Dedham Institution for Savings (Dedham Savings) is a community-focused, mutually owned bank and direct mortgage lender headquartered in Dedham, Massachusetts. Established in 1831, Dedham Savings serves individuals and businesses throughout the Greater Boston area and surrounding communities, offering a full suite of banking and mortgage solutions with a strong emphasis on local expertise and personalized service.
See today’s mortgage interest rates on TrueRate.
How Dedham Savings compares to other lenders
| Headquarters | Dedham, Massachusetts |
| Website | dedhamsavings.com |
| Rate | 0.10% less than the median rate |
| Lender fees | $695 (median) |
| Savings after 1 year, compared to the median interest rate | $683 |
| Savings after 10 years, compared to the median interest rate | $3,478 |
| Added cost after 1 year (vs. Tomo Mortgage) | $1,896 |
| Added cost after 10 years (vs. Tomo Mortgage) | $7,707 |
For a $400,000 mortgage, Dedham Saving ’s rates and lender fees will likely result in savings of around $683 in the first year and around $3,478 after 10 years compared to the median lender. Borrowers should rate shop and compare Deerwood to lower cost lenders such as Tomo Mortgage to see if even greater savings can be achieved.
What customers are saying
Dedham Savings’ mortgage lending receives a mix of positive and negative sentiment on third-party platforms. On Yelp, some customers praise the bank’s knowledgeable staff, fast mortgage department turnaround, and personal service, with specific loan officers noted for making the mortgage process smooth and easy. Positive Zillow reviews echo these experiences, highlighting responsive and helpful guidance for first-time homebuyers.
However, negative Yelp reviews mention uncompetitive rates, minimal effort from loan officers during refinancing, and a reluctance to compete on price or service, with one customer recommending shopping elsewhere for better deals. Overall, while some borrowers value the local, community-focused approach, others are dissatisfied with rate competitiveness and service consistency.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.