Is Watertown Savings Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Watertown Savings Bank to those of other lenders for a comparable set of borrowers. Here is our review of Watertown Savings Bank nationally:
| Review Item | Watertown Savings Bank |
|---|---|
| Interest Rate | lower than other lenders (-0.14%) |
| Loan Related Closing Costs | lower than other lenders (-$297) |
| National Rate and Closing Cost Star Rating | (4.5) |
On average, Watertown Savings Bank’s interest rates were lower than those of other lenders (-0.14%). Its loan related closing costs were also lower than those of other lenders, with a difference of -$297. Overall, combining interest rates and closing costs we estimate that Watertown Savings Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. This is an excellent rating and places it among the top 15% of lenders nationwide.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Watertown Savings Bank, check out its website at: https://www.watertownsavingsbank.com.
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Watertown Savings Bank originated Conforming mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
Purchase/Refinance:| New Purchase Mortgages | Conforming |
|---|---|
| Interest Rate Difference | -0.11% |
| Loan Related Closing Cost Difference | -$426 |
| Cost Adjusted Rate Difference | -0.16% |
| National Star Rating | (4.5) |
| Refinance Mortgages | Conforming |
|---|---|
| Interest Rate Difference | -0.18% |
| Loan Related Closing Cost Difference | -$152 |
| Cost Adjusted Rate Difference | -0.20% |
| Average Star Rating | (4.5) |
As a summary, Watertown Savings Bank is cheap for Conforming purchase mortgages. For refinancing, Watertown Savings Bank is cheap for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Watertown Savings Bank:
Registered name: Watertown Savings Bank
Registered city and state: WATERTOWN, NY, 13601-0250
Regulator: Federal Deposit Insurance Corporation (FDIC)
* 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 Watertown 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.