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
  • 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 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 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 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

    73

    Origination Dollar Volume (All Markets)

    $12,295,000

    Employee count

    31

    Awards

    Stafford Savings Bank 30 Year Conventional Loans gold Stafford Savings Bank 30 Year Conventional Loans silver
    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) 69 $11,695,000 $169,493 $1,939 3.54%
    WORCESTER, MA-CT (FHA|USDA|VA) 4 $600,000 $150,000 $2,147 3.74%
    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.

    Stafford Savings Bank
    Similarity Rank: 266
    SIKORSKY FINANCIAL
    Similarity Rank: 320
    Collinsville Bank
    Similarity Rank: 490
    U S WIDE FINANCIAL LLC
    Similarity Rank: 608
    Thomaston Savings Bank
    Similarity Rank: 690
    Chelsea Groton Bank
    Similarity Rank: 760
    The Torrington Savings Bank
    Similarity Rank: 786
    Newtown Savings Bank
    Similarity Rank: 854
    Charter Oak Federal Credit Union
    Similarity Rank: 924
    Northwest Community Bank
    Similarity Rank: 945

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $12,295,000 $168,425 $1,951 3.55%

    For 2020, Stafford Savings Bank's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 45 $8,015,000 $178,111 $1,852 3.36%
    Home Purchase 19 $3,535,000 $186,053 $2,748 3.70%
    Home Improvement 8 $680,000 $85,000 $822 4.16%
    Other 1 $65,000 $65,000 $200 4.75%

    For 2020, Stafford Savings Bank's most frequently cited loan purpose was Refi, with 45 originations. The 2nd most popular reason was Home Purchase, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 29 $5,455,000 $188,103 $2,475 3.59%
    15 Year 17 $3,115,000 $183,235 $1,957 3.17%
    20 Year 10 $1,580,000 $158,000 $1,932 3.16%
    10 Year 8 $490,000 $61,250 $466 4.53%
    Other 7 $1,565,000 $223,571 $1,993 3.55%
    5 Year 2 $90,000 $45,000 $200 4.38%

    For 2020, Stafford Savings Bank's most frequently cited loan duration was 30 Year, with 29 originations. The 2nd most popular length was 15 Year, with 17 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 68 $11,350,000 $166,912
    $2k-3k 1 $105,000 $105,000
    $3k-4k 1 $155,000 $155,000
    $4k-5k 1 $225,000 $225,000
    $5k+ 1 $295,000 $295,000

    Stafford Savings Bank's average total fees were $2,475, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 68 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 49 $9,205,000 $187,857
    2.5-3% 13 $2,295,000 $176,538
    4-5% 11 $795,000 $72,273

    During 2020, Stafford Savings Bank's average interest rate for loans was 3.59%, while their most frequently originated rate bucket for loans was 3-4%, with 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 38 $5,800,000 $152,632 $1,893 3.46%
    $200k-400k 17 $4,675,000 $275,000 $3,136 3.37%
    $100,000 or less 16 $950,000 $59,375 $781 4.01%
    $400k-600k 2 $870,000 $435,000 $2,311 3.25%

    2020 saw Stafford Savings Bank place emphasis on $100k-200k loans with 38 originations, totaling $5,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 24 $4,210,000 $175,417 $1,909 3.66%
    $150k-250k 16 $3,710,000 $231,875 $3,183 3.52%
    $75k-100k 15 $2,365,000 $157,667 $1,480 3.45%
    $50k-75k 12 $1,340,000 $111,667 $1,334 3.50%
    $50k or less 5 $485,000 $97,000 $1,436 3.63%
    $250k+ 1 $185,000 $185,000 $1,512 3.50%

    Stafford Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $150k-250k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $4,500,000 $160,714 $1,549 3.54%
    <20% 17 $2,445,000 $143,824 $2,331 3.67%
    30-36% 17 $2,985,000 $175,588 $1,577 3.53%
    36% 4 $790,000 $197,500 $2,772 3.34%
    38% 2 $650,000 $325,000 $1,600 3.56%
    37% 1 $325,000 $325,000 $5,366 3.88%
    41% 1 $105,000 $105,000 $2,627 3.25%
    42% 1 $175,000 $175,000 $3,968 3.50%
    43% 1 $155,000 $155,000 $4,435 2.88%
    44% 1 $165,000 $165,000 $0 4.00%

    Stafford Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? <20%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 70 $11,660,000 $166,571 $1,953 3.56%
    Asian 3 $635,000 $211,667 $1,907 3.38%

    Approval Rates

    Total approvals of all applications
    94.12%

    Stafford Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.41%

    Stafford Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 73 $12,295,000 $168,425

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $260,000 $130,000
    Single Family (1-4 Units):Site-Built 71 $12,035,000 $169,507

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $735,000 $81,667 $916 3.72%
    40-60% 17 $3,015,000 $177,353 $1,941 3.41%
    60-80% 36 $7,160,000 $198,889 $2,242 3.42%
    80-100% 6 $1,180,000 $196,667 $3,159 3.56%
    Under 20% 5 $205,000 $41,000 $360 4.68%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    1st Franklin Financial Corporation Other type of 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 $74,650
    Stafford Savings Bank 74 West Stafford Road Stafford Springs, CT 6076 Full Service B&M $40,864
    Stafford Savings Bank 85 West Stafford Road Stafford Springs, CT 6076 Full Service B&M $51,551

    For 2020, Stafford Savings Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,070
    Net interest income $6,359
    Total noninterest income $540
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $137
    Trading account gains and fees $0
    Additional Noninterest Income $403
    Pre-tax net operating income $572
    Securities gains (or losses, -) $14,217
    Income before extraordinary items $11,127
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,127
    Minority interest net income $0
    Net income $11,127
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $-104

    Stafford Savings Bank's gross interest income from loans was $7,070,000.
    Stafford Savings Bank's net interest income from loans was $6,359,000.
    Stafford Savings Bank's fee based income from loans was $137,000.
    Stafford Savings Bank's net income from loans was $11,127,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $711
    Provision for credit losses $0
    Total noninterest expense $6,327
    Salaries and employee benefits $3,497
    Premises and equipment expense $751
    Additional noninterest expense $2,079
    Applicable income taxes $3,662
    Net charge-offs $34
    Cash dividends $0

    Stafford Savings Bank's interest expense for loans was $711,000.
    Stafford Savings Bank's payroll and benefits expense were $3,497,000.
    Stafford Savings Bank's property, plant and equipment expenses $751,000.

    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 $170,994
    Deposits held in domestic offices $170,994
    Deposits by Individuals, partnerships, and corporations $165,586
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,408
    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 $45,729
    Demand deposits $9,423
    Nontransaction accounts $125,265
    Money market deposit accounts (MMDAs) $46,343
    Other savings deposits (excluding MMDAs) $36,992
    Total time deposits $41,930
    Total time and savings deposits $161,571
    Noninterest-bearing deposits $9,425
    Interest-bearing deposits $161,569
    Retail deposits $168,750
    IRAs and Keogh plan accounts $16,160
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $339,934
    Cash & Balances due from depository institutions $96,002
    Interest-bearing balances $92,964
    Total securities $170,492
    Federal funds sold & reverse repurchase $0
    Net loans and leases $67,017
    Loan and leases loss allowance $1,258
    Trading account assets $0
    Bank premises and fixed assets $642
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $5,781

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $339,934
    Total Liabilities $200,634
    Total deposits $170,994
    Interest-bearing deposits $161,569
    Deposits held in domestic offices $170,994
    % insured (estimated) $95
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $29,640

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $67,017
    Loan and leases loss allowance $1,258
    Total loans and leases (domestic) $68,275
    All real estate loans $67,484
    Real estate loans in domestic offices $67,484
    Construction and development loans $2,668
    Residential 1-4 family construction $2,416
    Other construction, all land development and other land $252
    Loans secured by nonfarm nonresidential properties $575
    Nonfarm nonresidential secured by owner-occupied properties $567
    Commercial real estate & other non-farm, non-residential $8
    Multifamily residential real estate $0
    1-4 family residential loans $64,241
    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 $970
    Credit card loans $0
    Related Plans $4
    Consumer Auto Loans $261
    Other loans to individuals $705
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Stafford Savings Bank had $67,017,000 of loans outstanding in 2020. $67,484,000 of loans were in real estate loans. $2,668,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $64,241,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $261,000 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 9 $360 $40,000
    Nonfarm, nonresidential loans - <$100k 4 $122 $30,500
    Nonfarm, nonresidential loans - $100-250k 3 $228 $76,000
    Nonfarm, nonresidential loans - $250k-1MM 2 $10 $5,000