Family Savings Mortgage Rates, Fees & Info
Rainbow City, ALLEI: 549300QWWDI5EBFCNL02
Tax ID: 63-0355713
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Mortgage Data
Review & Overview
Family Savings is a smaller mortgage company specializing in Other and Cash Out Refi loans. Family Savings has a high proportion of conventional loans. Their top markets by origination volume include: Albertville, Atlanta, Gadsden, Fort Payne, and Calhoun among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)Family Savings has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 7.20% | 4/18/25 |
| 15 Year Conventional Refi | 6.95% | 4/18/25 |
| 15 Year Cash-out Refi | 6.95% | 4/18/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
855Origination Dollar Volume (All Markets)
$101,805,000Top 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 |
|---|---|---|---|---|---|
| Albertville, AL (FHA|USDA|VA) | 147 | $27,955,000 | $190,170 | $2,188 | 7.42% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 289 | $26,485,000 | $91,644 | $2,422 | 8.80% |
| GADSDEN, AL (FHA|USDA|VA) | 138 | $14,770,000 | $107,029 | $1,862 | 8.56% |
| Fort Payne, AL (FHA|USDA|VA) | 40 | $9,480,000 | $237,000 | $0 | 7.58% |
| Calhoun, GA (FHA|USDA|VA) | 59 | $4,895,000 | $82,966 | $1,950 | 8.69% |
| Cedartown, GA (FHA|USDA|VA) | 59 | $4,345,000 | $73,644 | $2,365 | 8.86% |
| Scottsboro, AL (FHA|USDA|VA) | 24 | $2,560,000 | $106,667 | $1,947 | 8.39% |
| Outside of Metro Areas | 14 | $2,550,000 | $182,143 | $2,450 | 8.35% |
| ROME, GA (FHA|USDA|VA) | 29 | $2,165,000 | $74,655 | $1,972 | 8.87% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 5 | $2,135,000 | $427,000 | $2,024 | 7.30% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 14 | $860,000 | $61,429 | $1,900 | 8.69% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 12 | $850,000 | $70,833 | $2,231 | 8.54% |
| Summerville, GA (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $1,865 | 8.44% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 6 | $530,000 | $88,333 | $0 | 8.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,032 | 7.25% |
| DALTON, GA (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $2,867 | 8.61% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 8.00% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 7.50% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $0 | 9.00% |
| Mountain Home, AR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,749 | 6.60% |
| Cornelia, GA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 9.00% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 8.50% |
| LaGrange, GA-AL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 9.00% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 9.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 576 | $44,020,000 | $76,424 | n/a | 8.94% |
| Conventional | 279 | $57,785,000 | $207,115 | $2,161 | 7.35% |
For 2024, Family Savings's most frequently originated type of loan was HELOC, with 576 originations. Their 2nd most popular type was Conventional, with 279 originations.
Loan Reason
For 2024, Family Savings's most frequently cited loan purpose was Other, with 562 originations. The 2nd most popular reason was Cash Out Refi, with 199 originations.
Loan Duration/Length
For 2024, Family Savings's most frequently cited loan duration was 20 Year, with 602 originations. The 2nd most popular length was 5 Year, with 143 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 71 | $9,315,000 | $131,197 |
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 71 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 581 | $43,575,000 | $75,000 |
| 7-8% | 156 | $28,150,000 | $180,449 |
| 6-7% | 117 | $30,015,000 | $256,538 |
| 5-6% | 1 | $65,000 | $65,000 |
During 2024, Family Savings's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 581 originations.
Loan Sizing
2024 saw Family Savings place emphasis on $100,000 or less loans with 515 originations, totaling $27,345,000 in origination value.
Applicant Income
Family Savings lent most frequently to those with incomes in the $250k+ range, with 205 originations. The second most popular income band? $100k-150k, with 168 originations.
Applicant Debt to Income Ratio
Family Savings lent most frequently to those with DTI ratios of 20-30%, with 158 originations. The next most common DTI ratio? 30-36%, with 117 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.18%
Family Savings has an average approval rate.
Pick Rate
Approvals leading to origination96.84%
Family Savings has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 855 | $101,805,000 | $119,070 |