Thomaston Savings Bank Mortgage Rates, Fees & Info

Thomaston, CT

LEI: 549300JBZ3MK7Z4FI764

Tax ID: 06-0561730

5 stars - Updated: 9/18/23 - out of 5 stars, based on 24 reviews

Latest/2022 | 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

    Thomaston Savings Bank is a smaller bank specializing in Home Purchase loans. Thomaston Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Hartford, New Haven, Torrington, Bridgeport, and Norwich among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Thomaston 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. Thomaston 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 6.43% 9/18/23
    30 Year Conventional Refi 6.55% 9/18/23
    30 Year Cash-out Refi 6.63% 9/18/23
    30 Year FHA Purchase 7.04% 9/18/23
    15 Year Conventional Purchase 5.66% 9/18/23
    15 Year Conventional Refi 5.61% 9/18/23
    15 Year Cash-out Refi 5.61% 9/18/23
    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.

    Thomaston Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Thomaston 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

    565

    Origination Dollar Volume (All Markets)

    $176,625,000
    Show all (6) awards

    Relative Rate

    Thomaston Savings Bank's average 30 year fixed mortgage rate was 4.29%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.47%.

    Relative Fees (Closing Costs)

    Thomaston Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,614.

    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 $4,750.

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 172 $58,660,000 $341,047 $3,450 4.34%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 132 $53,700,000 $406,818 $3,390 4.31%
    Torrington, CT (FHA|USDA|VA) 233 $53,365,000 $229,034 $3,091 4.33%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 25 $9,355,000 $374,200 $4,348 4.13%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $1,545,000 $515,000 $4,129 3.79%
    Thomaston Savings Bank's top markets include Hartford, New Haven, Torrington, Bridgeport, and Norwich among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    Sanborn Mortgage Corporation
    Similarity Rank: 348
    Ridgewood Savings Bank
    Similarity Rank: 394
    POLISH NATIONAL
    Similarity Rank: 470
    BNB Bank
    Similarity Rank: 590
    Charter Oak Federal Credit Union
    Similarity Rank: 763
    Chelsea Groton Bank
    Similarity Rank: 784
    Fairfield County Bank
    Similarity Rank: 840
    PeoplesBank
    Similarity Rank: 840
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1008

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 559 $174,935,000 $312,943 $3,240 4.31%
    FHA 6 $1,690,000 $281,667 $9,252 4.81%

    For 2022, Thomaston Savings Bank's most frequently originated type of loan was Conventional, with 559 originations. Their 2nd most popular type was FHA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 327 $134,415,000 $411,055 $4,031 4.47%
    Refi 137 $28,815,000 $210,328 $2,817 3.98%
    Other 48 $3,900,000 $81,250 $478 4.69%
    Cash Out Refi 45 $8,225,000 $182,778 $3,222 3.73%
    Home Improvement 8 $1,270,000 $158,750 $1,327 4.89%

    For 2022, Thomaston Savings Bank's most frequently cited loan purpose was Home Purchase, with 327 originations. The 2nd most popular reason was Refi, with 137 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 389 $92,815,000 $238,599 $3,614 4.29%
    30+ year 50 $42,680,000 $853,600 $4,815 4.40%
    15 Year 41 $6,895,000 $168,171 $2,159 4.00%
    20 Year 41 $6,445,000 $157,195 $1,589 4.85%
    10 Year 23 $1,765,000 $76,739 $838 4.10%
    Other 14 $25,600,000 $1,828,571 $3,223 4.49%
    5 Year 6 $260,000 $43,333 $0 4.00%
    1 Year 1 $165,000 $165,000 $0 6.75%

    For 2022, Thomaston Savings Bank's most frequently cited loan duration was 30 Year, with 389 originations. The 2nd most popular length was 30+ year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 340 $73,580,000 $216,412
    $1k-2k 113 $36,935,000 $326,858
    $2k-3k 10 $4,870,000 $487,000
    $5k+ 5 $1,955,000 $391,000
    $3k-4k 4 $1,700,000 $425,000
    $4k-5k 1 $165,000 $165,000

    Thomaston Savings Bank's average total fees were $3,614, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 340 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 231 $60,965,000 $263,918
    3-4% 219 $92,075,000 $420,434
    5-6% 86 $18,220,000 $211,860
    2.5-3% 14 $2,820,000 $201,429
    6-7% 12 $2,220,000 $185,000
    <2.5% 3 $325,000 $108,333

    During 2022, Thomaston Savings Bank's average interest rate for loans was 4.29%, while their most frequently originated rate bucket for loans was 4-5%, with 231 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 202 $55,290,000 $273,713 $3,790 4.30%
    $100k-200k 173 $26,815,000 $155,000 $3,139 4.32%
    $100,000 or less 96 $5,690,000 $59,271 $1,015 4.46%
    $400k-600k 71 $33,875,000 $477,113 $4,694 4.24%
    $600k-1MM 16 $11,250,000 $703,125 $5,952 4.17%
    $1MM+ 7 $43,705,000 $6,243,571 $6,500 4.02%

    2022 saw Thomaston Savings Bank place emphasis on $200k-400k loans with 202 originations, totaling $55,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 129 $32,175,000 $249,419 $3,288 4.29%
    $50k-75k 108 $17,900,000 $165,741 $3,043 4.29%
    $75k-100k 105 $21,755,000 $207,190 $3,194 4.33%
    $150k-250k 98 $32,550,000 $332,143 $3,694 4.18%
    $50k or less 50 $6,450,000 $129,000 $3,006 4.45%
    $250k+ 45 $19,215,000 $427,000 $4,259 4.33%

    Thomaston Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 129 originations. The second most popular income band? $50k-75k, with 108 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 119 $27,395,000 $230,210 $3,298 4.26%
    30-36% 98 $24,550,000 $250,510 $3,433 4.13%
    <20% 38 $8,980,000 $236,316 $3,146 4.14%
    45% 28 $7,740,000 $276,429 $3,336 4.67%
    39% 28 $6,130,000 $218,929 $3,110 4.55%
    38% 26 $5,830,000 $224,231 $2,714 4.46%
    44% 24 $7,530,000 $313,750 $4,075 4.38%
    42% 23 $6,275,000 $272,826 $3,747 4.19%
    36% 23 $4,795,000 $208,478 $2,780 4.28%
    37% 23 $4,995,000 $217,174 $3,278 4.53%
    40% 22 $4,420,000 $200,909 $2,891 4.04%
    43% 20 $5,240,000 $262,000 $3,542 4.33%
    41% 19 $4,745,000 $249,737 $2,909 4.09%
    46% 17 $3,745,000 $220,294 $3,029 4.71%
    47% 16 $4,260,000 $266,250 $3,570 4.27%
    49% 9 $2,155,000 $239,444 $4,084 3.92%
    48% 6 $1,780,000 $296,667 $4,475 5.02%
    50-60% 3 $775,000 $258,333 $3,499 4.04%

    Thomaston Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 119 originations. The next most common DTI ratio? 30-36%, with 98 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 500 $122,350,000 $244,700 $3,317 4.27%
    Not applicable 21 $44,905,000 $2,138,333 $0 4.87%
    Not provided 18 $3,180,000 $176,667 $2,713 4.88%
    Asian 12 $3,000,000 $250,000 $3,709 4.79%
    Black 11 $2,025,000 $184,091 $3,646 4.35%
    Native Hawaiian or Islander 1 $585,000 $585,000 $4,139 3.63%
    Asian Indian 2 $580,000 $290,000 $4,428 4.19%

    Approval Rates

    Total approvals of all applications
    92.68%

    Thomaston Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.43%

    Thomaston Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 565 $176,625,000 $312,611

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    565 $176,625,000 $312,611

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $11,060,000 $230,417 $1,516 4.49%
    40-60% 75 $48,205,000 $642,733 $3,062 4.04%
    60-80% 229 $65,215,000 $284,782 $3,781 4.15%
    80-100% 167 $50,275,000 $301,048 $4,254 4.51%
    Under 20% 46 $1,870,000 $40,652 $341 4.73%