Fairfield County Bank Mortgage Rates, Fees & Info

Ridgefield, CT

LEI: U9WBLC3ZT2VBJSNY2Y81

Tax ID: 06-0510330

5 stars - Updated: 9/18/23 - out of 5 stars, based on 17 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

    Fairfield County Bank is a smaller bank specializing in Home Purchase and Refi loans. Fairfield County Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bridgeport, New York, New Haven, Hartford, and Bennington among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fairfield County 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. Fairfield County 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.86% 9/18/23
    30 Year Conventional Refi 6.14% 9/18/23
    30 Year Cash-out Refi 6.63% 9/18/23
    15 Year Conventional Purchase 5.48% 9/18/23
    15 Year Conventional Refi 5.68% 9/18/23
    15 Year Cash-out Refi 5.68% 9/18/23
    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.

    Fairfield County Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Fairfield County 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

    285

    Origination Dollar Volume (All Markets)

    $201,575,000

    Relative Rate

    Fairfield County Bank's average 30 year fixed mortgage rate was 4.18%.

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

    This yields a difference of -0.58%.

    Relative Fees (Closing Costs)

    Fairfield County Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,367.

    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
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 226 $159,450,000 $705,531 $6,090 4.02%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 20 $21,320,000 $1,066,000 $6,549 4.09%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 19 $9,805,000 $516,053 $5,582 4.94%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 12 $4,890,000 $407,500 $6,684 5.30%
    Bennington, VT (FHA|USDA|VA) 1 $3,085,000 $3,085,000 $0 3.50%
    Torrington, CT (FHA|USDA|VA) 6 $2,680,000 $446,667 $6,037 4.28%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $345,000 $345,000 $6,201 4.88%
    Fairfield County Bank's top markets include Bridgeport, New York, New Haven, Hartford, and Bennington among others.

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

    • Similar Lenders

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

    Northwest Community Bank
    Similarity Rank: 390
    Ridgewood Savings Bank
    Similarity Rank: 394
    The Torrington Savings Bank
    Similarity Rank: 455
    BNB Bank
    Similarity Rank: 590
    SIKORSKY FINANCIAL
    Similarity Rank: 644
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 696
    Fairfield County Bank
    Similarity Rank: 840
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972
    Thomaston Savings Bank
    Similarity Rank: 1145
    Newtown Savings Bank
    Similarity Rank: 1338

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 285 $201,575,000 $707,281 $6,113 4.15%

    For 2022, Fairfield County Bank's most frequently originated type of loan was Conventional, with 285 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 225 $136,855,000 $608,244 $6,428 4.34%
    Refi 47 $54,525,000 $1,160,106 $4,094 3.30%
    Cash Out Refi 9 $5,795,000 $643,889 $6,589 3.99%
    Home Improvement 2 $3,840,000 $1,920,000 $0 3.85%
    Other 2 $560,000 $280,000 $4,157 3.69%

    For 2022, Fairfield County Bank's most frequently cited loan purpose was Home Purchase, with 225 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 221 $128,265,000 $580,385 $6,367 4.18%
    Other 37 $61,515,000 $1,662,568 $5,540 4.58%
    15 Year 20 $7,480,000 $374,000 $3,924 3.12%
    20 Year 5 $2,305,000 $461,000 $4,228 3.40%
    1 Year 1 $1,255,000 $1,255,000 $0 6.00%
    5 Year 1 $755,000 $755,000 $0 4.20%

    For 2022, Fairfield County Bank's most frequently cited loan duration was 30 Year, with 221 originations. The 2nd most popular length was Other, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 138 $69,540,000 $503,913
    $1k-2k 51 $36,445,000 $714,608
    $3k-4k 21 $9,475,000 $451,190
    $2k-3k 20 $12,920,000 $646,000
    $4k-5k 10 $4,480,000 $448,000
    $5k+ 7 $6,315,000 $902,143

    Fairfield County Bank's average total fees were $6,367, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 138 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 102 $82,370,000 $807,549
    4-5% 87 $47,945,000 $551,092
    2.5-3% 40 $26,100,000 $652,500
    5-6% 39 $34,575,000 $886,538
    6-7% 10 $5,940,000 $594,000
    <2.5% 6 $1,890,000 $315,000
    7-8% 1 $2,755,000 $2,755,000

    During 2022, Fairfield County Bank's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 3-4%, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 89 $64,145,000 $720,730 $6,280 3.88%
    $200k-400k 80 $25,380,000 $317,250 $5,147 4.39%
    $400k-600k 60 $29,730,000 $495,500 $5,889 4.16%
    $1MM+ 42 $80,380,000 $1,913,810 $10,682 4.14%
    $100k-200k 12 $1,790,000 $149,167 $4,228 4.50%
    $100,000 or less 2 $150,000 $75,000 $3,016 4.38%

    2022 saw Fairfield County Bank place emphasis on $600k-1MM loans with 89 originations, totaling $64,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 90 $70,000,000 $777,778 $6,918 3.85%
    $150k-250k 88 $46,780,000 $531,591 $6,210 4.13%
    $100k-150k 44 $16,740,000 $380,455 $5,298 4.25%
    $75k-100k 20 $5,360,000 $268,000 $5,243 4.46%
    $50k-75k 7 $1,035,000 $147,857 $4,117 4.86%
    $50k or less 2 $400,000 $200,000 $4,022 3.31%

    Fairfield County Bank lent most frequently to those with incomes in the $250k+ range, with 90 originations. The second most popular income band? $150k-250k, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 82 $45,790,000 $558,415 $5,961 4.13%
    30-36% 76 $40,650,000 $534,868 $5,834 4.13%
    <20% 37 $19,305,000 $521,757 $5,612 3.82%
    38% 15 $7,035,000 $469,000 $5,879 4.45%
    39% 12 $7,190,000 $599,167 $6,704 4.34%
    37% 12 $9,630,000 $802,500 $7,965 4.04%
    36% 6 $3,770,000 $628,333 $5,638 4.17%
    40% 4 $3,630,000 $907,500 $15,499 3.41%
    41% 3 $1,065,000 $355,000 $5,015 3.46%
    42% 3 $1,775,000 $591,667 $5,833 3.79%
    44% 3 $1,185,000 $395,000 $5,238 4.38%
    49% 1 $245,000 $245,000 $4,198 3.38%

    Fairfield County Bank lent most frequently to those with DTI ratios of 20-30%, with 82 originations. The next most common DTI ratio? 30-36%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 197 $111,705,000 $567,030 $6,224 4.11%
    Not applicable 31 $60,305,000 $1,945,323 $0 4.64%
    Not provided 40 $21,410,000 $535,250 $5,814 3.97%
    Asian 12 $5,940,000 $495,000 $5,674 4.04%
    Asian Indian 4 $2,060,000 $515,000 $5,485 4.53%
    Black 1 $155,000 $155,000 $3,846 3.25%

    Approval Rates

    Total approvals of all applications
    97.05%

    Fairfield County 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 origination
    86.67%

    Fairfield County Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 285 $201,575,000 $707,281

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    285 $201,575,000 $707,281

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $8,255,000 $635,000 $4,409 3.44%
    40-60% 46 $48,450,000 $1,053,261 $5,481 3.88%
    60-80% 136 $93,680,000 $688,824 $6,419 4.25%
    80-100% 88 $51,040,000 $580,000 $6,223 4.23%
    Under 20% 2 $150,000 $75,000 $3,016 4.38%