Stafford Savings Bank Mortgage Rates, Fees & Info
Stafford Springs, CTLEI: 254900QHRM7S805P5E69
Tax ID: 06-0546360
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Mortgage Data
Review & Overview
Stafford Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Stafford Savings Bank has a high proportion of conventional loans. Their top (well, only) market is Hartford.Stafford Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Stafford Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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Originations
35Origination Dollar Volume (All Markets)
$4,435,000Awards
Stafford Savings Bank - 2023
Stafford Savings Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Stafford Savings Bank's average 30 year fixed mortgage rate was
6.74%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.26%.
Relative Fees (Closing Costs)
Stafford Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,833.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 35 | $4,435,000 | $126,714 | $1,762 | 6.22% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Stafford Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 35 | $4,435,000 | $126,714 | $1,762 | 6.22% |
For 2023, Stafford Savings Bank's most frequently originated type of loan was Conventional, with 35 originations.
Loan Reason
For 2023, Stafford Savings Bank's most frequently cited loan purpose was Home Purchase, with 13 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
For 2023, Stafford Savings Bank's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 35 | $4,435,000 | $126,714 |
Stafford Savings Bank's average total fees were $3,833, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 35 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 19 | $3,325,000 | $175,000 |
| 5-6% | 15 | $1,085,000 | $72,333 |
| 4-5% | 1 | $25,000 | $25,000 |
During 2023, Stafford Savings Bank's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 19 originations.
Loan Sizing
2023 saw Stafford Savings Bank place emphasis on $100,000 or less loans with 20 originations, totaling $890,000 in origination value.
Applicant Income
Stafford Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $75k-100k, with 8 originations.
Applicant Debt to Income Ratio
Stafford Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 35 | $4,435,000 | $126,714 | $1,762 | 6.22% |
Approval Rates
Total approvals of all applications92.68%
Stafford Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination91.43%
Stafford Savings Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 35 | $4,435,000 | $126,714 |