Stafford Savings Bank Mortgage Rates, Fees & Info

Stafford Springs, CT

LEI: 254900QHRM7S805P5E69

Tax ID: 06-0546360

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Stafford Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Stafford Savings Bank has a high proportion of conventional loans. Their top two markets are Hartford and Worcester .

    Stafford Savings Bank has an average approval rate when compared to the average across all lenders. They have an 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 about average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    44

    Origination Dollar Volume (All Markets)

    $6,370,000

    Employee count

    30

    Awards

    Stafford Savings Bank 30 Year Conventional Loans gold Stafford Savings Bank 30 Year Conventional Loans gold
    Show all (2) awards

    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) 41 $6,075,000 $148,171 $1,545 4.43%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $295,000 $98,333 $600 4.00%
    Stafford Savings Bank's top markets include Hartford and Worcester among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • 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.

    POLISH NATIONAL
    Similarity Rank: 60
    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    PeoplesBank
    Similarity Rank: 104
    Thomaston Savings Bank
    Similarity Rank: 112
    The Torrington Savings Bank
    Similarity Rank: 120
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    SIKORSKY FINANCIAL
    Similarity Rank: 235
    Chelsea Groton Bank
    Similarity Rank: 264
    Northwest Community Bank
    Similarity Rank: 295

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $6,370,000 $144,773 $1,481 4.40%

    For 2018, Stafford Savings Bank's most frequently originated type of loan was Conventional, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 23 $3,165,000 $137,609 $1,026 4.43%
    Home Purchase 14 $2,510,000 $179,286 $2,308 4.46%
    Other 5 $585,000 $117,000 $1,770 4.33%
    Home Improvement 2 $110,000 $55,000 $200 3.75%

    For 2018, Stafford Savings Bank's most frequently cited loan purpose was Refi, with 23 originations. The 2nd most popular reason was Home Purchase, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 18 $2,790,000 $155,000 $1,915 4.53%
    15 Year 13 $1,525,000 $117,308 $786 4.33%
    20 Year 5 $1,495,000 $299,000 $2,742 4.28%
    10 Year 4 $140,000 $35,000 $200 4.28%
    5 Year 2 $110,000 $55,000 $200 3.75%
    Other 2 $310,000 $155,000 $2,781 4.88%

    For 2018, Stafford Savings Bank's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 15 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 40 $5,810,000 $145,250
    $2k-3k 3 $425,000 $141,667
    $1k-2k 1 $135,000 $135,000

    Stafford Savings Bank's average total fees were $1,915, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 40 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 34 $4,910,000 $144,412
    3-4% 8 $1,190,000 $148,750
    5-6% 2 $270,000 $135,000

    During 2018, Stafford Savings Bank's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 34 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 19 $2,755,000 $145,000 $1,844 4.55%
    $100,000 or less 15 $815,000 $54,333 $509 4.34%
    $200k-400k 8 $1,970,000 $246,250 $2,132 4.20%
    $400k-600k 2 $830,000 $415,000 $2,716 4.13%

    2018 saw Stafford Savings Bank place emphasis on $100k-200k loans with 19 originations, totaling $2,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $2,395,000 $159,667 $1,157 4.48%
    $50k-75k 10 $1,160,000 $116,000 $1,560 4.31%
    $150k-250k 6 $1,140,000 $190,000 $2,920 4.38%
    $50k or less 6 $300,000 $50,000 $615 4.44%
    $75k-100k 4 $510,000 $127,500 $946 4.41%
    $250k+ 2 $660,000 $330,000 $2,550 3.88%

    Stafford Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $2,615,000 $153,824 $1,575 4.42%
    30-36% 13 $2,265,000 $174,231 $1,792 4.40%
    <20% 7 $785,000 $112,143 $878 4.14%
    39% 2 $190,000 $95,000 $200 4.63%
    36% 2 $130,000 $65,000 $2,239 4.56%
    41% 1 $185,000 $185,000 $1,966 4.13%
    37% 1 $75,000 $75,000 $1,320 4.88%
    38% 1 $125,000 $125,000 $775 4.75%

    Stafford Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 44 $6,370,000 $144,773 $1,481 4.40%

    Approval Rates

    Total approvals of all applications
    82.76%

    Stafford Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.91%

    Stafford Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 44 $6,370,000 $144,773

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 44 $6,370,000 $144,773

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,015,000 $92,273 $1,043 4.22%
    40-60% 6 $930,000 $155,000 $1,234 4.48%
    60-80% 18 $3,590,000 $199,444 $2,167 4.46%
    80-100% 4 $670,000 $167,500 $1,569 4.47%
    Under 20% 5 $165,000 $33,000 $200 4.43%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Stafford Savings Bank 2 Furnace Avenue Stafford Springs, CT 6076 Full Service B&M $73,876
    Stafford Savings Bank 74 West Stafford Road Stafford Springs, CT 6076 Full Service B&M $36,785
    Stafford Savings Bank 85 West Stafford Road Stafford Springs, CT 6076 Full Service B&M $47,652

    For 2018, Stafford Savings Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,568
    Net interest income $6,812
    Total noninterest income $567
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $192
    Trading account gains and fees $0
    Additional Noninterest Income $375
    Pre-tax net operating income $1,914
    Securities gains (or losses, -) $793
    Income before extraordinary items $2,430
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,430
    Minority interest net income $0
    Net income $2,430
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,716

    Stafford Savings Bank's gross interest income from loans was $7,568,000.
    Stafford Savings Bank's net interest income from loans was $6,812,000.
    Stafford Savings Bank's fee based income from loans was $192,000.
    Stafford Savings Bank's net income from loans was $2,430,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $756
    Provision for credit losses $0
    Total noninterest expense $5,465
    Salaries and employee benefits $3,573
    Premises and equipment expense $750
    Additional noninterest expense $1,142
    Applicable income taxes $277
    Net charge-offs $8
    Cash dividends $0

    Stafford Savings Bank's interest expense for loans was $756,000.
    Stafford Savings Bank's payroll and benefits expense were $3,573,000.
    Stafford Savings Bank's property, plant and equipment expenses $750,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $151,489
    Deposits held in domestic offices $151,489
    Deposits by Individuals, partnerships, and corporations $146,238
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,251
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $35,071
    Demand deposits $7,211
    Nontransaction accounts $116,418
    Money market deposit accounts (MMDAs) $43,917
    Other savings deposits (excluding MMDAs) $28,295
    Total time deposits $44,206
    Total time and savings deposits $144,278
    Noninterest-bearing deposits $7,211
    Interest-bearing deposits $144,278
    Retail deposits $149,305
    IRAs and Keogh plan accounts $16,618
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $277,570
    Cash & Balances due from depository institutions $55,169
    Interest-bearing balances $52,114
    Total securities $150,125
    Federal funds sold & reverse repurchase $0
    Net loans and leases $65,011
    Loan and leases loss allowance $1,291
    Trading account assets $0
    Bank premises and fixed assets $778
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $6,487

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $277,570
    Total Liabilities $169,909
    Total deposits $151,489
    Interest-bearing deposits $144,278
    Deposits held in domestic offices $151,489
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $18,420

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $65,011
    Loan and leases loss allowance $1,291
    Total loans and leases (domestic) $66,302
    All real estate loans $65,405
    Real estate loans in domestic offices $65,405
    Construction and development loans $332
    Residential 1-4 family construction $158
    Other construction, all land development and other land $174
    Loans secured by nonfarm nonresidential properties $796
    Nonfarm nonresidential secured by owner-occupied properties $680
    Commercial real estate & other non-farm, non-residential $116
    Multifamily residential real estate $0
    1-4 family residential loans $64,277
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $1,131
    Credit card loans $0
    Related Plans $10
    Consumer Auto Loans $337
    Other loans to individuals $784
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $41
    Non 1-4 family restructured loans & leases $41
    Total loans and leases (foreign) $0

    Stafford Savings Bank had $65,011,000 of loans outstanding in 2018. $65,405,000 of loans were in real estate loans. $332,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $64,277,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $337,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 13 $796 $61,231
    Nonfarm, nonresidential loans - <$100k 6 $287 $47,833
    Nonfarm, nonresidential loans - $100-250k 5 $388 $77,600
    Nonfarm, nonresidential loans - $250k-1MM 2 $121 $60,500