The Torrington Savings Bank Mortgage Rates, Fees & Info

Torrington, CT

LEI: 54930002M4XN64FM7Z89

Tax ID: 06-0564890

5 stars - Updated: 4/5/25 - out of 5 stars, based on 16 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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.

    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 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.44% 4/5/25
    30 Year Conventional Refi 6.65% 4/5/25
    30 Year Cash-out Refi 6.79% 4/5/25
    15 Year Conventional Purchase 6.22% 4/5/25
    15 Year Conventional Refi 6.45% 4/5/25
    15 Year Cash-out Refi 6.45% 4/5/25
    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

    244

    Origination Dollar Volume (All Markets)

    $52,790,000

    Awards

    The Torrington Savings Bank 30 Year Conventional Loans gold The Torrington Savings Bank 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    The Torrington Savings Bank's average 30 year fixed mortgage rate was 6.36%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.19%.

    Relative Fees (Closing Costs)

    The Torrington Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,025.

    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 $8,356.

    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
    Outside of Metro Areas 244 $52,790,000 $216,352 $2,075 6.47%
    The Torrington Savings Bank's top markets include

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 244 $52,790,000 $216,352 $2,075 6.47%

    For 2024, The Torrington Savings Bank's most frequently originated type of loan was Conventional, with 244 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 119 $41,525,000 $348,950 $4,036 6.38%
    Home Improvement 49 $3,565,000 $72,755 $23 6.61%
    Refi 38 $4,130,000 $108,684 $579 6.42%
    Other 34 $2,340,000 $68,824 $17 6.57%
    Cash Out Refi 4 $1,230,000 $307,500 $3,023 6.78%

    For 2024, The Torrington Savings Bank's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Home Improvement, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 117 $39,415,000 $336,880 $4,025 6.36%
    20 Year 50 $4,910,000 $98,200 $23 7.06%
    10 Year 31 $2,575,000 $83,065 $38 6.18%
    15 Year 22 $2,780,000 $126,364 $1,033 6.64%
    5 Year 21 $1,075,000 $51,190 $0 5.83%
    Other 3 $2,035,000 $678,333 $0 7.01%

    For 2024, The Torrington Savings Bank's most frequently cited loan duration was 30 Year, with 117 originations. The 2nd most popular length was 20 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 228 $46,630,000 $204,518
    $1k-2k 5 $1,565,000 $313,000
    $3k-4k 2 $550,000 $275,000
    $5k+ 2 $840,000 $420,000
    $2k-3k 1 $205,000 $205,000
    $4k-5k 1 $205,000 $205,000

    The Torrington Savings Bank's average total fees were $4,025, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 228 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 162 $35,970,000 $222,037
    5-6% 67 $13,615,000 $203,209
    7-8% 9 $2,675,000 $297,222
    Over 8% 6 $530,000 $88,333

    During 2024, The Torrington Savings Bank's average interest rate for loans was 6.36%, while their most frequently originated rate bucket for loans was 6-7%, with 162 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 91 $4,765,000 $52,363 $109 6.54%
    $200k-400k 79 $23,795,000 $301,203 $3,720 6.41%
    $100k-200k 39 $5,535,000 $141,923 $982 6.51%
    $400k-600k 25 $11,775,000 $471,000 $4,952 6.37%
    $600k-1MM 9 $5,905,000 $656,111 $5,404 6.29%
    $1MM+ 1 $1,015,000 $1,015,000 $0 6.56%

    2024 saw The Torrington Savings Bank place emphasis on $100,000 or less loans with 91 originations, totaling $4,765,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 76 $20,330,000 $267,500 $2,629 6.46%
    $100k-150k 64 $13,530,000 $211,406 $2,114 6.45%
    $75k-100k 40 $4,240,000 $106,000 $923 6.45%
    $50k-75k 30 $3,350,000 $111,667 $1,552 6.45%
    $250k+ 20 $8,040,000 $402,000 $3,867 6.43%
    $50k or less 9 $505,000 $56,111 $0 6.57%

    The Torrington Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 76 originations. The second most popular income band? $100k-150k, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 60 $15,020,000 $250,333 $2,418 6.39%
    30-36% 43 $9,205,000 $214,070 $2,048 6.42%
    37% 21 $3,595,000 $171,190 $2,011 6.75%
    41% 18 $4,230,000 $235,000 $2,247 6.67%
    <20% 17 $3,555,000 $209,118 $2,727 6.15%
    42% 16 $2,610,000 $163,125 $1,476 6.59%
    39% 15 $2,395,000 $159,667 $1,482 6.48%
    40% 14 $2,440,000 $174,286 $1,357 6.27%
    43% 10 $1,940,000 $194,000 $2,066 6.76%
    38% 9 $2,355,000 $261,667 $2,128 6.60%
    44% 8 $1,470,000 $183,750 $1,988 6.36%
    36% 7 $1,015,000 $145,000 $1,460 6.02%
    45% 1 $165,000 $165,000 $3,018 6.63%

    The Torrington Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 196 $39,500,000 $201,531 $1,995 6.44%
    Not provided 30 $6,650,000 $221,667 $2,342 6.69%
    Not applicable 4 $2,490,000 $622,500 $0 6.88%
    Asian 8 $2,180,000 $272,500 $2,310 6.20%
    Black 3 $925,000 $308,333 $2,890 6.25%
    Asian Indian 2 $780,000 $390,000 $3,261 6.06%
    American Indian 1 $265,000 $265,000 $3,279 6.63%

    Approval Rates

    Total approvals of all applications
    84.54%

    The Torrington Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.59%

    The Torrington Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 244 $52,790,000 $216,352

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    244 $52,790,000 $216,352

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $4,385,000 $112,436 $239 6.72%
    40-60% 21 $4,765,000 $226,905 $2,063 6.46%
    60-80% 60 $21,540,000 $359,000 $4,262 6.48%
    80-100% 51 $18,505,000 $362,843 $3,931 6.33%
    Under 20% 73 $3,595,000 $49,247 $60 6.42%