Savings Bank Of Danbury Mortgage Rates, Fees & Info

Danbury, CT

LEI: 54930023C70YMJJDRL61

Tax ID: 06-0523870

5 stars - Updated: 5/26/24 - out of 5 stars, based on 20 reviews

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

Jump to:

Mortgage Data

Review & Overview

Savings Bank Of Danbury is a smaller bank specializing in Home Purchase 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, Hartford, New York, and Norwich among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Savings Bank Of Danbury has an above 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 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.08% 5/26/24
30 Year Conventional Refi 6.36% 5/26/24
30 Year Cash-out Refi 6.60% 5/26/24
30 Year FHA Purchase 6.92% 5/26/24
15 Year Conventional Purchase 5.62% 5/26/24
15 Year Conventional Refi 5.66% 5/26/24
15 Year Cash-out Refi 5.66% 5/26/24
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.

Savings Bank Of Danbury Mortgage Calculator






Your Estimates

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

This is not an official calculator from Savings Bank Of Danbury. 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

389

Origination Dollar Volume (All Markets)

$221,695,000
Show all (8) awards

Relative Rate

Savings Bank Of Danbury's average 30 year fixed mortgage rate was 6.12%.

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

This yields a difference of -0.36%.

Relative Fees (Closing Costs)

Savings Bank Of Danbury's average total fees/closing costs for a 30 year fixed rate mortgage were $5,505.

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
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 285 $157,085,000 $551,175 $5,687 6.11%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 42 $36,850,000 $877,381 $4,799 6.27%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 20 $7,730,000 $386,500 $4,527 6.08%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $7,435,000 $826,111 $7,788 6.45%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 12 $6,500,000 $541,667 $6,005 6.61%
Torrington, CT (FHA|USDA|VA) 19 $5,275,000 $277,632 $4,633 6.17%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $820,000 $410,000 $7,231 6.31%
Savings Bank Of Danbury's top markets include Bridgeport, New Haven, Hartford, New York, and Norwich 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.

    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
    Ridgewood Savings Bank
    Similarity Rank: 160
    SIKORSKY FINANCIAL
    Similarity Rank: 180
    Sanborn Mortgage Corporation
    Similarity Rank: 208
    Thomaston Savings Bank
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 387 $220,905,000 $570,814 $5,510 6.14%
    FHA 2 $790,000 $395,000 $11,838 7.00%

    For 2023, Savings Bank Of Danbury's most frequently originated type of loan was Conventional, with 387 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 356 $199,360,000 $560,000 $5,673 6.15%
    Refi 15 $15,675,000 $1,045,000 $3,652 6.17%
    Cash Out Refi 12 $5,050,000 $420,833 $3,855 5.88%
    Home Improvement 3 $865,000 $288,333 $4,472 6.46%
    Other 3 $745,000 $248,333 $3,705 6.50%

    For 2023, Savings Bank Of Danbury's most frequently cited loan purpose was Home Purchase, with 356 originations. The 2nd most popular reason was Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 351 $158,455,000 $451,439 $5,505 6.12%
    Other 23 $50,445,000 $2,193,261 $0 6.89%
    15 Year 9 $7,035,000 $781,667 $5,379 5.67%
    30+ year 5 $4,915,000 $983,000 $8,562 5.63%
    5 Year 1 $845,000 $845,000 $0 6.60%

    For 2023, Savings Bank Of Danbury's most frequently cited loan duration was 30 Year, with 351 originations. The 2nd most popular length was Other, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 250 $118,100,000 $472,400
    $1k-2k 38 $11,890,000 $312,895
    $2k-3k 36 $19,060,000 $529,444
    $5k+ 9 $7,145,000 $793,889
    $3k-4k 6 $3,460,000 $576,667
    $4k-5k 4 $2,000,000 $500,000

    Savings Bank Of Danbury's average total fees were $5,505, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 175 $78,975,000 $451,286
    6-7% 156 $110,140,000 $706,026
    7-8% 30 $15,490,000 $516,333
    4-5% 26 $15,570,000 $598,846
    Over 8% 2 $1,520,000 $760,000

    During 2023, Savings Bank Of Danbury's average interest rate for loans was 6.12%, while their most frequently originated rate bucket for loans was 5-6%, with 175 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 140 $42,360,000 $302,571 $4,749 6.15%
    $400k-600k 103 $49,555,000 $481,117 $5,825 6.16%
    $600k-1MM 69 $51,765,000 $750,217 $6,818 5.92%
    $100k-200k 42 $6,280,000 $149,524 $3,964 6.26%
    $1MM+ 31 $71,405,000 $2,303,387 $8,225 6.41%
    $100,000 or less 4 $330,000 $82,500 $3,874 6.38%

    2023 saw Savings Bank Of Danbury place emphasis on $200k-400k loans with 140 originations, totaling $42,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 117 $56,095,000 $479,444 $5,813 6.08%
    $250k+ 87 $63,025,000 $724,425 $6,630 5.93%
    $100k-150k 80 $27,610,000 $345,125 $5,023 6.21%
    $75k-100k 41 $10,865,000 $265,000 $4,762 6.21%
    $50k-75k 31 $6,065,000 $195,645 $4,165 6.11%
    $50k or less 4 $510,000 $127,500 $3,626 6.38%

    Savings Bank Of Danbury lent most frequently to those with incomes in the $150k-250k range, with 117 originations. The second most popular income band? $250k+, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 99 $47,345,000 $478,232 $5,636 6.08%
    30-36% 75 $36,535,000 $487,133 $5,483 6.02%
    43% 19 $7,005,000 $368,684 $5,483 6.20%
    42% 18 $7,880,000 $437,778 $5,405 6.03%
    <20% 17 $4,265,000 $250,882 $4,587 5.89%
    37% 17 $8,435,000 $496,176 $5,689 6.11%
    40% 17 $10,815,000 $636,176 $6,084 5.92%
    41% 16 $7,800,000 $487,500 $4,811 6.22%
    38% 16 $7,900,000 $493,750 $6,263 6.07%
    39% 16 $6,150,000 $384,375 $4,904 6.02%
    36% 13 $6,025,000 $463,462 $4,819 5.81%
    47% 9 $3,065,000 $340,556 $5,641 6.38%
    49% 9 $3,165,000 $351,667 $5,503 6.67%
    44% 8 $3,580,000 $447,500 $5,615 6.53%
    48% 5 $2,505,000 $501,000 $7,815 6.70%
    46% 4 $1,440,000 $360,000 $4,486 6.78%
    45% 3 $1,145,000 $381,667 $10,161 5.92%
    50-60% 1 $475,000 $475,000 $8,480 7.38%

    Savings Bank Of Danbury lent most frequently to those with DTI ratios of 20-30%, with 99 originations. The next most common DTI ratio? 30-36%, with 75 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 237 $109,245,000 $460,949 $5,552 6.10%
    Not applicable 28 $56,910,000 $2,032,500 $8,145 6.88%
    Not provided 64 $26,260,000 $410,313 $5,408 6.14%
    Asian 40 $21,150,000 $528,750 $5,806 5.97%
    Black 11 $4,455,000 $405,000 $5,635 6.27%
    Asian Indian 6 $3,270,000 $545,000 $5,286 6.08%
    American Indian 2 $350,000 $175,000 $4,547 5.56%
    Native Hawaiian or Islander 1 $55,000 $55,000 $3,472 6.38%

    Approval Rates

    Total approvals of all applications
    93.80%

    Savings Bank Of Danbury has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.95%

    Savings Bank Of Danbury has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 389 $221,695,000 $569,910

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    389 $221,695,000 $569,910

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $6,720,000 $305,455 $4,573 5.93%
    40-60% 45 $19,385,000 $430,778 $4,812 6.07%
    60-80% 172 $122,860,000 $714,302 $5,665 6.26%
    80-100% 147 $71,995,000 $489,762 $5,805 6.09%
    Under 20% 3 $735,000 $245,000 $3,460 5.54%