Milford Federal Bank Mortgage Rates, Fees & Info

Milford, MA

LEI: 549300686RMBOL8Y1T93

Tax ID: 04-1620675

5 stars - Updated: 11/17/24 - out of 5 stars, based on 16 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Milford Federal Bank is a smaller bank specializing in Home Purchase loans. Milford Federal Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Providence, Boston, Barnstable Town, and Springfield among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Milford Federal Bank 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. Milford Federal Bank 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 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 6.13% 11/17/24
    30 Year Conventional Refi 6.40% 11/17/24
    30 Year Cash-out Refi 6.29% 11/17/24
    15 Year Conventional Purchase 5.20% 11/17/24
    15 Year Conventional Refi 5.69% 11/17/24
    15 Year Cash-out Refi 5.69% 11/17/24
    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.

    Milford Federal Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Milford Federal Bank. 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

    241

    Origination Dollar Volume (All Markets)

    $50,375,000

    Awards

    Milford Federal Bank 30 Year Conventional Loans silver Milford Federal Bank 30 Year Conventional Loans gold Milford Federal Bank 30 Year Conventional Loans silver
    Show all (3) awards

    Relative Rate

    Milford Federal Bank's average 30 year fixed mortgage rate was 6.39%.

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

    This yields a difference of -0.09%.

    Relative Fees (Closing Costs)

    Milford Federal Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,602.

    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
    WORCESTER, MA-CT (FHA|USDA|VA) 123 $23,315,000 $189,553 $1,524 6.66%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 68 $13,140,000 $193,235 $1,957 6.70%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 40 $11,140,000 $278,500 $1,827 6.46%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $2,265,000 $323,571 $2,101 6.32%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $515,000 $171,667 $1,974 6.46%
    Milford Federal Bank's top markets include Worcester, Providence, Boston, Barnstable Town, and Springfield among others.

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

    • Similar Lenders

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

    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    Charter Oak Federal Credit Union
    Similarity Rank: 56
    HOMEFIELD
    Similarity Rank: 75
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 135
    GREYLOCK
    Similarity Rank: 160
    Country Bank for Savings
    Similarity Rank: 165
    Piscataqua Savings Bank
    Similarity Rank: 177
    Sharon & Crescent United Credit Union
    Similarity Rank: 180

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 241 $50,375,000 $209,025 $1,719 6.62%

    For 2023, Milford Federal Bank's most frequently originated type of loan was Conventional, with 241 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 114 $37,350,000 $327,632 $3,007 6.51%
    Home Improvement 58 $4,190,000 $72,241 $282 6.93%
    Cash Out Refi 36 $6,380,000 $177,222 $1,133 6.59%
    Other 32 $2,350,000 $73,438 $609 6.50%
    Refi 1 $105,000 $105,000 $50 6.63%

    For 2023, Milford Federal Bank's most frequently cited loan purpose was Home Purchase, with 114 originations. The 2nd most popular reason was Home Improvement, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 106 $39,200,000 $369,811 $3,602 6.39%
    20 Year 58 $5,600,000 $96,552 $239 7.20%
    10 Year 40 $2,580,000 $64,500 $127 6.49%
    15 Year 22 $1,830,000 $83,182 $305 6.81%
    5 Year 14 $730,000 $52,143 $54 6.09%
    Other 1 $435,000 $435,000 $0 6.25%

    For 2023, Milford Federal Bank's most frequently cited loan duration was 30 Year, with 106 originations. The 2nd most popular length was 20 Year, with 58 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 223 $44,235,000 $198,363
    $1k-2k 6 $1,320,000 $220,000
    $4k-5k 3 $1,385,000 $461,667
    $2k-3k 2 $870,000 $435,000
    $3k-4k 2 $640,000 $320,000
    $5k+ 1 $345,000 $345,000

    Milford Federal Bank's average total fees were $3,602, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 223 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 145 $30,155,000 $207,966
    7-8% 55 $8,695,000 $158,091
    5-6% 27 $5,875,000 $217,593
    Over 8% 6 $610,000 $101,667
    3-4% 4 $2,060,000 $515,000
    4-5% 4 $2,980,000 $745,000

    During 2023, Milford Federal Bank's average interest rate for loans was 6.39%, while their most frequently originated rate bucket for loans was 6-7%, with 145 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 107 $5,325,000 $49,766 $80 6.83%
    $200k-400k 54 $15,520,000 $287,407 $3,316 6.58%
    $100k-200k 38 $5,330,000 $140,263 $1,443 6.67%
    $400k-600k 30 $14,670,000 $489,000 $3,862 6.29%
    $600k-1MM 10 $7,000,000 $700,000 $4,997 5.69%
    $1MM+ 2 $2,530,000 $1,265,000 $6,116 5.63%

    2023 saw Milford Federal Bank place emphasis on $100,000 or less loans with 107 originations, totaling $5,325,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 71 $13,675,000 $192,606 $1,632 6.69%
    $150k-250k 59 $15,305,000 $259,407 $1,875 6.51%
    $75k-100k 38 $5,160,000 $135,789 $1,372 6.66%
    $50k-75k 31 $3,485,000 $112,419 $1,175 6.84%
    $250k+ 22 $9,660,000 $439,091 $3,641 6.53%
    $50k or less 11 $745,000 $67,727 $723 6.60%

    Milford Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 71 originations. The second most popular income band? $150k-250k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 55 $10,215,000 $185,727 $1,551 6.60%
    20-30% 54 $8,290,000 $153,519 $1,452 6.63%
    44% 15 $3,085,000 $205,667 $1,668 7.08%
    43% 10 $1,160,000 $116,000 $996 6.37%
    42% 10 $2,220,000 $222,000 $1,665 6.64%
    49% 10 $2,110,000 $211,000 $1,830 7.33%
    <20% 9 $2,435,000 $270,556 $2,956 6.40%
    36% 9 $3,185,000 $353,889 $2,008 6.15%
    38% 9 $1,505,000 $167,222 $1,622 6.86%
    41% 9 $2,335,000 $259,444 $2,670 6.15%
    37% 8 $1,170,000 $146,250 $883 6.51%
    39% 8 $3,410,000 $426,250 $3,211 6.33%
    40% 7 $2,435,000 $347,857 $1,964 6.68%
    48% 7 $1,175,000 $167,857 $1,364 6.52%
    45% 5 $735,000 $147,000 $1,327 6.80%
    46% 5 $1,335,000 $267,000 $2,920 6.90%
    47% 4 $840,000 $210,000 $1,246 5.97%
    50-60% 3 $1,155,000 $385,000 $2,768 7.46%

    Milford Federal Bank lent most frequently to those with DTI ratios of 30-36%, with 55 originations. The next most common DTI ratio? 20-30%, with 54 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 202 $40,250,000 $199,257 $1,661 6.65%
    Asian 7 $3,105,000 $443,571 $3,033 5.77%
    Not provided 19 $2,785,000 $146,579 $1,581 6.76%
    Not applicable 4 $1,580,000 $395,000 $0 6.40%
    Asian Indian 5 $1,505,000 $301,000 $2,211 7.03%
    American Indian 2 $730,000 $365,000 $3,175 4.75%
    Black 2 $420,000 $210,000 $1,641 6.81%

    Approval Rates

    Total approvals of all applications
    89.24%

    Milford Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.89%

    Milford Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 241 $50,375,000 $209,025

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    241 $50,375,000 $209,025

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $4,810,000 $150,313 $712 6.80%
    40-60% 17 $4,665,000 $274,412 $3,354 6.19%
    60-80% 46 $18,600,000 $404,348 $4,045 6.46%
    80-100% 43 $17,135,000 $398,488 $3,441 6.36%
    Under 20% 103 $5,165,000 $50,146 $56 6.82%