Ridgewood Savings Bank Mortgage Rates, Fees & Info

Ridgewood, NY

LEI: 549300YLIY5SO2XSK094

Tax ID: 11-1241830

2.2 stars - Updated: 9/25/23 - out of 5 stars, based on 30 reviews

Latest/2022 | 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 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.

    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% 9/25/23
    30 Year Conventional Refi 6.22% 9/25/23
    30 Year Cash-out Refi 6.21% 9/25/23
    15 Year Conventional Purchase 5.53% 9/25/23
    15 Year Conventional Refi 5.51% 9/25/23
    15 Year Cash-out Refi 5.51% 9/25/23
    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

    871

    Origination Dollar Volume (All Markets)

    $986,505,000

    Relative Rate

    Ridgewood Savings Bank's average 30 year fixed mortgage rate was 3.76%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -1%.

    Relative Fees (Closing Costs)

    Ridgewood Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $12,325.

    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 $4,750.

    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) 789 $917,645,000 $1,163,048 $12,323 3.74%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 82 $68,860,000 $839,756 $8,166 3.45%
    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)

    • 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.

    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The First National Bank of Long Island
    Similarity Rank: 374
    SIKORSKY FINANCIAL
    Similarity Rank: 448
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 592
    U S WIDE FINANCIAL LLC
    Similarity Rank: 624
    Thomaston Savings Bank
    Similarity Rank: 705
    Fairfield County Bank
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 871 $986,505,000 $1,132,612 $11,855 3.71%

    For 2022, Ridgewood Savings Bank's most frequently originated type of loan was Conventional, with 871 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 405 $333,445,000 $823,321 $13,182 3.92%
    Cash Out Refi 321 $507,265,000 $1,580,265 $11,369 3.58%
    Refi 95 $119,105,000 $1,253,737 $9,219 3.24%
    Other 43 $23,455,000 $545,465 $7,777 3.79%
    Home Improvement 7 $3,235,000 $462,143 $4,293 3.48%

    For 2022, Ridgewood Savings Bank's most frequently cited loan purpose was Home Purchase, with 405 originations. The 2nd most popular reason was Cash Out Refi, with 321 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 616 $474,090,000 $769,627 $12,325 3.76%
    10 Year 116 $353,630,000 $3,048,534 $6,362 3.88%
    Other 65 $96,335,000 $1,482,077 $13,622 3.74%
    15 Year 48 $45,450,000 $946,875 $6,690 2.88%
    20 Year 25 $13,345,000 $533,800 $8,124 3.27%
    3 Year 1 $3,655,000 $3,655,000 $0 3.13%

    For 2022, Ridgewood Savings Bank's most frequently cited loan duration was 30 Year, with 616 originations. The 2nd most popular length was 10 Year, with 116 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 338 $242,110,000 $716,302
    $5k+ 290 $232,050,000 $800,172
    $4k-5k 16 $9,650,000 $603,125
    $1k-2k 14 $5,330,000 $380,714
    $2k-3k 13 $8,185,000 $629,615
    $3k-4k 12 $7,120,000 $593,333

    Ridgewood Savings Bank's average total fees were $12,325, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 338 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 371 $532,355,000 $1,434,919
    4-5% 207 $232,135,000 $1,121,425
    2.5-3% 184 $140,590,000 $764,076
    5-6% 58 $49,150,000 $847,414
    <2.5% 45 $28,565,000 $634,778
    6-7% 6 $3,710,000 $618,333

    During 2022, Ridgewood Savings Bank's average interest rate for loans was 3.76%, while their most frequently originated rate bucket for loans was 3-4%, with 371 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 287 $658,275,000 $2,293,641 $17,664 3.73%
    $600k-1MM 253 $196,725,000 $777,569 $13,435 3.66%
    $400k-600k 182 $89,710,000 $492,912 $9,819 3.83%
    $200k-400k 123 $38,395,000 $312,154 $6,009 3.67%
    $100k-200k 20 $2,960,000 $148,000 $4,471 3.19%
    $100,000 or less 6 $440,000 $73,333 $1,282 3.96%

    2022 saw Ridgewood Savings Bank place emphasis on $1MM+ loans with 287 originations, totaling $658,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 314 $314,590,000 $1,001,879 $14,280 3.59%
    $150k-250k 221 $146,935,000 $664,864 $11,580 3.76%
    $100k-150k 129 $60,965,000 $472,597 $9,482 3.86%
    $75k-100k 45 $15,775,000 $350,556 $7,262 3.48%
    $50k-75k 15 $3,265,000 $217,667 $5,381 3.38%
    $50k or less 6 $880,000 $146,667 $4,542 3.48%

    Ridgewood Savings Bank lent most frequently to those with incomes in the $250k+ range, with 314 originations. The second most popular income band? $150k-250k, with 221 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 166 $114,280,000 $688,434 $10,073 3.59%
    30-36% 131 $94,055,000 $717,977 $11,840 3.61%
    <20% 69 $49,015,000 $710,362 $10,147 3.32%
    42% 36 $27,970,000 $776,944 $11,163 3.67%
    43% 35 $24,805,000 $708,714 $11,575 3.80%
    44% 34 $28,350,000 $833,824 $14,592 3.84%
    39% 34 $24,580,000 $722,941 $14,617 3.79%
    45% 33 $24,785,000 $751,061 $13,178 3.97%
    47% 31 $24,945,000 $804,677 $13,726 3.77%
    40% 31 $30,085,000 $970,484 $15,786 3.68%
    38% 30 $22,120,000 $737,333 $11,873 3.85%
    46% 27 $23,305,000 $863,148 $12,649 3.73%
    37% 25 $18,475,000 $739,000 $12,776 3.83%
    41% 24 $18,020,000 $750,833 $13,381 4.05%
    36% 24 $17,620,000 $734,167 $10,241 3.68%

    Ridgewood Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 166 originations. The next most common DTI ratio? 30-36%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 140 $441,590,000 $3,154,214 $0 3.90%
    White 539 $396,375,000 $735,390 $11,157 3.68%
    Not provided 94 $76,890,000 $817,979 $13,966 3.70%
    Asian 58 $44,380,000 $765,172 $13,883 3.71%
    Black 37 $25,285,000 $683,378 $13,680 3.36%
    Other Asian 1 $825,000 $825,000 $16,578 6.00%
    Asian Indian 1 $685,000 $685,000 $10,166 3.75%
    Native Hawaiian or Islander 1 $475,000 $475,000 $14,474 4.25%

    Approval Rates

    Total approvals of all applications
    85.76%

    Ridgewood Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.32%

    Ridgewood Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 871 $986,505,000 $1,132,612

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    871 $986,505,000 $1,132,612

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $44,315,000 $661,418 $9,208 3.33%
    40-60% 169 $190,895,000 $1,129,556 $8,289 3.57%
    60-80% 413 $587,675,000 $1,422,942 $13,052 3.72%
    80-100% 201 $155,225,000 $772,264 $13,731 3.93%
    Under 20% 21 $8,395,000 $399,762 $5,606 3.89%