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: Atlanta, Albertville, Gadsden, Calhoun, and Cedartown among others. We have data for 27 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 an above 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 7.35% | 11/22/24 |
| 15 Year Conventional Purchase | 6.63% | 11/22/24 |
| 15 Year Conventional Refi | 6.76% | 11/22/24 |
| 15 Year Cash-out Refi | 6.76% | 11/22/24 |
| 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
706Origination Dollar Volume (All Markets)
$67,410,000Top 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) | 275 | $21,295,000 | $77,436 | $2,148 | 5.07% |
| Albertville, AL (FHA|USDA|VA) | 72 | $14,060,000 | $195,278 | $1,612 | 4.87% |
| GADSDEN, AL (FHA|USDA|VA) | 142 | $11,180,000 | $78,732 | $1,785 | 5.16% |
| Calhoun, GA (FHA|USDA|VA) | 64 | $4,760,000 | $74,375 | $2,334 | 5.16% |
| Cedartown, GA (FHA|USDA|VA) | 46 | $3,250,000 | $70,652 | $1,992 | 5.17% |
| Fort Payne, AL (FHA|USDA|VA) | 10 | $1,790,000 | $179,000 | $1,620 | 4.27% |
| Scottsboro, AL (FHA|USDA|VA) | 20 | $1,670,000 | $83,500 | $1,880 | 5.08% |
| Outside of Metro Areas | 10 | $1,660,000 | $166,000 | $2,221 | 5.88% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 10 | $1,560,000 | $156,000 | $0 | 5.02% |
| ROME, GA (FHA|USDA|VA) | 21 | $1,205,000 | $57,381 | $0 | 5.56% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 6 | $1,100,000 | $183,333 | $2,745 | 4.50% |
| Sevierville, TN (FHA|USDA|VA) | 4 | $970,000 | $242,500 | $0 | 4.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $0 | 5.00% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 4.00% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,521 | 3.85% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 6 | $260,000 | $43,333 | $2,720 | 5.53% |
| DALTON, GA (FHA|USDA|VA) | 6 | $250,000 | $41,667 | $1,895 | 5.20% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 6.50% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.25% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 5.25% |
| Summerville, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.00% |
| DECATUR, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.25% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.00% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.25% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.50% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.00% |
| Cullman, AL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 476 | $29,760,000 | $62,521 | n/a | 5.17% |
| Conventional | 230 | $37,650,000 | $163,696 | $2,017 | 4.91% |
For 2022, Family Savings's most frequently originated type of loan was HELOC, with 476 originations. Their 2nd most popular type was Conventional, with 230 originations.
Loan Reason
For 2022, Family Savings's most frequently cited loan purpose was Other, with 477 originations. The 2nd most popular reason was Cash Out Refi, with 135 originations.
Loan Duration/Length
For 2022, Family Savings's most frequently cited loan duration was 20 Year, with 525 originations. The 2nd most popular length was 15 Year, with 130 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 117 | $13,755,000 | $117,564 |
Family Savings's average total fees were $1,594, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 117 originations.
Interest Rates
During 2022, Family Savings's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 5-6%, with 232 originations.
Loan Sizing
2022 saw Family Savings place emphasis on $100,000 or less loans with 492 originations, totaling $24,880,000 in origination value.
Applicant Income
Family Savings lent most frequently to those with incomes in the $50k-75k range, with 135 originations. The second most popular income band? $75k-100k, with 135 originations.
Applicant Debt to Income Ratio
Family Savings lent most frequently to those with DTI ratios of 20-30%, with 160 originations. The next most common DTI ratio? 30-36%, with 111 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.72%
Family Savings has an average approval rate.
Pick Rate
Approvals leading to origination99.86%
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 | 706 | $67,410,000 | $95,482 |