Savings Bank Of Danbury Mortgage Rates, Fees & Info

Danbury, CT

LEI: 54930023C70YMJJDRL61

Tax ID: 06-0523870

4.7 stars - out of 5 stars, based on 24 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Bank Data

    Review & Overview

    Savings Bank Of Danbury is a smaller bank specializing in Home Purchase and Refi loans. Savings Bank Of Danbury has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Bridgeport, New Haven, Torrington, New York, and Hartford among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Savings Bank Of Danbury 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. Savings Bank Of Danbury is typically an average 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 6.59% 3/19/23
    30 Year Conventional Refi 6.49% 3/19/23
    30 Year Cash-out Refi 6.72% 3/19/23
    30 Year FHA Purchase 7.25% 3/19/23
    15 Year Conventional Purchase 6.02% 3/19/23
    15 Year Conventional Refi 6.12% 3/19/23
    15 Year Cash-out Refi 6.12% 3/19/23
    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.


    Originations

    589

    Origination Dollar Volume (All Markets)

    $237,645,000

    Employee count

    171

    Awards

    Savings Bank of Danbury 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Savings Bank Of Danbury's average 30 year fixed mortgage rate was 3.18%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.03%.

    Relative Fees (Closing Costs)

    Savings Bank Of Danbury's average total fees/closing costs for a 30 year fixed rate mortgage were $4,994.

    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 $4,750.

    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
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 459 $185,655,000 $404,477 $4,801 3.15%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 67 $32,755,000 $488,881 $4,066 3.57%
    Torrington, CT (FHA|USDA|VA) 45 $10,955,000 $243,444 $4,051 3.04%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 6 $5,240,000 $873,333 $6,647 3.65%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 10 $2,350,000 $235,000 $4,063 3.45%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $690,000 $345,000 $4,309 2.88%
    Savings Bank Of Danbury's top markets include Bridgeport, New Haven, Torrington, New York, and Hartford among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Similar Lenders

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

    SIKORSKY FINANCIAL
    Similarity Rank: 552
    BNB Bank
    Similarity Rank: 590
    Ridgewood Savings Bank
    Similarity Rank: 591
    The Torrington Savings Bank
    Similarity Rank: 595
    Northwest Community Bank
    Similarity Rank: 820
    Fairfield County Bank
    Similarity Rank: 960
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972
    Newtown Savings Bank
    Similarity Rank: 1340
    Thomaston Savings Bank
    Similarity Rank: 1445

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 572 $232,300,000 $406,119 $4,504 3.21%
    FHA 17 $5,345,000 $314,412 $9,840 2.82%

    For 2021, Savings Bank Of Danbury's most frequently originated type of loan was Conventional, with 572 originations. Their 2nd most popular type was FHA, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 314 $136,910,000 $436,019 $5,550 3.26%
    Refi 176 $62,110,000 $352,898 $3,559 3.10%
    Cash Out Refi 92 $37,180,000 $404,130 $4,044 3.19%
    Home Improvement 5 $935,000 $187,000 $3,188 3.83%
    Other 2 $510,000 $255,000 $4,034 3.06%

    For 2021, Savings Bank Of Danbury's most frequently cited loan purpose was Home Purchase, with 314 originations. The 2nd most popular reason was Refi, with 176 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 449 $175,375,000 $390,590 $4,994 3.18%
    15 Year 78 $20,270,000 $259,872 $3,339 2.70%
    Other 33 $29,475,000 $893,182 $3,038 4.47%
    20 Year 17 $7,295,000 $429,118 $3,348 3.16%
    30+ year 7 $3,855,000 $550,714 $5,055 3.91%
    10 Year 3 $505,000 $168,333 $2,941 3.46%
    5 Year 2 $870,000 $435,000 $0 4.90%

    For 2021, Savings Bank Of Danbury's most frequently cited loan duration was 30 Year, with 449 originations. The 2nd most popular length was 15 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 379 $142,535,000 $376,082
    $1k-2k 53 $17,305,000 $326,509
    $2k-3k 40 $16,100,000 $402,500
    $5k+ 15 $9,165,000 $611,000
    $3k-4k 12 $4,400,000 $366,667
    $4k-5k 5 $3,485,000 $697,000

    Savings Bank Of Danbury's average total fees were $4,994, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 379 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 266 $121,050,000 $455,075
    2.5-3% 254 $81,370,000 $320,354
    <2.5% 33 $9,295,000 $281,667
    4-5% 24 $13,220,000 $550,833
    5-6% 12 $12,710,000 $1,059,167

    During 2021, Savings Bank Of Danbury's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 266 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 247 $71,475,000 $289,372 $4,270 3.13%
    $400k-600k 128 $62,210,000 $486,016 $5,597 3.14%
    $100k-200k 117 $18,805,000 $160,726 $3,417 3.15%
    $600k-1MM 57 $42,655,000 $748,333 $5,201 3.44%
    $1MM+ 25 $41,315,000 $1,652,600 $10,258 3.85%
    $100,000 or less 15 $1,185,000 $79,000 $2,916 3.38%

    2021 saw Savings Bank Of Danbury place emphasis on $200k-400k loans with 247 originations, totaling $71,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 139 $61,275,000 $440,827 $5,085 3.12%
    $100k-150k 128 $43,130,000 $336,953 $4,288 3.08%
    $75k-100k 95 $25,295,000 $266,263 $4,189 3.07%
    $50k-75k 86 $19,530,000 $227,093 $4,539 3.04%
    $250k+ 83 $53,085,000 $639,578 $5,841 3.26%
    $50k or less 22 $3,370,000 $153,182 $3,674 3.14%

    Savings Bank Of Danbury lent most frequently to those with incomes in the $150k-250k range, with 139 originations. The second most popular income band? $100k-150k, with 128 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 136 $54,830,000 $403,162 $4,705 3.10%
    30-36% 114 $39,270,000 $344,474 $4,682 3.13%
    <20% 63 $21,095,000 $334,841 $4,012 2.99%
    40% 31 $11,925,000 $384,677 $4,608 3.11%
    39% 26 $10,050,000 $386,538 $4,934 3.14%
    37% 22 $6,620,000 $300,909 $4,082 3.06%
    36% 21 $8,745,000 $416,429 $5,072 3.13%
    42% 19 $7,815,000 $411,316 $4,609 3.13%
    41% 19 $6,385,000 $336,053 $4,140 3.19%
    44% 17 $6,105,000 $359,118 $4,751 3.08%
    38% 16 $5,650,000 $353,125 $4,210 3.24%
    46% 14 $4,770,000 $340,714 $4,534 3.03%
    48% 13 $3,745,000 $288,077 $4,191 2.97%
    43% 12 $6,680,000 $556,667 $6,165 3.39%
    45% 11 $3,705,000 $336,818 $4,424 3.05%
    47% 10 $3,800,000 $380,000 $6,959 3.00%
    49% 9 $3,455,000 $383,889 $6,809 3.10%
    50-60% 2 $860,000 $430,000 $13,672 3.75%

    Savings Bank Of Danbury lent most frequently to those with DTI ratios of 20-30%, with 136 originations. The next most common DTI ratio? 30-36%, with 114 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 409 $154,175,000 $376,956 $4,552 3.10%
    Not provided 95 $32,865,000 $345,947 $4,838 3.16%
    Not applicable 31 $30,925,000 $997,581 $0 4.83%
    Black 33 $10,135,000 $307,121 $4,981 3.14%
    Asian 16 $7,850,000 $490,625 $7,064 3.16%
    Asian Indian 3 $1,215,000 $405,000 $3,820 3.08%
    Other Asian 1 $295,000 $295,000 $4,620 3.13%
    American Indian 1 $185,000 $185,000 $3,111 2.75%

    Approval Rates

    Total approvals of all applications
    89.95%

    Savings Bank Of Danbury has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.48%

    Savings Bank Of Danbury has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 589 $237,645,000 $403,472

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    589 $237,645,000 $403,472

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $8,160,000 $255,000 $3,962 3.03%
    40-60% 103 $38,965,000 $378,301 $3,605 3.01%
    60-80% 272 $121,510,000 $446,728 $4,643 3.36%
    80-100% 178 $68,490,000 $384,775 $5,447 3.09%
    Under 20% 4 $520,000 $130,000 $3,414 3.56%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SFMC L.P. Conventional home mortgage Struggling to pay mortgage 2 50.0%
    SFMC L.P. FHA mortgage Trouble during payment process 2 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Savings Bank of Danbury 100 Route 37 New Fairfield, CT 6812 Full Service B&M $83,848
    Savings Bank of Danbury 59 Newtown Road Danbury, CT 6810 Full Service B&M $60,206
    Savings Bank of Danbury 90 Mill Plain Road Danbury, CT 6811 Full Service B&M $85,205
    Savings Bank of Danbury Grassy Plain Street Bethel, CT 6801 Full Service B&M $126,698
    Savings Bank of Danbury 12 Hayestown Avenue Danbury, CT 6810 Full Service B&M $99,200
    Savings Bank of Danbury 154 Federal Road Brookfield, CT 6804 Full Service B&M $123,303
    Savings Bank of Danbury 20 Church Hill Road Newtown, CT 6470 Full Service B&M $48,413
    Savings Bank of Danbury 2084 North Main Street Waterbury, CT 6704 Full Service B&M $27,636
    Savings Bank of Danbury 220 Main St Danbury, CT 6810 Full Service B&M $123,594
    Savings Bank of Danbury 2586 Summer Street Stamford, CT 6905 Full Service B&M $50,586
    Savings Bank of Danbury 314 Danbury Road New Milford, CT 6776 Full Service B&M $23,346
    Savings Bank of Danbury 325 Main Street Southbury, CT 6488 Full Service B&M $49,461
    Savings Bank of Danbury 35 West Street Danbury, CT 6810 Full Service B&M $105,476
    Savings Bank of Danbury 357 Bank Street Waterbury, CT 6708 Full Service B&M $56,663
    Savings Bank of Danbury 5 Kent Road New Milford, CT 6776 Full Service B&M $72,040

    For 2021, Savings Bank Of Danbury had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $44,593
    Net interest income $39,801
    Total noninterest income $9,505
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,499
    Trading account gains and fees $0
    Additional Noninterest Income $8,006
    Pre-tax net operating income $18,457
    Securities gains (or losses, -) $933
    Income before extraordinary items $15,473
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $15,473
    Minority interest net income $0
    Net income $15,473
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,726

    Savings Bank Of Danbury's gross interest income from loans was $44,593,000.
    Savings Bank Of Danbury's net interest income from loans was $39,801,000.
    Savings Bank Of Danbury's fee based income from loans was $1,499,000.
    Savings Bank Of Danbury's net income from loans was $15,473,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,792
    Provision for credit losses $1,581
    Total noninterest expense $29,268
    Salaries and employee benefits $15,860
    Premises and equipment expense $3,622
    Additional noninterest expense $9,786
    Applicable income taxes $3,917
    Net charge-offs $-499
    Cash dividends $100

    Savings Bank Of Danbury's interest expense for loans was $4,792,000.
    Savings Bank Of Danbury's payroll and benefits expense were $15,860,000.
    Savings Bank Of Danbury's property, plant and equipment expenses $3,622,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 6.0%
    Nonfarm, nonresidential loans 5.0%
    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 $1,188,448
    Deposits held in domestic offices $1,188,448
    Deposits by Individuals, partnerships, and corporations $1,159,056
    Deposits by U.S. Government $10
    Deposits by States and political subdivisions in the U.S. $29,382
    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 $160,152
    Demand deposits $123,864
    Nontransaction accounts $1,028,296
    Money market deposit accounts (MMDAs) $131,900
    Other savings deposits (excluding MMDAs) $545,975
    Total time deposits $350,420
    Total time and savings deposits $1,064,584
    Noninterest-bearing deposits $123,865
    Interest-bearing deposits $1,064,583
    Retail deposits $1,078,718
    IRAs and Keogh plan accounts $51,982
    Brokered deposits $30,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,418,593
    Cash & Balances due from depository institutions $265,028
    Interest-bearing balances $254,036
    Total securities $44,025
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,036,098
    Loan and leases loss allowance $14,571
    Trading account assets $0
    Bank premises and fixed assets $15,568
    Other real estate owned $0
    Goodwill and other intangibles $2,662
    All other assets $55,212

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,418,593
    Total Liabilities $1,257,108
    Total deposits $1,188,448
    Interest-bearing deposits $1,064,583
    Deposits held in domestic offices $1,188,448
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $55,220
    Subordinated debt $0
    All other liabilities $13,440

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,036,098
    Loan and leases loss allowance $14,571
    Total loans and leases (domestic) $1,050,669
    All real estate loans $932,939
    Real estate loans in domestic offices $932,939
    Construction and development loans $46,452
    Residential 1-4 family construction $17,843
    Other construction, all land development and other land $28,609
    Loans secured by nonfarm nonresidential properties $252,755
    Nonfarm nonresidential secured by owner-occupied properties $91,685
    Commercial real estate & other non-farm, non-residential $161,070
    Multifamily residential real estate $35,182
    1-4 family residential loans $598,264
    Farmland loans $286
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $108,499
    To non-U.S. addressees $0
    Loans to individuals $868
    Credit card loans $0
    Related Plans $9
    Consumer Auto Loans $0
    Other loans to individuals $859
    All other loans & leases $8,364
    Loans to foreign governments and official institutions $0
    Other loans $8,364
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $277
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,243
    Non 1-4 family restructured loans & leases $3,714
    Total loans and leases (foreign) $0

    Savings Bank of Danbury had $1,036,098,000 of loans outstanding in 2021. $932,939,000 of loans were in real estate loans. $46,452,000 of loans were in development loans. $35,182,000 of loans were in multifamily mortgage loans. $598,264,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 252 $77,656 $308,159
    Nonfarm, nonresidential loans - <$100k 23 $588 $25,565
    Nonfarm, nonresidential loans - $100-250k 64 $8,546 $133,531
    Nonfarm, nonresidential loans - $250k-1MM 165 $68,522 $415,285
    Commercial & Industrial, US addressed loans - <$1MM 746 $64,681 $86,704
    Commercial & Industrial, US addressed loans - <$100k 506 $9,367 $18,512
    Commercial & Industrial, US addressed loans - $100-250k 107 $13,096 $122,393
    Commercial & Industrial, US addressed loans - $250k-1MM 133 $42,218 $317,429
    Farmland loans - <$1MM 1 $286 $286,000
    Farmland loans - $250k-1MM 1 $286 $286,000