The Simsbury Bank & Trust Company Mortgage Rates, Fees & Info

Simsbury, CT

LEI: 5493002YWZA44KX0MY28

Tax ID: 06-1341025

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

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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 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, Torrington, Providence, and Bridgeport among others. We have data for 11 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.

    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.

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    Originations

    287

    Origination Dollar Volume (All Markets)

    $61,215,000

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 220 $46,540,000 $211,545 $3,279 4.43%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 32 $6,930,000 $216,563 $4,816 4.36%
    Torrington, CT (FHA|USDA|VA) 17 $3,195,000 $187,941 $4,193 4.26%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,234 4.09%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $635,000 $211,667 $5,377 4.67%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $615,000 $205,000 $3,050 4.17%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $610,000 $305,000 $3,147 4.13%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $580,000 $290,000 $4,126 4.56%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $430,000 $215,000 $2,997 3.19%
    Barre, VT (FHA|USDA|VA) 1 $405,000 $405,000 $5,483 3.63%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $185,000 $185,000 $2,478 4.00%
    The Simsbury Bank & Trust Company's top markets include Hartford, New Haven, Torrington, Providence, and Bridgeport among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)

    • 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.

    Union Savings Bank
    Similarity Rank: 96
    POLISH NATIONAL
    Similarity Rank: 104
    The Torrington Savings Bank
    Similarity Rank: 115
    Stafford Savings Bank
    Similarity Rank: 124
    SIKORSKY FINANCIAL
    Similarity Rank: 130
    Collinsville Bank
    Similarity Rank: 156
    Chelsea Groton Bank
    Similarity Rank: 210
    The Milford Bank
    Similarity Rank: 240
    Charter Oak Federal Credit Union
    Similarity Rank: 258
    PRYSMA LENDING GROUP, LLC
    Similarity Rank: 366

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 212 $51,630,000 $243,538 $3,581 4.19%
    HELOC 75 $9,585,000 $127,800 n/a 4.98%

    For 2019, The Simsbury Bank & Trust Company's most frequently originated type of loan was Conventional, with 212 originations. Their 2nd most popular type was HELOC, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 153 $37,615,000 $245,850 $3,890 4.21%
    Cash Out Refi 61 $12,025,000 $197,131 $2,911 4.65%
    Other 44 $3,940,000 $89,545 $694 4.92%
    Refi 27 $7,315,000 $270,926 $3,151 3.93%
    Home Improvement 2 $320,000 $160,000 $232 5.13%

    For 2019, The Simsbury Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 153 originations. The 2nd most popular reason was Cash Out Refi, with 61 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 175 $44,405,000 $253,743 $3,754 4.23%
    20 Year 80 $10,600,000 $132,500 $3,545 4.93%
    15 Year 16 $3,940,000 $246,250 $3,659 3.55%
    10 Year 10 $1,410,000 $141,000 $1,784 4.04%
    5 Year 4 $220,000 $55,000 $340 4.50%
    30+ year 2 $640,000 $320,000 $3,716 5.63%

    For 2019, The Simsbury Bank & Trust Company's most frequently cited loan duration was 30 Year, with 175 originations. The 2nd most popular length was 20 Year, with 80 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 122 $29,550,000 $242,213
    $1k-2k 44 $10,910,000 $247,955
    $2k-3k 16 $4,630,000 $289,375
    $3k-4k 15 $2,955,000 $197,000
    $4k-5k 7 $1,995,000 $285,000
    $5k+ 3 $865,000 $288,333

    The Simsbury Bank & Trust Company's average total fees were $3,754, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 177 $32,735,000 $184,944
    3-4% 95 $25,475,000 $268,158
    5-6% 13 $2,065,000 $158,846
    2.5-3% 2 $940,000 $470,000

    During 2019, The Simsbury Bank & Trust Company's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 4-5%, with 177 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 115 $32,095,000 $279,087 $3,899 4.31%
    $100k-200k 103 $15,325,000 $148,786 $3,354 4.43%
    $100,000 or less 46 $2,520,000 $54,783 $1,552 4.75%
    $400k-600k 19 $8,465,000 $445,526 $4,381 4.10%
    $600k-1MM 4 $2,810,000 $702,500 $3,830 3.28%

    2019 saw The Simsbury Bank & Trust Company place emphasis on $200k-400k loans with 115 originations, totaling $32,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 68 $14,160,000 $208,235 $3,439 4.46%
    $150k-250k 66 $16,160,000 $244,848 $3,825 4.43%
    $50k-75k 60 $10,250,000 $170,833 $3,254 4.31%
    $75k-100k 53 $11,235,000 $211,981 $3,721 4.40%
    $250k+ 25 $7,375,000 $295,000 $4,109 4.49%
    $50k or less 15 $2,035,000 $135,667 $3,654 4.13%

    The Simsbury Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 68 originations. The second most popular income band? $150k-250k, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 63 $12,095,000 $191,984 $3,715 4.49%
    20-30% 62 $12,160,000 $196,129 $3,305 4.48%
    <20% 24 $4,920,000 $205,000 $3,714 4.42%
    43% 16 $4,480,000 $280,000 $3,936 4.14%
    41% 15 $2,695,000 $179,667 $3,268 4.68%
    42% 13 $2,755,000 $211,923 $3,734 4.54%
    36% 13 $2,585,000 $198,846 $2,996 4.11%
    44% 13 $2,975,000 $228,846 $3,446 4.16%
    38% 12 $3,470,000 $289,167 $3,640 4.47%
    39% 10 $1,840,000 $184,000 $3,821 4.48%
    40% 10 $2,780,000 $278,000 $3,710 3.98%
    45% 9 $1,955,000 $217,222 $2,903 4.53%
    37% 8 $1,700,000 $212,500 $4,840 4.56%
    46% 6 $1,760,000 $293,333 $3,592 3.85%
    47% 4 $880,000 $220,000 $3,859 4.00%
    50-60% 3 $695,000 $231,667 $3,386 3.92%
    48% 2 $490,000 $245,000 $3,781 4.13%
    49% 2 $370,000 $185,000 $6,992 4.88%
    >60% 1 $355,000 $355,000 $3,357 4.00%

    The Simsbury Bank & Trust Company lent most frequently to those with DTI ratios of 30-36%, with 63 originations. The next most common DTI ratio? 20-30%, with 62 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 265 $55,805,000 $210,585 $3,583 4.42%
    Asian 14 $3,620,000 $258,571 $3,434 4.17%
    Black 5 $1,235,000 $247,000 $3,523 3.98%
    American Indian 1 $325,000 $325,000 $3,141 3.75%
    Not provided 2 $230,000 $115,000 $5,702 4.38%

    Approval Rates

    Total approvals of all applications
    94.49%

    The Simsbury Bank & Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.44%

    The Simsbury Bank & Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 287 $61,215,000 $213,293

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 287 $61,215,000 $213,293

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $2,790,000 $99,643 $1,631 4.62%
    40-60% 34 $7,230,000 $212,647 $3,110 4.42%
    60-80% 81 $22,175,000 $273,765 $3,817 4.31%
    80-100% 111 $27,135,000 $244,459 $3,820 4.23%
    Under 20% 33 $1,885,000 $57,121 $377 4.95%