Cambridge Savings Bank Mortgage Interest Rate and Cost Review

Is Cambridge Savings Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Cambridge Savings Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.01%)
Loan Related Closing Costslower than average (-$498)
National Rate and Closing Cost Rating(3.5)
Websitehttps://www.cambridgesavings.com

On average, Cambridge Savings Bank’s interest rates were similar to those of other lenders (-0.01%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$498. Overall, combining interest rates and closing costs we estimate that Cambridge Savings Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

Cambridge Savings Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Cambridge Savings Bank was most active in:

  1. Boston, MA
  2. Providence, RI
  3. Manchester, NH
  4. Vineyard Haven, MA

You can click through to check out Cambridge Savings Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Cambridge Savings Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Cambridge Savings Bank originated Conforming and Jumbo mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingJumbo
Interest Rate Difference+0.05%-0.03%
Loan Related Closing Cost Difference-$509-$68
Cost Adjusted Rate Difference+0.02%-0.03%
Star Rating(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.10%+0.02%
Loan Related Closing Cost Difference-$695+$232
Cost Adjusted Rate Difference-0.14%+0.02%
Star Rating(4.0)(3.5)

As a summary, Cambridge Savings Bank is similar to other lenders for Conforming and Jumbo purchase mortgages. For refinancing, Cambridge Savings Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Cambridge Savings Bank:

Registered name: Cambridge Savings Bank
Registered city and state: Cambridge, MA, 02138
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: CAMBRIDGE FINANCIAL GROUP, INC.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Cambridge 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 commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.