Is The Simsbury Bank & Trust Company Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at The Simsbury Bank & Trust Company Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.02%)
Loan Related Closing Costs: similar to average (+$159)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, The Simsbury Bank & Trust Company Inc. originated 320 mortgages, a national market share of 0.0%. It was most active in CT (0.5% market share), RI (0.0% market share), and MA (0.0% market share).

On average, The Simsbury Bank & Trust Company Inc.’s interest rates were similar to those of comparable mortgages at other lenders (+0.02%).¹The comparable mortgages control for The Simsbury Bank & Trust Company Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $3993, which was similar to those of comparable mortgages at $3834, with a difference of +$159. Overall, we estimate that The Simsbury Bank & Trust Company Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% compared to comparable mortgages at other lenders.²Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with The Simsbury Bank & Trust Company Inc..

The Simsbury Bank & Trust Company Inc. originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Based on the table above, The Simsbury Bank & Trust Company Inc. is similar to other lenders for Conforming purchase mortgages.

Based on the table above, The Simsbury Bank & Trust Company Inc. is more expensive than other lenders for Conforming mortgage refinance.

Other information about The Simsbury Bank & Trust Company Inc.:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: SBT BANCORP, INC. 
Registered city and state: Simsbury, CT, 06070