The Milford Bank Mortgage Rates, Fees & Info

Milford, CT

LEI: 549300M6EHOPLD2SFD66

Tax ID: 06-0453420

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
  • 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

    The Milford Bank is a smaller bank specializing in Home Purchase loans. The Milford Bank has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Bridgeport, Hartford, and Torrington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Milford 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. The Milford Bank is typically a high 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 5.75% 11/21/24
    30 Year Conventional Refi 5.98% 11/21/24
    30 Year Cash-out Refi 5.80% 11/21/24
    15 Year Conventional Purchase 4.98% 11/21/24
    15 Year Conventional Refi 4.82% 11/21/24
    15 Year Cash-out Refi 4.82% 11/21/24
    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.

    The Milford Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Milford 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

    167

    Origination Dollar Volume (All Markets)

    $33,975,000

    Employee count

    86

    Awards

    The Milford Bank 30 Year Conventional Loans silver The Milford 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 HAVEN-MILFORD, CT (FHA|USDA|VA) 136 $26,480,000 $194,706 $6,261 4.45%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 26 $6,210,000 $238,846 $14,303 4.39%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,220,000 $305,000 $5,056 4.25%
    Torrington, CT (FHA|USDA|VA) 1 $65,000 $65,000 $4,436 3.88%
    The Milford Bank's top markets include New Haven, Bridgeport, Hartford, and Torrington among others.

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

    • Similar Lenders

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

    The Torrington Savings Bank
    Similarity Rank: 24
    Union Savings Bank
    Similarity Rank: 108
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 144
    Thomaston Savings Bank
    Similarity Rank: 160
    SIKORSKY FINANCIAL
    Similarity Rank: 175
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 220
    The First National Bank of Long Island
    Similarity Rank: 236
    Ridgewood Savings Bank
    Similarity Rank: 297
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 352
    Neat Capital Inc
    Similarity Rank: 776

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 167 $33,975,000 $203,443 $7,447 4.44%

    For 2018, The Milford Bank's most frequently originated type of loan was Conventional, with 167 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 71 $19,395,000 $273,169 $11,212 4.45%
    Cash Out Refi 32 $6,510,000 $203,438 $4,866 4.44%
    Home Improvement 24 $1,900,000 $79,167 $2,157 4.23%
    Other 19 $1,185,000 $62,368 $2,158 4.50%
    Refi 17 $4,375,000 $257,353 $8,809 4.15%
    NA 4 $610,000 $152,500 $0 6.29%

    For 2018, The Milford Bank's most frequently cited loan purpose was Home Purchase, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 66 $18,360,000 $278,182 $11,441 4.37%
    20 Year 28 $7,450,000 $266,071 $2,644 5.34%
    15 Year 27 $4,585,000 $169,815 $5,827 4.03%
    10 Year 23 $1,525,000 $66,304 $3,040 4.21%
    5 Year 18 $760,000 $42,222 $1,091 3.75%
    Other 5 $1,295,000 $259,000 $0 6.00%

    For 2018, The Milford Bank's most frequently cited loan duration was 30 Year, with 66 originations. The 2nd most popular length was 20 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 40 $7,290,000 $182,250
    $1k-2k 27 $5,505,000 $203,889
    $2k-3k 12 $2,970,000 $247,500
    $4k-5k 6 $2,550,000 $425,000
    $5k+ 6 $3,260,000 $543,333
    $3k-4k 4 $1,850,000 $462,500

    The Milford Bank's average total fees were $11,441, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 40 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 81 $15,735,000 $194,259
    3-4% 57 $10,785,000 $189,211
    5-6% 24 $6,220,000 $259,167
    6-7% 4 $1,100,000 $275,000
    2.5-3% 1 $135,000 $135,000

    During 2018, The Milford Bank's average interest rate for loans was 4.37%, while their most frequently originated rate bucket for loans was 4-5%, with 81 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 59 $2,935,000 $49,746 $2,013 4.28%
    $200k-400k 54 $14,560,000 $269,630 $12,469 4.53%
    $100k-200k 37 $5,455,000 $147,432 $6,235 4.46%
    $400k-600k 9 $4,445,000 $493,889 $11,208 4.88%
    $600k-1MM 7 $5,575,000 $796,429 $19,404 4.23%
    $1MM+ 1 $1,005,000 $1,005,000 $0 5.13%

    2018 saw The Milford Bank place emphasis on $100,000 or less loans with 59 originations, totaling $2,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 34 $4,300,000 $126,471 $5,265 4.29%
    $100k-150k 33 $5,815,000 $176,212 $5,694 4.26%
    $150k-250k 31 $5,695,000 $183,710 $11,743 4.12%
    $75k-100k 18 $2,700,000 $150,000 $5,783 4.33%
    $250k+ 16 $6,730,000 $420,625 $10,906 4.13%
    $50k or less 9 $725,000 $80,556 $4,503 4.33%

    The Milford Bank lent most frequently to those with incomes in the $50k-75k range, with 34 originations. The second most popular income band? $100k-150k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 38 $6,900,000 $181,579 $5,955 4.29%
    20-30% 32 $5,950,000 $185,938 $6,005 4.26%
    <20% 10 $1,650,000 $165,000 $6,880 3.93%
    42% 9 $2,095,000 $232,778 $8,258 4.36%
    38% 7 $925,000 $132,143 $5,717 4.23%
    40% 6 $600,000 $100,000 $3,190 4.27%
    36% 6 $2,050,000 $341,667 $12,944 4.19%
    41% 6 $990,000 $165,000 $5,563 4.40%
    37% 4 $1,420,000 $355,000 $13,256 4.00%
    39% 4 $690,000 $172,500 $40,652 4.47%
    >60% 3 $165,000 $55,000 $2,570 4.46%
    44% 2 $290,000 $145,000 $6,053 4.19%
    45% 1 $375,000 $375,000 $12,535 3.88%
    50-60% 1 $55,000 $55,000 $2,327 4.50%

    The Milford Bank lent most frequently to those with DTI ratios of 30-36%, with 38 originations. The next most common DTI ratio? 20-30%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 116 $22,650,000 $195,259 $8,114 4.26%
    Not applicable 21 $7,125,000 $339,286 $0 5.72%
    Not provided 14 $2,110,000 $150,714 $4,866 4.22%
    Asian 8 $1,100,000 $137,500 $4,389 3.95%
    Black 6 $520,000 $86,667 $4,484 4.44%
    Asian Indian 1 $365,000 $365,000 $11,712 4.50%
    Filipino 1 $105,000 $105,000 $6,739 5.00%

    Approval Rates

    Total approvals of all applications
    83.60%

    The Milford Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.63%

    The Milford Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 167 $33,975,000 $203,443

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $1,830,000 $457,500
    Single Family (1-4 Units):Site-Built 163 $32,145,000 $197,209

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $1,940,000 $107,778 $3,902 4.56%
    40-60% 25 $7,235,000 $289,400 $6,881 4.31%
    60-80% 51 $13,065,000 $256,176 $8,428 4.60%
    80-100% 28 $8,710,000 $311,071 $15,008 4.42%
    Under 20% 36 $1,630,000 $45,278 $2,252 4.32%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Milford Bank 142 Temple Street-Suite 306 New Haven, CT 6510 Limited, Administrative $0
    The Milford Bank 1455 Boston Post Road Milford, CT 6460 Full Service B&M $49,491
    The Milford Bank 205 Bridgeport Avenue Milford, CT 6460 Full Service B&M $37,249
    The Milford Bank 259 Merwin Avenue Milford, CT 6460 Full Service B&M $48,441
    The Milford Bank 295 Boston Post Road Milford, CT 6460 Full Service B&M $30,135
    The Milford Bank 33 Broad Street Milford, CT 6460 Full Service B&M $160,227
    The Milford Bank 3651 Main Street Stratford, CT 6614 Full Service B&M $26,115
    The Milford Bank 9 Depot Street Milford, CT 6460 Limited, Administrative $0

    For 2018, The Milford Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,144
    Net interest income $14,554
    Total noninterest income $2,100
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $565
    Trading account gains and fees $0
    Additional Noninterest Income $1,535
    Pre-tax net operating income $2,179
    Securities gains (or losses, -) $-27
    Income before extraordinary items $1,744
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,744
    Minority interest net income $0
    Net income $1,744
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,765

    The Milford Bank's gross interest income from loans was $16,144,000.
    The Milford Bank's net interest income from loans was $14,554,000.
    The Milford Bank's fee based income from loans was $565,000.
    The Milford Bank's net income from loans was $1,744,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,590
    Provision for credit losses $-250
    Total noninterest expense $14,725
    Salaries and employee benefits $8,756
    Premises and equipment expense $1,934
    Additional noninterest expense $4,035
    Applicable income taxes $408
    Net charge-offs $65
    Cash dividends $0

    The Milford Bank's interest expense for loans was $1,590,000.
    The Milford Bank's payroll and benefits expense were $8,756,000.
    The Milford Bank's property, plant and equipment expenses $1,934,000.

    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 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $345,752
    Deposits held in domestic offices $345,752
    Deposits by Individuals, partnerships, and corporations $340,335
    Deposits by U.S. Government $17
    Deposits by States and political subdivisions in the U.S. $5,119
    Deposits by Commercial banks and other depository institutions in U.S. $281
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $116,894
    Demand deposits $68,225
    Nontransaction accounts $228,858
    Money market deposit accounts (MMDAs) $82,654
    Other savings deposits (excluding MMDAs) $94,506
    Total time deposits $51,699
    Total time and savings deposits $277,527
    Noninterest-bearing deposits $68,225
    Interest-bearing deposits $277,527
    Retail deposits $337,456
    IRAs and Keogh plan accounts $9,038
    Brokered deposits $7,117
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $441,881
    Cash & Balances due from depository institutions $15,913
    Interest-bearing balances $6,746
    Total securities $19,102
    Federal funds sold & reverse repurchase $25
    Net loans and leases $381,480
    Loan and leases loss allowance $3,066
    Trading account assets $0
    Bank premises and fixed assets $4,911
    Other real estate owned $0
    Goodwill and other intangibles $321
    All other assets $20,129

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $441,881
    Total Liabilities $396,348
    Total deposits $345,752
    Interest-bearing deposits $277,527
    Deposits held in domestic offices $345,752
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $40,000
    Subordinated debt $0
    All other liabilities $10,596

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $381,480
    Loan and leases loss allowance $3,066
    Total loans and leases (domestic) $384,546
    All real estate loans $328,554
    Real estate loans in domestic offices $328,554
    Construction and development loans $16,871
    Residential 1-4 family construction $12,834
    Other construction, all land development and other land $4,037
    Loans secured by nonfarm nonresidential properties $108,488
    Nonfarm nonresidential secured by owner-occupied properties $100,960
    Commercial real estate & other non-farm, non-residential $7,528
    Multifamily residential real estate $2,594
    1-4 family residential loans $200,601
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $33,984
    To non-U.S. addressees $0
    Loans to individuals $20,495
    Credit card loans $0
    Related Plans $106
    Consumer Auto Loans $17,786
    Other loans to individuals $2,603
    All other loans & leases $1,513
    Loans to foreign governments and official institutions $0
    Other loans $1,513
    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 $1,284
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Milford Bank had $381,480,000 of loans outstanding in 2018. $328,554,000 of loans were in real estate loans. $16,871,000 of loans were in development loans. $2,594,000 of loans were in multifamily mortgage loans. $200,601,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $17,786,000 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 187 $51,384 $274,781
    Nonfarm, nonresidential loans - <$100k 20 $1,255 $62,750
    Nonfarm, nonresidential loans - $100-250k 57 $7,549 $132,439
    Nonfarm, nonresidential loans - $250k-1MM 110 $42,580 $387,091
    Commercial & Industrial, US addressed loans - <$1MM 260 $22,630 $87,038
    Commercial & Industrial, US addressed loans - <$100k 171 $3,238 $18,936
    Commercial & Industrial, US addressed loans - $100-250k 42 $3,684 $87,714
    Commercial & Industrial, US addressed loans - $250k-1MM 47 $15,708 $334,213