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 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, and Norwich 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 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% 11/21/24
    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

    168

    Origination Dollar Volume (All Markets)

    $43,140,000

    Employee count

    80

    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) 132 $33,730,000 $255,530 $4,008 3.14%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 29 $7,675,000 $264,655 $4,992 3.15%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $1,055,000 $211,000 $4,025 3.58%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $680,000 $340,000 $8,030 3.25%
    The Milford Bank's top markets include New Haven, Bridgeport, Hartford, 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 The Milford Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Northwest Community Bank
    Similarity Rank: 390
    The Torrington Savings Bank
    Similarity Rank: 455
    SIKORSKY FINANCIAL
    Similarity Rank: 552
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 580
    BNB Bank
    Similarity Rank: 590
    Ridgewood Savings Bank
    Similarity Rank: 591
    Fairfield County Bank
    Similarity Rank: 960
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972
    Newtown Savings Bank
    Similarity Rank: 1115
    Thomaston Savings Bank
    Similarity Rank: 1145

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 168 $43,140,000 $256,786 $4,237 3.16%

    For 2021, The Milford Bank's most frequently originated type of loan was Conventional, with 168 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 77 $20,545,000 $266,818 $3,989 3.26%
    Home Purchase 45 $13,235,000 $294,111 $6,311 3.19%
    Refi 39 $7,755,000 $198,846 $2,837 2.78%
    Home Improvement 4 $770,000 $192,500 $794 3.78%
    NA 3 $835,000 $278,333 $0 3.92%

    For 2021, The Milford Bank's most frequently cited loan purpose was Cash Out Refi, with 77 originations. The 2nd most popular reason was Home Purchase, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 59 $17,175,000 $291,102 $5,756 3.19%
    15 Year 44 $8,560,000 $194,545 $3,169 2.84%
    20 Year 39 $10,175,000 $260,897 $3,989 3.36%
    10 Year 16 $1,730,000 $108,125 $1,449 3.12%
    Other 8 $5,450,000 $681,250 $12,958 3.68%
    5 Year 2 $50,000 $25,000 $0 3.38%

    For 2021, The Milford Bank's most frequently cited loan duration was 30 Year, with 59 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 73 $11,535,000 $158,014
    $1k-2k 27 $7,115,000 $263,519
    $5k+ 24 $9,210,000 $383,750
    $2k-3k 15 $3,795,000 $253,000
    $4k-5k 8 $2,580,000 $322,500
    $3k-4k 5 $1,345,000 $269,000

    The Milford Bank's average total fees were $5,756, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 73 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 67 $18,535,000 $276,642
    3-4% 63 $17,355,000 $275,476
    <2.5% 23 $4,315,000 $187,609
    4-5% 15 $2,935,000 $195,667

    During 2021, The Milford Bank's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 2.5-3%, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 84 $23,030,000 $274,167 $4,975 3.08%
    $100k-200k 33 $4,765,000 $144,394 $2,859 2.87%
    $100,000 or less 29 $1,715,000 $59,138 $943 3.62%
    $400k-600k 14 $6,420,000 $458,571 $9,327 3.00%
    $600k-1MM 6 $4,110,000 $685,000 $9,182 3.62%
    $1MM+ 2 $3,100,000 $1,550,000 $0 3.93%

    2021 saw The Milford Bank place emphasis on $200k-400k loans with 84 originations, totaling $23,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $8,900,000 $234,211 $4,540 2.97%
    $150k-250k 37 $10,855,000 $293,378 $4,880 2.89%
    $50k-75k 27 $4,545,000 $168,333 $3,383 3.33%
    $250k+ 21 $6,515,000 $310,238 $5,636 2.91%
    $75k-100k 19 $4,065,000 $213,947 $3,273 3.24%
    $50k or less 11 $765,000 $69,545 $1,942 3.37%

    The Milford Bank lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $150k-250k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 52 $11,500,000 $221,154 $4,066 2.98%
    30-36% 30 $7,130,000 $237,667 $4,581 3.11%
    <20% 29 $6,145,000 $211,897 $3,223 2.92%
    39% 9 $3,095,000 $343,889 $4,700 3.07%
    42% 9 $2,615,000 $290,556 $6,174 3.21%
    36% 6 $1,910,000 $318,333 $8,108 3.56%
    41% 5 $965,000 $193,000 $2,907 3.05%
    37% 5 $1,025,000 $205,000 $3,215 3.60%
    40% 4 $430,000 $107,500 $1,415 3.25%
    38% 3 $605,000 $201,667 $5,200 3.00%
    44% 1 $225,000 $225,000 $9,411 3.00%

    The Milford Bank lent most frequently to those with DTI ratios of 20-30%, with 52 originations. The next most common DTI ratio? 30-36%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 131 $30,505,000 $232,863 $4,303 3.08%
    Not applicable 14 $7,210,000 $515,000 $0 4.06%
    Not provided 18 $4,270,000 $237,222 $3,502 3.01%
    Black 3 $615,000 $205,000 $7,522 3.08%
    Asian 2 $540,000 $270,000 $1,769 3.44%

    Approval Rates

    Total approvals of all applications
    80.67%

    The Milford Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.71%

    The Milford Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $255,000 $255,000
    NA 167 $42,885,000 $256,796

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    168 $43,140,000 $256,786

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $3,905,000 $156,200 $2,538 3.12%
    40-60% 38 $9,210,000 $242,368 $2,918 2.83%
    60-80% 66 $23,030,000 $348,939 $6,601 3.21%
    80-100% 22 $6,000,000 $272,727 $5,267 3.09%
    Under 20% 17 $995,000 $58,529 $350 3.79%

    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 $63,707
    The Milford Bank 205 Bridgeport Avenue Milford, CT 6460 Full Service B&M $50,305
    The Milford Bank 259 Merwin Avenue Milford, CT 6460 Full Service B&M $63,984
    The Milford Bank 295 Boston Post Road Milford, CT 6460 Full Service B&M $34,146
    The Milford Bank 33 Broad St Milford, CT 6460 Full Service B&M $216,221
    The Milford Bank 3651 Main Street Stratford, CT 6614 Full Service B&M $36,584
    The Milford Bank 9 Depot Street Milford, CT 6460 Limited, Administrative $0

    For 2021, The Milford Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,974
    Net interest income $16,318
    Total noninterest income $2,344
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $402
    Trading account gains and fees $0
    Additional Noninterest Income $1,942
    Pre-tax net operating income $2,619
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,109
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,109
    Minority interest net income $0
    Net income $2,109
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,109

    The Milford Bank's gross interest income from loans was $16,974,000.
    The Milford Bank's net interest income from loans was $16,318,000.
    The Milford Bank's fee based income from loans was $402,000.
    The Milford Bank's net income from loans was $2,109,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $656
    Provision for credit losses $-120
    Total noninterest expense $16,163
    Salaries and employee benefits $9,403
    Premises and equipment expense $1,901
    Additional noninterest expense $4,859
    Applicable income taxes $510
    Net charge-offs $8
    Cash dividends $0

    The Milford Bank's interest expense for loans was $656,000.
    The Milford Bank's payroll and benefits expense were $9,403,000.
    The Milford Bank's property, plant and equipment expenses $1,901,000.

    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 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 $478,333
    Deposits held in domestic offices $478,333
    Deposits by Individuals, partnerships, and corporations $473,423
    Deposits by U.S. Government $67
    Deposits by States and political subdivisions in the U.S. $4,679
    Deposits by Commercial banks and other depository institutions in U.S. $164
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $185,467
    Demand deposits $119,772
    Nontransaction accounts $292,866
    Money market deposit accounts (MMDAs) $118,230
    Other savings deposits (excluding MMDAs) $125,875
    Total time deposits $48,761
    Total time and savings deposits $358,561
    Noninterest-bearing deposits $119,772
    Interest-bearing deposits $358,561
    Retail deposits $467,465
    IRAs and Keogh plan accounts $8,366
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $542,721
    Cash & Balances due from depository institutions $24,589
    Interest-bearing balances $19,296
    Total securities $99,559
    Federal funds sold & reverse repurchase $25
    Net loans and leases $392,912
    Loan and leases loss allowance $4,203
    Trading account assets $0
    Bank premises and fixed assets $4,933
    Other real estate owned $0
    Goodwill and other intangibles $55
    All other assets $20,648

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $542,721
    Total Liabilities $492,061
    Total deposits $478,333
    Interest-bearing deposits $358,561
    Deposits held in domestic offices $478,333
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $13,728

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $392,912
    Loan and leases loss allowance $4,203
    Total loans and leases (domestic) $397,115
    All real estate loans $338,934
    Real estate loans in domestic offices $338,934
    Construction and development loans $19,735
    Residential 1-4 family construction $13,628
    Other construction, all land development and other land $6,107
    Loans secured by nonfarm nonresidential properties $99,367
    Nonfarm nonresidential secured by owner-occupied properties $58,601
    Commercial real estate & other non-farm, non-residential $40,766
    Multifamily residential real estate $17,273
    1-4 family residential loans $202,559
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $46,113
    To non-U.S. addressees $0
    Loans to individuals $11,275
    Credit card loans $0
    Related Plans $137
    Consumer Auto Loans $10,063
    Other loans to individuals $1,075
    All other loans & leases $793
    Loans to foreign governments and official institutions $0
    Other loans $793
    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 $628
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Milford Bank had $392,912,000 of loans outstanding in 2021. $338,934,000 of loans were in real estate loans. $19,735,000 of loans were in development loans. $17,273,000 of loans were in multifamily mortgage loans. $202,559,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $10,063,000 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 169 $46,027 $272,349
    Nonfarm, nonresidential loans - <$100k 16 $841 $52,563
    Nonfarm, nonresidential loans - $100-250k 48 $6,357 $132,438
    Nonfarm, nonresidential loans - $250k-1MM 105 $38,829 $369,800
    Commercial & Industrial, US addressed loans - <$1MM 329 $38,163 $115,997
    Commercial & Industrial, US addressed loans - <$100k 192 $4,032 $21,000
    Commercial & Industrial, US addressed loans - $100-250k 67 $6,769 $101,030
    Commercial & Industrial, US addressed loans - $250k-1MM 70 $27,362 $390,886