Family Savings Mortgage Rates, Fees & Info

Rainbow City, AL

LEI: 549300QWWDI5EBFCNL02

Tax ID: 63-0355713

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Mortgage Data

Review & Overview

Family Savings is a smaller mortgage company specializing in Other, Cash Out Refi, and Home Purchase loans. Family Savings has a high proportion of conventional loans. Their top markets by origination volume include: Atlanta, Albertville, Gadsden, Calhoun, and Cedartown among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

Family Savings has an average approval rate when compared to the average across all lenders.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Refi 7.35% 6/23/24
15 Year Conventional Purchase 6.63% 6/23/24
15 Year Conventional Refi 6.76% 6/23/24
15 Year Cash-out Refi 6.76% 6/23/24
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.

Family Savings Mortgage Calculator






Your Estimates

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

This is not an official calculator from Family Savings. 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

765

Origination Dollar Volume (All Markets)

$75,025,000

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
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 283 $21,345,000 $75,424 $2,347 8.56%
Albertville, AL (FHA|USDA|VA) 83 $15,875,000 $191,265 $0 7.64%
Outside of Metro Areas 12 $11,450,000 $954,167 $2,138 7.87%
GADSDEN, AL (FHA|USDA|VA) 167 $10,295,000 $61,647 $1,829 8.45%
Calhoun, GA (FHA|USDA|VA) 56 $3,170,000 $56,607 $1,989 8.53%
Cedartown, GA (FHA|USDA|VA) 46 $3,140,000 $68,261 $2,201 8.54%
Fort Payne, AL (FHA|USDA|VA) 20 $2,810,000 $140,500 $1,615 7.84%
HUNTSVILLE, AL (FHA|USDA|VA) 11 $1,215,000 $110,455 $0 8.07%
Scottsboro, AL (FHA|USDA|VA) 21 $1,165,000 $55,476 $1,470 8.61%
ROME, GA (FHA|USDA|VA) 22 $1,070,000 $48,636 $2,367 8.53%
DECATUR, AL (FHA|USDA|VA) 5 $545,000 $109,000 $0 8.00%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 12 $500,000 $41,667 $0 8.94%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 9 $455,000 $50,556 $0 8.36%
DALTON, GA (FHA|USDA|VA) 5 $395,000 $79,000 $1,945 8.40%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 9.00%
PANAMA CITY, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 8.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $230,000 $115,000 $0 8.13%
Summerville, GA (FHA|USDA|VA) 3 $195,000 $65,000 $0 8.83%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.00%
BOISE CITY, ID (FHA|USDA|VA) 1 $125,000 $125,000 $0 9.00%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.50%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $90,000 $45,000 $0 8.25%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.75%
Family Savings's top markets include Atlanta, Albertville, Gadsden, Calhoun, and Cedartown among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 580 $35,520,000 $61,241 n/a 8.66%
    Conventional 185 $39,505,000 $213,541 $2,081 7.57%

    For 2023, Family Savings's most frequently originated type of loan was HELOC, with 580 originations. Their 2nd most popular type was Conventional, with 185 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 570 $34,360,000 $60,281 $0 8.65%
    Cash Out Refi 95 $18,415,000 $193,842 $2,017 7.65%
    Home Purchase 71 $18,955,000 $266,972 $2,406 7.55%
    Home Improvement 15 $1,075,000 $71,667 $2,017 8.28%
    Refi 14 $2,220,000 $158,571 $1,919 7.20%

    For 2023, Family Savings's most frequently cited loan purpose was Other, with 570 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 607 $38,885,000 $64,061 $2,252 8.58%
    15 Year 89 $14,695,000 $165,112 $1,987 7.91%
    5 Year 52 $14,420,000 $277,308 $0 7.27%
    10 Year 12 $830,000 $69,167 $1,716 7.69%
    1 Year 2 $1,170,000 $585,000 $0 7.50%
    3 Year 2 $4,900,000 $2,450,000 $0 6.50%
    Other 1 $125,000 $125,000 $0 8.50%

    For 2023, Family Savings's most frequently cited loan duration was 20 Year, with 607 originations. The 2nd most popular length was 15 Year, with 89 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 56 $6,240,000 $111,429

    Family Savings's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 515 $31,595,000 $61,350
    7-8% 206 $27,670,000 $134,320
    6-7% 41 $10,915,000 $266,220
    5-6% 3 $4,845,000 $1,615,000

    During 2023, Family Savings's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 515 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 550 $26,740,000 $48,618 $1,780 8.55%
    $100k-200k 173 $22,545,000 $130,318 $2,290 8.08%
    $200k-400k 29 $7,595,000 $261,897 $2,512 7.71%
    $400k-600k 6 $2,720,000 $453,333 $0 8.00%
    $1MM+ 4 $13,030,000 $3,257,500 $0 6.94%
    $600k-1MM 3 $2,395,000 $798,333 $0 8.25%

    2023 saw Family Savings place emphasis on $100,000 or less loans with 550 originations, totaling $26,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 166 $12,260,000 $73,855 $2,246 8.51%
    $50k-75k 150 $8,530,000 $56,867 $2,180 8.49%
    $50k or less 130 $6,130,000 $47,154 $1,852 8.46%
    $75k-100k 124 $7,660,000 $61,774 $2,374 8.59%
    $250k+ 115 $31,875,000 $277,174 $0 7.73%
    $150k-250k 69 $7,705,000 $111,667 $1,549 8.55%

    Family Savings lent most frequently to those with incomes in the $100k-150k range, with 166 originations. The second most popular income band? $50k-75k, with 150 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 162 $11,900,000 $73,457 $2,032 8.44%
    30-36% 127 $9,115,000 $71,772 $2,177 8.54%
    50-60% 96 $9,850,000 $102,604 $2,262 8.22%
    <20% 90 $18,250,000 $202,778 $1,812 8.11%
    >60% 37 $5,285,000 $142,838 $0 8.18%
    42% 24 $1,830,000 $76,250 $2,800 8.46%
    39% 22 $1,200,000 $54,545 $1,754 8.52%
    36% 21 $1,205,000 $57,381 $2,400 8.62%
    38% 20 $1,590,000 $79,500 $0 8.56%
    40% 20 $1,430,000 $71,500 $2,187 8.44%
    43% 17 $2,315,000 $136,176 $1,724 8.28%
    37% 17 $1,325,000 $77,941 $2,454 8.37%
    47% 16 $1,480,000 $92,500 $0 8.55%
    49% 15 $1,715,000 $114,333 $0 8.68%
    41% 14 $1,050,000 $75,000 $2,380 8.41%
    45% 13 $1,315,000 $101,154 $0 8.15%
    44% 11 $715,000 $65,000 $0 8.34%
    46% 10 $750,000 $75,000 $0 8.43%
    48% 9 $755,000 $83,889 $1,998 8.56%

    Family Savings lent most frequently to those with DTI ratios of 20-30%, with 162 originations. The next most common DTI ratio? 30-36%, with 127 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 647 $67,555,000 $104,413 $2,197 8.38%
    Not provided 47 $3,645,000 $77,553 $1,657 8.52%
    Black 59 $3,145,000 $53,305 $1,731 8.44%
    American Indian 9 $535,000 $59,444 $1,730 8.33%
    Asian 2 $120,000 $60,000 $0 8.75%
    Other Asian 1 $25,000 $25,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    80.10%

    Family Savings has a below average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 765 $75,025,000 $98,072

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    765 $75,025,000 $98,072

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 237 $18,055,000 $76,181 $1,691 8.57%
    40-60% 51 $12,015,000 $235,588 $2,132 8.36%
    60-80% 98 $13,750,000 $140,306 $2,199 7.68%
    80-100% 64 $18,410,000 $287,656 $2,478 7.71%
    Under 20% 311 $12,395,000 $39,855 $1,892 8.63%