Fairfield County Bank Mortgage Rates, Fees & Info

Ridgefield, CT

LEI: U9WBLC3ZT2VBJSNY2Y81

Tax ID: 06-0510330

5 stars - Updated: 11/17/24 - out of 5 stars, based on 13 reviews

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

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  • 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 loans. Fairfield County Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bridgeport, Norwich, New York, Hartford, and New Haven among others. We have data for 6 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 an above 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 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 5.86% 11/17/24
    30 Year Conventional Refi 6.14% 11/17/24
    30 Year Cash-out Refi 6.63% 11/17/24
    15 Year Conventional Purchase 5.48% 11/17/24
    15 Year Conventional Refi 5.68% 11/17/24
    15 Year Cash-out Refi 5.68% 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.

    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

    170

    Origination Dollar Volume (All Markets)

    $171,960,000

    Awards

    Fairfield County Bank 30 Year Conventional Loans bronze Fairfield County Bank 30 Year Conventional Loans bronze Fairfield County Bank 30 Year Conventional Loans bronze
    Show all (3) awards

    Relative Rate

    Fairfield County Bank's average 30 year fixed mortgage rate was 6.3%.

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

    This yields a difference of -0.18%.

    Relative Fees (Closing Costs)

    Fairfield County Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $7,063.

    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
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 121 $85,555,000 $707,066 $6,845 6.37%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $55,005,000 $55,005,000 $0 6.75%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 25 $21,255,000 $850,200 $8,647 6.35%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 13 $6,985,000 $537,308 $7,967 6.45%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 8 $2,340,000 $292,500 $5,023 6.42%
    Torrington, CT (FHA|USDA|VA) 2 $820,000 $410,000 $6,447 7.06%
    Fairfield County Bank's top markets include Bridgeport, Norwich, New York, Hartford, and New Haven among others.

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

    Charter Oak Federal Credit Union
    Similarity Rank: 32
    Chelsea Groton Bank
    Similarity Rank: 56
    Stafford Savings Bank
    Similarity Rank: 63
    The Torrington Savings Bank
    Similarity Rank: 85
    N C P D Federal Credit Union
    Similarity Rank: 126
    The Milford Bank
    Similarity Rank: 132
    Columbia Bank
    Similarity Rank: 156
    The First National Bank of Long Island
    Similarity Rank: 158
    Northwest Community Bank
    Similarity Rank: 165
    GREATER ALLIANCE
    Similarity Rank: 168

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 170 $171,960,000 $1,011,529 $7,109 6.39%

    For 2023, Fairfield County Bank's most frequently originated type of loan was Conventional, with 170 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 159 $164,335,000 $1,033,553 $7,309 6.40%
    Refi 5 $2,365,000 $473,000 $4,043 6.15%
    Home Improvement 3 $4,235,000 $1,411,667 $3,871 6.65%
    Cash Out Refi 2 $890,000 $445,000 $3,978 5.75%
    Other 1 $135,000 $135,000 $2,991 6.38%

    For 2023, Fairfield County Bank's most frequently cited loan purpose was Home Purchase, with 159 originations. The 2nd most popular reason was Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 147 $87,865,000 $597,721 $7,063 6.30%
    Other 18 $27,030,000 $1,501,667 $9,359 7.31%
    15 Year 4 $2,060,000 $515,000 $6,525 5.44%
    5 Year 1 $55,005,000 $55,005,000 $0 6.75%

    For 2023, Fairfield County Bank's most frequently cited loan duration was 30 Year, with 147 originations. The 2nd most popular length was Other, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 72 $33,670,000 $467,639
    $1k-2k 38 $31,330,000 $824,474
    $5k+ 22 $15,810,000 $718,636
    $4k-5k 10 $5,620,000 $562,000
    $3k-4k 8 $4,670,000 $583,750
    $2k-3k 4 $2,180,000 $545,000

    Fairfield County Bank's average total fees were $7,063, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 72 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 86 $109,020,000 $1,267,674
    5-6% 62 $39,380,000 $635,161
    7-8% 20 $19,500,000 $975,000
    Over 8% 2 $4,060,000 $2,030,000

    During 2023, Fairfield County Bank's average interest rate for loans was 6.30%, while their most frequently originated rate bucket for loans was 6-7%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 52 $25,680,000 $493,846 $6,745 6.42%
    $600k-1MM 47 $37,195,000 $791,383 $8,323 6.24%
    $200k-400k 34 $10,810,000 $317,941 $5,579 6.30%
    $1MM+ 28 $97,010,000 $3,464,643 $9,293 6.74%
    $100k-200k 8 $1,180,000 $147,500 $4,250 6.28%
    $100,000 or less 1 $85,000 $85,000 $4,141 5.87%

    2023 saw Fairfield County Bank place emphasis on $400k-600k loans with 52 originations, totaling $25,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 74 $58,720,000 $793,514 $7,971 6.29%
    $150k-250k 47 $24,675,000 $525,000 $7,041 6.26%
    $100k-150k 23 $8,175,000 $355,435 $5,852 6.33%
    $50k-75k 5 $765,000 $153,000 $3,939 6.15%
    $75k-100k 4 $940,000 $235,000 $4,912 6.31%
    $50k or less 1 $105,000 $105,000 $3,711 5.88%

    Fairfield County Bank lent most frequently to those with incomes in the $250k+ range, with 74 originations. The second most popular income band? $150k-250k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 56 $36,150,000 $645,536 $7,110 6.23%
    30-36% 39 $21,875,000 $560,897 $7,184 6.12%
    <20% 18 $12,540,000 $696,667 $7,603 6.27%
    39% 10 $5,760,000 $576,000 $7,401 6.65%
    37% 8 $4,440,000 $555,000 $6,719 6.05%
    38% 7 $3,935,000 $562,143 $5,593 6.45%
    40% 4 $1,980,000 $495,000 $5,803 6.66%
    41% 4 $3,360,000 $840,000 $11,473 6.50%
    42% 4 $1,170,000 $292,500 $5,229 6.56%
    48% 1 $385,000 $385,000 $4,851 6.49%
    44% 1 $255,000 $255,000 $0 7.00%
    45% 1 $215,000 $215,000 $3,445 7.63%
    36% 1 $1,005,000 $1,005,000 $8,389 6.50%
    46% 1 $465,000 $465,000 $5,924 6.50%

    Fairfield County Bank lent most frequently to those with DTI ratios of 20-30%, with 56 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 15 $78,425,000 $5,228,333 $0 7.51%
    White 118 $71,380,000 $604,915 $7,170 6.30%
    Not provided 19 $12,825,000 $675,000 $6,942 6.28%
    Asian 11 $6,275,000 $570,455 $6,982 6.24%
    Asian Indian 3 $1,485,000 $495,000 $5,159 6.17%
    Black 3 $905,000 $301,667 $8,498 6.12%
    Japanese 1 $665,000 $665,000 $5,955 5.63%

    Approval Rates

    Total approvals of all applications
    95.28%

    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
    90.00%

    Fairfield County Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 170 $171,960,000 $1,011,529

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    170 $171,960,000 $1,011,529

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $3,575,000 $510,714 $5,104 6.36%
    40-60% 28 $75,000,000 $2,678,571 $6,792 6.41%
    60-80% 92 $68,940,000 $749,348 $7,482 6.42%
    80-100% 39 $23,395,000 $599,872 $7,013 6.33%
    Under 20% 4 $1,050,000 $262,500 $4,694 6.08%