We compare mortgage interest rate and loan related closing costs at Marthas Vineyard Savings Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.04%)
Loan Related Closing Costs: lower than average (-$628)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Marthas Vineyard Savings Bank originated 179 mortgages, a national market share of 0.0%. It was primarily active in MA (0.1% market share) and NY (0.0% market share).
On average, Marthas Vineyard Savings Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.04%).1The comparable mortgages control for Marthas Vineyard Savings Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $3069, which was lower than those of comparable mortgages at $3697, with a difference of -$628. Overall, we estimate that Marthas Vineyard Savings Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Marthas Vineyard Savings Bank.
Marthas Vineyard Savings Bank originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Marthas Vineyard Savings Bank compared to other lenders
|Interest Rate Difference||-0.02%|
|Loan related Closing Cost Difference||-$389|
|Cost Adjusted Rate Difference||-0.04%|
Based on the table above, Marthas Vineyard Savings Bank is similar to other lenders for Conforming purchase mortgages.
Mortgage Refinancing from Marthas Vineyard Savings Bank compared to other lenders
|Interest Rate Difference||-0.07%|
|Loan Related Closing Cost Difference||-$985|
|Cost Adjusted Rate Difference||-0.13%|
Based on the table above, Marthas Vineyard Savings Bank is cheap for Conforming mortgage refinance.
Other information about Marthas Vineyard Savings Bank:
Regulator: Federal Reserve System (FRS)
Registered city and state: West Tisbury, MA, 02575