Middlesex Savings Bank Mortgage Rates, Fees & Info

Natick, MA

LEI: VMDPCBOQ43W3PZTYZL93

Tax ID: 27-0402195

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Mortgage Data

Bank Data

Review & Overview

Middlesex Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Middlesex Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Providence, and Vineyard Haven among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Middlesex Savings Bank 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. Middlesex Savings 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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.38% 3/28/24
30 Year Conventional Purchase 5.85% 3/28/24
30 Year Conventional Refi 6.37% 3/28/24
30 Year Cash-out Refi 6.19% 3/28/24
15 Year Conventional Purchase 5.40% 3/28/24
15 Year Conventional Refi 5.74% 3/28/24
15 Year Cash-out Refi 5.74% 3/28/24
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.

Middlesex Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Middlesex Savings Bank. 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

1,058

Origination Dollar Volume (All Markets)

$279,860,000

Employee count

510 Show all (8) 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) 901 $236,535,000 $262,525 $2,051 3.39%
WORCESTER, MA-CT (FHA|USDA|VA) 127 $32,225,000 $253,740 $2,188 3.75%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 23 $8,455,000 $367,609 $2,874 3.89%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $1,640,000 $273,333 $2,730 3.98%
Vineyard Haven, MA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $4,919 3.00%
Middlesex Savings Bank's top markets include Boston, Worcester, Barnstable Town, Providence, and Vineyard Haven among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Similar Lenders

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

    Charter Oak Federal Credit Union
    Similarity Rank: 18
    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
    First Ipswich Bank
    Similarity Rank: 164
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 170
    Coastal Heritage Bank
    Similarity Rank: 180
    Middlesex Savings Bank
    Similarity Rank: 275
    Chelsea Groton Bank
    Similarity Rank: 304

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 700 $231,110,000 $330,157 $2,102 4.18%
    HELOC 357 $48,545,000 $135,980 n/a 2.00%
    Reverse Mortgage 1 $205,000 $205,000 $0 3.00%

    For 2018, Middlesex Savings Bank's most frequently originated type of loan was Conventional, with 700 originations. Their 2nd most popular type was HELOC, with 357 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 306 $136,940,000 $447,516 $3,047 3.87%
    Refi 278 $66,370,000 $238,741 $1,836 3.25%
    Home Improvement 213 $19,035,000 $89,366 $455 3.13%
    Cash Out Refi 135 $44,425,000 $329,074 $2,342 3.85%
    Other 126 $13,090,000 $103,889 $567 2.94%

    For 2018, Middlesex Savings Bank's most frequently cited loan purpose was Home Purchase, with 306 originations. The 2nd most popular reason was Refi, with 278 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 440 $61,550,000 $139,886 $779 2.53%
    30 Year 424 $159,150,000 $375,354 $2,710 3.99%
    15 Year 87 $15,135,000 $173,966 $1,307 4.31%
    10 Year 70 $6,520,000 $93,143 $355 4.41%
    30+ year 23 $17,425,000 $757,609 $4,559 3.97%
    5 Year 10 $18,670,000 $1,867,000 $251 4.21%
    Other 4 $1,410,000 $352,500 $0 4.81%

    For 2018, Middlesex Savings Bank's most frequently cited loan duration was 20 Year, with 440 originations. The 2nd most popular length was 30 Year, with 424 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 621 $177,265,000 $285,451
    $1k-2k 23 $15,355,000 $667,609
    $3k-4k 3 $1,515,000 $505,000
    $2k-3k 1 $315,000 $315,000

    Middlesex Savings Bank's average total fees were $2,710, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 621 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 367 $95,255,000 $259,550
    <2.5% 356 $48,470,000 $136,152
    3-4% 317 $128,905,000 $406,640
    5-6% 13 $4,685,000 $360,385
    2.5-3% 5 $2,545,000 $509,000

    During 2018, Middlesex Savings Bank's average interest rate for loans was 3.99%, while their most frequently originated rate bucket for loans was 4-5%, with 367 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 331 $17,475,000 $52,795 $378 3.26%
    $200k-400k 294 $83,720,000 $284,762 $2,510 3.62%
    $100k-200k 223 $30,415,000 $136,390 $1,787 3.23%
    $400k-600k 132 $62,550,000 $473,864 $3,019 3.70%
    $600k-1MM 57 $41,545,000 $728,860 $3,653 3.68%
    $1MM+ 21 $44,155,000 $2,102,619 $4,713 3.90%

    2018 saw Middlesex Savings Bank place emphasis on $100,000 or less loans with 331 originations, totaling $17,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 288 $73,500,000 $255,208 $2,011 3.35%
    $100k-150k 268 $54,510,000 $203,396 $1,955 3.47%
    $250k+ 169 $72,385,000 $428,314 $2,953 3.26%
    $75k-100k 129 $24,295,000 $188,333 $1,909 3.57%
    $50k-75k 104 $15,870,000 $152,596 $2,052 3.50%
    $50k or less 60 $8,200,000 $136,667 $1,791 3.68%

    Middlesex Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 288 originations. The second most popular income band? $100k-150k, with 268 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 269 $72,465,000 $269,387 $2,221 3.51%
    30-36% 248 $53,600,000 $216,129 $1,902 3.45%
    <20% 112 $26,570,000 $237,232 $2,096 3.27%
    40% 52 $10,670,000 $205,192 $1,868 3.64%
    39% 49 $13,265,000 $270,714 $2,149 3.50%
    36% 45 $11,995,000 $266,556 $2,328 3.45%
    38% 41 $6,565,000 $160,122 $1,475 3.48%
    41% 36 $9,330,000 $259,167 $2,212 3.01%
    42% 32 $7,830,000 $244,688 $2,361 3.25%
    37% 32 $5,590,000 $174,688 $1,498 3.58%
    50-60% 24 $7,820,000 $325,833 $2,518 3.50%
    >60% 24 $5,550,000 $231,250 $2,433 2.59%
    46% 11 $2,975,000 $270,455 $2,716 3.63%
    49% 10 $2,190,000 $219,000 $2,548 3.51%
    43% 9 $2,935,000 $326,111 $3,557 2.95%
    44% 9 $3,295,000 $366,111 $2,611 4.01%
    45% 7 $3,565,000 $509,286 $3,013 3.01%
    47% 5 $2,065,000 $413,000 $2,882 4.20%
    48% 3 $605,000 $201,667 $2,387 3.37%

    Middlesex Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 269 originations. The next most common DTI ratio? 30-36%, with 248 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 825 $199,045,000 $241,267 $2,119 3.45%
    Not provided 169 $36,955,000 $218,669 $1,808 3.23%
    Not applicable 11 $25,305,000 $2,300,455 $0 5.16%
    Asian 45 $16,425,000 $365,000 $2,670 3.70%
    Black 5 $965,000 $193,000 $1,605 3.65%
    American Indian 1 $405,000 $405,000 $0 1.99%
    Native Hawaiian or Islander 1 $395,000 $395,000 $0 5.13%
    Asian Indian 1 $365,000 $365,000 $2,842 3.75%

    Approval Rates

    Total approvals of all applications
    86.01%

    Middlesex Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.31%

    Middlesex Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,058 $279,860,000 $264,518

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $23,385,000 $4,677,000
    Single Family (1-4 Units):Site-Built 1,053 $256,475,000 $243,566

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 181 $34,305,000 $189,530 $1,745 3.09%
    40-60% 136 $72,680,000 $534,412 $2,613 3.58%
    60-80% 212 $88,150,000 $415,802 $2,886 3.91%
    80-100% 138 $57,710,000 $418,188 $3,013 4.11%
    Under 20% 390 $26,980,000 $69,179 $405 3.07%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Middlesex Savings Bank 1 Andrew Avenue Wayland, MA 1778 Full Service B&M $17,916
    Middlesex Savings Bank 10 Main Street Hopkinton, MA 1748 Full Service B&M $217,009
    Middlesex Savings Bank 1000 Franklin Village Drive Franklin, MA 2038 Full Service B&M $88,090
    Middlesex Savings Bank 112 Boston Road Groton, MA 1450 Full Service B&M $71,654
    Middlesex Savings Bank 120 Flanders Rd Westborough, MA 1581 Full Service Cyber Office $90,515
    Middlesex Savings Bank 1208 Main Street West Concord, MA 1742 Full Service B&M $162,922
    Middlesex Savings Bank 150 Commonwealth Road Cochituate, MA 1778 Full Service B&M $259,337
    Middlesex Savings Bank 160 Littleton Road Westford, MA 1886 Full Service B&M $235,831
    Middlesex Savings Bank 162 Cordaville Road Southborough, MA 1772 Full Service B&M $94,276
    Middlesex Savings Bank 17 Nason Street Maynard, MA 1754 Full Service B&M $158,833
    Middlesex Savings Bank 186 Great Road Bedford, MA 1730 Full Service B&M $78,312
    Middlesex Savings Bank 2 West Union Street Ashland, MA 1721 Full Service B&M $187,682
    Middlesex Savings Bank 267 Hartford Avenue Bellingham, MA 2019 Full Service B&M $66,588
    Middlesex Savings Bank 278 Washington Street Wellesley, MA 2481 Full Service B&M $99,526
    Middlesex Savings Bank 291 Main Street Acton, MA 1720 Full Service B&M $227,740
    Middlesex Savings Bank 308 Great Road Littleton, MA 1460 Full Service B&M $87,423
    Middlesex Savings Bank 31 N Main St Sherborn, MA 1770 Full Service B&M $18,823
    Middlesex Savings Bank 36 Summer Street Natick, MA 1760 Limited, Administrative $0
    Middlesex Savings Bank 36a Milliston Road Millis, MA 2054 Full Service B&M $122,986
    Middlesex Savings Bank 454 Boston Post Road Sudbury, MA 1776 Full Service B&M $161,581
    Middlesex Savings Bank 495 Main Street Medfield, MA 2052 Full Service B&M $76,243
    Middlesex Savings Bank 50 Chestnut Street Needham, MA 2492 Full Service B&M $144,937
    Middlesex Savings Bank 577 Massachusetts Avenue Acton, MA 1720 Full Service B&M $136,865
    Middlesex Savings Bank 598 Worcester Road Framingham, MA 1702 Full Service B&M $60,843
    Middlesex Savings Bank 6 Main Street Natick, MA 1760 Full Service B&M $402,901
    Middlesex Savings Bank 629 Massachusetts Avenue Boxborough, MA 1719 Full Service B&M $37,197
    Middlesex Savings Bank 64 Main Street Concord, MA 1742 Full Service B&M $347,944
    Middlesex Savings Bank 657 Main Street Walpole, MA 2081 Full Service B&M $9,839
    Middlesex Savings Bank 72 Powder Mill Road Maynard, MA 1754 Full Service B&M $55,831
    Middlesex Savings Bank 81 Main Street Medway, MA 2053 Full Service B&M $90,638
    Middlesex Savings Bank 830 Washington Street Holliston, MA 1746 Full Service B&M $142,184
    Middlesex Savings Bank 899 Edgell Road Framingham, MA 1701 Full Service B&M $139,555

    For 2018, Middlesex Savings Bank had 32 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $166,047
    Net interest income $135,357
    Total noninterest income $15,327
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,894
    Trading account gains and fees $0
    Additional Noninterest Income $12,433
    Pre-tax net operating income $50,527
    Securities gains (or losses, -) $2,497
    Income before extraordinary items $41,178
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $41,178
    Minority interest net income $0
    Net income $41,178
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $39,205

    Middlesex Savings Bank's gross interest income from loans was $166,047,000.
    Middlesex Savings Bank's net interest income from loans was $135,357,000.
    Middlesex Savings Bank's fee based income from loans was $2,894,000.
    Middlesex Savings Bank's net income from loans was $41,178,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $30,690
    Provision for credit losses $0
    Total noninterest expense $100,157
    Salaries and employee benefits $62,135
    Premises and equipment expense $9,751
    Additional noninterest expense $28,271
    Applicable income taxes $11,846
    Net charge-offs $468
    Cash dividends $550

    Middlesex Savings Bank's interest expense for loans was $30,690,000.
    Middlesex Savings Bank's payroll and benefits expense were $62,135,000.
    Middlesex Savings Bank's property, plant and equipment expenses $9,751,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $4,162,029
    Deposits held in domestic offices $4,162,029
    Deposits by Individuals, partnerships, and corporations $4,116,911
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $32,804
    Deposits by Commercial banks and other depository institutions in U.S. $12,314
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $232,758
    Demand deposits $206,274
    Nontransaction accounts $3,929,271
    Money market deposit accounts (MMDAs) $1,495,864
    Other savings deposits (excluding MMDAs) $1,142,251
    Total time deposits $1,291,155
    Total time and savings deposits $3,955,755
    Noninterest-bearing deposits $1,069,976
    Interest-bearing deposits $3,092,053
    Retail deposits $3,879,975
    IRAs and Keogh plan accounts $304,136
    Brokered deposits $1,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $4,838,114
    Cash & Balances due from depository institutions $145,834
    Interest-bearing balances $91,937
    Total securities $1,369,779
    Federal funds sold & reverse repurchase $28,963
    Net loans and leases $3,090,200
    Loan and leases loss allowance $28,157
    Trading account assets $0
    Bank premises and fixed assets $42,075
    Other real estate owned $116
    Goodwill and other intangibles $14,208
    All other assets $146,939

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $4,838,113
    Total Liabilities $4,229,696
    Total deposits $4,162,029
    Interest-bearing deposits $3,092,053
    Deposits held in domestic offices $4,162,029
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $39,700
    Trading liabilities $0
    Other borrowed funds $198
    Subordinated debt $0
    All other liabilities $27,769

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,090,200
    Loan and leases loss allowance $28,157
    Total loans and leases (domestic) $3,118,357
    All real estate loans $2,687,434
    Real estate loans in domestic offices $2,687,434
    Construction and development loans $327,954
    Residential 1-4 family construction $38,408
    Other construction, all land development and other land $289,546
    Loans secured by nonfarm nonresidential properties $1,048,894
    Nonfarm nonresidential secured by owner-occupied properties $368,186
    Commercial real estate & other non-farm, non-residential $680,708
    Multifamily residential real estate $47,604
    1-4 family residential loans $1,262,452
    Farmland loans $530
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $400,445
    To non-U.S. addressees $0
    Loans to individuals $10,165
    Credit card loans $0
    Related Plans $4,380
    Consumer Auto Loans $290
    Other loans to individuals $5,495
    All other loans & leases $20,313
    Loans to foreign governments and official institutions $0
    Other loans $10
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $911
    Non 1-4 family restructured loans & leases $317
    Total loans and leases (foreign) $0

    Middlesex Savings Bank had $3,090,200,000 of loans outstanding in 2018. $2,687,434,000 of loans were in real estate loans. $327,954,000 of loans were in development loans. $47,604,000 of loans were in multifamily mortgage loans. $1,262,452,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $290,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 633 $150,519 $237,787
    Nonfarm, nonresidential loans - <$100k 113 $2,238 $19,805
    Nonfarm, nonresidential loans - $100-250k 152 $17,032 $112,053
    Nonfarm, nonresidential loans - $250k-1MM 368 $131,249 $356,655
    Commercial & Industrial, US addressed loans - <$1MM 5,932 $115,371 $19,449
    Commercial & Industrial, US addressed loans - <$100k 4,977 $21,918 $4,404
    Commercial & Industrial, US addressed loans - $100-250k 489 $21,085 $43,119
    Commercial & Industrial, US addressed loans - $250k-1MM 466 $72,368 $155,296