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 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 an above 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% 4/19/24
    30 Year Conventional Purchase 5.85% 4/19/24
    30 Year Conventional Refi 6.37% 4/19/24
    30 Year Cash-out Refi 6.19% 4/19/24
    15 Year Conventional Purchase 5.40% 4/19/24
    15 Year Conventional Refi 5.74% 4/19/24
    15 Year Cash-out Refi 5.74% 4/19/24
    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

    1,447

    Origination Dollar Volume (All Markets)

    $513,465,000

    Employee count

    488 Show all (6) 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) 1,209 $437,105,000 $361,543 $2,582 2.96%
    WORCESTER, MA-CT (FHA|USDA|VA) 186 $51,580,000 $277,312 $2,359 2.97%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 37 $17,645,000 $476,892 $2,821 2.82%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 11 $4,065,000 $369,545 $2,887 2.95%
    Vineyard Haven, MA (FHA|USDA|VA) 2 $2,130,000 $1,065,000 $4,844 3.00%
    Outside of Metro Areas 2 $940,000 $470,000 $1,295 3.63%
    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.

    Sharon & Crescent United Credit Union
    Similarity Rank: 335
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    East Boston Savings Bank
    Similarity Rank: 755
    Piscataqua Savings Bank
    Similarity Rank: 789
    Norwood Co-operative Bank
    Similarity Rank: 820
    QUINCY CREDIT UNION
    Similarity Rank: 900
    Centreville Bank
    Similarity Rank: 966
    Charter Oak Federal Credit Union
    Similarity Rank: 990
    Middlesex Savings Bank
    Similarity Rank: 1020
    ATHOL CREDIT UNION
    Similarity Rank: 1044

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,047 $449,405,000 $429,231 $2,564 2.94%
    HELOC 400 $64,060,000 $160,150 n/a 2.99%

    For 2021, Middlesex Savings Bank's most frequently originated type of loan was Conventional, with 1,047 originations. Their 2nd most popular type was HELOC, with 400 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 455 $167,585,000 $368,319 $2,484 2.92%
    Home Purchase 319 $172,065,000 $539,389 $3,595 2.97%
    Cash Out Refi 314 $131,880,000 $420,000 $2,535 2.79%
    Home Improvement 267 $28,125,000 $105,337 $123 3.17%
    Other 92 $13,810,000 $150,109 $953 3.05%

    For 2021, Middlesex Savings Bank's most frequently cited loan purpose was Refi, with 455 originations. The 2nd most popular reason was Home Purchase, with 319 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 982 $336,710,000 $342,882 $2,802 3.01%
    15 Year 236 $74,070,000 $313,856 $2,049 2.63%
    20 Year 78 $25,510,000 $327,051 $2,055 3.10%
    30+ year 70 $61,050,000 $872,143 $4,748 2.95%
    10 Year 61 $11,365,000 $186,311 $959 3.09%
    5 Year 15 $845,000 $56,333 $0 3.25%
    Other 5 $3,915,000 $783,000 $4,185 2.96%

    For 2021, Middlesex Savings Bank's most frequently cited loan duration was 30 Year, with 982 originations. The 2nd most popular length was 15 Year, with 236 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 893 $380,945,000 $426,590
    $1k-2k 13 $5,965,000 $458,846
    $2k-3k 6 $2,160,000 $360,000
    $4k-5k 4 $3,200,000 $800,000
    $3k-4k 3 $1,735,000 $578,333
    $5k+ 1 $975,000 $975,000

    Middlesex Savings Bank's average total fees were $2,802, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 893 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 983 $361,535,000 $367,787
    <2.5% 258 $97,450,000 $377,713
    3-4% 186 $52,720,000 $283,441
    4-5% 20 $1,760,000 $88,000

    During 2021, Middlesex Savings Bank's average interest rate for loans was 3.01%, while their most frequently originated rate bucket for loans was 2.5-3%, with 983 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 416 $118,690,000 $285,313 $2,272 2.89%
    $100k-200k 301 $42,065,000 $139,751 $1,777 2.92%
    $400k-600k 251 $121,265,000 $483,127 $2,962 2.93%
    $100,000 or less 241 $12,775,000 $53,008 $241 3.20%
    $600k-1MM 179 $134,525,000 $751,536 $3,803 2.93%
    $1MM+ 59 $84,145,000 $1,426,186 $5,126 2.87%

    2021 saw Middlesex Savings Bank place emphasis on $200k-400k loans with 416 originations, totaling $118,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 467 $159,435,000 $341,403 $2,505 2.98%
    $250k+ 352 $212,650,000 $604,119 $3,499 2.92%
    $100k-150k 295 $73,725,000 $249,915 $2,215 2.98%
    $50k-75k 124 $24,690,000 $199,113 $2,082 2.88%
    $75k-100k 119 $25,865,000 $217,353 $2,019 2.93%
    $50k or less 55 $7,535,000 $137,000 $1,695 2.99%

    Middlesex Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 467 originations. The second most popular income band? $250k+, with 352 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 470 $180,040,000 $383,064 $2,695 2.94%
    30-36% 326 $119,810,000 $367,515 $2,672 2.98%
    <20% 200 $68,130,000 $340,650 $2,452 2.85%
    38% 61 $18,525,000 $303,689 $2,401 3.01%
    39% 57 $16,945,000 $297,281 $2,395 2.95%
    37% 55 $18,855,000 $342,818 $2,300 3.00%
    40% 50 $14,680,000 $293,600 $2,372 2.98%
    36% 48 $15,120,000 $315,000 $2,429 2.95%
    41% 41 $11,005,000 $268,415 $2,038 3.02%
    >60% 32 $16,150,000 $504,688 $2,889 2.85%
    42% 29 $11,125,000 $383,621 $2,372 3.18%
    50-60% 22 $5,760,000 $261,818 $1,869 3.09%
    43% 18 $4,090,000 $227,222 $2,292 2.97%
    44% 9 $1,375,000 $152,778 $1,916 2.97%
    45% 7 $2,625,000 $375,000 $2,537 2.96%
    49% 5 $1,765,000 $353,000 $3,360 3.17%
    46% 4 $750,000 $187,500 $2,220 3.00%
    47% 3 $1,275,000 $425,000 $2,837 2.75%
    48% 3 $1,405,000 $468,333 $4,404 3.12%

    Middlesex Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 470 originations. The next most common DTI ratio? 30-36%, with 326 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,111 $394,265,000 $354,874 $2,557 2.95%
    Not provided 248 $78,250,000 $315,524 $2,424 3.00%
    Asian 64 $30,240,000 $472,500 $2,917 2.92%
    Not applicable 6 $3,620,000 $603,333 $0 3.92%
    Black 6 $1,840,000 $306,667 $3,115 3.04%
    American Indian 5 $1,805,000 $361,000 $2,725 2.80%
    Asian Indian 3 $1,645,000 $548,333 $5,669 2.96%
    Other Asian 3 $1,305,000 $435,000 $2,947 2.91%
    Chinese 1 $495,000 $495,000 $3,161 2.88%

    Approval Rates

    Total approvals of all applications
    90.04%

    Middlesex Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.53%

    Middlesex Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,447 $513,465,000 $354,848

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,447 $513,465,000 $354,848

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 296 $76,450,000 $258,277 $2,033 2.89%
    40-60% 273 $106,435,000 $389,872 $2,515 2.81%
    60-80% 363 $200,765,000 $553,072 $3,208 2.98%
    80-100% 152 $98,200,000 $646,053 $3,642 2.89%
    Under 20% 363 $31,615,000 $87,094 $520 3.13%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Middlesex Savings Bank 1 Andrew Avenue Wayland, MA 1778 Full Service B&M $35,357
    Middlesex Savings Bank 10 Main Street Hopkinton, MA 1748 Full Service B&M $292,784
    Middlesex Savings Bank 1000 Franklin Village Drive Franklin, MA 2038 Full Service B&M $131,715
    Middlesex Savings Bank 112 Boston Road Groton, MA 1450 Full Service B&M $94,118
    Middlesex Savings Bank 120 Flanders Rd Westborough, MA 1581 Full Service Cyber Office $213,923
    Middlesex Savings Bank 1208 Main Street West Concord, MA 1742 Full Service B&M $222,170
    Middlesex Savings Bank 150 Commonwealth Road Cochituate, MA 1778 Full Service B&M $303,692
    Middlesex Savings Bank 160 Littleton Road Westford, MA 1886 Full Service B&M $282,009
    Middlesex Savings Bank 162 Cordaville Road Southborough, MA 1772 Full Service B&M $114,896
    Middlesex Savings Bank 177 Broad Street Hudson, MA 1749 Full Service B&M $14,196
    Middlesex Savings Bank 186 Great Road Bedford, MA 1730 Full Service B&M $94,582
    Middlesex Savings Bank 2 West Union Street Ashland, MA 1721 Full Service B&M $234,359
    Middlesex Savings Bank 267 Hartford Avenue Bellingham, MA 2019 Full Service B&M $90,620
    Middlesex Savings Bank 278 Washington Street Wellesley, MA 2481 Full Service B&M $109,997
    Middlesex Savings Bank 279 Main Street Acton, MA 1720 Full Service B&M $259,556
    Middlesex Savings Bank 308 Great Road Littleton, MA 1460 Full Service B&M $132,594
    Middlesex Savings Bank 31 N Main St Sherborn, MA 1770 Full Service B&M $29,428
    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 $153,265
    Middlesex Savings Bank 454 Boston Post Road Sudbury, MA 1776 Full Service B&M $181,637
    Middlesex Savings Bank 495 Main Street Medfield, MA 2052 Full Service B&M $86,182
    Middlesex Savings Bank 50 Chestnut Street Needham, MA 2492 Full Service B&M $151,681
    Middlesex Savings Bank 577 Massachusetts Avenue Acton, MA 1720 Full Service B&M $162,300
    Middlesex Savings Bank 598 Worcester Road Framingham, MA 1702 Full Service B&M $81,402
    Middlesex Savings Bank 6 Main St Natick, MA 1760 Full Service B&M $470,174
    Middlesex Savings Bank 629 Massachusetts Avenue Boxborough, MA 1719 Full Service B&M $66,174
    Middlesex Savings Bank 64 Main Street Concord, MA 1742 Full Service B&M $388,018
    Middlesex Savings Bank 65 East Main Street Westborough, MA 1581 Full Service B&M $12,810
    Middlesex Savings Bank 657 Main Street Walpole, MA 2081 Full Service B&M $22,178
    Middlesex Savings Bank 7 Digital Way Maynard, MA 1754 Full Service B&M $201,479
    Middlesex Savings Bank 72 Powder Mill Road Maynard, MA 1754 Full Service B&M $71,565
    Middlesex Savings Bank 81 Main Street Medway, MA 2053 Full Service B&M $119,004
    Middlesex Savings Bank 830 Washington Street Holliston, MA 1746 Full Service B&M $172,026
    Middlesex Savings Bank 899 Edgell Road Framingham, MA 1701 Full Service B&M $174,622

    For 2021, Middlesex Savings Bank had 34 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $139,605
    Net interest income $126,623
    Total noninterest income $17,823
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,383
    Trading account gains and fees $0
    Additional Noninterest Income $15,440
    Pre-tax net operating income $41,148
    Securities gains (or losses, -) $-1,182
    Income before extraordinary items $33,298
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $33,298
    Minority interest net income $0
    Net income $33,298
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $34,279

    Middlesex Savings Bank's gross interest income from loans was $139,605,000.
    Middlesex Savings Bank's net interest income from loans was $126,623,000.
    Middlesex Savings Bank's fee based income from loans was $2,383,000.
    Middlesex Savings Bank's net income from loans was $33,298,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $12,982
    Provision for credit losses $-4,500
    Total noninterest expense $107,798
    Salaries and employee benefits $68,813
    Premises and equipment expense $14,446
    Additional noninterest expense $24,539
    Applicable income taxes $6,668
    Net charge-offs $8
    Cash dividends $400

    Middlesex Savings Bank's interest expense for loans was $12,982,000.
    Middlesex Savings Bank's payroll and benefits expense were $68,813,000.
    Middlesex Savings Bank's property, plant and equipment expenses $14,446,000.

    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 3.0%
    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 $5,374,874
    Deposits held in domestic offices $5,374,874
    Deposits by Individuals, partnerships, and corporations $5,316,597
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $40,682
    Deposits by Commercial banks and other depository institutions in U.S. $17,596
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $300,537
    Demand deposits $271,864
    Nontransaction accounts $5,074,338
    Money market deposit accounts (MMDAs) $2,140,610
    Other savings deposits (excluding MMDAs) $1,808,020
    Total time deposits $1,125,708
    Total time and savings deposits $5,103,011
    Noninterest-bearing deposits $1,753,931
    Interest-bearing deposits $3,620,943
    Retail deposits $5,112,366
    IRAs and Keogh plan accounts $283,433
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $6,166,084
    Cash & Balances due from depository institutions $417,784
    Interest-bearing balances $384,036
    Total securities $2,391,780
    Federal funds sold & reverse repurchase $22,827
    Net loans and leases $3,059,037
    Loan and leases loss allowance $32,822
    Trading account assets $0
    Bank premises and fixed assets $76,959
    Other real estate owned $0
    Goodwill and other intangibles $14,062
    All other assets $183,635

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $6,166,084
    Total Liabilities $5,459,680
    Total deposits $5,374,874
    Interest-bearing deposits $3,620,943
    Deposits held in domestic offices $5,374,874
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $45,348
    Trading liabilities $0
    Other borrowed funds $169
    Subordinated debt $0
    All other liabilities $39,289

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,059,037
    Loan and leases loss allowance $32,822
    Total loans and leases (domestic) $3,091,859
    All real estate loans $2,685,285
    Real estate loans in domestic offices $2,685,285
    Construction and development loans $416,232
    Residential 1-4 family construction $58,035
    Other construction, all land development and other land $358,197
    Loans secured by nonfarm nonresidential properties $911,814
    Nonfarm nonresidential secured by owner-occupied properties $305,254
    Commercial real estate & other non-farm, non-residential $606,560
    Multifamily residential real estate $82,723
    1-4 family residential loans $1,273,360
    Farmland loans $1,156
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $359,086
    To non-U.S. addressees $0
    Loans to individuals $7,249
    Credit card loans $0
    Related Plans $2,926
    Consumer Auto Loans $503
    Other loans to individuals $3,820
    All other loans & leases $40,239
    Loans to foreign governments and official institutions $0
    Other loans $7
    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 $405
    Non 1-4 family restructured loans & leases $273
    Total loans and leases (foreign) $0

    Middlesex Savings Bank had $3,059,037,000 of loans outstanding in 2021. $2,685,285,000 of loans were in real estate loans. $416,232,000 of loans were in development loans. $82,723,000 of loans were in multifamily mortgage loans. $1,273,360,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $503,000 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 533 $114,242 $214,338
    Nonfarm, nonresidential loans - <$100k 116 $1,460 $12,586
    Nonfarm, nonresidential loans - $100-250k 116 $12,106 $104,362
    Nonfarm, nonresidential loans - $250k-1MM 301 $100,676 $334,472
    Commercial & Industrial, US addressed loans - <$1MM 6,242 $97,941 $15,691
    Commercial & Industrial, US addressed loans - <$100k 5,267 $17,470 $3,317
    Commercial & Industrial, US addressed loans - $100-250k 525 $22,800 $43,429
    Commercial & Industrial, US addressed loans - $250k-1MM 450 $57,671 $128,158