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 Home Purchase loans. Family Savings has a high proportion of conventional loans. Their top markets by origination volume include: Atlanta, Gadsden, Cedartown, Scottsboro, and Calhoun among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Family Savings has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Family Savings is typically a low 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 7.35% | 4/28/24 |
| 15 Year Conventional Purchase | 6.63% | 4/28/24 |
| 15 Year Conventional Refi | 6.76% | 4/28/24 |
| 15 Year Cash-out Refi | 6.76% | 4/28/24 |
| 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
99Origination Dollar Volume (All Markets)
$9,975,000Top 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 |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 27 | $3,475,000 | $128,704 | $1,812 | 4.72% |
| GADSDEN, AL (FHA|USDA|VA) | 38 | $3,000,000 | $78,947 | $1,219 | 4.81% |
| Cedartown, GA (FHA|USDA|VA) | 12 | $1,020,000 | $85,000 | $1,711 | 4.94% |
| Scottsboro, AL (FHA|USDA|VA) | 7 | $765,000 | $109,286 | $1,322 | 4.59% |
| Calhoun, GA (FHA|USDA|VA) | 6 | $650,000 | $108,333 | $1,737 | 5.58% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 5 | $485,000 | $97,000 | $1,162 | 4.97% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,375 | 4.50% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $1,174 | 4.63% |
| ROME, GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,982 | 4.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 99 | $9,975,000 | $100,758 | $1,495 | 4.83% |
For 2019, Family Savings's most frequently originated type of loan was Conventional, with 99 originations.
Loan Reason
For 2019, Family Savings's most frequently cited loan purpose was Cash Out Refi, with 63 originations. The 2nd most popular reason was Home Purchase, with 21 originations.
Loan Duration/Length
For 2019, Family Savings's most frequently cited loan duration was 15 Year, with 76 originations. The 2nd most popular length was 10 Year, with 17 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 98 | $9,860,000 | $100,612 |
| $1k-2k | 1 | $115,000 | $115,000 |
Family Savings's average total fees were $2,257, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 98 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 75 | $7,915,000 | $105,533 |
| 5-6% | 17 | $1,705,000 | $100,294 |
| 7-8% | 4 | $180,000 | $45,000 |
| 6-7% | 2 | $60,000 | $30,000 |
| 3-4% | 1 | $115,000 | $115,000 |
During 2019, Family Savings's average interest rate for loans was 5.20%, while their most frequently originated rate bucket for loans was 4-5%, with 75 originations.
Loan Sizing
2019 saw Family Savings place emphasis on $100,000 or less loans with 54 originations, totaling $3,230,000 in origination value.
Applicant Income
Family Savings lent most frequently to those with incomes in the $50k-75k range, with 35 originations. The second most popular income band? $50k or less, with 27 originations.
Applicant Debt to Income Ratio
Family Savings lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications68.60%
Family Savings has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination80.81%
Family Savings has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 99 | $9,975,000 | $100,758 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 99 | $9,975,000 | $100,758 |