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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Bogota Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Bogota Savings Bank has a high proportion of conventional loans. Their top two markets are New York and Allentown .

    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.

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    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    81

    Origination Dollar Volume (All Markets)

    $27,925,000

    Employee count

    43

    Awards

    Bogota Savings Bank 30 Year Conventional Loans silver Bogota Savings Bank 30 Year Conventional Loans silver
    Show all (2) 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) 80 $27,870,000 $348,375 $2,574 4.06%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.13%
    Bogota Savings Bank's top markets include New York and Allentown 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: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 81 $27,925,000 $344,753 $2,540 4.06%

    For 2019, 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
    Refi 37 $12,715,000 $343,649 $2,239 4.04%
    Home Purchase 27 $12,365,000 $457,963 $4,207 4.02%
    Home Improvement 17 $2,845,000 $167,353 $596 4.18%

    For 2019, Bogota Savings Bank's most frequently cited loan purpose was Refi, with 37 originations. The 2nd most popular reason was Home Purchase, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 49 $19,575,000 $399,490 $3,260 4.11%
    15 Year 10 $2,140,000 $214,000 $1,691 4.11%
    10 Year 8 $3,190,000 $398,750 $19 4.17%
    Other 6 $1,800,000 $300,000 $1,754 3.90%
    20 Year 5 $1,085,000 $217,000 $1,837 3.93%
    5 Year 3 $135,000 $45,000 $0 3.33%

    For 2019, Bogota Savings Bank's most frequently cited loan duration was 30 Year, with 49 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 74 $24,370,000 $329,324

    Bogota Savings Bank's average total fees were $3,260, 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
    3-4% 50 $18,100,000 $362,000
    4-5% 25 $7,475,000 $299,000
    5-6% 4 $830,000 $207,500
    2.5-3% 1 $1,395,000 $1,395,000
    6-7% 1 $125,000 $125,000

    During 2019, Bogota Savings Bank's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 50 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 23 $7,065,000 $307,174 $2,977 4.02%
    $100,000 or less 17 $965,000 $56,765 $143 4.13%
    $400k-600k 15 $7,075,000 $471,667 $3,991 4.09%
    $100k-200k 14 $2,200,000 $157,143 $1,600 4.30%
    $600k-1MM 9 $6,365,000 $707,222 $4,585 3.71%
    $1MM+ 3 $4,255,000 $1,418,333 $6,281 3.71%

    2019 saw Bogota Savings Bank place emphasis on $200k-400k loans with 23 originations, totaling $7,065,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 22 $5,820,000 $264,545 $2,127 4.03%
    $150k-250k 19 $7,085,000 $372,895 $3,183 3.99%
    $250k+ 17 $8,695,000 $511,471 $3,440 3.86%
    $75k-100k 8 $1,340,000 $167,500 $1,384 3.78%
    $50k-75k 7 $1,195,000 $170,714 $1,598 4.55%
    $50k or less 2 $130,000 $65,000 $1,122 4.50%

    Bogota Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $150k-250k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $6,235,000 $328,158 $2,793 3.93%
    30-36% 13 $3,765,000 $289,615 $2,325 4.12%
    <20% 8 $2,380,000 $297,500 $2,248 3.97%
    42% 7 $3,005,000 $429,286 $3,781 3.77%
    39% 6 $1,890,000 $315,000 $2,449 4.12%
    38% 6 $3,320,000 $553,333 $3,673 3.50%
    37% 5 $865,000 $173,000 $587 4.25%
    36% 5 $915,000 $183,000 $1,435 4.43%
    40% 3 $1,255,000 $418,333 $3,026 3.83%
    41% 2 $460,000 $230,000 $1,551 4.81%
    50-60% 1 $265,000 $265,000 $4,301 4.75%
    >60% 1 $145,000 $145,000 $2,006 3.75%

    Bogota Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 57 $19,125,000 $335,526 $2,488 3.99%
    Not applicable 5 $3,425,000 $685,000 $0 4.78%
    Not provided 11 $2,535,000 $230,455 $2,395 4.34%
    Asian 4 $1,660,000 $415,000 $3,749 3.63%
    Black 3 $1,125,000 $375,000 $3,287 3.67%
    Japanese 1 $55,000 $55,000 $25 4.13%

    Approval Rates

    Total approvals of all applications
    88.94%

    Bogota Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.14%

    Bogota Savings Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 81 $27,925,000 $344,753

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $2,875,000 $958,333
    Single Family (1-4 Units):Site-Built 78 $25,050,000 $321,154

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,965,000 $178,636 $827 4.53%
    40-60% 15 $5,045,000 $336,333 $2,928 4.14%
    60-80% 33 $16,725,000 $506,818 $3,773 3.88%
    80-100% 7 $3,345,000 $477,857 $4,242 3.89%
    Under 20% 15 $845,000 $56,333 $5 4.10%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Best Capital Funding FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    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 $5,451
    Bogota Savings Bank 819 Teaneck Road Teaneck, NJ 7666 Full Service B&M $190,056
    Bogota Savings Bank 819 Teaneck Road Teaneck, NJ 7666 Full Service B&M $313,125

    For 2019, Bogota Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $23,192
    Net interest income $11,219
    Total noninterest income $493
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $22
    Trading account gains and fees $0
    Additional Noninterest Income $471
    Pre-tax net operating income $3,278
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,427
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,427
    Minority interest net income $0
    Net income $2,427
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,427

    Bogota Savings Bank's gross interest income from loans was $23,192,000.
    Bogota Savings Bank's net interest income from loans was $11,219,000.
    Bogota Savings Bank's fee based income from loans was $22,000.
    Bogota Savings Bank's net income from loans was $2,427,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,973
    Provision for credit losses $0
    Total noninterest expense $8,434
    Salaries and employee benefits $4,982
    Premises and equipment expense $705
    Additional noninterest expense $2,747
    Applicable income taxes $851
    Net charge-offs $-40
    Cash dividends $0

    Bogota Savings Bank's interest expense for loans was $11,973,000.
    Bogota Savings Bank's payroll and benefits expense were $4,982,000.
    Bogota Savings Bank's property, plant and equipment expenses $705,000.

    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 $542,453
    Deposits held in domestic offices $542,453
    Deposits by Individuals, partnerships, and corporations $528,261
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,861
    Deposits by Commercial banks and other depository institutions in U.S. $331
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $79,551
    Demand deposits $60,826
    Nontransaction accounts $462,902
    Money market deposit accounts (MMDAs) $30,999
    Other savings deposits (excluding MMDAs) $31,723
    Total time deposits $400,180
    Total time and savings deposits $481,627
    Noninterest-bearing deposits $60,826
    Interest-bearing deposits $481,627
    Retail deposits $419,432
    IRAs and Keogh plan accounts $41,267
    Brokered deposits $52,137
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $766,731
    Cash & Balances due from depository institutions $43,443
    Interest-bearing balances $38,307
    Total securities $69,842
    Federal funds sold & reverse repurchase $84,420
    Net loans and leases $537,167
    Loan and leases loss allowance $2,016
    Trading account assets $0
    Bank premises and fixed assets $4,196
    Other real estate owned $0
    Goodwill and other intangibles $21
    All other assets $27,642

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $766,731
    Total Liabilities $691,752
    Total deposits $542,453
    Interest-bearing deposits $481,627
    Deposits held in domestic offices $542,453
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $97,092
    Subordinated debt $0
    All other liabilities $52,207

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $537,167
    Loan and leases loss allowance $2,016
    Total loans and leases (domestic) $539,183
    All real estate loans $536,438
    Real estate loans in domestic offices $536,438
    Construction and development loans $5,944
    Residential 1-4 family construction $399
    Other construction, all land development and other land $5,545
    Loans secured by nonfarm nonresidential properties $63,155
    Nonfarm nonresidential secured by owner-occupied properties $28,633
    Commercial real estate & other non-farm, non-residential $34,522
    Multifamily residential real estate $56,677
    1-4 family residential loans $410,662
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $2,264
    To non-U.S. addressees $0
    Loans to individuals $481
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $481
    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 $903
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $757
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Bogota Savings Bank had $537,167,000 of loans outstanding in 2019. $536,438,000 of loans were in real estate loans. $5,944,000 of loans were in development loans. $56,677,000 of loans were in multifamily mortgage loans. $410,662,000 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 $17,352 $385,600
    Nonfarm, nonresidential loans - <$100k 3 $90 $30,000
    Nonfarm, nonresidential loans - $100-250k 7 $1,291 $184,429
    Nonfarm, nonresidential loans - $250k-1MM 35 $15,971 $456,314
    Commercial & Industrial, US addressed loans - <$1MM 6 $1,357 $226,167
    Commercial & Industrial, US addressed loans - <$100k 2 $6 $3,000
    Commercial & Industrial, US addressed loans - $100-250k 1 $103 $103,000
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $1,248 $416,000