The Torrington Savings Bank Mortgage Rates, Fees & Info

Torrington, CT

LEI: 54930002M4XN64FM7Z89

Tax ID: 06-0564890

5 stars - Updated: 11/17/24 - out of 5 stars, based on 18 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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)

    • Review & Overview

    The Torrington Savings Bank is a smaller bank specializing in Home Purchase loans. The Torrington Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Torrington, Hartford, New Haven, Bridgeport, and Norwich among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Torrington Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Torrington 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.08% 11/17/24
    30 Year Conventional Refi 6.33% 11/17/24
    15 Year Conventional Purchase 6.04% 11/17/24
    15 Year Conventional Refi 5.65% 11/17/24
    15 Year Cash-out Refi 5.65% 11/17/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    The Torrington Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Torrington Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    342

    Origination Dollar Volume (All Markets)

    $73,650,000
    Show all (8) awards

    Relative Rate

    The Torrington Savings Bank's average 30 year fixed mortgage rate was 5.92%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.56%.

    Relative Fees (Closing Costs)

    The Torrington Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,434.

    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
    Torrington, CT (FHA|USDA|VA) 205 $37,655,000 $183,683 $1,146 5.54%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 97 $24,225,000 $249,742 $1,986 5.87%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 29 $7,785,000 $268,448 $2,277 5.78%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 8 $3,500,000 $437,500 $3,375 6.09%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $485,000 $161,667 $1,593 5.88%
    The Torrington Savings Bank's top markets include Torrington, Hartford, New Haven, Bridgeport, and Norwich among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Torrington Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Charter Oak Federal Credit Union
    Similarity Rank: 32
    Chelsea Groton Bank
    Similarity Rank: 56
    Stafford Savings Bank
    Similarity Rank: 63
    The Torrington Savings Bank
    Similarity Rank: 130
    The Milford Bank
    Similarity Rank: 132
    SIKORSKY FINANCIAL
    Similarity Rank: 145
    Sanborn Mortgage Corporation
    Similarity Rank: 208
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 216
    Thomaston Savings Bank
    Similarity Rank: 234
    Northwest Community Bank
    Similarity Rank: 319

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 342 $73,650,000 $215,351 $1,538 5.67%

    For 2023, The Torrington Savings Bank's most frequently originated type of loan was Conventional, with 342 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 152 $53,830,000 $354,145 $3,273 5.97%
    Home Improvement 79 $5,145,000 $65,127 $35 5.53%
    Refi 62 $10,800,000 $174,194 $449 5.38%
    Other 48 $3,620,000 $75,417 $57 5.27%
    Cash Out Refi 1 $255,000 $255,000 $2,038 7.25%

    For 2023, The Torrington Savings Bank's most frequently cited loan purpose was Home Purchase, with 152 originations. The 2nd most popular reason was Home Improvement, with 79 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 142 $45,940,000 $323,521 $3,434 5.92%
    20 Year 78 $10,640,000 $136,410 $182 5.95%
    10 Year 47 $9,465,000 $201,383 $36 5.19%
    15 Year 34 $3,430,000 $100,882 $225 5.61%
    5 Year 34 $1,600,000 $47,059 $16 4.51%
    Other 7 $2,575,000 $367,857 $0 6.50%

    For 2023, The Torrington Savings Bank's most frequently cited loan duration was 30 Year, with 142 originations. The 2nd most popular length was 20 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 325 $60,175,000 $185,154
    $2k-3k 3 $855,000 $285,000
    $1k-2k 1 $125,000 $125,000
    $3k-4k 1 $175,000 $175,000
    $5k+ 1 $355,000 $355,000

    The Torrington Savings Bank's average total fees were $3,434, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 325 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 163 $33,685,000 $206,656
    4-5% 76 $12,630,000 $166,184
    6-7% 65 $20,725,000 $318,846
    7-8% 18 $4,380,000 $243,333
    3-4% 13 $535,000 $41,154
    Over 8% 6 $490,000 $81,667
    <2.5% 1 $1,205,000 $1,205,000

    During 2023, The Torrington Savings Bank's average interest rate for loans was 5.92%, while their most frequently originated rate bucket for loans was 5-6%, with 163 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 145 $7,455,000 $51,414 $86 5.35%
    $200k-400k 101 $27,725,000 $274,505 $2,739 5.92%
    $100k-200k 51 $7,255,000 $142,255 $1,455 6.02%
    $400k-600k 33 $15,635,000 $473,788 $3,910 5.67%
    $600k-1MM 8 $5,640,000 $705,000 $4,923 6.33%
    $1MM+ 4 $9,940,000 $2,485,000 $5,902 4.84%

    2023 saw The Torrington Savings Bank place emphasis on $100,000 or less loans with 145 originations, totaling $7,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 94 $16,920,000 $180,000 $1,521 5.55%
    $150k-250k 94 $24,430,000 $259,894 $2,089 5.76%
    $75k-100k 61 $8,035,000 $131,721 $1,329 5.62%
    $50k-75k 44 $4,030,000 $91,591 $757 5.66%
    $250k+ 21 $7,345,000 $349,762 $2,376 6.15%
    $50k or less 17 $925,000 $54,412 $379 5.26%

    The Torrington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 94 originations. The second most popular income band? $150k-250k, with 94 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 89 $15,035,000 $168,933 $1,490 5.60%
    30-36% 66 $12,730,000 $192,879 $1,662 5.63%
    <20% 29 $3,845,000 $132,586 $1,312 5.65%
    39% 24 $4,590,000 $191,250 $1,350 5.81%
    41% 22 $4,520,000 $205,455 $1,862 5.71%
    42% 20 $3,280,000 $164,000 $1,524 5.72%
    38% 19 $2,635,000 $138,684 $813 5.54%
    40% 18 $4,650,000 $258,333 $1,671 5.58%
    36% 18 $3,740,000 $207,778 $1,434 5.56%
    37% 12 $2,060,000 $171,667 $1,660 5.88%
    44% 6 $1,940,000 $323,333 $2,105 6.04%
    43% 5 $1,545,000 $309,000 $1,996 6.28%
    46% 2 $550,000 $275,000 $3,838 5.69%
    47% 1 $565,000 $565,000 $3,269 4.63%

    The Torrington Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 66 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 287 $52,745,000 $183,780 $1,520 5.65%
    Not applicable 11 $11,965,000 $1,087,727 $0 5.92%
    Not provided 33 $6,685,000 $202,576 $1,747 5.83%
    Asian 7 $1,405,000 $200,714 $1,561 5.32%
    Black 3 $745,000 $248,333 $1,432 5.96%
    Korean 1 $105,000 $105,000 $0 5.13%

    Approval Rates

    Total approvals of all applications
    85.63%

    The Torrington Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.53%

    The Torrington Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 342 $73,650,000 $215,351

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    342 $73,650,000 $215,351

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 53 $7,625,000 $143,868 $277 5.84%
    40-60% 25 $6,785,000 $271,400 $1,532 5.44%
    60-80% 68 $28,280,000 $415,882 $3,251 6.00%
    80-100% 77 $25,175,000 $326,948 $3,400 5.94%
    Under 20% 119 $5,785,000 $48,613 $28 5.27%