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 Springfield 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 an above 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% 4/28/24
    30 Year Conventional Refi 6.40% 4/28/24
    30 Year Cash-out Refi 6.29% 4/28/24
    15 Year Conventional Purchase 5.20% 4/28/24
    15 Year Conventional Refi 5.69% 4/28/24
    15 Year Cash-out Refi 5.69% 4/28/24
    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

    772

    Origination Dollar Volume (All Markets)

    $179,660,000

    Employee count

    71

    Awards

    Milford Federal Bank 30 Year Conventional Loans bronze
    Show all (1) 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) 468 $105,960,000 $226,410 $1,996 3.16%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 165 $37,935,000 $229,909 $2,666 3.07%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 108 $27,810,000 $257,500 $1,960 3.11%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 27 $6,835,000 $253,148 $2,182 3.10%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $935,000 $311,667 $3,351 2.83%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $185,000 $185,000 $0 2.75%
    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.

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Rhode Island Credit Union
    Similarity Rank: 524
    Sharon & Crescent United Credit Union
    Similarity Rank: 540
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 596
    WESTERLY COMMUNITY
    Similarity Rank: 618
    East Boston Savings Bank
    Similarity Rank: 755

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 772 $179,660,000 $232,720 $2,145 3.13%

    For 2021, Milford Federal Bank's most frequently originated type of loan was Conventional, with 772 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 340 $80,280,000 $236,118 $2,514 3.00%
    Refi 232 $51,380,000 $221,466 $1,598 2.94%
    Home Purchase 142 $45,050,000 $317,254 $2,995 3.39%
    Home Improvement 31 $1,515,000 $48,871 $142 3.92%
    Other 27 $1,435,000 $53,148 $240 4.00%

    For 2021, Milford Federal Bank's most frequently cited loan purpose was Cash Out Refi, with 340 originations. The 2nd most popular reason was Refi, with 232 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 354 $101,110,000 $285,621 $3,125 3.12%
    20 Year 169 $33,785,000 $199,911 $1,395 3.35%
    15 Year 163 $31,845,000 $195,368 $1,341 2.80%
    10 Year 49 $4,765,000 $97,245 $1,117 3.32%
    Other 22 $7,790,000 $354,091 $1,537 3.29%
    5 Year 15 $365,000 $24,333 $58 3.53%

    For 2021, Milford Federal Bank's most frequently cited loan duration was 30 Year, with 354 originations. The 2nd most popular length was 20 Year, with 169 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 576 $120,240,000 $208,750
    $1k-2k 98 $24,720,000 $252,245
    $2k-3k 32 $9,470,000 $295,938
    $3k-4k 24 $7,060,000 $294,167
    $5k+ 19 $7,405,000 $389,737
    $4k-5k 14 $5,250,000 $375,000

    Milford Federal Bank's average total fees were $3,125, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 576 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 403 $102,935,000 $255,422
    3-4% 237 $56,075,000 $236,603
    <2.5% 78 $15,900,000 $203,846
    4-5% 45 $4,365,000 $97,000
    5-6% 9 $385,000 $42,778

    During 2021, Milford Federal Bank's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 2.5-3%, with 403 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 343 $95,185,000 $277,507 $2,637 3.02%
    $100k-200k 245 $37,975,000 $155,000 $1,568 2.95%
    $100,000 or less 105 $5,095,000 $48,524 $532 3.97%
    $400k-600k 59 $27,075,000 $458,898 $3,911 3.03%
    $600k-1MM 19 $13,045,000 $686,579 $4,735 3.12%
    $1MM+ 1 $1,285,000 $1,285,000 $0 3.15%

    2021 saw Milford Federal Bank place emphasis on $200k-400k loans with 343 originations, totaling $95,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 211 $50,325,000 $238,507 $2,199 3.14%
    $75k-100k 157 $33,135,000 $211,051 $2,073 3.14%
    $150k-250k 154 $44,420,000 $288,442 $2,233 3.13%
    $50k-75k 139 $23,895,000 $171,906 $2,047 3.12%
    $50k or less 63 $8,325,000 $132,143 $1,792 3.11%
    $250k+ 32 $12,560,000 $392,500 $2,927 2.99%

    Milford Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 211 originations. The second most popular income band? $75k-100k, with 157 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 189 $44,995,000 $238,069 $2,222 3.02%
    30-36% 164 $37,110,000 $226,280 $2,024 3.11%
    <20% 85 $18,245,000 $214,647 $1,773 2.95%
    44% 40 $7,820,000 $195,500 $1,797 3.34%
    43% 40 $9,350,000 $233,750 $1,874 3.21%
    42% 32 $8,360,000 $261,250 $2,626 3.36%
    40% 29 $7,385,000 $254,655 $2,678 3.20%
    39% 28 $5,480,000 $195,714 $2,023 3.11%
    38% 24 $6,280,000 $261,667 $2,342 3.17%
    41% 22 $5,180,000 $235,455 $2,735 3.15%
    36% 22 $4,890,000 $222,273 $2,090 3.24%
    37% 21 $4,395,000 $209,286 $2,468 3.02%
    47% 17 $3,415,000 $200,882 $1,387 3.38%
    49% 13 $2,715,000 $208,846 $2,965 3.16%
    46% 12 $2,450,000 $204,167 $1,660 3.10%
    45% 9 $2,345,000 $260,556 $2,564 3.50%
    48% 8 $1,870,000 $233,750 $2,265 2.97%
    50-60% 7 $1,745,000 $249,286 $4,145 3.51%
    >60% 1 $115,000 $115,000 $2,225 3.63%

    Milford Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 189 originations. The next most common DTI ratio? 30-36%, with 164 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 680 $155,330,000 $228,426 $2,127 3.13%
    Not provided 64 $14,960,000 $233,750 $2,371 3.06%
    Not applicable 8 $5,150,000 $643,750 $0 3.82%
    Asian 8 $2,000,000 $250,000 $1,842 2.98%
    Black 8 $1,510,000 $188,750 $2,528 3.18%
    American Indian 3 $605,000 $201,667 $1,824 2.87%
    Asian Indian 1 $105,000 $105,000 $150 2.75%

    Approval Rates

    Total approvals of all applications
    93.62%

    Milford Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.26%

    Milford Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 772 $179,660,000 $232,720

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    772 $179,660,000 $232,720

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 122 $17,550,000 $143,852 $1,383 2.94%
    40-60% 231 $52,355,000 $226,645 $1,905 2.93%
    60-80% 255 $79,945,000 $313,510 $2,937 3.07%
    80-100% 69 $25,085,000 $363,551 $3,906 3.07%
    Under 20% 95 $4,725,000 $49,737 $363 4.04%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Milford Federal Bank 1271 Providence Road Whitinsville, MA 1588 Full Service B&M $39,767
    Milford Federal Bank 2020 Diamond Hill Road Woonsocket, RI 2895 Full Service B&M $40,758
    Milford Federal Bank 246 Main St Milford, MA 1757 Full Service B&M $246,207
    Milford Federal Bank 91 Medway Road Milford, MA 1757 Full Service B&M $59,737

    For 2021, Milford Federal Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,684
    Net interest income $11,445
    Total noninterest income $4,624
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $374
    Trading account gains and fees $0
    Additional Noninterest Income $4,250
    Pre-tax net operating income $2,607
    Securities gains (or losses, -) $-23
    Income before extraordinary items $1,922
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,922
    Minority interest net income $0
    Net income $1,922
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,940

    Milford Federal Bank's gross interest income from loans was $12,684,000.
    Milford Federal Bank's net interest income from loans was $11,445,000.
    Milford Federal Bank's fee based income from loans was $374,000.
    Milford Federal Bank's net income from loans was $1,922,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,239
    Provision for credit losses $100
    Total noninterest expense $13,362
    Salaries and employee benefits $8,463
    Premises and equipment expense $1,465
    Additional noninterest expense $3,434
    Applicable income taxes $662
    Net charge-offs $12
    Cash dividends $0

    Milford Federal Bank's interest expense for loans was $1,239,000.
    Milford Federal Bank's payroll and benefits expense were $8,463,000.
    Milford Federal Bank's property, plant and equipment expenses $1,465,000.

    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 $394,516
    Deposits held in domestic offices $394,516
    Deposits by Individuals, partnerships, and corporations $394,516
    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 $110,497
    Demand deposits $40,678
    Nontransaction accounts $284,019
    Money market deposit accounts (MMDAs) $56,489
    Other savings deposits (excluding MMDAs) $125,175
    Total time deposits $102,357
    Total time and savings deposits $353,838
    Noninterest-bearing deposits $42,566
    Interest-bearing deposits $351,950
    Retail deposits $383,029
    IRAs and Keogh plan accounts $20,442
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $450,698
    Cash & Balances due from depository institutions $38,072
    Interest-bearing balances $33,277
    Total securities $10,216
    Federal funds sold & reverse repurchase $0
    Net loans and leases $375,525
    Loan and leases loss allowance $1,836
    Trading account assets $0
    Bank premises and fixed assets $9,492
    Other real estate owned $0
    Goodwill and other intangibles $2,690
    All other assets $14,703

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $450,698
    Total Liabilities $397,811
    Total deposits $394,516
    Interest-bearing deposits $351,950
    Deposits held in domestic offices $394,516
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,295

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $375,525
    Loan and leases loss allowance $1,836
    Total loans and leases (domestic) $377,361
    All real estate loans $370,409
    Real estate loans in domestic offices $370,409
    Construction and development loans $2,210
    Residential 1-4 family construction $2,210
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $11,492
    Nonfarm nonresidential secured by owner-occupied properties $5,267
    Commercial real estate & other non-farm, non-residential $6,225
    Multifamily residential real estate $10,401
    1-4 family residential loans $346,306
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $313
    To non-U.S. addressees $0
    Loans to individuals $6,639
    Credit card loans $0
    Related Plans $49
    Consumer Auto Loans $461
    Other loans to individuals $6,129
    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 $743
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Milford Federal Bank had $375,525,000 of loans outstanding in 2021. $370,409,000 of loans were in real estate loans. $2,210,000 of loans were in development loans. $10,401,000 of loans were in multifamily mortgage loans. $346,306,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $461,000 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 $8,896 $296,533
    Nonfarm, nonresidential loans - $100-250k 10 $1,384 $138,400
    Nonfarm, nonresidential loans - $250k-1MM 20 $7,512 $375,600
    Commercial & Industrial, US addressed loans - <$1MM 19 $313 $16,474
    Commercial & Industrial, US addressed loans - <$100k 19 $313 $16,474