Savings Bank Of Danbury Mortgage Rates, Fees & Info

Danbury, CT

LEI: 54930023C70YMJJDRL61

Tax ID: 06-0523870

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
  • Complaints
  • 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

    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, New York, Torrington, 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 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 6.36% 4/28/24
    30 Year Cash-out Refi 6.60% 4/28/24
    30 Year FHA Purchase 6.92% 4/28/24
    15 Year Conventional Purchase 5.62% 4/28/24
    15 Year Conventional Refi 5.66% 4/28/24
    15 Year Cash-out Refi 5.66% 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.

    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

    343

    Origination Dollar Volume (All Markets)

    $199,095,000

    Awards

    Savings Bank of Danbury 30 Year Conventional Loans silver Savings Bank of Danbury 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
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 263 $155,755,000 $592,224 $5,481 4.63%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 42 $19,400,000 $461,905 $4,418 4.70%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 6 $7,640,000 $1,273,333 $9,046 4.92%
    Torrington, CT (FHA|USDA|VA) 18 $6,670,000 $370,556 $5,164 4.81%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $5,180,000 $2,590,000 $3,609 4.56%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 11 $4,095,000 $372,273 $4,537 5.26%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $355,000 $355,000 $6,260 5.13%
    Savings Bank Of Danbury's top markets include Bridgeport, New Haven, New York, Torrington, 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: 49
    Freedom Credit Union
    Similarity Rank: 102
    Chelsea Groton Bank
    Similarity Rank: 133
    Ridgewood Savings Bank
    Similarity Rank: 146
    POLISH NATIONAL
    Similarity Rank: 200
    The Torrington Savings Bank
    Similarity Rank: 310
    The Milford Bank
    Similarity Rank: 340
    SIKORSKY FINANCIAL
    Similarity Rank: 392
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 420
    Westfield Bank
    Similarity Rank: 450

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 340 $197,960,000 $582,235 $5,296 4.68%
    FHA 3 $1,135,000 $378,333 $10,992 4.54%

    For 2022, Savings Bank Of Danbury's most frequently originated type of loan was Conventional, with 340 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 265 $143,535,000 $541,642 $5,707 4.84%
    Refi 36 $33,180,000 $921,667 $3,456 4.16%
    Cash Out Refi 34 $14,470,000 $425,588 $4,165 3.94%
    Home Improvement 7 $7,205,000 $1,029,286 $1,573 4.91%
    Other 1 $705,000 $705,000 $4,168 4.75%

    For 2022, Savings Bank Of Danbury's most frequently cited loan purpose was Home Purchase, with 265 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 260 $117,180,000 $450,692 $5,494 4.74%
    Other 45 $63,635,000 $1,414,111 $3,300 5.10%
    15 Year 18 $5,190,000 $288,333 $3,675 3.36%
    20 Year 10 $3,490,000 $349,000 $4,600 3.65%
    30+ year 6 $6,520,000 $1,086,667 $6,023 4.63%
    10 Year 2 $670,000 $335,000 $3,596 4.50%
    3 Year 1 $1,535,000 $1,535,000 $0 4.50%
    5 Year 1 $875,000 $875,000 $0 5.85%

    For 2022, Savings Bank Of Danbury's most frequently cited loan duration was 30 Year, with 260 originations. The 2nd most popular length was Other, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 189 $91,155,000 $482,302
    $1k-2k 38 $12,530,000 $329,737
    $2k-3k 21 $10,485,000 $499,286
    $5k+ 7 $4,685,000 $669,286
    $4k-5k 6 $2,630,000 $438,333
    $3k-4k 4 $2,610,000 $652,500

    Savings Bank Of Danbury's average total fees were $5,494, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 189 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 125 $78,215,000 $625,720
    5-6% 115 $67,465,000 $586,652
    3-4% 70 $35,560,000 $508,000
    2.5-3% 14 $3,930,000 $280,714
    6-7% 14 $12,190,000 $870,714
    <2.5% 4 $1,260,000 $315,000

    During 2022, Savings Bank Of Danbury's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 4-5%, with 125 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 118 $34,600,000 $293,220 $4,638 4.74%
    $400k-600k 83 $41,025,000 $494,277 $5,485 4.58%
    $600k-1MM 62 $46,820,000 $755,161 $6,457 4.63%
    $100k-200k 41 $6,355,000 $155,000 $3,971 4.63%
    $1MM+ 32 $69,740,000 $2,179,375 $9,344 4.90%
    $100,000 or less 7 $555,000 $79,286 $3,345 4.50%

    2022 saw Savings Bank Of Danbury place emphasis on $200k-400k loans with 118 originations, totaling $34,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 80 $40,690,000 $508,625 $5,370 4.57%
    $250k+ 68 $47,860,000 $703,824 $6,597 4.52%
    $100k-150k 66 $23,750,000 $359,848 $5,197 4.70%
    $75k-100k 37 $10,225,000 $276,351 $4,738 4.41%
    $50k-75k 30 $6,440,000 $214,667 $4,208 4.81%
    $50k or less 6 $920,000 $153,333 $3,513 4.94%

    Savings Bank Of Danbury lent most frequently to those with incomes in the $150k-250k range, with 80 originations. The second most popular income band? $250k+, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 68 $27,900,000 $410,294 $5,274 4.59%
    20-30% 65 $26,125,000 $401,923 $4,906 4.33%
    <20% 20 $9,740,000 $487,000 $5,440 4.39%
    42% 16 $10,210,000 $638,125 $6,731 4.73%
    36% 15 $8,055,000 $537,000 $5,972 4.46%
    40% 14 $5,520,000 $394,286 $4,473 4.63%
    39% 13 $5,725,000 $440,385 $5,432 4.38%
    41% 12 $5,310,000 $442,500 $6,412 5.48%
    43% 12 $7,940,000 $661,667 $5,971 4.91%
    37% 10 $5,550,000 $555,000 $5,436 4.61%
    38% 10 $4,730,000 $473,000 $4,897 4.61%
    49% 9 $3,245,000 $360,556 $4,857 4.86%
    47% 8 $3,570,000 $446,250 $5,039 4.56%
    44% 7 $2,495,000 $356,429 $4,683 4.75%
    48% 5 $1,975,000 $395,000 $5,074 5.33%
    45% 5 $1,875,000 $375,000 $4,538 4.80%
    50-60% 4 $1,770,000 $442,500 $8,259 5.28%
    46% 3 $1,355,000 $451,667 $6,487 4.92%

    Savings Bank Of Danbury lent most frequently to those with DTI ratios of 30-36%, with 68 originations. The next most common DTI ratio? 20-30%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 201 $94,585,000 $470,572 $5,434 4.51%
    Not applicable 54 $66,620,000 $1,233,704 $0 5.06%
    Not provided 55 $25,685,000 $467,000 $5,331 4.75%
    Asian 13 $6,415,000 $493,462 $5,361 4.92%
    Black 18 $5,280,000 $293,333 $4,773 4.88%
    Asian Indian 2 $510,000 $255,000 $4,549 5.38%

    Approval Rates

    Total approvals of all applications
    93.47%

    Savings Bank Of Danbury has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.34%

    Savings Bank Of Danbury has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 343 $199,095,000 $580,452

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    343 $199,095,000 $580,452

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $3,360,000 $240,000 $4,026 4.45%
    40-60% 46 $32,900,000 $715,217 $4,362 4.26%
    60-80% 166 $103,140,000 $621,325 $5,140 4.77%
    80-100% 114 $57,870,000 $507,632 $6,033 4.73%
    Under 20% 3 $1,825,000 $608,333 $3,327 5.20%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    SFMC L.P. Conventional home mortgage Closing on a mortgage 1 100.0%