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

Review & Overview

The Milford Bank is a smaller bank specializing in Cash Out Refi and Home Purchase loans. The Milford Bank has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Bridgeport, Hartford, Worcester, and Torrington among others. We have data for 6 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 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 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%	11/23/24
30 Year Conventional Refi	5.98%	11/23/24
30 Year Cash-out Refi	5.80%	11/23/24
15 Year Conventional Purchase	4.98%	11/23/24
15 Year Conventional Refi	4.82%	11/23/24
15 Year Cash-out Refi	4.82%	11/23/24
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

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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

243

Origination Dollar Volume (All Markets)

$56,415,000

Employee count

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)	192	$42,460,000	$221,146	$3,224	3.37%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA\|USDA\|VA)	35	$8,725,000	$249,286	$3,523	3.38%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA\|USDA\|VA)	11	$4,495,000	$408,636	$2,243	3.75%
WORCESTER, MA-CT (FHA\|USDA\|VA)	2	$350,000	$175,000	$2,892	3.19%
Torrington, CT (FHA\|USDA\|VA)	2	$230,000	$115,000	$1,494	3.56%
NORWICH-NEW LONDON, CT (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,996	2.63%

The Milford Bank's top markets include New Haven, Bridgeport, Hartford, Worcester, 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.

Thomaston Savings Bank
Similarity Rank: 400

The Torrington Savings Bank
Similarity Rank: 528

SIKORSKY FINANCIAL
Similarity Rank: 685

SILVERMINE VENTURES LLC
Similarity Rank: 750

Ridgewood Savings Bank
Similarity Rank: 756

MUTUAL SECURITY CREDIT UNION
Similarity Rank: 1155

PULTE MORTGAGE LLC
Similarity Rank: 1320

MORTGAGE MARKETS CUSO, LLC
Similarity Rank: 1686

Newtown Savings Bank
Similarity Rank: 1897

GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION
Similarity Rank: 1944

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	243	$56,415,000	$232,160	$3,238	3.39%

For 2020, The Milford Bank's most frequently originated type of loan was Conventional, with 243 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	148	$35,220,000	$237,973	$2,800	3.46%
Home Purchase	52	$11,420,000	$219,615	$4,616	3.40%
Refi	34	$8,130,000	$239,118	$3,129	2.98%
Home Improvement	8	$1,470,000	$183,750	$2,228	3.38%
Other	1	$175,000	$175,000	$6,727	5.38%

For 2020, The Milford Bank's most frequently cited loan purpose was Cash Out Refi, with 148 originations. The 2nd most popular reason was Home Purchase, with 52 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	78	$16,100,000	$206,410	$3,027	3.03%
30 Year	57	$12,775,000	$224,123	$4,835	3.49%
20 Year	54	$14,390,000	$266,481	$3,265	3.62%
10 Year	30	$3,590,000	$119,667	$1,331	3.38%
5 Year	12	$730,000	$60,833	$0	3.52%
Other	12	$8,830,000	$735,833	$6,687	4.10%

For 2020, The Milford Bank's most frequently cited loan duration was 15 Year, with 78 originations. The 2nd most popular length was 30 Year, with 57 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	118	$18,440,000	$156,271
$1k-2k	51	$12,325,000	$241,667
$2k-3k	20	$3,770,000	$188,500
$5k+	11	$3,005,000	$273,182
$3k-4k	9	$2,135,000	$237,222
$4k-5k	8	$2,460,000	$307,500

The Milford Bank's average total fees were $4,835, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 118 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	107	$22,925,000	$214,252
3-4%	101	$27,375,000	$271,040
4-5%	30	$4,080,000	$136,000
5-6%	4	$1,830,000	$457,500
7-8%	1	$205,000	$205,000

During 2020, The Milford Bank's average interest rate for loans was 3.49%, while their most frequently originated rate bucket for loans was 2.5-3%, with 107 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	107	$28,905,000	$270,140	$4,168	3.21%
$100k-200k	71	$10,925,000	$153,873	$3,268	3.14%
$100,000 or less	50	$2,740,000	$54,800	$783	3.98%
$400k-600k	7	$3,375,000	$482,143	$7,446	3.86%
$1MM+	5	$8,155,000	$1,631,000	$0	4.13%
$600k-1MM	3	$2,315,000	$771,667	$3,549	3.54%

2020 saw The Milford Bank place emphasis on $200k-400k loans with 107 originations, totaling $28,905,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	69	$15,795,000	$228,913	$3,415	3.13%
$100k-150k	58	$11,260,000	$194,138	$3,510	3.33%
$50k-75k	31	$4,245,000	$136,935	$3,230	3.32%
$75k-100k	30	$5,170,000	$172,333	$3,215	3.48%
$250k+	22	$5,350,000	$243,182	$3,043	3.10%
$50k or less	7	$315,000	$45,000	$0	4.38%

The Milford Bank lent most frequently to those with incomes in the $150k-250k range, with 69 originations. The second most popular income band? $100k-150k, with 58 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	62	$12,960,000	$209,032	$3,576	3.19%
30-36%	46	$9,520,000	$206,957	$3,577	3.16%
<20%	41	$7,695,000	$187,683	$2,802	3.09%
42%	17	$2,925,000	$172,059	$3,375	3.50%
40%	14	$2,410,000	$172,143	$1,333	3.90%
41%	12	$2,120,000	$176,667	$3,161	3.55%
38%	7	$1,485,000	$212,143	$4,496	3.23%
39%	6	$780,000	$130,000	$2,398	3.79%
37%	5	$1,035,000	$207,000	$3,341	3.20%
36%	5	$865,000	$173,000	$4,065	3.78%
43%	1	$295,000	$295,000	$4,473	3.63%
44%	1	$45,000	$45,000	$0	4.75%

The Milford Bank lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 46 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	176	$35,000,000	$198,864	$3,277	3.32%
Not applicable	23	$13,685,000	$595,000	$0	4.10%
Not provided	31	$5,285,000	$170,484	$2,880	3.40%
Asian	3	$675,000	$225,000	$4,025	2.96%
Asian Indian	3	$575,000	$191,667	$3,038	2.79%
Black	4	$470,000	$117,500	$3,230	3.25%
Korean	1	$295,000	$295,000	$2,511	2.75%
Native Hawaiian or Islander	1	$275,000	$275,000	$6,040	3.38%
American Indian	1	$155,000	$155,000	$2,996	2.63%

Approval Rates

Total approvals of all applications
84.68%

The Milford Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
86.83%

The Milford Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
7545.0	1	$365,000	$365,000
NA	242	$56,050,000	$231,612

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	6	$7,360,000	$1,226,667
Single Family (1-4 Units):Site-Built	237	$49,055,000	$206,983

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	32	$4,640,000	$145,000	$1,694	3.53%
40-60%	49	$12,345,000	$251,939	$3,387	3.12%
60-80%	103	$29,665,000	$288,010	$4,111	3.25%
80-100%	31	$8,125,000	$262,097	$5,015	3.43%
Over 100%	1	$265,000	$265,000	$5,115	3.63%
Under 20%	27	$1,375,000	$50,926	$0	4.19%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
The Milford Bank	33 Broad Street Milford, CT 6460	Full Service B&M	$197,290
The Milford Bank	295 Boston Post Road Milford, CT 6460	Full Service B&M	$26,310
The Milford Bank	3651 Main Street Stratford, CT 6614	Full Service B&M	$33,669
The Milford Bank	9 Depot Street Milford, CT 6460	Limited, Administrative	$0
The Milford Bank	1455 Boston Post Road Milford, CT 6460	Full Service B&M	$60,050
The Milford Bank	205 Bridgeport Avenue Milford, CT 6460	Full Service B&M	$42,601
The Milford Bank	259 Merwin Avenue Milford, CT 6460	Full Service B&M	$52,966
The Milford Bank	142 Temple Street-Suite 306 New Haven, CT 6510	Limited, Administrative	$0

For 2020, The Milford Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$17,021
Net interest income	$15,433
Total noninterest income	$2,210
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$388
Trading account gains and fees	$0
Additional Noninterest Income	$1,822
Pre-tax net operating income	$1,071
Securities gains (or losses, -)	$47
Income before extraordinary items	$1,086
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,086
Minority interest net income	$0
Net income	$1,086
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,040

The Milford Bank's gross interest income from loans was $17,021,000.
The Milford Bank's net interest income from loans was $15,433,000.
The Milford Bank's fee based income from loans was $388,000.
The Milford Bank's net income from loans was $1,086,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,588
Provision for credit losses	$1,250
Total noninterest expense	$15,322
Salaries and employee benefits	$9,030
Premises and equipment expense	$1,905
Additional noninterest expense	$4,387
Applicable income taxes	$32
Net charge-offs	$11
Cash dividends	$0

The Milford Bank's interest expense for loans was $1,588,000.
The Milford Bank's payroll and benefits expense were $9,030,000.
The Milford Bank's property, plant and equipment expenses $1,905,000.

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	1.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	1.0%
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	$420,366
Deposits held in domestic offices	$420,366
Deposits by Individuals, partnerships, and corporations	$415,739
Deposits by U.S. Government	$4
Deposits by States and political subdivisions in the U.S.	$4,297
Deposits by Commercial banks and other depository institutions in U.S.	$326
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$157,114
Demand deposits	$98,098
Nontransaction accounts	$263,252
Money market deposit accounts (MMDAs)	$105,839
Other savings deposits (excluding MMDAs)	$106,281
Total time deposits	$51,132
Total time and savings deposits	$322,268
Noninterest-bearing deposits	$98,097
Interest-bearing deposits	$322,269
Retail deposits	$413,108
IRAs and Keogh plan accounts	$8,120
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$482,224
Cash & Balances due from depository institutions	$37,501
Interest-bearing balances	$30,366
Total securities	$12,490
Federal funds sold & reverse repurchase	$25
Net loans and leases	$406,755
Loan and leases loss allowance	$4,331
Trading account assets	$0
Bank premises and fixed assets	$5,297
Other real estate owned	$0
Goodwill and other intangibles	$120
All other assets	$20,036

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$482,224
Total Liabilities	$433,241
Total deposits	$420,366
Interest-bearing deposits	$322,269
Deposits held in domestic offices	$420,366
% insured (estimated)	$83
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$12,875

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$406,755
Loan and leases loss allowance	$4,331
Total loans and leases (domestic)	$411,086
All real estate loans	$343,787
Real estate loans in domestic offices	$343,787
Construction and development loans	$21,555
Residential 1-4 family construction	$16,505
Other construction, all land development and other land	$5,050
Loans secured by nonfarm nonresidential properties	$99,826
Nonfarm nonresidential secured by owner-occupied properties	$58,804
Commercial real estate & other non-farm, non-residential	$41,022
Multifamily residential real estate	$14,894
1-4 family residential loans	$207,512
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$52,157
To non-U.S. addressees	$0
Loans to individuals	$14,131
Credit card loans	$0
Related Plans	$118
Consumer Auto Loans	$12,454
Other loans to individuals	$1,559
All other loans & leases	$1,011
Loans to foreign governments and official institutions	$0
Other loans	$1,011
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	$1,017
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

The Milford Bank had $406,755,000 of loans outstanding in 2020. $343,787,000 of loans were in real estate loans. $21,555,000 of loans were in development loans. $14,894,000 of loans were in multifamily mortgage loans. $207,512,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $12,454,000 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	183	$51,110	$279,290
Nonfarm, nonresidential loans - <$100k	15	$792	$52,800
Nonfarm, nonresidential loans - $100-250k	51	$6,927	$135,824
Nonfarm, nonresidential loans - $250k-1MM	117	$43,391	$370,863
Commercial & Industrial, US addressed loans - <$1MM	450	$37,297	$82,882
Commercial & Industrial, US addressed loans - <$100k	304	$6,545	$21,530
Commercial & Industrial, US addressed loans - $100-250k	81	$8,792	$108,543
Commercial & Industrial, US addressed loans - $250k-1MM	65	$21,960	$337,846