505 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 186 | $83,050,000 | $446,505 |