Is The Bank of Canton An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at The Bank of Canton with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: lower than average (-$385)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, The Bank of Canton originated 379 mortgages, a national market share of 0.0%. It was most active in MA (0.3% market share), NH (0.0% market share), and RI (0.0% market share).

On average, The Bank of Canton’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for The Bank of Canton’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 $3342, which was lower than those of comparable mortgages at $3727, with a difference of -$385. Overall, we estimate that The Bank of Canton 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 The Bank of Canton.

The Bank of Canton 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 The Bank of Canton compared to other lenders

Conforming
Interest Rate Difference -0.06%
Loan related Closing Cost Difference -$215
Cost Adjusted Rate Difference -0.07%

Based on the table above, The Bank of Canton is cheap for Conforming purchase mortgages.

Mortgage Refinancing from The Bank of Canton compared to other lenders

Conforming
Interest Rate Difference -0.08%
Loan Related Closing Cost Difference -$1297
Cost Adjusted Rate Difference -0.14%

Based on the table above, The Bank of Canton is cheap for Conforming mortgage refinance.

Other information about The Bank of Canton:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: PONKAPOAG BANCORP, MHC
Registered city and state: CANTON, MA, 02021

Footnotes   [ + ]

1. The comparable mortgages control for The Bank of Canton’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.
2. Cost 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.

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