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

Jump to:

  • 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)

    • 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 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 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% 5/4/24
    30 Year Conventional Refi 5.98% 5/4/24
    30 Year Cash-out Refi 5.80% 5/4/24
    15 Year Conventional Purchase 4.98% 5/4/24
    15 Year Conventional Refi 4.82% 5/4/24
    15 Year Cash-out Refi 4.82% 5/4/24
    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

    185

    Origination Dollar Volume (All Markets)

    $47,495,000

    Awards

    The Milford Bank 30 Year Conventional Loans silver The Milford Bank 30 Year Conventional Loans bronze
    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) 153 $40,855,000 $267,026 $4,657 4.10%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 27 $4,725,000 $175,000 $1,837 4.10%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,510,000 $377,500 $5,157 4.41%
    Torrington, CT (FHA|USDA|VA) 1 $405,000 $405,000 $10,293 5.50%
    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.

    Ridgewood Savings Bank
    Similarity Rank: 146
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 192
    SIKORSKY FINANCIAL
    Similarity Rank: 245
    Thomaston Savings Bank
    Similarity Rank: 290
    The Milford Bank
    Similarity Rank: 340
    WASHINGTON TRUST MORTGAGE COMPANY LLC
    Similarity Rank: 414
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 504
    Union Savings Bank
    Similarity Rank: 616
    Liberty Bank
    Similarity Rank: 648
    People's United Bank
    Similarity Rank: 780

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 185 $47,495,000 $256,730 $4,288 4.11%

    For 2022, The Milford Bank's most frequently originated type of loan was Conventional, with 185 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 89 $17,325,000 $194,663 $2,510 3.99%
    Home Purchase 71 $25,685,000 $361,761 $6,911 4.60%
    Refi 21 $3,705,000 $176,429 $3,474 2.76%
    Home Improvement 3 $575,000 $191,667 $0 5.58%
    Other 1 $205,000 $205,000 $0 4.88%

    For 2022, The Milford Bank's most frequently cited loan purpose was Cash Out Refi, with 89 originations. The 2nd most popular reason was Home Purchase, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 79 $28,785,000 $364,367 $6,914 4.39%
    15 Year 36 $6,110,000 $169,722 $2,560 3.55%
    20 Year 35 $7,385,000 $211,000 $2,249 4.50%
    10 Year 24 $2,580,000 $107,500 $950 3.54%
    5 Year 7 $495,000 $70,714 $0 3.50%
    Other 3 $1,755,000 $585,000 $10,314 4.71%
    30+ year 1 $385,000 $385,000 $11,847 5.25%

    For 2022, The Milford Bank's most frequently cited loan duration was 30 Year, with 79 originations. The 2nd most popular length was 15 Year, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 84 $11,890,000 $141,548
    $1k-2k 30 $9,430,000 $314,333
    $5k+ 25 $11,445,000 $457,800
    $2k-3k 15 $4,035,000 $269,000
    $3k-4k 11 $4,225,000 $384,091
    $4k-5k 7 $1,465,000 $209,286

    The Milford Bank's average total fees were $6,914, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 84 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 67 $17,005,000 $253,806
    4-5% 52 $14,240,000 $273,846
    5-6% 32 $9,430,000 $294,688
    2.5-3% 17 $3,605,000 $212,059
    <2.5% 15 $2,805,000 $187,000
    6-7% 2 $410,000 $205,000

    During 2022, The Milford Bank's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 3-4%, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 69 $18,685,000 $270,797 $4,289 4.16%
    $100,000 or less 40 $2,110,000 $52,750 $406 4.05%
    $100k-200k 39 $6,105,000 $156,538 $3,414 3.86%
    $400k-600k 26 $12,220,000 $470,000 $7,731 4.50%
    $600k-1MM 10 $7,130,000 $713,000 $12,871 3.95%
    $1MM+ 1 $1,245,000 $1,245,000 $26,754 5.00%

    2022 saw The Milford Bank place emphasis on $200k-400k loans with 69 originations, totaling $18,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 52 $14,590,000 $280,577 $4,277 3.92%
    $100k-150k 39 $8,955,000 $229,615 $4,100 4.18%
    $75k-100k 33 $6,385,000 $193,485 $3,414 3.78%
    $250k+ 25 $10,885,000 $435,400 $7,529 4.48%
    $50k-75k 22 $2,830,000 $128,636 $2,447 4.24%
    $50k or less 4 $730,000 $182,500 $5,227 4.50%

    The Milford Bank lent most frequently to those with incomes in the $150k-250k range, with 52 originations. The second most popular income band? $100k-150k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 59 $15,485,000 $262,458 $4,359 4.01%
    <20% 28 $6,700,000 $239,286 $4,371 3.89%
    30-36% 28 $6,260,000 $223,571 $3,566 4.07%
    40% 15 $3,375,000 $225,000 $4,678 4.11%
    39% 11 $3,175,000 $288,636 $3,748 4.39%
    41% 10 $3,500,000 $350,000 $7,848 3.83%
    37% 6 $1,980,000 $330,000 $5,263 4.31%
    42% 6 $750,000 $125,000 $2,632 4.63%
    38% 4 $360,000 $90,000 $738 3.97%
    36% 4 $1,440,000 $360,000 $2,461 4.13%
    43% 2 $590,000 $295,000 $6,760 5.00%

    The Milford Bank lent most frequently to those with DTI ratios of 20-30%, with 59 originations. The next most common DTI ratio? <20%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 141 $34,475,000 $244,504 $4,191 4.06%
    Not provided 26 $6,740,000 $259,231 $4,262 4.16%
    Not applicable 8 $2,670,000 $333,750 $0 4.80%
    Asian 5 $1,875,000 $375,000 $5,489 3.83%
    Black 3 $905,000 $301,667 $6,263 4.42%
    Asian Indian 1 $615,000 $615,000 $7,723 5.75%
    Chinese 1 $215,000 $215,000 $2,953 4.13%

    Approval Rates

    Total approvals of all applications
    81.35%

    The Milford Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    89.19%

    The Milford Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 185 $47,495,000 $256,730

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    185 $47,495,000 $256,730

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $4,410,000 $157,500 $1,779 3.71%
    40-60% 32 $8,320,000 $260,000 $3,636 3.79%
    60-80% 62 $21,940,000 $353,871 $6,980 4.24%
    80-100% 28 $9,790,000 $349,643 $6,543 4.46%
    Under 20% 35 $3,035,000 $86,714 $879 4.23%