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 markets by origination volume include: New York, Philadelphia, Allentown, Atlantic City, and Port St. Lucie among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bogota Savings 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. 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

    171

    Origination Dollar Volume (All Markets)

    $66,155,000

    Employee count

    62

    Awards

    Bogota Savings Bank 30 Year Conventional Loans silver
    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 161 $63,245,000 $392,826 $3,703 3.24%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $610,000 $305,000 $4,267 3.06%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $605,000 $605,000 $0 3.75%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $570,000 $285,000 $4,338 2.75%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,262 2.75%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $255,000 $255,000 $3,965 2.63%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $245,000 $245,000 $4,298 3.25%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,872 3.00%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $115,000 $115,000 $3,215 3.25%
    Bogota Savings Bank's top markets include New York, Philadelphia, Allentown, Atlantic City, and Port St. Lucie among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Delaware (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: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    The First National Bank of Long Island
    Similarity Rank: 748
    The Atlantic Federal Credit Union
    Similarity Rank: 882
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 1064
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1092
    Columbia Bank
    Similarity Rank: 1183
    Poli Mortgage Group, Inc.
    Similarity Rank: 1369
    Hanover Community Bank
    Similarity Rank: 1430

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 171 $66,155,000 $386,871 $3,726 3.23%

    For 2021, Bogota Savings Bank's most frequently originated type of loan was Conventional, with 171 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 100 $38,260,000 $382,600 $3,504 3.20%
    Home Purchase 58 $25,400,000 $437,931 $4,830 3.23%
    Home Improvement 12 $1,790,000 $149,167 $688 3.52%
    Cash Out Refi 1 $705,000 $705,000 $4,293 2.99%

    For 2021, Bogota Savings Bank's most frequently cited loan purpose was Refi, with 100 originations. The 2nd most popular reason was Home Purchase, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 121 $44,325,000 $366,322 $4,209 3.19%
    10 Year 17 $11,425,000 $672,059 $1,455 3.48%
    15 Year 14 $3,540,000 $252,857 $2,286 3.01%
    Other 11 $5,665,000 $515,000 $3,695 3.56%
    20 Year 4 $1,000,000 $250,000 $1,894 3.38%
    5 Year 4 $200,000 $50,000 $6 3.13%

    For 2021, Bogota Savings Bank's most frequently cited loan duration was 30 Year, with 121 originations. The 2nd most popular length was 10 Year, with 17 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 107 $35,335,000 $330,234
    $1k-2k 44 $16,310,000 $370,682
    $3k-4k 3 $785,000 $261,667
    $4k-5k 2 $530,000 $265,000

    Bogota Savings Bank's average total fees were $4,209, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 107 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 98 $40,980,000 $418,163
    2.5-3% 62 $21,730,000 $350,484
    <2.5% 9 $3,135,000 $348,333
    4-5% 2 $310,000 $155,000

    During 2021, Bogota Savings Bank's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 98 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 70 $20,170,000 $288,143 $3,941 3.10%
    $100k-200k 35 $5,215,000 $149,000 $2,487 3.40%
    $400k-600k 34 $16,200,000 $476,471 $4,662 3.25%
    $600k-1MM 20 $14,930,000 $746,500 $5,216 3.30%
    $100,000 or less 8 $420,000 $52,500 $242 3.39%
    $1MM+ 4 $9,220,000 $2,305,000 $6,900 3.19%

    2021 saw Bogota Savings Bank place emphasis on $200k-400k loans with 70 originations, totaling $20,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 51 $17,835,000 $349,706 $3,765 3.21%
    $250k+ 38 $18,810,000 $495,000 $4,078 3.22%
    $100k-150k 32 $8,880,000 $277,500 $3,608 3.26%
    $50k-75k 16 $3,140,000 $196,250 $3,366 3.01%
    $75k-100k 13 $3,395,000 $261,154 $3,437 3.09%
    $50k or less 6 $900,000 $150,000 $3,371 2.94%

    Bogota Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 51 originations. The second most popular income band? $250k+, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 42 $15,150,000 $360,714 $3,606 3.07%
    30-36% 28 $10,050,000 $358,929 $3,821 3.35%
    <20% 25 $8,705,000 $348,200 $3,862 3.00%
    39% 7 $1,645,000 $235,000 $2,905 3.23%
    37% 7 $3,145,000 $449,286 $4,259 2.93%
    41% 7 $2,835,000 $405,000 $4,229 3.27%
    42% 6 $1,310,000 $218,333 $2,505 3.42%
    40% 6 $790,000 $131,667 $902 3.44%
    36% 5 $1,965,000 $393,000 $4,652 2.90%
    38% 5 $1,965,000 $393,000 $4,654 3.70%
    45% 5 $1,545,000 $309,000 $4,123 3.30%
    49% 4 $820,000 $205,000 $3,801 3.00%
    43% 3 $1,645,000 $548,333 $5,194 3.38%
    50-60% 2 $430,000 $215,000 $4,010 2.81%
    47% 1 $265,000 $265,000 $3,720 2.88%
    48% 1 $115,000 $115,000 $3,567 2.88%
    46% 1 $375,000 $375,000 $4,897 3.38%
    44% 1 $205,000 $205,000 $7,900 4.88%

    Bogota Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 118 $40,490,000 $343,136 $3,764 3.16%
    Not applicable 15 $13,195,000 $879,667 $0 3.77%
    Not provided 27 $7,715,000 $285,741 $3,176 3.27%
    Black 5 $1,985,000 $397,000 $5,128 3.18%
    Asian 4 $1,470,000 $367,500 $4,589 3.13%
    American Indian 2 $1,300,000 $650,000 $3,637 3.06%

    Approval Rates

    Total approvals of all applications
    90.81%

    Bogota Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.04%

    Bogota Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 171 $66,155,000 $386,871

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    171 $66,155,000 $386,871

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $8,325,000 $555,000 $1,895 3.32%
    40-60% 37 $13,535,000 $365,811 $4,021 3.14%
    60-80% 82 $35,590,000 $434,024 $4,206 3.25%
    80-100% 22 $6,770,000 $307,727 $4,580 3.24%
    Under 20% 13 $1,495,000 $115,000 $969 3.38%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Best Capital Funding Conventional home mortgage Trouble during payment process 1 50.0%
    Best Capital Funding FHA mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bogota Savings Bank 1039 South Orange Ave. Newark, NJ 7106 Full Service B&M $16,445
    Bogota Savings Bank 1719 Route 10 Parsippany, NJ 7054 Full Service B&M $37,340
    Bogota Savings Bank 181 Boulevard Hasbrouck Heights, NJ 7604 Full Service B&M $1
    Bogota Savings Bank 5527 Berkshire Valley Rd Oak Ridge, NJ 7438 Full Service B&M $26,028
    Bogota Savings Bank 60 E Main St Bogota, NJ 7603 Full Service B&M $187,608
    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 $13,136
    Bogota Savings Bank 819 Teaneck Road Teaneck, NJ 7666 Full Service B&M $313,402

    For 2021, Bogota Savings Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,129
    Net interest income $19,126
    Total noninterest income $4,355
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $30
    Trading account gains and fees $0
    Additional Noninterest Income $4,325
    Pre-tax net operating income $9,511
    Securities gains (or losses, -) $0
    Income before extraordinary items $7,769
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,769
    Minority interest net income $0
    Net income $7,769
    Sale, conversion, retirement of capital stock, net $569
    Net operating income $7,769

    Bogota Savings Bank's gross interest income from loans was $25,129,000.
    Bogota Savings Bank's net interest income from loans was $19,126,000.
    Bogota Savings Bank's fee based income from loans was $30,000.
    Bogota Savings Bank's net income from loans was $7,769,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,003
    Provision for credit losses $-88
    Total noninterest expense $14,058
    Salaries and employee benefits $7,943
    Premises and equipment expense $1,184
    Additional noninterest expense $4,931
    Applicable income taxes $1,742
    Net charge-offs $0
    Cash dividends $0

    Bogota Savings Bank's interest expense for loans was $6,003,000.
    Bogota Savings Bank's payroll and benefits expense were $7,943,000.
    Bogota Savings Bank's property, plant and equipment expenses $1,184,000.

    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 11.0%
    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 $621,156
    Deposits held in domestic offices $621,156
    Deposits by Individuals, partnerships, and corporations $590,983
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $28,962
    Deposits by Commercial banks and other depository institutions in U.S. $1,211
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $141,546
    Demand deposits $62,994
    Nontransaction accounts $479,610
    Money market deposit accounts (MMDAs) $48,929
    Other savings deposits (excluding MMDAs) $66,345
    Total time deposits $364,336
    Total time and savings deposits $558,162
    Noninterest-bearing deposits $62,993
    Interest-bearing deposits $558,162
    Retail deposits $496,781
    IRAs and Keogh plan accounts $47,503
    Brokered deposits $52,867
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $837,599
    Cash & Balances due from depository institutions $48,488
    Interest-bearing balances $34,082
    Total securities $115,892
    Federal funds sold & reverse repurchase $56,580
    Net loans and leases $571,414
    Loan and leases loss allowance $2,153
    Trading account assets $0
    Bank premises and fixed assets $8,128
    Other real estate owned $0
    Goodwill and other intangibles $337
    All other assets $36,760

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $837,599
    Total Liabilities $716,366
    Total deposits $621,156
    Interest-bearing deposits $558,162
    Deposits held in domestic offices $621,156
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $90,677
    Subordinated debt $0
    All other liabilities $4,533

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $571,414
    Loan and leases loss allowance $2,153
    Total loans and leases (domestic) $573,567
    All real estate loans $565,642
    Real estate loans in domestic offices $565,642
    Construction and development loans $41,766
    Residential 1-4 family construction $2,209
    Other construction, all land development and other land $39,557
    Loans secured by nonfarm nonresidential properties $121,303
    Nonfarm nonresidential secured by owner-occupied properties $38,471
    Commercial real estate & other non-farm, non-residential $82,832
    Multifamily residential real estate $54,111
    1-4 family residential loans $348,462
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $7,834
    To non-U.S. addressees $0
    Loans to individuals $90
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $90
    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 $519
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $394
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Bogota Savings Bank had $571,414,000 of loans outstanding in 2021. $565,642,000 of loans were in real estate loans. $41,766,000 of loans were in development loans. $54,111,000 of loans were in multifamily mortgage loans. $348,462,000 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 41 $18,345 $447,439
    Nonfarm, nonresidential loans - <$100k 3 $67 $22,333
    Nonfarm, nonresidential loans - $100-250k 3 $480 $160,000
    Nonfarm, nonresidential loans - $250k-1MM 35 $17,798 $508,514
    Commercial & Industrial, US addressed loans - <$1MM 103 $7,272 $70,602
    Commercial & Industrial, US addressed loans - <$100k 80 $1,589 $19,863
    Commercial & Industrial, US addressed loans - $100-250k 13 $2,142 $164,769
    Commercial & Industrial, US addressed loans - $250k-1MM 10 $3,541 $354,100