Stafford Savings Bank Mortgage Rates, Fees & Info

Stafford Springs, CT

LEI: 254900QHRM7S805P5E69

Tax ID: 06-0546360

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 Home Purchase and Refi loans. Stafford Savings Bank has a high proportion of conventional loans. Their top two markets are Hartford and Worcester .

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    65

    Origination Dollar Volume (All Markets)

    $10,555,000

    Employee count

    30

    Awards

    Stafford Savings Bank 30 Year Conventional Loans bronze
    Show all (1) 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) 60 $9,910,000 $165,167 $2,284 4.08%
    WORCESTER, MA-CT (FHA|USDA|VA) 5 $645,000 $129,000 $1,793 4.05%
    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.

    The Torrington Savings Bank
    Similarity Rank: 45
    POLISH NATIONAL
    Similarity Rank: 104
    SIKORSKY FINANCIAL
    Similarity Rank: 115
    Stafford Savings Bank
    Similarity Rank: 124
    Collinsville Bank
    Similarity Rank: 156
    Chelsea Groton Bank
    Similarity Rank: 210
    Charter Oak Federal Credit Union
    Similarity Rank: 258
    PeoplesBank
    Similarity Rank: 384
    Westfield Bank
    Similarity Rank: 391
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 468

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 65 $10,555,000 $162,385 $2,243 4.07%

    For 2019, Stafford Savings Bank's most frequently originated type of loan was Conventional, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 28 $6,230,000 $222,500 $3,686 4.13%
    Refi 20 $2,890,000 $144,500 $1,557 3.83%
    Home Improvement 10 $880,000 $88,000 $1,024 4.23%
    Other 5 $485,000 $97,000 $1,894 4.23%
    NA 1 $55,000 $55,000 $200 4.75%
    Cash Out Refi 1 $15,000 $15,000 $200 4.38%

    For 2019, Stafford Savings Bank's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 29 $6,515,000 $224,655 $3,359 4.05%
    15 Year 12 $1,440,000 $120,000 $1,449 3.84%
    Other 10 $1,600,000 $160,000 $2,161 4.23%
    10 Year 6 $380,000 $63,333 $551 4.27%
    5 Year 6 $270,000 $45,000 $402 4.21%
    20 Year 2 $350,000 $175,000 $2,188 4.00%

    For 2019, Stafford Savings Bank's most frequently cited loan duration was 30 Year, with 29 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 54 $8,840,000 $163,704
    $2k-3k 2 $250,000 $125,000
    $1k-2k 1 $85,000 $85,000
    $3k-4k 1 $335,000 $335,000
    $4k-5k 1 $215,000 $215,000

    Stafford Savings Bank's average total fees were $3,359, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 32 $5,610,000 $175,313
    4-5% 29 $4,575,000 $157,759
    5-6% 3 $335,000 $111,667
    2.5-3% 1 $35,000 $35,000

    During 2019, Stafford Savings Bank's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 26 $3,850,000 $148,077 $2,016 3.98%
    $100,000 or less 21 $1,175,000 $55,952 $685 4.21%
    $200k-400k 16 $4,600,000 $287,500 $3,970 4.05%
    $400k-600k 2 $930,000 $465,000 $6,022 4.06%

    2019 saw Stafford Savings Bank place emphasis on $100k-200k loans with 26 originations, totaling $3,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 15 $3,395,000 $226,333 $3,512 4.08%
    $100k-150k 14 $2,460,000 $175,714 $2,591 4.09%
    $50k-75k 14 $1,440,000 $102,857 $1,561 3.91%
    $75k-100k 12 $2,040,000 $170,000 $1,914 4.26%
    $50k or less 9 $945,000 $105,000 $1,577 4.14%
    $250k+ 1 $275,000 $275,000 $1,643 3.25%

    Stafford Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 15 originations. The second most popular income band? $100k-150k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $2,890,000 $131,364 $1,985 4.15%
    30-36% 13 $1,675,000 $128,846 $1,344 4.11%
    <20% 8 $1,100,000 $137,500 $2,009 3.55%
    38% 5 $865,000 $173,000 $2,510 4.25%
    39% 4 $740,000 $185,000 $3,270 4.16%
    37% 4 $800,000 $200,000 $2,560 3.97%
    36% 3 $915,000 $305,000 $3,142 4.13%
    40% 2 $460,000 $230,000 $3,502 4.31%
    41% 1 $245,000 $245,000 $1,353 4.25%
    42% 1 $505,000 $505,000 $8,114 3.88%
    43% 1 $185,000 $185,000 $3,208 3.75%
    44% 1 $175,000 $175,000 $0 5.13%

    Stafford Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 22 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 63 $10,305,000 $163,571 $2,189 4.09%
    Asian 2 $250,000 $125,000 $3,777 3.50%

    Approval Rates

    Total approvals of all applications
    96.00%

    Stafford Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    89.23%

    Stafford Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 65 $10,555,000 $162,385

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 65 $10,555,000 $162,385

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $930,000 $93,000 $1,701 3.98%
    40-60% 11 $1,585,000 $144,091 $2,130 3.76%
    60-80% 28 $4,900,000 $175,000 $2,376 4.08%
    80-100% 9 $2,885,000 $320,556 $4,191 4.10%
    Under 20% 7 $255,000 $36,429 $200 4.66%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    South Fork Funding, inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    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 $69,625
    Stafford Savings Bank 74 West Stafford Road Stafford Springs, CT 6076 Full Service B&M $36,704
    Stafford Savings Bank 85 West Stafford Road Stafford Springs, CT 6076 Full Service B&M $46,153

    For 2019, Stafford Savings Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,067
    Net interest income $7,302
    Total noninterest income $549
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $177
    Trading account gains and fees $0
    Additional Noninterest Income $372
    Pre-tax net operating income $2,473
    Securities gains (or losses, -) $23,050
    Income before extraordinary items $19,088
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $19,088
    Minority interest net income $0
    Net income $19,088
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $878

    Stafford Savings Bank's gross interest income from loans was $8,067,000.
    Stafford Savings Bank's net interest income from loans was $7,302,000.
    Stafford Savings Bank's fee based income from loans was $177,000.
    Stafford Savings Bank's net income from loans was $19,088,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $765
    Provision for credit losses $0
    Total noninterest expense $5,378
    Salaries and employee benefits $3,290
    Premises and equipment expense $740
    Additional noninterest expense $1,348
    Applicable income taxes $6,435
    Net charge-offs $-1
    Cash dividends $0

    Stafford Savings Bank's interest expense for loans was $765,000.
    Stafford Savings Bank's payroll and benefits expense were $3,290,000.
    Stafford Savings Bank's property, plant and equipment expenses $740,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $150,919
    Deposits held in domestic offices $150,919
    Deposits by Individuals, partnerships, and corporations $145,077
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,842
    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 $37,879
    Demand deposits $8,132
    Nontransaction accounts $113,040
    Money market deposit accounts (MMDAs) $43,269
    Other savings deposits (excluding MMDAs) $28,645
    Total time deposits $41,126
    Total time and savings deposits $142,787
    Noninterest-bearing deposits $8,132
    Interest-bearing deposits $142,787
    Retail deposits $148,727
    IRAs and Keogh plan accounts $15,955
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $303,757
    Cash & Balances due from depository institutions $67,120
    Interest-bearing balances $64,609
    Total securities $164,192
    Federal funds sold & reverse repurchase $0
    Net loans and leases $65,923
    Loan and leases loss allowance $1,292
    Trading account assets $0
    Bank premises and fixed assets $724
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $5,798

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $303,757
    Total Liabilities $175,324
    Total deposits $150,919
    Interest-bearing deposits $142,787
    Deposits held in domestic offices $150,919
    % insured (estimated) $95
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $24,405

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $65,923
    Loan and leases loss allowance $1,292
    Total loans and leases (domestic) $67,215
    All real estate loans $66,355
    Real estate loans in domestic offices $66,355
    Construction and development loans $2,081
    Residential 1-4 family construction $1,928
    Other construction, all land development and other land $153
    Loans secured by nonfarm nonresidential properties $757
    Nonfarm nonresidential secured by owner-occupied properties $735
    Commercial real estate & other non-farm, non-residential $22
    Multifamily residential real estate $0
    1-4 family residential loans $63,517
    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 $1,067
    Credit card loans $0
    Related Plans $10
    Consumer Auto Loans $311
    Other loans to individuals $746
    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 $34
    Non 1-4 family restructured loans & leases $34
    Total loans and leases (foreign) $0

    Stafford Savings Bank had $65,923,000 of loans outstanding in 2019. $66,355,000 of loans were in real estate loans. $2,081,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $63,517,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $311,000 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 10 $533 $53,300
    Nonfarm, nonresidential loans - <$100k 5 $172 $34,400
    Nonfarm, nonresidential loans - $100-250k 3 $284 $94,667
    Nonfarm, nonresidential loans - $250k-1MM 2 $77 $38,500