Westfield Bank Fsb Mortgage Rates, Fees & Info

Westfield Center, OH

LEI: HDU55UX4CXD9YSL1U194

Tax ID: 34-1940362

5 stars - Updated: 3/17/24 - out of 5 stars, based on 16 reviews

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

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Mortgage Data

Review & Overview

Westfield Bank Fsb is a smaller bank specializing in Home Purchase loans. Westfield Bank Fsb has a high proportion of conventional loans. Their top markets by origination volume include: Cleveland, Akron, Canton, Wooster, and Columbus among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

Westfield Bank Fsb 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. Westfield Bank Fsb 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 5.97% 3/17/24
30 Year Conventional Refi 5.89% 3/17/24
30 Year Cash-out Refi 6.23% 3/17/24
15 Year Conventional Purchase 5.95% 3/17/24
15 Year Conventional Refi 5.87% 3/17/24
15 Year Cash-out Refi 5.87% 3/17/24
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.

Westfield Bank Fsb Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Westfield Bank Fsb. 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

262

Origination Dollar Volume (All Markets)

$104,560,000

Awards

Westfield Bank FSB 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Westfield Bank Fsb's average 30 year fixed mortgage rate was 4.51%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.25%.

Relative Fees (Closing Costs)

Westfield Bank Fsb's average total fees/closing costs for a 30 year fixed rate mortgage were $4,315.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 105 $42,365,000 $403,476 $4,275 4.35%
AKRON, OH (FHA|USDA|VA) 56 $22,180,000 $396,071 $4,539 4.39%
CANTON-MASSILLON, OH (FHA|USDA|VA) 53 $18,885,000 $356,321 $4,477 4.59%
Wooster, OH (FHA|USDA|VA) 15 $4,665,000 $311,000 $4,504 4.70%
COLUMBUS, OH (FHA|USDA|VA) 4 $3,220,000 $805,000 $6,469 4.56%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $1,580,000 $790,000 $7,789 4.75%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $945,000 $945,000 $6,837 5.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $940,000 $470,000 $2,536 4.88%
Salem, OH (FHA|USDA|VA) 3 $905,000 $301,667 $4,158 4.13%
BRUNSWICK, GA (FHA|USDA|VA) 1 $855,000 $855,000 $5,023 2.88%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 4 $790,000 $197,500 $3,143 4.53%
Athens, OH (FHA|USDA|VA) 1 $705,000 $705,000 $8,945 3.88%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $665,000 $665,000 $7,099 3.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $635,000 $635,000 $0 4.75%
TOLEDO, OH (FHA|USDA|VA) 1 $565,000 $565,000 $5,065 4.88%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $545,000 $545,000 $5,028 3.88%
Mount Vernon, OH (FHA|USDA|VA) 1 $535,000 $535,000 $3,018 2.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $525,000 $525,000 $7,712 3.25%
PITTSBURGH, PA (FHA|USDA|VA) 1 $475,000 $475,000 $5,891 3.13%
Ashtabula, OH (FHA|USDA|VA) 1 $425,000 $425,000 $0 5.31%
Outside of Metro Areas 1 $425,000 $425,000 $4,431 4.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $385,000 $385,000 $5,464 3.50%
Cookeville, TN (FHA|USDA|VA) 1 $345,000 $345,000 $3,742 6.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $325,000 $325,000 $3,169 3.63%
Ashland, OH (FHA|USDA|VA) 1 $245,000 $245,000 $3,800 5.13%
OCALA, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.70%
New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,294 3.38%
Westfield Bank Fsb's top markets include Cleveland, Akron, Canton, Wooster, and Columbus among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Westfield Bank FSB based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Community Star Credit Union
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    Westfield Bank, FSB
    Similarity Rank: 4563

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 262 $104,560,000 $399,084 $4,488 4.43%

    For 2022, Westfield Bank Fsb's most frequently originated type of loan was Conventional, with 262 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 182 $81,660,000 $448,681 $5,152 4.49%
    Cash Out Refi 30 $10,930,000 $364,333 $3,798 4.21%
    Refi 24 $9,420,000 $392,500 $4,330 3.66%
    Home Improvement 22 $1,190,000 $54,091 $310 4.73%
    Other 4 $1,360,000 $340,000 $250 5.94%

    For 2022, Westfield Bank Fsb's most frequently cited loan purpose was Home Purchase, with 182 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 131 $43,285,000 $330,420 $4,315 4.51%
    30+ year 68 $41,230,000 $606,324 $6,369 4.02%
    5 Year 26 $4,270,000 $164,231 $161 5.00%
    15 Year 16 $5,800,000 $362,500 $3,752 3.51%
    10 Year 10 $5,390,000 $539,000 $1,888 5.43%
    20 Year 7 $1,675,000 $239,286 $2,928 4.61%
    Other 3 $2,655,000 $885,000 $6,657 5.00%
    3 Year 1 $255,000 $255,000 $0 7.84%

    For 2022, Westfield Bank Fsb's most frequently cited loan duration was 30 Year, with 131 originations. The 2nd most popular length was 30+ year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 172 $74,830,000 $435,058
    $<1k 52 $12,320,000 $236,923
    $4k-5k 3 $735,000 $245,000
    $3k-4k 2 $950,000 $475,000
    $2k-3k 1 $495,000 $495,000
    $5k+ 1 $575,000 $575,000

    Westfield Bank Fsb's average total fees were $4,315, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 172 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 91 $37,795,000 $415,330
    4-5% 87 $32,985,000 $379,138
    5-6% 49 $17,725,000 $361,735
    2.5-3% 15 $7,395,000 $493,000
    6-7% 14 $6,360,000 $454,286
    <2.5% 4 $1,710,000 $427,500
    7-8% 2 $590,000 $295,000

    During 2022, Westfield Bank Fsb's average interest rate for loans was 4.51%, while their most frequently originated rate bucket for loans was 3-4%, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 80 $22,810,000 $285,125 $4,213 4.40%
    $400k-600k 53 $26,655,000 $502,925 $5,459 4.06%
    $600k-1MM 49 $37,025,000 $755,612 $6,572 4.25%
    $100k-200k 42 $6,490,000 $154,524 $3,518 4.72%
    $100,000 or less 30 $1,200,000 $40,000 $842 4.82%
    $1MM+ 8 $10,380,000 $1,297,500 $8,337 5.11%

    2022 saw Westfield Bank Fsb place emphasis on $200k-400k loans with 80 originations, totaling $22,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 75 $34,025,000 $453,667 $4,968 4.31%
    $100k-150k 50 $15,290,000 $305,800 $4,169 4.30%
    $250k+ 46 $29,100,000 $632,609 $5,775 4.32%
    $75k-100k 35 $8,125,000 $232,143 $3,713 4.29%
    $50k-75k 22 $4,200,000 $190,909 $3,872 4.35%
    $50k or less 13 $1,075,000 $82,692 $2,112 4.85%

    Westfield Bank Fsb lent most frequently to those with incomes in the $150k-250k range, with 75 originations. The second most popular income band? $100k-150k, with 50 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 53 $17,025,000 $321,226 $3,942 4.25%
    30-36% 47 $18,965,000 $403,511 $4,736 4.33%
    <20% 32 $12,590,000 $393,438 $4,236 4.21%
    49% 13 $6,155,000 $473,462 $5,106 4.36%
    42% 11 $4,885,000 $444,091 $4,879 3.80%
    44% 10 $4,420,000 $442,000 $4,714 3.71%
    40% 9 $3,265,000 $362,778 $4,500 4.42%
    45% 9 $3,275,000 $363,889 $5,120 4.60%
    41% 9 $3,715,000 $412,778 $5,157 5.28%
    37% 7 $1,715,000 $245,000 $3,416 4.59%
    43% 7 $1,875,000 $267,857 $3,649 4.59%
    36% 7 $2,825,000 $403,571 $4,461 4.20%
    47% 6 $2,380,000 $396,667 $4,441 4.56%
    39% 6 $3,300,000 $550,000 $5,457 4.06%
    48% 6 $2,400,000 $400,000 $5,529 4.60%
    38% 5 $2,045,000 $409,000 $4,482 4.25%
    46% 5 $1,645,000 $329,000 $4,697 5.30%
    50-60% 1 $105,000 $105,000 $3,112 4.13%

    Westfield Bank Fsb lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 220 $83,410,000 $379,136 $4,437 4.36%
    Not applicable 19 $11,975,000 $630,263 $0 5.64%
    Not provided 17 $6,555,000 $385,588 $4,940 3.99%
    Asian 4 $1,910,000 $477,500 $5,365 4.44%
    Black 1 $405,000 $405,000 $6,027 4.00%
    Asian Indian 1 $305,000 $305,000 $3,517 4.50%

    Approval Rates

    Total approvals of all applications
    95.44%

    Westfield Bank Fsb has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.73%

    Westfield Bank Fsb has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 262 $104,560,000 $399,084

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    262 $104,560,000 $399,084

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $3,135,000 $348,333 $2,837 4.96%
    40-60% 29 $10,635,000 $366,724 $4,292 4.27%
    60-80% 104 $46,490,000 $447,019 $5,023 4.27%
    80-100% 98 $43,700,000 $445,918 $5,123 4.53%
    Under 20% 22 $600,000 $27,273 $432 4.69%