Ridgewood Savings Bank Mortgage Rates, Fees & Info
Ridgewood, NYLEI: 549300YLIY5SO2XSK094
Tax ID: 11-1241830
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.31% | 3/28/23 |
| 30 Year Conventional Refi | 6.22% | 3/28/23 |
| 30 Year Cash-out Refi | 6.21% | 3/28/23 |
| 15 Year Conventional Purchase | 5.53% | 3/28/23 |
| 15 Year Conventional Refi | 5.51% | 3/28/23 |
| 15 Year Cash-out Refi | 5.51% | 3/28/23 |
| 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. | ||
Originations
871Origination Dollar Volume (All Markets)
$986,505,000Relative 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% |
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.
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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
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
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
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
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
2022 saw Ridgewood Savings Bank place emphasis on $1MM+ loans with 287 originations, totaling $658,275,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications85.76%
Ridgewood Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination75.32%
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 |