{"id":5076,"date":"2025-02-16T15:34:14","date_gmt":"2025-02-16T20:34:14","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=5076"},"modified":"2025-07-17T13:53:38","modified_gmt":"2025-07-17T18:53:38","slug":"review-enterprise-bank","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/review-enterprise-bank\/","title":{"rendered":"2025 Mortgage Review: Enterprise Bank"},"content":{"rendered":"\n

Based in Lowell, Massachusetts, Enterprise Bank offers competitive mortgage options with rates around 0.21% below the market median and a $975 median lender fee. While the bank promotes personalized, community-focused service, customer reviews suggest experiences can vary\u2014particularly around communication and processing delays. Borrowers should review loan terms closely and stay proactive throughout the process.<\/p>\n\n\n\n

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See today\u2019s mortgage interest rates on\u00a0TrueRate<\/a>.<\/strong><\/p>\n\n\n\n

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How Enterprise Bank compares to other mortgage lenders<\/h3>\n\n\n\n

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Headquarters <\/strong><\/td>Lowell, Massachusetts<\/td><\/tr>
Website<\/strong><\/td>enterprisebank.com<\/a><\/td><\/tr>
Rate<\/strong><\/td>0.21% lower than the median interest rate<\/td><\/tr>
Lender fees<\/strong><\/td>$975 (median on Enterprise Bank loans)<\/td><\/tr>
Savings after 1 year, compared to the median interest rate<\/strong><\/td>$1,050<\/td><\/tr>
Savings after 10 years, compared to the median interest rate<\/strong><\/td>$7,151<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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For a $400,000 mortgage, Enterprise Bank\u2019s rates\u2014roughly 0.21% below the median lender’s\u2014and $975 in lender fees result in estimated savings of about $1,050 in the first year and around $7,151 over 10 years compared to the median lender.<\/p>\n\n\n\n

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What customers are saying<\/h3>\n\n\n\n

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Customer reviews of Enterprise Bank & Trust\u2019s mortgage services, as seen on platforms like Yelp and BBB, reveal mixed experiences. On the positive side, borrowers appreciate the bank\u2019s competitive mortgage rates and personalized service. Some customers highlight the expertise of loan officers, who provide clear communication and guidance throughout the mortgage process. The bank\u2019s community-focused approach is also praised for making borrowers feel supported during complex transactions.<\/p>\n\n\n\n

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However, negative reviews frequently mention poor customer service, delays in communication, and operational inefficiencies. Complaints include difficulties reaching branch representatives, unexpected changes in loan terms after acquisitions, and errors in paperwork that led to financial complications. <\/p>\n\n\n\n

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How to compare mortgage lenders<\/h3>\n\n\n\n

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Interest rates.<\/strong> Comparing rates between lenders isn\u2019t always straightforward. Many promote low headline rates that require paying \u201cpoints\u201d 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.<\/p>\n\n\n\n

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Lender fees or loan origination fees.<\/strong> 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.<\/p>\n\n\n\n

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On-time close rate.<\/strong> Most lenders do not publicly share their on-time close rates. However, it\u2019s a critical factor\u2014especially 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.<\/p>\n\n\n\n

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Pre-approval and offer letters.<\/strong> Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It\u2019s important to ask whether a lender\u2019s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.<\/p>\n\n\n\n

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Customer satisfaction.<\/strong> If detailed customer review data isn\u2019t 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.<\/p>\n\n\n\n

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Employee reviews.<\/strong> 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.<\/p>\n\n\n\n

To better understand how we compare mortgage rates fairly, see our TrueRate Methodology<\/a><\/strong>.<\/p>\n\n\n\n

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See Tomo Mortgage\u2019s rates for a 30-year fixed-rate mortgage<\/a><\/div>\n<\/div>\n\n\n

TrueRate Analyst<\/a><\/p>

Our team uses TrueRate to analyze hundreds of thousands of real loans, apples-to-apples, so that we can give people a clear and objective view of a mortgage lender’s history. We also look at customer reviews on websites like the Better Business Bureau, Yelp, Google, Bankrate, Zillow, court filings and official actions, and a wide range of other objective data. The goal is simple: show who\u2019s been fair historically, and who hasn\u2019t, so homebuyers have the information they need to save as much money as possible.<\/p><\/div><\/div>\n\n\n

If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Based in Lowell, Massachusetts, Enterprise Bank offers competitive mortgage options with rates around 0.21% below the market median and a $975 median lender fee. While the bank promotes personalized, community-focused service, customer reviews suggest experiences can vary\u2014particularly around communication and processing delays. Borrowers should review loan terms closely and stay proactive throughout the process. How […]<\/p>\n","protected":false},"author":38,"featured_media":5127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[286],"tags":[],"class_list":["post-5076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lender-reviews"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/04\/enterprise-bank.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=5076"}],"version-history":[{"count":8,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5076\/revisions"}],"predecessor-version":[{"id":6712,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5076\/revisions\/6712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/5127"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=5076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=5076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=5076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}