Ridgewood Savings Bank Mortgage Rates, Fees & Info

Ridgewood, NY

LEI: 549300YLIY5SO2XSK094

Tax ID: 11-1241830

1 stars - Updated: 4/5/25 - out of 5 stars, based on 18 reviews

Latest/2024 | 2023 Data | 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 (well, only) market is New York.

    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 6.52% 4/5/25
    30 Year Conventional Refi 6.57% 4/5/25
    30 Year Cash-out Refi 6.48% 4/5/25
    15 Year Conventional Purchase 5.91% 4/5/25
    15 Year Conventional Refi 6.48% 4/5/25
    15 Year Cash-out Refi 6.48% 4/5/25
    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

    318

    Origination Dollar Volume (All Markets)

    $389,190,000

    Awards

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

    Relative Rate

    Ridgewood Savings Bank's average 30 year fixed mortgage rate was 6.34%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.21%.

    Relative Fees (Closing Costs)

    Ridgewood Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $13,744.

    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 $8,356.

    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) 282 $351,400,000 $1,246,099 $13,510 6.46%
    Outside of Metro Areas 36 $37,790,000 $1,049,722 $10,951 6.40%
    Ridgewood Savings Bank's top markets include and New York 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.

    Columbia Bank
    Similarity Rank: 64
    N C P D Federal Credit Union
    Similarity Rank: 126
    BNB Bank
    Similarity Rank: 154
    ISLAND
    Similarity Rank: 260
    PCSB Bank
    Similarity Rank: 384
    Bogota Savings Bank
    Similarity Rank: 450
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 504
    Nassau Educators Federal Credit Union
    Similarity Rank: 504
    POLISH & SLAVIC FEDERAL CREDIT UNION
    Similarity Rank: 506
    SELF RELIANCE NY Federal Credit Union
    Similarity Rank: 518

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 318 $389,190,000 $1,223,868 $13,156 6.45%

    For 2024, Ridgewood Savings Bank's most frequently originated type of loan was Conventional, with 318 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 234 $269,760,000 $1,152,821 $14,172 6.39%
    Cash Out Refi 57 $94,795,000 $1,663,070 $10,458 6.53%
    Other 16 $7,710,000 $481,875 $7,100 7.02%
    Refi 8 $16,100,000 $2,012,500 $8,972 6.27%
    Home Improvement 3 $825,000 $275,000 $6,312 7.00%

    For 2024, Ridgewood Savings Bank's most frequently cited loan purpose was Home Purchase, with 234 originations. The 2nd most popular reason was Cash Out Refi, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 246 $215,250,000 $875,000 $13,744 6.34%
    10 Year 44 $114,480,000 $2,601,818 $0 6.89%
    Other 14 $55,710,000 $3,979,286 $0 6.73%
    15 Year 10 $2,410,000 $241,000 $4,827 6.74%
    20 Year 4 $1,340,000 $335,000 $5,687 7.03%

    For 2024, Ridgewood Savings Bank's most frequently cited loan duration was 30 Year, with 246 originations. The 2nd most popular length was 10 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 105 $104,965,000 $999,667
    $<1k 91 $75,725,000 $832,143
    $1k-2k 20 $11,450,000 $572,500
    $2k-3k 19 $7,355,000 $387,105
    $4k-5k 10 $6,570,000 $657,000
    $3k-4k 8 $5,150,000 $643,750

    Ridgewood Savings Bank's average total fees were $13,744, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 105 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 212 $304,050,000 $1,434,198
    5-6% 73 $37,585,000 $514,863
    7-8% 27 $46,825,000 $1,734,259
    Over 8% 6 $730,000 $121,667

    During 2024, Ridgewood Savings Bank's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was 6-7%, with 212 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 133 $292,655,000 $2,200,414 $19,971 6.58%
    $600k-1MM 72 $59,120,000 $821,111 $13,937 6.50%
    $200k-400k 49 $14,495,000 $295,816 $7,116 6.23%
    $400k-600k 43 $20,445,000 $475,465 $10,871 6.14%
    $100k-200k 14 $2,040,000 $145,714 $4,327 6.13%
    $100,000 or less 7 $435,000 $62,143 $1,554 7.48%

    2024 saw Ridgewood Savings Bank place emphasis on $1MM+ loans with 133 originations, totaling $292,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 139 $167,135,000 $1,202,410 $16,882 6.47%
    $150k-250k 52 $29,870,000 $574,423 $11,135 6.43%
    $100k-150k 35 $13,555,000 $387,286 $7,936 6.39%
    $75k-100k 21 $5,445,000 $259,286 $6,620 5.97%
    $50k-75k 13 $2,835,000 $218,077 $7,496 5.92%
    $50k or less 2 $230,000 $115,000 $4,913 5.44%

    Ridgewood Savings Bank lent most frequently to those with incomes in the $250k+ range, with 139 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $36,085,000 $707,549 $10,549 6.50%
    30-36% 49 $46,965,000 $958,469 $12,134 6.45%
    45% 18 $13,550,000 $752,778 $14,190 6.26%
    46% 18 $18,910,000 $1,050,556 $12,063 6.31%
    40% 15 $12,395,000 $826,333 $14,000 6.42%
    47% 15 $13,555,000 $903,667 $16,481 6.33%
    38% 13 $10,725,000 $825,000 $14,686 6.21%
    44% 12 $7,410,000 $617,500 $9,723 6.39%
    41% 12 $8,020,000 $668,333 $11,623 6.24%
    <20% 10 $8,320,000 $832,000 $11,516 6.23%
    37% 10 $15,350,000 $1,535,000 $20,946 6.23%
    43% 9 $7,065,000 $785,000 $19,998 6.47%
    39% 9 $7,335,000 $815,000 $13,462 6.40%
    36% 9 $6,185,000 $687,222 $14,165 6.38%
    42% 7 $5,565,000 $795,000 $17,295 6.64%
    48% 4 $1,230,000 $307,500 $10,523 5.69%
    49% 1 $405,000 $405,000 $14,049 5.63%

    Ridgewood Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 56 $170,120,000 $3,037,857 $0 6.81%
    White 177 $144,975,000 $819,068 $12,317 6.37%
    Not provided 45 $42,135,000 $936,333 $14,701 6.36%
    Asian 33 $28,725,000 $870,455 $15,542 6.46%
    Black 7 $3,235,000 $462,143 $14,506 6.14%

    Approval Rates

    Total approvals of all applications
    86.84%

    Ridgewood Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.84%

    Ridgewood Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 318 $389,190,000 $1,223,868

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    318 $389,190,000 $1,223,868

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $7,840,000 $560,000 $5,659 6.11%
    40-60% 74 $87,300,000 $1,179,730 $8,741 6.40%
    60-80% 131 $194,965,000 $1,488,282 $13,336 6.43%
    80-100% 90 $98,180,000 $1,090,889 $17,652 6.43%
    Under 20% 9 $905,000 $100,556 $525 7.92%