Middlesex Savings Bank Mortgage Rates, Fees & Info

Natick, MA

LEI: VMDPCBOQ43W3PZTYZL93

Tax ID: 27-0402195

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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Middlesex Savings Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out 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 Manchester 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% 4/21/24
    30 Year Conventional Purchase 5.85% 4/21/24
    30 Year Conventional Refi 6.37% 4/21/24
    30 Year Cash-out Refi 6.19% 4/21/24
    15 Year Conventional Purchase 5.40% 4/21/24
    15 Year Conventional Refi 5.74% 4/21/24
    15 Year Cash-out Refi 5.74% 4/21/24
    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

    1,230

    Origination Dollar Volume (All Markets)

    $334,260,000

    Employee count

    517 Show all (7) 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) 1,037 $285,125,000 $274,952 $2,116 3.60%
    WORCESTER, MA-CT (FHA|USDA|VA) 159 $36,605,000 $230,220 $2,305 3.68%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 22 $8,280,000 $376,364 $2,919 3.60%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 11 $3,475,000 $315,909 $3,002 3.65%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $775,000 $775,000 $0 5.25%
    Middlesex Savings Bank's top markets include Boston, Worcester, Barnstable Town, Providence, and Manchester among others.

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

    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Charter Oak Federal Credit Union
    Similarity Rank: 294
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 417
    Liberty Bank
    Similarity Rank: 420
    QUINCY CREDIT UNION
    Similarity Rank: 435
    Members Plus Credit Union
    Similarity Rank: 505
    Sharon & Crescent United Credit Union
    Similarity Rank: 525

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 853 $282,955,000 $331,717 $2,172 3.99%
    HELOC 377 $51,305,000 $136,088 n/a 2.74%

    For 2019, Middlesex Savings Bank's most frequently originated type of loan was Conventional, with 853 originations. Their 2nd most popular type was HELOC, with 377 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 343 $97,145,000 $283,222 $1,969 3.55%
    Home Purchase 336 $131,770,000 $392,173 $3,074 3.78%
    Home Improvement 236 $20,590,000 $87,246 $335 3.48%
    Cash Out Refi 187 $69,695,000 $372,701 $2,487 3.75%
    Other 128 $15,060,000 $117,656 $526 3.36%

    For 2019, Middlesex Savings Bank's most frequently cited loan purpose was Refi, with 343 originations. The 2nd most popular reason was Home Purchase, with 336 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 797 $241,285,000 $302,742 $2,744 3.59%
    20 Year 174 $28,240,000 $162,299 $869 3.21%
    15 Year 113 $23,545,000 $208,363 $1,671 3.76%
    10 Year 73 $11,915,000 $163,219 $416 4.24%
    30+ year 36 $22,520,000 $625,556 $4,013 3.83%
    5 Year 30 $1,080,000 $36,000 $127 4.03%
    Other 7 $5,675,000 $810,714 $3,573 4.18%

    For 2019, Middlesex Savings Bank's most frequently cited loan duration was 30 Year, with 797 originations. The 2nd most popular length was 20 Year, with 174 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 739 $221,355,000 $299,533
    $1k-2k 28 $15,630,000 $558,214
    $2k-3k 9 $4,915,000 $546,111
    $3k-4k 2 $990,000 $495,000
    $5k+ 1 $685,000 $685,000

    Middlesex Savings Bank's average total fees were $2,744, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 739 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 519 $197,605,000 $380,742
    4-5% 322 $81,200,000 $252,174
    2.5-3% 291 $39,025,000 $134,107
    <2.5% 93 $14,285,000 $153,602
    5-6% 5 $2,145,000 $429,000

    During 2019, Middlesex Savings Bank's average interest rate for loans was 3.59%, while their most frequently originated rate bucket for loans was 3-4%, with 519 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 352 $102,220,000 $290,398 $2,532 3.58%
    $100,000 or less 349 $17,935,000 $51,390 $271 3.57%
    $100k-200k 249 $34,615,000 $139,016 $1,790 3.49%
    $400k-600k 182 $87,780,000 $482,308 $3,073 3.75%
    $600k-1MM 70 $51,850,000 $740,714 $3,697 3.89%
    $1MM+ 28 $39,860,000 $1,423,571 $4,644 3.97%

    2019 saw Middlesex Savings Bank place emphasis on $200k-400k loans with 352 originations, totaling $102,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 371 $107,565,000 $289,933 $2,188 3.58%
    $100k-150k 302 $67,120,000 $222,252 $2,006 3.66%
    $250k+ 177 $85,635,000 $483,814 $3,234 3.53%
    $75k-100k 141 $25,665,000 $182,021 $1,923 3.63%
    $50k-75k 131 $22,235,000 $169,733 $2,003 3.60%
    $50k or less 72 $9,020,000 $125,278 $1,642 3.59%

    Middlesex Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 371 originations. The second most popular income band? $100k-150k, with 302 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 361 $92,725,000 $256,856 $2,193 3.59%
    30-36% 275 $74,145,000 $269,618 $2,205 3.66%
    <20% 105 $26,685,000 $254,143 $2,171 3.49%
    36% 60 $17,880,000 $298,000 $2,239 3.85%
    39% 58 $14,180,000 $244,483 $1,709 3.66%
    41% 51 $11,335,000 $222,255 $2,059 3.74%
    40% 51 $16,035,000 $314,412 $2,160 3.66%
    38% 50 $12,680,000 $253,600 $1,883 3.77%
    37% 40 $9,310,000 $232,750 $2,219 3.57%
    42% 33 $7,815,000 $236,818 $2,051 3.53%
    >60% 30 $11,870,000 $395,667 $2,682 3.32%
    50-60% 20 $6,450,000 $322,500 $2,669 3.27%
    43% 15 $4,625,000 $308,333 $2,250 3.25%
    47% 12 $2,450,000 $204,167 $2,037 3.17%
    44% 10 $2,930,000 $293,000 $2,508 3.30%
    46% 7 $1,465,000 $209,286 $2,408 3.19%
    49% 7 $2,105,000 $300,714 $2,335 3.12%
    45% 5 $1,715,000 $343,000 $3,044 3.52%
    48% 4 $840,000 $210,000 $1,914 3.75%

    Middlesex Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 361 originations. The next most common DTI ratio? 30-36%, with 275 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 958 $254,630,000 $265,793 $2,165 3.60%
    Not provided 177 $35,085,000 $198,220 $1,900 3.51%
    Asian 70 $27,990,000 $399,857 $2,802 3.67%
    Not applicable 11 $12,275,000 $1,115,909 $0 4.62%
    American Indian 4 $1,370,000 $342,500 $2,699 4.16%
    Black 6 $1,240,000 $206,667 $1,444 4.00%
    Asian Indian 2 $1,040,000 $520,000 $3,511 4.06%
    Native Hawaiian or Islander 2 $630,000 $315,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    87.77%

    Middlesex Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.15%

    Middlesex Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,230 $334,260,000 $271,756

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $3,380,000 $1,690,000
    Single Family (1-4 Units):Site-Built 1,228 $330,880,000 $269,446

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 201 $39,315,000 $195,597 $1,853 3.38%
    40-60% 149 $46,565,000 $312,517 $2,477 3.57%
    60-80% 319 $149,855,000 $469,765 $2,946 3.82%
    80-100% 149 $64,085,000 $430,101 $3,100 3.88%
    Under 20% 411 $28,565,000 $69,501 $321 3.47%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Middlesex Savings Bank 1 Andrew Avenue Wayland, MA 1778 Full Service B&M $23,965
    Middlesex Savings Bank 10 Main Street Hopkinton, MA 1748 Full Service B&M $235,903
    Middlesex Savings Bank 1000 Franklin Village Drive Franklin, MA 2038 Full Service B&M $96,990
    Middlesex Savings Bank 112 Boston Road Groton, MA 1450 Full Service B&M $78,034
    Middlesex Savings Bank 120 Flanders Rd Westborough, MA 1581 Full Service Cyber Office $128,780
    Middlesex Savings Bank 1208 Main Street West Concord, MA 1742 Full Service B&M $168,114
    Middlesex Savings Bank 150 Commonwealth Road Cochituate, MA 1778 Full Service B&M $265,018
    Middlesex Savings Bank 160 Littleton Road Westford, MA 1886 Full Service B&M $239,548
    Middlesex Savings Bank 162 Cordaville Road Southborough, MA 1772 Full Service B&M $94,481
    Middlesex Savings Bank 17 Nason Street Maynard, MA 1754 Full Service B&M $153,675
    Middlesex Savings Bank 186 Great Road Bedford, MA 1730 Full Service B&M $87,544
    Middlesex Savings Bank 2 West Union Street Ashland, MA 1721 Full Service B&M $184,889
    Middlesex Savings Bank 267 Hartford Avenue Bellingham, MA 2019 Full Service B&M $69,207
    Middlesex Savings Bank 278 Washington Street Wellesley, MA 2481 Full Service B&M $96,735
    Middlesex Savings Bank 291 Main Street Acton, MA 1720 Full Service B&M $225,161
    Middlesex Savings Bank 308 Great Road Littleton, MA 1460 Full Service B&M $100,201
    Middlesex Savings Bank 31 N Main St Sherborn, MA 1770 Full Service B&M $19,314
    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 $125,214
    Middlesex Savings Bank 454 Boston Post Road Sudbury, MA 1776 Full Service B&M $175,166
    Middlesex Savings Bank 495 Main Street Medfield, MA 2052 Full Service B&M $74,153
    Middlesex Savings Bank 50 Chestnut Street Needham, MA 2492 Full Service B&M $136,363
    Middlesex Savings Bank 577 Massachusetts Avenue Acton, MA 1720 Full Service B&M $136,755
    Middlesex Savings Bank 598 Worcester Road Framingham, MA 1702 Full Service B&M $65,804
    Middlesex Savings Bank 6 Main Street Natick, MA 1760 Full Service B&M $400,709
    Middlesex Savings Bank 629 Massachusetts Avenue Boxborough, MA 1719 Full Service B&M $42,008
    Middlesex Savings Bank 64 Main Street Concord, MA 1742 Full Service B&M $323,940
    Middlesex Savings Bank 657 Main Street Walpole, MA 2081 Full Service B&M $16,452
    Middlesex Savings Bank 72 Powder Mill Road Maynard, MA 1754 Full Service B&M $57,437
    Middlesex Savings Bank 81 Main Street Medway, MA 2053 Full Service B&M $95,508
    Middlesex Savings Bank 830 Washington Street Holliston, MA 1746 Full Service B&M $137,042
    Middlesex Savings Bank 899 Edgell Road Framingham, MA 1701 Full Service B&M $144,434

    For 2019, Middlesex Savings Bank had 32 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $179,645
    Net interest income $138,439
    Total noninterest income $16,773
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,655
    Trading account gains and fees $0
    Additional Noninterest Income $14,118
    Pre-tax net operating income $48,109
    Securities gains (or losses, -) $5,420
    Income before extraordinary items $42,276
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $42,276
    Minority interest net income $0
    Net income $42,276
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $37,994

    Middlesex Savings Bank's gross interest income from loans was $179,645,000.
    Middlesex Savings Bank's net interest income from loans was $138,439,000.
    Middlesex Savings Bank's fee based income from loans was $2,655,000.
    Middlesex Savings Bank's net income from loans was $42,276,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $41,206
    Provision for credit losses $0
    Total noninterest expense $107,103
    Salaries and employee benefits $66,876
    Premises and equipment expense $12,308
    Additional noninterest expense $27,919
    Applicable income taxes $11,253
    Net charge-offs $814
    Cash dividends $550

    Middlesex Savings Bank's interest expense for loans was $41,206,000.
    Middlesex Savings Bank's payroll and benefits expense were $66,876,000.
    Middlesex Savings Bank's property, plant and equipment expenses $12,308,000.

    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 $4,230,794
    Deposits held in domestic offices $4,230,794
    Deposits by Individuals, partnerships, and corporations $4,185,074
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $33,868
    Deposits by Commercial banks and other depository institutions in U.S. $11,852
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $212,200
    Demand deposits $183,445
    Nontransaction accounts $4,018,594
    Money market deposit accounts (MMDAs) $1,492,706
    Other savings deposits (excluding MMDAs) $1,111,407
    Total time deposits $1,414,481
    Total time and savings deposits $4,047,349
    Noninterest-bearing deposits $1,043,520
    Interest-bearing deposits $3,187,274
    Retail deposits $3,895,068
    IRAs and Keogh plan accounts $302,159
    Brokered deposits $1,001
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $4,954,135
    Cash & Balances due from depository institutions $166,685
    Interest-bearing balances $129,558
    Total securities $1,385,653
    Federal funds sold & reverse repurchase $30,714
    Net loans and leases $3,142,648
    Loan and leases loss allowance $27,343
    Trading account assets $0
    Bank premises and fixed assets $60,056
    Other real estate owned $110
    Goodwill and other intangibles $14,062
    All other assets $154,207

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $4,954,135
    Total Liabilities $4,297,707
    Total deposits $4,230,794
    Interest-bearing deposits $3,187,274
    Deposits held in domestic offices $4,230,794
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $35,633
    Trading liabilities $0
    Other borrowed funds $188
    Subordinated debt $0
    All other liabilities $31,092

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,142,648
    Loan and leases loss allowance $27,343
    Total loans and leases (domestic) $3,169,991
    All real estate loans $2,742,318
    Real estate loans in domestic offices $2,742,318
    Construction and development loans $399,093
    Residential 1-4 family construction $32,678
    Other construction, all land development and other land $366,415
    Loans secured by nonfarm nonresidential properties $1,003,788
    Nonfarm nonresidential secured by owner-occupied properties $313,980
    Commercial real estate & other non-farm, non-residential $689,808
    Multifamily residential real estate $49,042
    1-4 family residential loans $1,290,395
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $373,749
    To non-U.S. addressees $0
    Loans to individuals $9,969
    Credit card loans $0
    Related Plans $4,196
    Consumer Auto Loans $466
    Other loans to individuals $5,307
    All other loans & leases $43,955
    Loans to foreign governments and official institutions $0
    Other loans $12
    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 $882
    Non 1-4 family restructured loans & leases $303
    Total loans and leases (foreign) $0

    Middlesex Savings Bank had $3,142,648,000 of loans outstanding in 2019. $2,742,318,000 of loans were in real estate loans. $399,093,000 of loans were in development loans. $49,042,000 of loans were in multifamily mortgage loans. $1,290,395,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $466,000 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 584 $134,517 $230,337
    Nonfarm, nonresidential loans - <$100k 110 $1,891 $17,191
    Nonfarm, nonresidential loans - $100-250k 139 $14,973 $107,719
    Nonfarm, nonresidential loans - $250k-1MM 335 $117,653 $351,203
    Commercial & Industrial, US addressed loans - <$1MM 5,979 $105,079 $17,575
    Commercial & Industrial, US addressed loans - <$100k 5,043 $20,129 $3,991
    Commercial & Industrial, US addressed loans - $100-250k 478 $21,163 $44,274
    Commercial & Industrial, US addressed loans - $250k-1MM 458 $63,787 $139,273