The Torrington Savings Bank Mortgage Rates, Fees & Info

Torrington, CT

LEI: 54930002M4XN64FM7Z89

Tax ID: 06-0564890

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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)

    • Review & Overview

    The Torrington Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. The Torrington Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Torrington, New Haven, Hartford, 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 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 6.08% 4/28/24
    30 Year Conventional Refi 6.33% 4/28/24
    15 Year Conventional Purchase 6.04% 4/28/24
    15 Year Conventional Refi 5.65% 4/28/24
    15 Year Cash-out Refi 5.65% 4/28/24
    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

    355

    Origination Dollar Volume (All Markets)

    $91,575,000

    Awards

    The Torrington Savings Bank 30 Year Conventional Loans gold The Torrington 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
    Torrington, CT (FHA|USDA|VA) 239 $41,665,000 $174,331 $1,879 4.22%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 18 $23,840,000 $1,324,444 $2,898 4.66%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 90 $23,060,000 $256,222 $2,545 4.50%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 6 $2,340,000 $390,000 $3,742 3.94%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $670,000 $335,000 $3,802 6.35%
    The Torrington Savings Bank's top markets include Torrington, New Haven, Hartford, 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: 49
    Freedom Credit Union
    Similarity Rank: 102
    Chelsea Groton Bank
    Similarity Rank: 133
    POLISH NATIONAL
    Similarity Rank: 200
    SIKORSKY FINANCIAL
    Similarity Rank: 203
    Thomaston Savings Bank
    Similarity Rank: 290
    The Torrington Savings Bank
    Similarity Rank: 310
    The Milford Bank
    Similarity Rank: 340
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 352
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 420

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 355 $91,575,000 $257,958 $2,125 4.32%

    For 2022, The Torrington Savings Bank's most frequently originated type of loan was Conventional, with 355 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 137 $36,505,000 $266,460 $3,358 4.54%
    Refi 131 $35,245,000 $269,046 $2,111 3.50%
    Home Improvement 47 $13,345,000 $283,936 $11 5.14%
    Other 36 $2,400,000 $66,667 $215 5.26%
    Cash Out Refi 4 $4,080,000 $1,020,000 $0 5.46%

    For 2022, The Torrington Savings Bank's most frequently cited loan purpose was Home Purchase, with 137 originations. The 2nd most popular reason was Refi, with 131 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 154 $44,510,000 $289,026 $3,461 4.42%
    20 Year 76 $12,240,000 $161,053 $986 4.72%
    15 Year 67 $12,085,000 $180,373 $1,871 3.38%
    10 Year 33 $1,985,000 $60,152 $71 4.69%
    5 Year 18 $490,000 $27,222 $0 4.24%
    Other 7 $20,265,000 $2,895,000 $2,121 5.17%

    For 2022, The Torrington Savings Bank's most frequently cited loan duration was 30 Year, with 154 originations. The 2nd most popular length was 20 Year, with 76 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 311 $59,905,000 $192,621
    $1k-2k 19 $4,665,000 $245,526
    $2k-3k 10 $3,530,000 $353,000
    $3k-4k 2 $550,000 $275,000
    $4k-5k 2 $1,760,000 $880,000
    $5k+ 2 $720,000 $360,000

    The Torrington Savings Bank's average total fees were $3,461, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 311 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 93 $18,095,000 $194,570
    5-6% 84 $33,530,000 $399,167
    3-4% 76 $20,390,000 $268,289
    2.5-3% 40 $8,980,000 $224,500
    <2.5% 33 $7,035,000 $213,182
    6-7% 22 $2,950,000 $134,091
    7-8% 7 $595,000 $85,000

    During 2022, The Torrington Savings Bank's average interest rate for loans was 4.42%, while their most frequently originated rate bucket for loans was 4-5%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 114 $31,640,000 $277,544 $3,016 3.98%
    $100,000 or less 100 $4,810,000 $48,100 $307 4.82%
    $100k-200k 96 $13,980,000 $145,625 $2,042 4.23%
    $400k-600k 32 $14,820,000 $463,125 $3,829 4.14%
    $600k-1MM 9 $6,685,000 $742,778 $6,010 4.46%
    $1MM+ 4 $19,640,000 $4,910,000 $4,348 4.77%

    2022 saw The Torrington Savings Bank place emphasis on $200k-400k loans with 114 originations, totaling $31,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 89 $17,975,000 $201,966 $2,370 4.35%
    $150k-250k 80 $24,070,000 $300,875 $2,591 4.08%
    $75k-100k 74 $10,680,000 $144,324 $1,660 4.49%
    $50k-75k 59 $6,735,000 $114,153 $1,459 4.30%
    $250k+ 25 $9,865,000 $394,600 $3,147 4.33%
    $50k or less 22 $2,230,000 $101,364 $1,713 4.22%

    The Torrington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 89 originations. The second most popular income band? $150k-250k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 114 $24,050,000 $210,965 $2,293 4.01%
    30-36% 77 $16,355,000 $212,403 $2,008 4.51%
    <20% 38 $7,020,000 $184,737 $2,264 4.24%
    42% 22 $3,850,000 $175,000 $1,911 4.76%
    38% 20 $3,730,000 $186,500 $2,135 4.38%
    39% 16 $4,220,000 $263,750 $2,161 4.15%
    41% 16 $3,030,000 $189,375 $2,559 4.21%
    40% 14 $2,820,000 $201,429 $1,591 4.71%
    37% 14 $3,050,000 $217,857 $2,151 4.32%
    36% 9 $2,255,000 $250,556 $1,992 4.36%
    43% 6 $650,000 $108,333 $751 4.77%
    44% 3 $525,000 $175,000 $1,397 4.63%

    The Torrington Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 77 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 303 $62,635,000 $206,716 $2,120 4.31%
    Not applicable 6 $20,020,000 $3,336,667 $0 5.53%
    Not provided 35 $7,015,000 $200,429 $2,145 4.25%
    Asian 6 $1,240,000 $206,667 $3,166 4.35%
    American Indian 3 $515,000 $171,667 $1,063 3.71%
    Black 1 $95,000 $95,000 $1,960 2.38%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    89.98%

    The Torrington Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.80%

    The Torrington Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 355 $91,575,000 $257,958

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    355 $91,575,000 $257,958

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $5,460,000 $124,091 $582 4.98%
    40-60% 54 $16,310,000 $302,037 $2,435 3.67%
    60-80% 98 $40,590,000 $414,184 $2,827 3.92%
    80-100% 89 $26,395,000 $296,573 $3,538 4.35%
    Under 20% 70 $2,820,000 $40,286 $71 4.93%