The Simsbury Bank & Trust Company Mortgage Rates, Fees & Info
Simsbury, CTLEI: 5493002YWZA44KX0MY28
Tax ID: 06-1341025
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Mortgage Data
Review & Overview
The Simsbury Bank & Trust Company is a smaller bank specializing in Home Purchase loans. The Simsbury Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, New Haven, Bridgeport, Torrington, and Providence among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)The Simsbury Bank & Trust Company 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. The Simsbury Bank & Trust Company 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.
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Originations
337Origination Dollar Volume (All Markets)
$81,345,000Top 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 |
|---|---|---|---|---|---|
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 218 | $52,500,000 | $240,826 | $3,372 | 4.58% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 75 | $16,665,000 | $222,200 | $5,192 | 4.61% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 10 | $4,340,000 | $434,000 | $6,782 | 4.83% |
| Torrington, CT (FHA|USDA|VA) | 20 | $3,420,000 | $171,000 | $3,823 | 4.63% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 3 | $1,815,000 | $605,000 | $3,989 | 4.13% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $2,708 | 4.53% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $3,777 | 4.79% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,288 | 4.50% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,451 | 3.63% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,825 | 4.50% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against The Simsbury Bank & Trust Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 337 | $81,345,000 | $241,380 | $3,906 | 4.59% |
For 2018, The Simsbury Bank & Trust Company's most frequently originated type of loan was Conventional, with 337 originations.
Loan Reason
For 2018, The Simsbury Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 265 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.
Loan Duration/Length
For 2018, The Simsbury Bank & Trust Company's most frequently cited loan duration was 30 Year, with 275 originations. The 2nd most popular length was 15 Year, with 33 originations.
Origination Fees/Closing Costs
The Simsbury Bank & Trust Company's average total fees were $4,181, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 196 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 260 | $65,750,000 | $252,885 |
| 3-4% | 41 | $9,735,000 | $237,439 |
| 5-6% | 36 | $5,860,000 | $162,778 |
During 2018, The Simsbury Bank & Trust Company's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 260 originations.
Loan Sizing
2018 saw The Simsbury Bank & Trust Company place emphasis on $200k-400k loans with 152 originations, totaling $41,500,000 in origination value.
Applicant Income
The Simsbury Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 102 originations. The second most popular income band? $150k-250k, with 81 originations.
Applicant Debt to Income Ratio
The Simsbury Bank & Trust Company lent most frequently to those with DTI ratios of 20-30%, with 74 originations. The next most common DTI ratio? 30-36%, with 64 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.13%
The Simsbury Bank & Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.20%
The Simsbury Bank & Trust Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 337 | $81,345,000 | $241,380 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 337 | $81,345,000 | $241,380 |