Bogota Savings Bank Mortgage Rates, Fees & Info

Teaneck, NJ

LEI: 5493008RQ8SRLTLRWX62

Tax ID: 22-0780560

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

Review & Overview

Bogota Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Bogota Savings Bank has a high proportion of conventional loans. Their top (well, only) market is New York.

Bogota Savings 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. Bogota Savings 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	5.87%	12/16/24
30 Year Conventional Refi	5.83%	12/16/24
15 Year Conventional Purchase	5.93%	12/16/24
15 Year Conventional Refi	6.01%	12/16/24
15 Year Cash-out Refi	6.01%	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.

Bogota Savings Bank Mortgage Calculator

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This is not an official calculator from Bogota Savings 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

Origination Dollar Volume (All Markets)

$34,615,000

Employee count

Awards

Bogota Savings Bank 30 Year Conventional Loans gold

Bogota Savings Bank 30 Year Conventional Loans silver

Show all (3) 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
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	81	$34,615,000	$427,346	$3,011	4.19%

Bogota Savings Bank's top markets include and New York among others.

Their top states include:

New Jersey (FHA|USDA|VA)

Similar Lenders

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

N C P D Federal Credit Union
Similarity Rank: 55

Bogota Savings Bank
Similarity Rank: 63

Union County Savings Bank
Similarity Rank: 66

GARDEN SAVINGS FEDERAL CREDIT UNION
Similarity Rank: 80

The Atlantic Federal Credit Union
Similarity Rank: 120

Freehold Savings Bank
Similarity Rank: 120

Blue Foundry Bank
Similarity Rank: 125

Investors Home Mortgage-IHM
Similarity Rank: 156

GREATER ALLIANCE
Similarity Rank: 231

Nassau Educators Federal Credit Union
Similarity Rank: 248

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	81	$34,615,000	$427,346	$3,011	4.19%

For 2018, Bogota Savings Bank's most frequently originated type of loan was Conventional, with 81 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	29	$10,765,000	$371,207	$4,460	4.39%
Refi	26	$16,980,000	$653,077	$1,991	4.22%
Home Improvement	15	$3,675,000	$245,000	$1,977	4.09%
Cash Out Refi	11	$3,195,000	$290,455	$2,582	3.70%

For 2018, Bogota Savings Bank's most frequently cited loan purpose was Home Purchase, with 29 originations. The 2nd most popular reason was Refi, with 26 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	49	$16,115,000	$328,878	$3,322	4.26%
10 Year	9	$1,855,000	$206,111	$1,428	3.82%
15 Year	8	$3,140,000	$392,500	$3,683	4.31%
20 Year	8	$1,740,000	$217,500	$2,543	4.09%
Other	6	$11,670,000	$1,945,000	$2,447	4.29%
5 Year	1	$95,000	$95,000	$0	3.13%

For 2018, Bogota Savings Bank's most frequently cited loan duration was 30 Year, with 49 originations. The 2nd most popular length was 10 Year, with 9 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	74	$22,660,000	$306,216

Bogota Savings Bank's average total fees were $3,322, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 74 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	44	$15,590,000	$354,318
3-4%	30	$17,120,000	$570,667
5-6%	4	$760,000	$190,000
2.5-3%	2	$840,000	$420,000
<2.5%	1	$305,000	$305,000

During 2018, Bogota Savings Bank's average interest rate for loans was 4.26%, while their most frequently originated rate bucket for loans was 4-5%, with 44 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	41	$11,915,000	$290,610	$3,266	4.11%
$100k-200k	16	$2,260,000	$141,250	$1,661	4.33%
$100,000 or less	8	$560,000	$70,000	$648	4.25%
$400k-600k	8	$3,850,000	$481,250	$4,569	4.39%
$600k-1MM	5	$3,565,000	$713,000	$4,385	3.95%
$1MM+	3	$12,465,000	$4,155,000	$10,460	4.17%

2018 saw Bogota Savings Bank place emphasis on $200k-400k loans with 41 originations, totaling $11,915,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	26	$8,090,000	$311,154	$3,275	4.08%
$100k-150k	20	$4,380,000	$219,000	$2,696	4.31%
$250k+	15	$7,425,000	$495,000	$3,567	4.10%
$75k-100k	8	$1,690,000	$211,250	$2,039	4.00%
$50k-75k	5	$925,000	$185,000	$3,287	4.13%
$50k or less	1	$105,000	$105,000	$180	5.25%

Bogota Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 26 originations. The second most popular income band? $100k-150k, with 20 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	25	$8,965,000	$358,600	$3,513	4.12%
30-36%	10	$2,200,000	$220,000	$2,991	4.23%
42%	8	$1,630,000	$203,750	$2,102	4.52%
40%	8	$2,370,000	$296,250	$3,013	4.08%
<20%	7	$2,295,000	$327,857	$1,913	3.98%
39%	4	$1,770,000	$442,500	$4,274	4.09%
38%	3	$515,000	$171,667	$1,740	3.88%
41%	3	$595,000	$198,333	$1,853	4.38%
36%	3	$1,175,000	$391,667	$2,987	4.13%
37%	2	$520,000	$260,000	$3,715	4.13%
43%	1	$365,000	$365,000	$2,974	3.50%
44%	1	$215,000	$215,000	$5,035	4.50%

Bogota Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 10 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	63	$25,515,000	$405,000	$2,978	4.13%
Not applicable	4	$3,900,000	$975,000	$0	4.97%
Asian	6	$2,450,000	$408,333	$3,617	4.21%
Not provided	7	$2,405,000	$343,571	$2,850	4.32%
Asian Indian	1	$345,000	$345,000	$2,502	3.88%

Approval Rates

Total approvals of all applications
89.67%

Bogota Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
74.07%

Bogota Savings Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	81	$34,615,000	$427,346

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$610,000	$305,000
Single Family (1-4 Units):Site-Built	79	$34,005,000	$430,443

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	17	$3,305,000	$194,412	$2,299	3.98%
40-60%	14	$4,810,000	$343,571	$2,816	4.21%
60-80%	32	$21,490,000	$671,563	$3,652	4.23%
80-100%	11	$4,065,000	$369,545	$3,569	4.25%
Under 20%	7	$945,000	$135,000	$19	4.36%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Bogota Savings Bank	60 East Main St Bogota, NJ 7603	Full Service B&M	$191,151
Bogota Savings Bank	655 Pomander Walk Teaneck, NJ 7666	Limited, Mobile/Seasonal Office	$0
Bogota Savings Bank	819 Teaneck Road Teaneck, NJ 7666	Full Service Cyber Office	$5,289
Bogota Savings Bank	819 Teaneck Road Teaneck, NJ 7666	Full Service B&M	$328,419

For 2018, Bogota Savings Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$22,061
Net interest income	$13,304
Total noninterest income	$540
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$17
Trading account gains and fees	$0
Additional Noninterest Income	$523
Pre-tax net operating income	$5,528
Securities gains (or losses, -)	$0
Income before extraordinary items	$4,137
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$4,137
Minority interest net income	$0
Net income	$4,137
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$4,137

Bogota Savings Bank's gross interest income from loans was $22,061,000.
Bogota Savings Bank's net interest income from loans was $13,304,000.
Bogota Savings Bank's fee based income from loans was $17,000.
Bogota Savings Bank's net income from loans was $4,137,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$8,757
Provision for credit losses	$0
Total noninterest expense	$8,316
Salaries and employee benefits	$4,586
Premises and equipment expense	$717
Additional noninterest expense	$3,013
Applicable income taxes	$1,391
Net charge-offs	$0
Cash dividends	$0

Bogota Savings Bank's interest expense for loans was $8,757,000.
Bogota Savings Bank's payroll and benefits expense were $4,586,000.
Bogota Savings Bank's property, plant and equipment expenses $717,000.

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	$515,454
Deposits held in domestic offices	$515,454
Deposits by Individuals, partnerships, and corporations	$476,962
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$38,295
Deposits by Commercial banks and other depository institutions in U.S.	$197
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$59,596
Demand deposits	$17,206
Nontransaction accounts	$455,858
Money market deposit accounts (MMDAs)	$38,317
Other savings deposits (excluding MMDAs)	$32,257
Total time deposits	$385,284
Total time and savings deposits	$498,248
Noninterest-bearing deposits	$17,206
Interest-bearing deposits	$498,248
Retail deposits	$399,483
IRAs and Keogh plan accounts	$39,889
Brokered deposits	$43,542
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$665,803
Cash & Balances due from depository institutions	$23,665
Interest-bearing balances	$17,165
Total securities	$83,648
Federal funds sold & reverse repurchase	$1,650
Net loans and leases	$526,687
Loan and leases loss allowance	$1,976
Trading account assets	$0
Bank premises and fixed assets	$4,657
Other real estate owned	$0
Goodwill and other intangibles	$41
All other assets	$25,455

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$665,803
Total Liabilities	$593,326
Total deposits	$515,454
Interest-bearing deposits	$498,248
Deposits held in domestic offices	$515,454
% insured (estimated)	$87
Federal funds purchased and repurchase agreements	$13,000
Trading liabilities	$0
Other borrowed funds	$61,639
Subordinated debt	$0
All other liabilities	$3,233

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$526,687
Loan and leases loss allowance	$1,976
Total loans and leases (domestic)	$528,663
All real estate loans	$527,338
Real estate loans in domestic offices	$527,338
Construction and development loans	$2,339
Residential 1-4 family construction	$1,069
Other construction, all land development and other land	$1,270
Loans secured by nonfarm nonresidential properties	$63,310
Nonfarm nonresidential secured by owner-occupied properties	$30,683
Commercial real estate & other non-farm, non-residential	$32,627
Multifamily residential real estate	$59,910
1-4 family residential loans	$401,779
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$1,267
To non-U.S. addressees	$0
Loans to individuals	$58
Credit card loans	$0
Related Plans	$20
Consumer Auto Loans	$0
Other loans to individuals	$38
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	$227
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Bogota Savings Bank had $526,687,000 of loans outstanding in 2018. $527,338,000 of loans were in real estate loans. $2,339,000 of loans were in development loans. $59,910,000 of loans were in multifamily mortgage loans. $401,779,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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	45	$16,553	$367,844
Nonfarm, nonresidential loans - <$100k	4	$147	$36,750
Nonfarm, nonresidential loans - $100-250k	8	$1,487	$185,875
Nonfarm, nonresidential loans - $250k-1MM	33	$14,919	$452,091
Commercial & Industrial, US addressed loans - <$1MM	4	$1,267	$316,750
Commercial & Industrial, US addressed loans - <$100k	1	$3	$3,000
Commercial & Industrial, US addressed loans - $100-250k	1	$102	$102,000
Commercial & Industrial, US addressed loans - $250k-1MM	2	$1,162	$581,000