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, Cash Out Refi, and Home Purchase 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 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Middlesex Savings 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. 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

    1,484

    Origination Dollar Volume (All Markets)

    $501,740,000

    Employee count

    531

    Awards

    Middlesex Savings Bank 30 Year Conventional Loans gold Middlesex Savings Bank 30 Year Conventional Loans gold Middlesex Savings Bank 30 Year Conventional Loans bronze
    Show all (3) 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) 1,237 $425,975,000 $344,361 $2,377 3.22%
    WORCESTER, MA-CT (FHA|USDA|VA) 197 $53,695,000 $272,563 $2,342 3.28%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 34 $15,700,000 $461,765 $3,111 3.17%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 13 $5,295,000 $407,308 $2,595 3.28%
    Vineyard Haven, MA (FHA|USDA|VA) 2 $900,000 $450,000 $2,364 3.48%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $175,000 $175,000 $1,820 3.50%
    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.

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Centreville Bank
    Similarity Rank: 512
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Triangle Credit Union
    Similarity Rank: 696
    CorePlus Federal Credit Union
    Similarity Rank: 710
    NEW HAMPSHIRE
    Similarity Rank: 756
    Bridgewater Savings Bank
    Similarity Rank: 762
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,104 $447,170,000 $405,045 $2,395 3.31%
    HELOC 380 $54,570,000 $143,605 n/a 2.99%

    For 2020, Middlesex Savings Bank's most frequently originated type of loan was Conventional, with 1,104 originations. Their 2nd most popular type was HELOC, with 380 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 580 $232,390,000 $400,672 $2,314 3.21%
    Cash Out Refi 287 $113,525,000 $395,557 $2,518 3.22%
    Home Purchase 282 $121,570,000 $431,099 $3,141 3.26%
    Home Improvement 227 $21,815,000 $96,101 $239 3.24%
    Other 108 $12,440,000 $115,185 $588 3.22%

    For 2020, Middlesex Savings Bank's most frequently cited loan purpose was Refi, with 580 originations. The 2nd most popular reason was Cash Out Refi, with 287 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 996 $306,170,000 $307,400 $2,631 3.24%
    15 Year 275 $107,115,000 $389,509 $2,208 2.97%
    20 Year 70 $24,680,000 $352,571 $1,887 3.54%
    10 Year 63 $23,465,000 $372,460 $639 3.61%
    30+ year 47 $33,525,000 $713,298 $4,310 3.30%
    5 Year 23 $845,000 $36,739 $28 3.62%
    Other 10 $5,940,000 $594,000 $2,887 3.82%

    For 2020, Middlesex Savings Bank's most frequently cited loan duration was 30 Year, with 996 originations. The 2nd most popular length was 15 Year, with 275 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 918 $325,190,000 $354,237
    $1k-2k 25 $16,105,000 $644,200
    $2k-3k 12 $6,860,000 $571,667
    $3k-4k 1 $515,000 $515,000

    Middlesex Savings Bank's average total fees were $2,631, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 918 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 697 $314,115,000 $450,667
    2.5-3% 689 $163,485,000 $237,279
    4-5% 50 $9,550,000 $191,000
    <2.5% 48 $14,590,000 $303,958

    During 2020, Middlesex Savings Bank's average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was 3-4%, with 697 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 511 $147,885,000 $289,403 $2,424 3.17%
    $100k-200k 306 $43,580,000 $142,418 $1,835 3.15%
    $100,000 or less 261 $13,545,000 $51,897 $232 3.35%
    $400k-600k 254 $123,000,000 $484,252 $2,836 3.22%
    $600k-1MM 115 $85,685,000 $745,087 $3,500 3.40%
    $1MM+ 37 $88,045,000 $2,379,595 $5,114 3.38%

    2020 saw Middlesex Savings Bank place emphasis on $200k-400k loans with 511 originations, totaling $147,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 483 $153,885,000 $318,602 $2,452 3.22%
    $100k-150k 334 $79,830,000 $239,012 $2,173 3.25%
    $250k+ 286 $140,770,000 $492,203 $2,910 3.22%
    $75k-100k 149 $33,005,000 $221,510 $2,317 3.15%
    $50k-75k 113 $21,935,000 $194,115 $2,106 3.22%
    $50k or less 72 $11,340,000 $157,500 $1,903 3.24%

    Middlesex Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 483 originations. The second most popular income band? $100k-150k, with 334 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 438 $130,820,000 $298,676 $2,351 3.22%
    30-36% 338 $111,200,000 $328,994 $2,466 3.22%
    <20% 207 $62,225,000 $300,604 $2,379 3.17%
    37% 64 $17,470,000 $272,969 $2,215 3.26%
    36% 62 $19,570,000 $315,645 $2,608 3.16%
    38% 61 $19,025,000 $311,885 $2,381 3.32%
    39% 47 $14,055,000 $299,043 $2,378 3.31%
    42% 38 $9,880,000 $260,000 $2,313 3.27%
    40% 38 $12,500,000 $328,947 $2,446 3.27%
    41% 33 $9,475,000 $287,121 $2,369 3.15%
    >60% 30 $12,700,000 $423,333 $2,931 3.23%
    50-60% 23 $7,555,000 $328,478 $2,255 3.32%
    44% 19 $3,525,000 $185,526 $1,815 3.20%
    43% 15 $3,615,000 $241,000 $2,536 2.99%
    46% 9 $2,325,000 $258,333 $2,239 3.08%
    45% 8 $1,440,000 $180,000 $2,635 3.11%
    47% 7 $2,855,000 $407,857 $2,980 3.19%
    49% 6 $1,500,000 $250,000 $1,685 3.27%
    48% 4 $1,300,000 $325,000 $2,352 3.03%

    Middlesex Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 438 originations. The next most common DTI ratio? 30-36%, with 338 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,154 $351,520,000 $304,610 $2,414 3.22%
    Not applicable 25 $56,215,000 $2,248,600 $0 3.83%
    Not provided 212 $55,570,000 $262,123 $2,071 3.23%
    Asian 78 $33,500,000 $429,487 $2,864 3.23%
    Black 12 $4,010,000 $334,167 $2,616 3.20%
    Asian Indian 1 $615,000 $615,000 $2,662 3.00%
    American Indian 2 $310,000 $155,000 $2,206 2.81%

    Approval Rates

    Total approvals of all applications
    90.92%

    Middlesex Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.09%

    Middlesex Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,484 $501,740,000 $338,100

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $45,895,000 $4,172,273
    Single Family (1-4 Units):Site-Built 1,473 $455,845,000 $309,467

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 259 $54,525,000 $210,521 $1,975 3.12%
    40-60% 287 $109,875,000 $382,840 $2,498 3.09%
    60-80% 415 $227,335,000 $547,795 $2,775 3.35%
    80-100% 172 $82,500,000 $479,651 $3,089 3.25%
    Over 100% 1 $955,000 $955,000 $0 4.50%
    Under 20% 350 $26,550,000 $75,857 $357 3.27%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Middlesex Savings Bank 1 Andrew Avenue Wayland, MA 1778 Full Service B&M $28,591
    Middlesex Savings Bank 10 Main Street Hopkinton, MA 1748 Full Service B&M $260,913
    Middlesex Savings Bank 1000 Franklin Village Drive Franklin, MA 2038 Full Service B&M $119,424
    Middlesex Savings Bank 112 Boston Road Groton, MA 1450 Full Service B&M $86,838
    Middlesex Savings Bank 120 Flanders Rd Westborough, MA 1581 Full Service Cyber Office $187,379
    Middlesex Savings Bank 1208 Main Street West Concord, MA 1742 Full Service B&M $203,476
    Middlesex Savings Bank 150 Commonwealth Road Cochituate, MA 1778 Full Service B&M $289,906
    Middlesex Savings Bank 160 Littleton Road Westford, MA 1886 Full Service B&M $268,631
    Middlesex Savings Bank 162 Cordaville Road Southborough, MA 1772 Full Service B&M $105,271
    Middlesex Savings Bank 17 Nason Street Maynard, MA 1754 Full Service B&M $174,408
    Middlesex Savings Bank 186 Great Road Bedford, MA 1730 Full Service B&M $108,457
    Middlesex Savings Bank 2 West Union Street Ashland, MA 1721 Full Service B&M $215,197
    Middlesex Savings Bank 267 Hartford Avenue Bellingham, MA 2019 Full Service B&M $81,024
    Middlesex Savings Bank 278 Washington Street Wellesley, MA 2481 Full Service B&M $111,164
    Middlesex Savings Bank 291 Main Street Acton, MA 1720 Full Service B&M $249,333
    Middlesex Savings Bank 308 Great Road Littleton, MA 1460 Full Service B&M $111,938
    Middlesex Savings Bank 31 N Main St Sherborn, MA 1770 Full Service B&M $24,631
    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 $138,343
    Middlesex Savings Bank 454 Boston Post Road Sudbury, MA 1776 Full Service B&M $191,893
    Middlesex Savings Bank 495 Main Street Medfield, MA 2052 Full Service B&M $85,092
    Middlesex Savings Bank 50 Chestnut Street Needham, MA 2492 Full Service B&M $165,605
    Middlesex Savings Bank 577 Massachusetts Avenue Acton, MA 1720 Full Service B&M $152,531
    Middlesex Savings Bank 598 Worcester Road Framingham, MA 1702 Full Service B&M $82,413
    Middlesex Savings Bank 6 Main Street Natick, MA 1760 Full Service B&M $433,451
    Middlesex Savings Bank 629 Massachusetts Avenue Boxborough, MA 1719 Full Service B&M $72,621
    Middlesex Savings Bank 64 Main Street Concord, MA 1742 Full Service B&M $373,729
    Middlesex Savings Bank 657 Main Street Walpole, MA 2081 Full Service B&M $21,540
    Middlesex Savings Bank 72 Powder Mill Road Maynard, MA 1754 Full Service B&M $68,943
    Middlesex Savings Bank 81 Main Street Medway, MA 2053 Full Service B&M $108,297
    Middlesex Savings Bank 830 Washington Street Holliston, MA 1746 Full Service B&M $164,492
    Middlesex Savings Bank 899 Edgell Road Framingham, MA 1701 Full Service B&M $163,748

    For 2020, Middlesex Savings Bank had 32 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $155,412
    Net interest income $128,065
    Total noninterest income $15,739
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,345
    Trading account gains and fees $0
    Additional Noninterest Income $13,394
    Pre-tax net operating income $24,961
    Securities gains (or losses, -) $1,140
    Income before extraordinary items $21,941
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $21,941
    Minority interest net income $0
    Net income $21,941
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $20,983

    Middlesex Savings Bank's gross interest income from loans was $155,412,000.
    Middlesex Savings Bank's net interest income from loans was $128,065,000.
    Middlesex Savings Bank's fee based income from loans was $2,345,000.
    Middlesex Savings Bank's net income from loans was $21,941,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $27,347
    Provision for credit losses $10,000
    Total noninterest expense $108,843
    Salaries and employee benefits $67,925
    Premises and equipment expense $14,149
    Additional noninterest expense $26,769
    Applicable income taxes $4,160
    Net charge-offs $13
    Cash dividends $550

    Middlesex Savings Bank's interest expense for loans was $27,347,000.
    Middlesex Savings Bank's payroll and benefits expense were $67,925,000.
    Middlesex Savings Bank's property, plant and equipment expenses $14,149,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 4.0%
    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 $4,981,332
    Deposits held in domestic offices $4,981,332
    Deposits by Individuals, partnerships, and corporations $4,926,528
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $37,858
    Deposits by Commercial banks and other depository institutions in U.S. $16,945
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $267,013
    Demand deposits $242,018
    Nontransaction accounts $4,714,318
    Money market deposit accounts (MMDAs) $1,867,255
    Other savings deposits (excluding MMDAs) $1,575,796
    Total time deposits $1,271,268
    Total time and savings deposits $4,739,313
    Noninterest-bearing deposits $1,531,180
    Interest-bearing deposits $3,450,152
    Retail deposits $4,682,957
    IRAs and Keogh plan accounts $298,741
    Brokered deposits $1,001
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,752,015
    Cash & Balances due from depository institutions $437,001
    Interest-bearing balances $395,827
    Total securities $1,740,286
    Federal funds sold & reverse repurchase $64,080
    Net loans and leases $3,240,990
    Loan and leases loss allowance $37,330
    Trading account assets $0
    Bank premises and fixed assets $69,974
    Other real estate owned $110
    Goodwill and other intangibles $14,062
    All other assets $185,512

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,752,015
    Total Liabilities $5,070,450
    Total deposits $4,981,332
    Interest-bearing deposits $3,450,152
    Deposits held in domestic offices $4,981,332
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $42,266
    Trading liabilities $0
    Other borrowed funds $178
    Subordinated debt $0
    All other liabilities $46,674

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,240,990
    Loan and leases loss allowance $37,330
    Total loans and leases (domestic) $3,278,320
    All real estate loans $2,769,128
    Real estate loans in domestic offices $2,769,128
    Construction and development loans $426,106
    Residential 1-4 family construction $36,471
    Other construction, all land development and other land $389,635
    Loans secured by nonfarm nonresidential properties $1,019,086
    Nonfarm nonresidential secured by owner-occupied properties $298,373
    Commercial real estate & other non-farm, non-residential $720,713
    Multifamily residential real estate $80,896
    1-4 family residential loans $1,241,772
    Farmland loans $1,268
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $458,849
    To non-U.S. addressees $0
    Loans to individuals $7,911
    Credit card loans $0
    Related Plans $3,092
    Consumer Auto Loans $421
    Other loans to individuals $4,398
    All other loans & leases $42,432
    Loans to foreign governments and official institutions $0
    Other loans $5
    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 $862
    Non 1-4 family restructured loans & leases $289
    Total loans and leases (foreign) $0

    Middlesex Savings Bank had $3,240,990,000 of loans outstanding in 2020. $2,769,128,000 of loans were in real estate loans. $426,106,000 of loans were in development loans. $80,896,000 of loans were in multifamily mortgage loans. $1,241,772,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $421,000 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 559 $121,329 $217,047
    Nonfarm, nonresidential loans - <$100k 113 $1,681 $14,876
    Nonfarm, nonresidential loans - $100-250k 123 $9,688 $78,764
    Nonfarm, nonresidential loans - $250k-1MM 323 $109,960 $340,433
    Commercial & Industrial, US addressed loans - <$1MM 7,053 $164,989 $23,393
    Commercial & Industrial, US addressed loans - <$100k 5,884 $39,152 $6,654
    Commercial & Industrial, US addressed loans - $100-250k 649 $39,041 $60,156
    Commercial & Industrial, US addressed loans - $250k-1MM 520 $86,796 $166,915