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 Cash Out Refi and Refi loans. Family Savings has a high proportion of conventional loans. Their top markets by origination volume include: Gadsden, Atlanta, Cedartown, Calhoun, and Scottsboro among others. We have data for 14 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. They have a below average pick rate when compared to similar 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% | 11/17/24 |
| 15 Year Conventional Purchase | 6.63% | 11/17/24 |
| 15 Year Conventional Refi | 6.76% | 11/17/24 |
| 15 Year Cash-out Refi | 6.76% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
145Origination Dollar Volume (All Markets)
$11,925,000Top 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 |
|---|---|---|---|---|---|
| GADSDEN, AL (FHA|USDA|VA) | 61 | $4,415,000 | $72,377 | $1,249 | 4.66% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 37 | $3,625,000 | $97,973 | $1,718 | 4.64% |
| Cedartown, GA (FHA|USDA|VA) | 13 | $985,000 | $75,769 | $1,712 | 4.53% |
| Calhoun, GA (FHA|USDA|VA) | 11 | $985,000 | $89,545 | $2,092 | 4.39% |
| Scottsboro, AL (FHA|USDA|VA) | 6 | $410,000 | $68,333 | $1,222 | 4.26% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 4 | $320,000 | $80,000 | $1,279 | 4.56% |
| Albertville, AL (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $1,394 | 4.25% |
| Outside of Metro Areas | 1 | $205,000 | $205,000 | $1,940 | 4.25% |
| ROME, GA (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $1,176 | 4.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,359 | 4.00% |
| Fort Payne, AL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $318 | 5.00% |
| DALTON, GA (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $1,977 | 4.63% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $1,501 | 6.45% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,122 | 5.15% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 145 | $11,925,000 | $82,241 | $1,501 | 4.61% |
For 2018, Family Savings's most frequently originated type of loan was Conventional, with 145 originations.
Loan Reason
For 2018, Family Savings's most frequently cited loan purpose was Cash Out Refi, with 74 originations. The 2nd most popular reason was Refi, with 40 originations.
Loan Duration/Length
For 2018, Family Savings's most frequently cited loan duration was 15 Year, with 125 originations. The 2nd most popular length was 10 Year, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 145 | $11,925,000 | $82,241 |
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 145 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 79 | $6,015,000 | $76,139 |
| 3-4% | 47 | $4,265,000 | $90,745 |
| 5-6% | 14 | $1,430,000 | $102,143 |
| 7-8% | 5 | $215,000 | $43,000 |
During 2018, Family Savings's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 79 originations.
Loan Sizing
2018 saw Family Savings place emphasis on $100,000 or less loans with 98 originations, totaling $5,360,000 in origination value.
Applicant Income
Family Savings lent most frequently to those with incomes in the $50k or less range, with 57 originations. The second most popular income band? $50k-75k, with 48 originations.
Applicant Debt to Income Ratio
Family Savings lent most frequently to those with DTI ratios of <20%, with 40 originations. The next most common DTI ratio? 20-30%, with 36 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.56%
Family Savings has a below average approval rate.
Pick Rate
Approvals leading to origination88.97%
Family Savings has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 145 | $11,925,000 | $82,241 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 145 | $11,925,000 | $82,241 |