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)

    • Review & Overview

    Milford Federal Bank is a smaller bank specializing in Home Purchase and Cash Out Refi 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 7 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% 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

    428

    Origination Dollar Volume (All Markets)

    $101,210,000
    Show all (7) 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) 240 $52,520,000 $218,833 $2,050 3.88%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 97 $23,285,000 $240,052 $2,507 4.07%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 76 $20,340,000 $267,632 $1,805 3.99%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 11 $4,185,000 $380,455 $3,060 4.19%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $300,000 $150,000 $2,436 3.94%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $295,000 $295,000 $3,364 3.50%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $285,000 $285,000 $3,234 5.13%
    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.

    Homestar Mortgage, Inc.
    Similarity Rank: 8
    Rhode Island Credit Union
    Similarity Rank: 15
    SOMERSET
    Similarity Rank: 21
    Charter Oak Federal Credit Union
    Similarity Rank: 42
    QUINCY CREDIT UNION
    Similarity Rank: 50
    HOMEFIELD
    Similarity Rank: 72
    Direct Federal Credit Union
    Similarity Rank: 115
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 129
    IC Federal Credit Union
    Similarity Rank: 144
    Piscataqua Savings Bank
    Similarity Rank: 200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 428 $101,210,000 $236,472 $2,142 3.96%

    For 2022, Milford Federal Bank's most frequently originated type of loan was Conventional, with 428 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 155 $55,835,000 $360,226 $3,262 4.23%
    Cash Out Refi 120 $28,170,000 $234,750 $2,536 3.60%
    Home Improvement 80 $5,650,000 $70,625 $159 4.27%
    Refi 40 $8,650,000 $216,250 $2,222 3.14%
    Other 33 $2,905,000 $88,030 $361 4.18%

    For 2022, Milford Federal Bank's most frequently cited loan purpose was Home Purchase, with 155 originations. The 2nd most popular reason was Cash Out Refi, with 120 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 210 $72,890,000 $347,095 $3,504 3.90%
    20 Year 87 $10,505,000 $120,747 $379 4.53%
    15 Year 61 $10,735,000 $175,984 $1,768 3.46%
    10 Year 42 $2,780,000 $66,190 $375 3.91%
    5 Year 15 $535,000 $35,667 $58 3.74%
    Other 12 $2,740,000 $228,333 $1,375 3.60%
    1 Year 1 $1,025,000 $1,025,000 $0 5.25%

    For 2022, Milford Federal Bank's most frequently cited loan duration was 30 Year, with 210 originations. The 2nd most popular length was 20 Year, with 87 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 370 $79,210,000 $214,081
    $1k-2k 18 $4,690,000 $260,556
    $2k-3k 16 $6,430,000 $401,875
    $3k-4k 8 $3,390,000 $423,750
    $4k-5k 6 $3,070,000 $511,667
    $5k+ 4 $1,370,000 $342,500

    Milford Federal Bank's average total fees were $3,504, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 370 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 168 $43,220,000 $257,262
    4-5% 148 $25,900,000 $175,000
    5-6% 40 $11,210,000 $280,250
    2.5-3% 34 $10,820,000 $318,235
    <2.5% 32 $8,630,000 $269,688
    6-7% 6 $1,430,000 $238,333

    During 2022, Milford Federal Bank's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 3-4%, with 168 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 151 $43,455,000 $287,781 $3,000 3.79%
    $100,000 or less 121 $6,015,000 $49,711 $149 4.26%
    $100k-200k 85 $12,255,000 $144,176 $1,720 3.95%
    $400k-600k 49 $22,995,000 $469,286 $4,044 3.90%
    $600k-1MM 21 $15,465,000 $736,429 $5,024 3.53%
    $1MM+ 1 $1,025,000 $1,025,000 $0 5.25%

    2022 saw Milford Federal Bank place emphasis on $200k-400k loans with 151 originations, totaling $43,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 111 $23,135,000 $208,423 $1,988 4.04%
    $150k-250k 107 $32,565,000 $304,346 $2,431 3.83%
    $50k-75k 68 $11,610,000 $170,735 $2,129 4.02%
    $75k-100k 67 $12,525,000 $186,940 $1,785 4.02%
    $250k+ 40 $14,210,000 $355,250 $2,606 3.84%
    $50k or less 20 $2,230,000 $111,500 $1,596 4.01%

    Milford Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 111 originations. The second most popular income band? $150k-250k, with 107 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 87 $17,635,000 $202,701 $1,714 3.89%
    20-30% 86 $19,910,000 $231,512 $2,333 3.67%
    <20% 41 $8,305,000 $202,561 $2,018 3.99%
    44% 30 $6,230,000 $207,667 $1,731 4.01%
    41% 24 $6,930,000 $288,750 $2,343 4.06%
    40% 21 $5,775,000 $275,000 $2,713 3.79%
    37% 19 $3,815,000 $200,789 $1,606 4.28%
    42% 18 $3,320,000 $184,444 $1,688 4.00%
    38% 15 $3,435,000 $229,000 $2,123 4.09%
    43% 14 $4,090,000 $292,143 $2,399 3.70%
    36% 12 $3,320,000 $276,667 $2,461 3.72%
    39% 12 $3,000,000 $250,000 $2,730 4.06%
    49% 11 $3,415,000 $310,455 $3,124 4.09%
    48% 8 $1,850,000 $231,250 $1,961 5.54%
    46% 7 $1,755,000 $250,714 $1,649 4.31%
    50-60% 7 $1,835,000 $262,143 $3,027 4.20%
    45% 6 $2,060,000 $343,333 $4,232 4.19%
    47% 3 $1,195,000 $398,333 $2,060 3.83%
    >60% 1 $285,000 $285,000 $3,234 5.13%

    Milford Federal Bank lent most frequently to those with DTI ratios of 30-36%, with 87 originations. The next most common DTI ratio? 20-30%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 372 $84,540,000 $227,258 $2,101 3.94%
    Not provided 27 $6,695,000 $247,963 $2,239 3.80%
    Asian 11 $3,135,000 $285,000 $2,393 4.38%
    Black 9 $2,375,000 $263,889 $2,008 3.90%
    Not applicable 4 $2,320,000 $580,000 $0 4.99%
    Asian Indian 4 $1,840,000 $460,000 $3,147 4.15%
    American Indian 1 $305,000 $305,000 $9,027 4.50%

    Approval Rates

    Total approvals of all applications
    93.95%

    Milford Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.88%

    Milford Federal Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 428 $101,210,000 $236,472

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    428 $101,210,000 $236,472

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $9,830,000 $158,548 $1,586 3.78%
    40-60% 75 $19,035,000 $253,800 $2,381 3.59%
    60-80% 100 $38,780,000 $387,800 $3,779 3.91%
    80-100% 68 $26,560,000 $390,588 $3,702 4.05%
    Under 20% 123 $7,005,000 $56,951 $162 4.25%