Trustco Bank Mortgage Rates, Fees & Info

Glenville, NY

LEI: 549300GCEP3NM7A1X491

Tax ID: 14-0578631

5 stars - Updated: 11/17/24 - out of 5 stars, based on 57 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Trustco Bank is a smaller bank specializing in Home Purchase loans. Trustco Bank has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Orlando, Tampa, New York, and North Port among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Trustco 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. Trustco Bank is typically an average 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 relatively high 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
    Home Equity Line of Credit (HELOC) 4.77% 11/17/24
    30 Year Conventional Purchase 6.39% 11/17/24
    30 Year Conventional Refi 6.21% 11/17/24
    30 Year Cash-out Refi 6.24% 11/17/24
    15 Year Conventional Purchase 5.97% 11/17/24
    15 Year Conventional Refi 5.94% 11/17/24
    15 Year Cash-out Refi 5.94% 11/17/24
    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.

    Trustco Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Trustco 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

    3,210

    Origination Dollar Volume (All Markets)

    $700,530,000
    Show all (18) awards

    Relative Rate

    Trustco Bank's average 30 year fixed mortgage rate was 5.35%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -1.13%.

    Relative Fees (Closing Costs)

    Trustco Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,718.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1,045 $182,045,000 $174,206 $3,023 5.31%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 569 $108,635,000 $190,923 $4,797 4.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 262 $107,650,000 $410,878 $5,835 5.21%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 317 $74,215,000 $234,117 $4,176 4.91%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 231 $65,525,000 $283,658 $5,528 5.03%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 72 $25,000,000 $347,222 $6,157 5.25%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 88 $19,310,000 $219,432 $3,542 5.30%
    GLENS FALLS, NY (FHA|USDA|VA) 114 $15,680,000 $137,544 $2,316 5.31%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 75 $13,915,000 $185,533 $3,991 4.78%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 79 $13,865,000 $175,506 $4,466 4.87%
    KINGSTON, NY (FHA|USDA|VA) 31 $10,025,000 $323,387 $4,022 5.94%
    PUNTA GORDA, FL (FHA|USDA|VA) 58 $10,020,000 $172,759 $3,732 5.31%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 36 $8,960,000 $248,889 $5,025 5.09%
    JACKSONVILLE, FL (FHA|USDA|VA) 17 $7,725,000 $454,412 $6,316 5.20%
    Hudson, NY (FHA|USDA|VA) 38 $5,720,000 $150,526 $2,903 5.09%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 14 $5,180,000 $370,000 $4,763 5.47%
    Amsterdam, NY (FHA|USDA|VA) 20 $4,490,000 $224,500 $3,177 5.59%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 20 $4,230,000 $211,500 $3,040 5.57%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 39 $4,205,000 $107,821 $3,440 4.67%
    Outside of Metro Areas 25 $4,005,000 $160,200 $3,071 5.67%
    Gloversville, NY (FHA|USDA|VA) 13 $2,565,000 $197,308 $2,531 5.92%
    PITTSFIELD, MA (FHA|USDA|VA) 16 $2,070,000 $129,375 $3,223 5.14%
    Bozeman, MT (FHA|USDA|VA) 1 $1,705,000 $1,705,000 $0 7.50%
    THE VILLAGES, FL (FHA|USDA|VA) 9 $1,605,000 $178,333 $3,321 4.88%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 10 $1,040,000 $104,000 $2,218 4.90%
    Bennington, VT (FHA|USDA|VA) 8 $680,000 $85,000 $977 4.87%
    Rutland, VT (FHA|USDA|VA) 1 $355,000 $355,000 $3,400 5.87%
    OCALA, FL (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.37%
    Trustco Bank's top markets include Albany, Orlando, Tampa, New York, and North Port among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)

    • Similar Lenders

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

    Adams Community Bank
    Similarity Rank: 28
    Bank of Richmondville
    Similarity Rank: 32
    Walden Savings Bank
    Similarity Rank: 40
    MountainOne Bank
    Similarity Rank: 63
    Saratoga National Bank and Trust Company
    Similarity Rank: 90
    The Bank of Greene County
    Similarity Rank: 96
    N C P D Federal Credit Union
    Similarity Rank: 126
    Glens Falls National Bank and Trust Company
    Similarity Rank: 135
    HUDSON RIVER COMMUNITY
    Similarity Rank: 138
    Columbia Bank
    Similarity Rank: 156

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,841 $212,755,000 $115,565 n/a 4.40%
    Conventional 1,369 $487,775,000 $356,300 $4,218 6.08%

    For 2023, Trustco Bank's most frequently originated type of loan was HELOC, with 1,841 originations. Their 2nd most popular type was Conventional, with 1,369 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,131 $446,465,000 $394,752 $4,854 5.97%
    Other 1,005 $107,755,000 $107,219 $357 4.66%
    Cash Out Refi 377 $60,975,000 $161,737 $1,648 4.67%
    Home Improvement 356 $33,690,000 $94,635 $716 4.71%
    Refi 341 $51,645,000 $151,452 $1,618 4.54%

    For 2023, Trustco Bank's most frequently cited loan purpose was Home Purchase, with 1,131 originations. The 2nd most popular reason was Other, with 1,005 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,700 $488,570,000 $287,394 $4,718 5.35%
    20 Year 1,275 $133,755,000 $104,906 $18 4.57%
    30+ year 74 $28,610,000 $386,622 $5,554 6.27%
    10 Year 65 $24,545,000 $377,615 $0 6.32%
    Other 64 $17,550,000 $274,219 $3,720 6.50%
    15 Year 26 $5,430,000 $208,846 $2,672 6.22%
    5 Year 5 $1,235,000 $247,000 $0 7.00%
    1 Year 1 $835,000 $835,000 $0 9.50%

    For 2023, Trustco Bank's most frequently cited loan duration was 30 Year, with 1,700 originations. The 2nd most popular length was 20 Year, with 1,275 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 608 $197,320,000 $324,539
    $2k-3k 408 $184,460,000 $452,108
    $<1k 195 $34,785,000 $178,385
    $3k-4k 64 $32,390,000 $506,094
    $5k+ 7 $4,655,000 $665,000
    $4k-5k 4 $2,670,000 $667,500

    Trustco Bank's average total fees were $4,718, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 608 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 977 $180,105,000 $184,345
    3-4% 819 $109,055,000 $133,156
    5-6% 620 $187,710,000 $302,758
    6-7% 593 $168,345,000 $283,887
    7-8% 179 $49,935,000 $278,966
    2.5-3% 12 $1,880,000 $156,667
    Over 8% 6 $1,450,000 $241,667
    <2.5% 3 $1,345,000 $448,333

    During 2023, Trustco Bank's average interest rate for loans was 5.35%, while their most frequently originated rate bucket for loans was 4-5%, with 977 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,081 $59,645,000 $55,176 $632 4.71%
    $200k-400k 798 $224,120,000 $280,852 $3,902 5.49%
    $100k-200k 793 $110,305,000 $139,098 $2,540 4.94%
    $400k-600k 387 $189,195,000 $488,876 $5,759 5.57%
    $600k-1MM 139 $101,135,000 $727,590 $6,794 5.83%
    $1MM+ 12 $16,130,000 $1,344,167 $9,366 5.84%

    2023 saw Trustco Bank place emphasis on $100,000 or less loans with 1,081 originations, totaling $59,645,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 902 $241,960,000 $268,248 $4,833 5.09%
    $100k-150k 863 $178,385,000 $206,703 $4,228 5.16%
    $75k-100k 440 $58,350,000 $132,614 $2,900 5.09%
    $250k+ 407 $146,865,000 $360,848 $5,566 5.14%
    $50k-75k 357 $33,045,000 $92,563 $2,302 4.97%
    $50k or less 167 $13,125,000 $78,593 $1,963 4.90%

    Trustco Bank lent most frequently to those with incomes in the $150k-250k range, with 902 originations. The second most popular income band? $100k-150k, with 863 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 736 $162,580,000 $220,897 $4,393 5.09%
    30-36% 675 $155,235,000 $229,978 $4,298 5.12%
    42% 259 $47,335,000 $182,761 $4,169 4.84%
    <20% 249 $44,225,000 $177,610 $3,849 4.99%
    41% 196 $49,090,000 $250,459 $4,381 5.18%
    40% 173 $39,015,000 $225,520 $4,677 5.09%
    39% 166 $34,030,000 $205,000 $4,128 5.15%
    44% 162 $25,240,000 $155,802 $3,224 5.18%
    37% 147 $29,855,000 $203,095 $4,129 4.99%
    36% 144 $33,220,000 $230,694 $4,102 5.04%
    38% 121 $29,905,000 $247,149 $4,013 5.28%
    43% 107 $18,825,000 $175,935 $3,704 5.34%
    45% 5 $2,105,000 $421,000 $4,565 5.38%
    46% 4 $780,000 $195,000 $3,503 5.31%
    50-60% 3 $385,000 $128,333 $2,506 5.92%
    47% 2 $220,000 $110,000 $3,295 5.69%
    48% 1 $805,000 $805,000 $5,202 7.13%
    >60% 1 $155,000 $155,000 $0 6.75%

    Trustco Bank lent most frequently to those with DTI ratios of 20-30%, with 736 originations. The next most common DTI ratio? 30-36%, with 675 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,248 $406,000,000 $180,605 $3,688 5.04%
    Asian 479 $177,045,000 $369,614 $5,339 5.30%
    Not provided 341 $74,665,000 $218,959 $4,281 5.14%
    Not applicable 57 $26,525,000 $465,351 $0 6.35%
    Black 72 $13,610,000 $189,028 $3,668 5.27%
    American Indian 13 $2,685,000 $206,538 $5,029 4.77%

    Approval Rates

    Total approvals of all applications
    73.25%

    Trustco Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.14%

    Trustco Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,210 $700,530,000 $218,234

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,210 $700,530,000 $218,234

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 748 $111,010,000 $148,409 $2,333 4.72%
    40-60% 303 $74,295,000 $245,198 $4,011 5.19%
    60-80% 449 $166,165,000 $370,078 $4,750 5.78%
    80-100% 649 $274,545,000 $423,028 $4,931 5.93%
    Under 20% 1,060 $73,810,000 $69,632 $112 4.60%