Newtown Savings Bank Mortgage Rates, Fees & Info
Newtown, CTLEI: 549300YFPHIE78XPP635
Tax ID: 06-0472240
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Mortgage Data
Review & Overview
Newtown Savings Bank is a smaller bank specializing in Home Purchase loans. Newtown Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Bridgeport, New Haven, Torrington, Hartford, and Norwich among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Newtown Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Newtown Savings Bank is typically an average 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.72% | 12/2/24 |
| 30 Year Conventional Purchase | 5.57% | 12/2/24 |
| 30 Year Conventional Refi | 5.92% | 12/2/24 |
| 30 Year Cash-out Refi | 6.20% | 12/2/24 |
| 30 Year FHA Purchase | 6.46% | 12/2/24 |
| 15 Year Conventional Purchase | 5.60% | 12/2/24 |
| 15 Year Conventional Refi | 5.74% | 12/2/24 |
| 15 Year Cash-out Refi | 5.74% | 12/2/24 |
| 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. | ||
Newtown Savings Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,208Origination Dollar Volume (All Markets)
$402,650,000Awards
Newtown Savings Bank - 2022
Newtown Savings Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 760 | $265,040,000 | $348,737 | $5,543 | 4.44% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 244 | $76,650,000 | $314,139 | $5,085 | 4.68% |
| Torrington, CT (FHA|USDA|VA) | 126 | $32,420,000 | $257,302 | $5,067 | 4.53% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 69 | $25,575,000 | $370,652 | $7,158 | 4.89% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 6 | $2,450,000 | $408,333 | $7,806 | 4.40% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $3,345 | 4.54% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Newtown Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 913 | $366,545,000 | $401,473 | $5,511 | 4.39% |
| HELOC | 293 | $35,375,000 | $120,734 | n/a | 4.93% |
| FHA | 2 | $730,000 | $365,000 | $11,261 | 4.81% |
For 2022, Newtown Savings Bank's most frequently originated type of loan was Conventional, with 913 originations. Their 2nd most popular type was HELOC, with 293 originations.
Loan Reason
For 2022, Newtown Savings Bank's most frequently cited loan purpose was Home Purchase, with 650 originations. The 2nd most popular reason was Other, with 179 originations.
Loan Duration/Length
For 2022, Newtown Savings Bank's most frequently cited loan duration was 30 Year, with 972 originations. The 2nd most popular length was 15 Year, with 78 originations.
Origination Fees/Closing Costs
Newtown Savings Bank's average total fees were $5,894, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 618 originations.
Interest Rates
During 2022, Newtown Savings Bank's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 4-5%, with 482 originations.
Loan Sizing
2022 saw Newtown Savings Bank place emphasis on $200k-400k loans with 444 originations, totaling $130,050,000 in origination value.
Applicant Income
Newtown Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 390 originations. The second most popular income band? $100k-150k, with 283 originations.
Applicant Debt to Income Ratio
Newtown Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 294 originations. The next most common DTI ratio? 30-36%, with 248 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.13%
Newtown Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination76.90%
Newtown Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,208 | $402,650,000 | $333,320 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| NATIONSTAR MORTGAGE | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 5.3% |
| NATIONSTAR MORTGAGE | Conventional home mortgage | Struggling to pay mortgage | 3 | 15.8% |
| NATIONSTAR MORTGAGE | Conventional home mortgage | Trouble during payment process | 8 | 42.1% |
| NATIONSTAR MORTGAGE | FHA mortgage | Struggling to pay mortgage | 2 | 10.5% |
| NATIONSTAR MORTGAGE | Reverse mortgage | Trouble during payment process | 1 | 5.3% |
| NATIONSTAR MORTGAGE | VA mortgage | Trouble during payment process | 4 | 21.1% |