Ridgewood Savings Bank Mortgage Rates, Fees & Info

Ridgewood, NY

LEI: 549300YLIY5SO2XSK094

Tax ID: 11-1241830

3.4 stars - Updated: 11/17/24 - out of 5 stars, based on 20 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Ridgewood Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Ridgewood Savings Bank has a high proportion of conventional loans. Their top two markets are New York and Bridgeport .

    Ridgewood Savings Bank 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. Ridgewood Savings Bank is typically a high 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.31% 11/17/24
    30 Year Conventional Refi 6.22% 11/17/24
    30 Year Cash-out Refi 6.21% 11/17/24
    15 Year Conventional Purchase 5.53% 11/17/24
    15 Year Conventional Refi 5.51% 11/17/24
    15 Year Cash-out Refi 5.51% 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.

    Ridgewood Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Ridgewood Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    392

    Origination Dollar Volume (All Markets)

    $391,190,000

    Awards

    Ridgewood Savings Bank 30 Year Conventional Loans bronze Ridgewood Savings Bank 30 Year Conventional Loans silver Ridgewood Savings Bank 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Ridgewood Savings Bank's average 30 year fixed mortgage rate was 6%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.48%.

    Relative Fees (Closing Costs)

    Ridgewood Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $12,164.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 355 $355,345,000 $1,000,972 $11,763 6.04%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 37 $35,845,000 $968,784 $10,627 6.04%
    Ridgewood Savings Bank's top markets include New York and Bridgeport among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Ridgewood Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SIKORSKY FINANCIAL
    Similarity Rank: 35
    Thomaston Savings Bank
    Similarity Rank: 42
    Union Savings Bank
    Similarity Rank: 84
    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    The First National Bank of Long Island
    Similarity Rank: 158
    GREATER ALLIANCE
    Similarity Rank: 168
    Newtown Savings Bank
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    Savings Bank of Danbury
    Similarity Rank: 196

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 392 $391,190,000 $997,934 $11,651 6.04%

    For 2023, Ridgewood Savings Bank's most frequently originated type of loan was Conventional, with 392 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 287 $253,835,000 $884,443 $12,241 6.03%
    Cash Out Refi 60 $106,790,000 $1,779,833 $12,291 6.07%
    Other 24 $8,330,000 $347,083 $6,782 6.17%
    Refi 14 $15,930,000 $1,137,857 $10,460 5.66%
    Home Improvement 7 $6,305,000 $900,714 $4,174 6.50%

    For 2023, Ridgewood Savings Bank's most frequently cited loan purpose was Home Purchase, with 287 originations. The 2nd most popular reason was Cash Out Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 322 $245,260,000 $761,677 $12,164 6.00%
    10 Year 39 $83,495,000 $2,140,897 $1,671 5.99%
    Other 21 $60,565,000 $2,884,048 $9,080 6.51%
    15 Year 7 $1,655,000 $236,429 $2,757 6.41%
    5 Year 2 $90,000 $45,000 $0 6.25%
    20 Year 1 $125,000 $125,000 $0 7.63%

    For 2023, Ridgewood Savings Bank's most frequently cited loan duration was 30 Year, with 322 originations. The 2nd most popular length was 10 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 127 $93,695,000 $737,756
    $5k+ 123 $110,075,000 $894,919
    $1k-2k 28 $9,500,000 $339,286
    $2k-3k 20 $12,310,000 $615,500
    $4k-5k 13 $5,575,000 $428,846
    $3k-4k 12 $10,750,000 $895,833

    Ridgewood Savings Bank's average total fees were $12,164, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 127 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 204 $183,640,000 $900,196
    6-7% 148 $184,060,000 $1,243,649
    7-8% 24 $11,270,000 $469,583
    4-5% 15 $12,095,000 $806,333
    3-4% 1 $125,000 $125,000

    During 2023, Ridgewood Savings Bank's average interest rate for loans was 6.00%, while their most frequently originated rate bucket for loans was 5-6%, with 204 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 123 $256,615,000 $2,086,301 $17,821 6.00%
    $600k-1MM 97 $77,065,000 $794,485 $14,209 6.07%
    $200k-400k 83 $25,275,000 $304,518 $6,812 6.10%
    $400k-600k 58 $28,350,000 $488,793 $9,559 6.00%
    $100k-200k 24 $3,430,000 $142,917 $4,079 5.79%
    $100,000 or less 7 $455,000 $65,000 $782 6.50%

    2023 saw Ridgewood Savings Bank place emphasis on $1MM+ loans with 123 originations, totaling $256,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 155 $164,305,000 $1,060,032 $15,231 6.09%
    $150k-250k 89 $57,825,000 $649,719 $11,011 6.06%
    $100k-150k 50 $17,430,000 $348,600 $7,819 6.19%
    $75k-100k 33 $9,965,000 $301,970 $7,006 5.71%
    $50k-75k 16 $2,730,000 $170,625 $4,882 5.46%
    $50k or less 1 $105,000 $105,000 $3,909 5.50%

    Ridgewood Savings Bank lent most frequently to those with incomes in the $250k+ range, with 155 originations. The second most popular income band? $150k-250k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 62 $34,450,000 $555,645 $9,408 5.99%
    30-36% 50 $33,820,000 $676,400 $9,569 5.93%
    47% 26 $19,950,000 $767,308 $14,127 5.92%
    45% 24 $22,670,000 $944,583 $16,861 6.04%
    46% 21 $17,795,000 $847,381 $11,720 5.96%
    43% 20 $16,070,000 $803,500 $13,153 6.04%
    41% 19 $15,395,000 $810,263 $11,775 6.11%
    <20% 18 $13,560,000 $753,333 $7,060 6.15%
    40% 18 $14,530,000 $807,222 $12,379 6.06%
    39% 17 $11,345,000 $667,353 $12,376 5.99%
    37% 16 $10,440,000 $652,500 $10,181 5.87%
    44% 16 $12,150,000 $759,375 $11,819 6.22%
    42% 15 $10,445,000 $696,333 $14,958 6.40%
    38% 11 $9,505,000 $864,091 $12,675 6.00%
    36% 9 $7,525,000 $836,111 $11,599 6.29%
    48% 1 $2,195,000 $2,195,000 $34,897 6.63%
    49% 1 $515,000 $515,000 $14,580 5.38%

    Ridgewood Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 236 $178,090,000 $754,619 $11,204 6.05%
    Not applicable 47 $137,325,000 $2,921,809 $0 6.10%
    Not provided 49 $35,965,000 $733,980 $12,601 5.97%
    Asian 34 $23,780,000 $699,412 $10,681 6.09%
    Black 23 $14,525,000 $631,522 $15,490 5.91%
    Asian Indian 2 $1,280,000 $640,000 $16,514 5.56%
    American Indian 1 $225,000 $225,000 $4,511 5.50%

    Approval Rates

    Total approvals of all applications
    82.38%

    Ridgewood Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.19%

    Ridgewood Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 392 $391,190,000 $997,934

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    392 $391,190,000 $997,934

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $16,835,000 $623,519 $7,761 6.10%
    40-60% 62 $49,240,000 $794,194 $8,938 6.12%
    60-80% 157 $211,005,000 $1,343,981 $12,700 5.96%
    80-100% 129 $110,745,000 $858,488 $13,312 6.01%
    Under 20% 17 $3,365,000 $197,941 $2,787 6.48%