Milford Federal Bank Mortgage Rates, Fees & Info

Milford, MA

LEI: 549300686RMBOL8Y1T93

Tax ID: 04-1620675

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
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Milford Federal Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Milford Federal Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Providence, Barnstable Town, and Norwich among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Milford Federal Bank 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. 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 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.

    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% 12/16/24
    30 Year Conventional Refi 6.40% 12/16/24
    30 Year Cash-out Refi 6.29% 12/16/24
    15 Year Conventional Purchase 5.20% 12/16/24
    15 Year Conventional Refi 5.69% 12/16/24
    15 Year Cash-out Refi 5.69% 12/16/24
    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

    604

    Origination Dollar Volume (All Markets)

    $120,600,000

    Employee count

    80

    Awards

    Milford Federal Bank 30 Year Conventional Loans silver Milford Federal Bank 30 Year Conventional Loans gold Milford Federal Bank 30 Year Conventional Loans gold Milford Federal Bank 30 Year Conventional Loans gold
    Show all (4) 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
    WORCESTER, MA-CT (FHA|USDA|VA) 372 $68,000,000 $182,796 $1,967 3.90%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 100 $26,590,000 $265,900 $2,517 3.89%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 122 $23,770,000 $194,836 $2,767 3.86%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $1,780,000 $222,500 $1,997 4.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $265,000 $265,000 $6,793 4.25%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $195,000 $195,000 $2,373 3.38%
    Milford Federal Bank's top markets include Worcester, Boston, Providence, Barnstable Town, and Norwich 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.

    SOMERSET
    Similarity Rank: 26
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Charter Oak Federal Credit Union
    Similarity Rank: 294
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 604 $120,600,000 $199,669 $2,225 3.89%

    For 2019, Milford Federal Bank's most frequently originated type of loan was Conventional, with 604 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 196 $53,300,000 $271,939 $3,056 3.98%
    Cash Out Refi 178 $32,840,000 $184,494 $2,460 3.79%
    Refi 121 $28,835,000 $238,306 $2,368 3.57%
    Home Improvement 61 $2,925,000 $47,951 $73 4.30%
    Other 47 $2,535,000 $53,936 $411 4.21%
    NA 1 $165,000 $165,000 $0 5.40%

    For 2019, Milford Federal Bank's most frequently cited loan purpose was Home Purchase, with 196 originations. The 2nd most popular reason was Cash Out Refi, with 178 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 306 $84,060,000 $274,706 $3,252 3.82%
    15 Year 95 $14,855,000 $156,368 $1,893 3.71%
    10 Year 81 $5,825,000 $71,914 $518 3.84%
    20 Year 81 $11,465,000 $141,543 $1,105 4.45%
    5 Year 23 $555,000 $24,130 $52 3.64%
    Other 18 $3,840,000 $213,333 $1,823 4.20%

    For 2019, Milford Federal Bank's most frequently cited loan duration was 30 Year, with 306 originations. The 2nd most popular length was 15 Year, with 95 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 464 $83,020,000 $178,922
    $1k-2k 72 $17,580,000 $244,167
    $2k-3k 28 $7,530,000 $268,929
    $3k-4k 15 $4,675,000 $311,667
    $4k-5k 9 $3,325,000 $369,444
    $5k+ 7 $2,115,000 $302,143

    Milford Federal Bank's average total fees were $3,252, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 464 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 360 $78,240,000 $217,333
    4-5% 186 $31,760,000 $170,753
    2.5-3% 38 $7,750,000 $203,947
    5-6% 19 $2,755,000 $145,000
    <2.5% 1 $95,000 $95,000

    During 2019, Milford Federal Bank's average interest rate for loans was 3.82%, while their most frequently originated rate bucket for loans was 3-4%, with 360 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 225 $63,305,000 $281,356 $3,376 3.78%
    $100k-200k 166 $24,500,000 $147,590 $2,123 3.82%
    $100,000 or less 163 $7,435,000 $45,613 $321 4.17%
    $400k-600k 43 $20,675,000 $480,814 $3,539 3.71%
    $600k-1MM 7 $4,685,000 $669,286 $4,731 3.96%

    2019 saw Milford Federal Bank place emphasis on $200k-400k loans with 225 originations, totaling $63,305,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 150 $31,960,000 $213,067 $2,430 3.87%
    $50k-75k 126 $18,280,000 $145,079 $1,972 3.91%
    $150k-250k 119 $30,875,000 $259,454 $2,484 3.92%
    $75k-100k 100 $17,270,000 $172,700 $1,964 4.00%
    $50k or less 58 $6,350,000 $109,483 $1,847 3.88%
    $250k+ 25 $8,745,000 $349,800 $2,947 3.66%

    Milford Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 150 originations. The second most popular income band? $50k-75k, with 126 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 129 $26,185,000 $202,984 $2,299 3.85%
    30-36% 106 $19,830,000 $187,075 $2,027 3.74%
    <20% 45 $9,275,000 $206,111 $2,118 3.72%
    44% 33 $5,655,000 $171,364 $1,646 3.98%
    37% 30 $7,100,000 $236,667 $2,709 3.83%
    42% 27 $5,045,000 $186,852 $2,058 4.09%
    43% 26 $6,000,000 $230,769 $2,116 3.99%
    40% 25 $4,215,000 $168,600 $1,950 4.23%
    38% 25 $5,645,000 $225,800 $2,957 3.61%
    39% 25 $4,965,000 $198,600 $1,978 4.07%
    36% 20 $4,780,000 $239,000 $2,919 3.74%
    41% 18 $2,970,000 $165,000 $1,713 3.84%
    49% 18 $2,790,000 $155,000 $1,694 3.89%
    45% 14 $3,630,000 $259,286 $3,680 3.73%
    47% 14 $2,900,000 $207,143 $2,457 4.11%
    48% 13 $2,215,000 $170,385 $2,712 3.82%
    46% 13 $2,535,000 $195,000 $2,272 4.03%
    50-60% 13 $2,355,000 $181,154 $2,132 4.13%
    >60% 1 $155,000 $155,000 $900 5.74%

    Milford Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 129 originations. The next most common DTI ratio? 30-36%, with 106 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 515 $100,415,000 $194,981 $2,241 3.85%
    Not provided 59 $13,225,000 $224,153 $2,050 4.12%
    Asian 11 $2,905,000 $264,091 $2,642 3.82%
    Not applicable 5 $1,585,000 $317,000 $0 5.20%
    Black 5 $1,085,000 $217,000 $3,385 3.58%
    Asian Indian 5 $1,015,000 $203,000 $1,831 3.95%
    American Indian 2 $280,000 $140,000 $1,465 4.62%
    Chinese 1 $65,000 $65,000 $50 4.74%
    Other Asian 1 $25,000 $25,000 $50 3.50%

    Approval Rates

    Total approvals of all applications
    92.77%

    Milford Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.40%

    Milford Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 604 $120,600,000 $199,669

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $995,000 $331,667
    Single Family (1-4 Units):Site-Built 601 $119,605,000 $199,010

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 82 $9,810,000 $119,634 $1,189 3.98%
    40-60% 99 $21,165,000 $213,788 $2,700 3.58%
    60-80% 193 $55,475,000 $287,435 $3,331 3.83%
    80-100% 97 $28,505,000 $293,866 $3,290 3.85%
    Under 20% 133 $5,645,000 $42,444 $200 4.20%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Milford Federal Bank 1271 Providence Road Whitinsville, MA 1588 Full Service B&M $32,460
    Milford Federal Bank 2020 Diamond Hill Road Woonsocket, RI 2895 Full Service B&M $34,963
    Milford Federal Bank 246 Main St Milford, MA 1757 Full Service B&M $213,633
    Milford Federal Bank 91 Medway Road Milford, MA 1757 Full Service B&M $48,986

    For 2019, Milford Federal Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,102
    Net interest income $11,019
    Total noninterest income $3,366
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $530
    Trading account gains and fees $0
    Additional Noninterest Income $2,836
    Pre-tax net operating income $2,034
    Securities gains (or losses, -) $-13
    Income before extraordinary items $1,501
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,501
    Minority interest net income $0
    Net income $1,501
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,511

    Milford Federal Bank's gross interest income from loans was $14,102,000.
    Milford Federal Bank's net interest income from loans was $11,019,000.
    Milford Federal Bank's fee based income from loans was $530,000.
    Milford Federal Bank's net income from loans was $1,501,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,083
    Provision for credit losses $56
    Total noninterest expense $12,295
    Salaries and employee benefits $7,637
    Premises and equipment expense $1,440
    Additional noninterest expense $3,218
    Applicable income taxes $520
    Net charge-offs $0
    Cash dividends $0

    Milford Federal Bank's interest expense for loans was $3,083,000.
    Milford Federal Bank's payroll and benefits expense were $7,637,000.
    Milford Federal Bank's property, plant and equipment expenses $1,440,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $341,379
    Deposits held in domestic offices $341,379
    Deposits by Individuals, partnerships, and corporations $341,379
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $75,815
    Demand deposits $24,796
    Nontransaction accounts $265,564
    Money market deposit accounts (MMDAs) $46,860
    Other savings deposits (excluding MMDAs) $85,756
    Total time deposits $132,947
    Total time and savings deposits $316,583
    Noninterest-bearing deposits $314,560
    Interest-bearing deposits $26,819
    Retail deposits $325,593
    IRAs and Keogh plan accounts $21,204
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $413,903
    Cash & Balances due from depository institutions $13,786
    Interest-bearing balances $12,248
    Total securities $14,974
    Federal funds sold & reverse repurchase $0
    Net loans and leases $363,149
    Loan and leases loss allowance $1,650
    Trading account assets $0
    Bank premises and fixed assets $9,165
    Other real estate owned $0
    Goodwill and other intangibles $3,172
    All other assets $9,657

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $413,903
    Total Liabilities $364,208
    Total deposits $341,379
    Interest-bearing deposits $26,819
    Deposits held in domestic offices $341,379
    % insured (estimated) $95
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $21,000
    Subordinated debt $0
    All other liabilities $1,829

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $363,149
    Loan and leases loss allowance $1,650
    Total loans and leases (domestic) $364,799
    All real estate loans $359,630
    Real estate loans in domestic offices $359,630
    Construction and development loans $3,979
    Residential 1-4 family construction $3,221
    Other construction, all land development and other land $758
    Loans secured by nonfarm nonresidential properties $11,751
    Nonfarm nonresidential secured by owner-occupied properties $5,912
    Commercial real estate & other non-farm, non-residential $5,839
    Multifamily residential real estate $5,489
    1-4 family residential loans $338,411
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $377
    To non-U.S. addressees $0
    Loans to individuals $4,792
    Credit card loans $0
    Related Plans $50
    Consumer Auto Loans $754
    Other loans to individuals $3,988
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $145
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Milford Federal Bank had $363,149,000 of loans outstanding in 2019. $359,630,000 of loans were in real estate loans. $3,979,000 of loans were in development loans. $5,489,000 of loans were in multifamily mortgage loans. $338,411,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $754,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 30 $9,232 $307,733
    Nonfarm, nonresidential loans - $100-250k 7 $786 $112,286
    Nonfarm, nonresidential loans - $250k-1MM 23 $8,446 $367,217
    Commercial & Industrial, US addressed loans - <$1MM 19 $377 $19,842
    Commercial & Industrial, US addressed loans - <$100k 18 $305 $16,944
    Commercial & Industrial, US addressed loans - $100-250k 1 $72 $72,000