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

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  • 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 Cash Out Refi, Refi, and 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 Norwich 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 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.

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    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

    771

    Origination Dollar Volume (All Markets)

    $168,395,000

    Employee count

    79

    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) 463 $96,805,000 $209,082 $2,104 3.48%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 166 $34,060,000 $205,181 $2,641 3.40%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 121 $32,425,000 $267,975 $2,489 3.33%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 20 $4,850,000 $242,500 $2,063 3.47%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $255,000 $255,000 $2,648 2.88%
    Milford Federal Bank's top markets include Worcester, Providence, Boston, 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.

    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Rhode Island Credit Union
    Similarity Rank: 510
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Triangle Credit Union
    Similarity Rank: 696
    CorePlus Federal Credit Union
    Similarity Rank: 710
    NEW HAMPSHIRE
    Similarity Rank: 756

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 771 $168,395,000 $218,411 $2,279 3.44%

    For 2020, Milford Federal Bank's most frequently originated type of loan was Conventional, with 771 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 267 $58,335,000 $218,483 $2,737 3.31%
    Refi 245 $54,375,000 $221,939 $1,943 3.28%
    Home Purchase 192 $51,480,000 $268,125 $2,760 3.57%
    Home Improvement 45 $2,245,000 $49,889 $256 4.23%
    Other 22 $1,960,000 $89,091 $491 3.95%

    For 2020, Milford Federal Bank's most frequently cited loan purpose was Cash Out Refi, with 267 originations. The 2nd most popular reason was Refi, with 245 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 377 $99,865,000 $264,894 $3,142 3.38%
    20 Year 148 $25,470,000 $172,095 $1,233 3.72%
    15 Year 145 $27,245,000 $187,897 $1,848 3.17%
    10 Year 54 $5,120,000 $94,815 $738 3.66%
    Other 33 $10,365,000 $314,091 $2,509 3.52%
    5 Year 14 $330,000 $23,571 $55 3.75%

    For 2020, Milford Federal Bank's most frequently cited loan duration was 30 Year, with 377 originations. The 2nd most popular length was 20 Year, with 148 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 561 $109,675,000 $195,499
    $1k-2k 105 $24,955,000 $237,667
    $2k-3k 50 $12,700,000 $254,000
    $3k-4k 22 $7,420,000 $337,273
    $4k-5k 15 $5,025,000 $335,000
    $5k+ 12 $4,260,000 $355,000

    Milford Federal Bank's average total fees were $3,142, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 561 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 558 $130,390,000 $233,674
    2.5-3% 131 $29,155,000 $222,557
    4-5% 73 $8,235,000 $112,808
    5-6% 7 $245,000 $35,000
    <2.5% 2 $370,000 $185,000

    During 2020, Milford Federal Bank's average interest rate for loans was 3.38%, while their most frequently originated rate bucket for loans was 3-4%, with 558 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 330 $90,940,000 $275,576 $2,868 3.26%
    $100k-200k 249 $38,525,000 $154,719 $1,997 3.30%
    $100,000 or less 129 $6,035,000 $46,783 $409 4.19%
    $400k-600k 53 $25,085,000 $473,302 $4,287 3.33%
    $600k-1MM 9 $5,985,000 $665,000 $4,123 3.35%
    $1MM+ 1 $1,825,000 $1,825,000 $0 4.75%

    2020 saw Milford Federal Bank place emphasis on $200k-400k loans with 330 originations, totaling $90,940,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 195 $47,135,000 $241,718 $2,494 3.45%
    $75k-100k 159 $31,905,000 $200,660 $2,250 3.40%
    $150k-250k 158 $39,750,000 $251,582 $2,489 3.44%
    $50k-75k 138 $22,780,000 $165,072 $2,051 3.42%
    $50k or less 68 $8,050,000 $118,382 $1,715 3.61%
    $250k+ 32 $10,930,000 $341,563 $2,484 3.34%

    Milford Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 195 originations. The second most popular income band? $75k-100k, with 159 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 207 $45,755,000 $221,039 $2,286 3.36%
    30-36% 159 $35,565,000 $223,679 $2,557 3.42%
    <20% 74 $15,010,000 $202,838 $1,976 3.33%
    43% 37 $7,785,000 $210,405 $1,815 3.49%
    44% 34 $7,290,000 $214,412 $2,729 3.60%
    40% 27 $5,265,000 $195,000 $2,562 3.58%
    42% 26 $4,970,000 $191,154 $1,913 3.48%
    41% 26 $5,920,000 $227,692 $2,221 3.52%
    38% 25 $6,105,000 $244,200 $2,630 3.44%
    39% 25 $5,295,000 $211,800 $1,680 3.56%
    36% 21 $3,995,000 $190,238 $1,978 3.33%
    47% 20 $4,330,000 $216,500 $2,262 3.49%
    37% 19 $4,305,000 $226,579 $2,462 3.42%
    46% 16 $3,530,000 $220,625 $2,193 3.51%
    45% 14 $2,780,000 $198,571 $2,240 3.44%
    50-60% 12 $1,760,000 $146,667 $1,840 3.78%
    48% 11 $1,995,000 $181,364 $2,369 3.15%
    49% 11 $2,225,000 $202,273 $2,260 3.87%
    >60% 1 $155,000 $155,000 $0 4.13%

    Milford Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 207 originations. The next most common DTI ratio? 30-36%, with 159 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 691 $147,045,000 $212,800 $2,298 3.43%
    Not provided 54 $12,620,000 $233,704 $2,059 3.39%
    Not applicable 5 $3,945,000 $789,000 $0 4.25%
    Asian 13 $2,555,000 $196,538 $1,959 3.62%
    Black 7 $2,075,000 $296,429 $2,669 3.57%
    American Indian 1 $155,000 $155,000 $2,390 3.13%

    Approval Rates

    Total approvals of all applications
    95.15%

    Milford Federal Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    87.29%

    Milford Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 771 $168,395,000 $218,411

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $4,360,000 $726,667
    Single Family (1-4 Units):Site-Built 765 $164,035,000 $214,425

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 99 $13,215,000 $133,485 $1,375 3.38%
    40-60% 191 $39,785,000 $208,298 $2,136 3.25%
    60-80% 280 $81,600,000 $291,429 $3,202 3.31%
    80-100% 96 $29,400,000 $306,250 $3,145 3.32%
    Under 20% 105 $4,395,000 $41,857 $169 4.28%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Milford Federal Bank 1271 Providence Road Whitinsville, MA 1588 Full Service B&M $37,161
    Milford Federal Bank 2020 Diamond Hill Road Woonsocket, RI 2895 Full Service B&M $38,223
    Milford Federal Bank 246 Main St Milford, MA 1757 Full Service B&M $230,014
    Milford Federal Bank 91 Medway Road Milford, MA 1757 Full Service B&M $57,836

    For 2020, Milford Federal Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,530
    Net interest income $11,030
    Total noninterest income $3,926
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $350
    Trading account gains and fees $0
    Additional Noninterest Income $3,576
    Pre-tax net operating income $1,784
    Securities gains (or losses, -) $242
    Income before extraordinary items $1,511
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,511
    Minority interest net income $0
    Net income $1,511
    Sale, conversion, retirement of capital stock, net $-1
    Net operating income $1,319

    Milford Federal Bank's gross interest income from loans was $13,530,000.
    Milford Federal Bank's net interest income from loans was $11,030,000.
    Milford Federal Bank's fee based income from loans was $350,000.
    Milford Federal Bank's net income from loans was $1,511,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,500
    Provision for credit losses $100
    Total noninterest expense $13,072
    Salaries and employee benefits $8,394
    Premises and equipment expense $1,459
    Additional noninterest expense $3,219
    Applicable income taxes $515
    Net charge-offs $1
    Cash dividends $0

    Milford Federal Bank's interest expense for loans was $2,500,000.
    Milford Federal Bank's payroll and benefits expense were $8,394,000.
    Milford Federal Bank's property, plant and equipment expenses $1,459,000.

    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 $373,373
    Deposits held in domestic offices $373,373
    Deposits by Individuals, partnerships, and corporations $373,373
    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 $99,457
    Demand deposits $35,162
    Nontransaction accounts $273,916
    Money market deposit accounts (MMDAs) $49,408
    Other savings deposits (excluding MMDAs) $109,441
    Total time deposits $115,067
    Total time and savings deposits $338,211
    Noninterest-bearing deposits $35,214
    Interest-bearing deposits $338,159
    Retail deposits $358,527
    IRAs and Keogh plan accounts $21,647
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $438,696
    Cash & Balances due from depository institutions $32,672
    Interest-bearing balances $27,503
    Total securities $8,449
    Federal funds sold & reverse repurchase $0
    Net loans and leases $365,992
    Loan and leases loss allowance $1,749
    Trading account assets $0
    Bank premises and fixed assets $9,900
    Other real estate owned $0
    Goodwill and other intangibles $2,112
    All other assets $19,571

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $438,696
    Total Liabilities $387,600
    Total deposits $373,373
    Interest-bearing deposits $338,159
    Deposits held in domestic offices $373,373
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $12,000
    Subordinated debt $0
    All other liabilities $2,227

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $365,992
    Loan and leases loss allowance $1,749
    Total loans and leases (domestic) $367,741
    All real estate loans $360,271
    Real estate loans in domestic offices $360,271
    Construction and development loans $5,721
    Residential 1-4 family construction $2,921
    Other construction, all land development and other land $2,800
    Loans secured by nonfarm nonresidential properties $10,986
    Nonfarm nonresidential secured by owner-occupied properties $6,270
    Commercial real estate & other non-farm, non-residential $4,716
    Multifamily residential real estate $7,848
    1-4 family residential loans $335,716
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $1,968
    To non-U.S. addressees $0
    Loans to individuals $5,502
    Credit card loans $0
    Related Plans $42
    Consumer Auto Loans $560
    Other loans to individuals $4,900
    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 $494
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Milford Federal Bank had $365,992,000 of loans outstanding in 2020. $360,271,000 of loans were in real estate loans. $5,721,000 of loans were in development loans. $7,848,000 of loans were in multifamily mortgage loans. $335,716,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $560,000 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 31 $9,750 $314,516
    Nonfarm, nonresidential loans - $100-250k 8 $1,049 $131,125
    Nonfarm, nonresidential loans - $250k-1MM 23 $8,701 $378,304
    Commercial & Industrial, US addressed loans - <$1MM 57 $1,968 $34,526
    Commercial & Industrial, US addressed loans - <$100k 53 $1,333 $25,151
    Commercial & Industrial, US addressed loans - $100-250k 4 $635 $158,750