{"id":5163,"date":"2025-02-14T10:01:05","date_gmt":"2025-02-14T15:01:05","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=5163"},"modified":"2025-07-17T15:22:41","modified_gmt":"2025-07-17T20:22:41","slug":"review-thomaston-savings-bank","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/review-thomaston-savings-bank\/","title":{"rendered":"2025 Mortgage Review: Thomaston Savings Bank"},"content":{"rendered":"\n

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Thomaston Savings Bank is a Connecticut staple, offering mortgage products alongside everyday banking services. They\u2019ve been serving the community for over a century, focusing on building lasting relationships with their customers. They provide a variety of mortgage options.<\/p>\n\n\n\n

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See today\u2019s mortgage interest rates on\u00a0TrueRate<\/a>.<\/strong><\/p>\n\n\n\n

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How Thomaston Savings Bank
compares to other lenders<\/h3>\n\n\n\n

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Headquarters <\/strong><\/td>Thomaston, Connecticut<\/td><\/tr>
Website<\/strong><\/td>thomastonsavingsbank.com<\/a><\/td><\/tr>
Rate<\/strong><\/td>0.22% lower than the median rate<\/td><\/tr>
Lender fees<\/strong><\/td>$800 (median on Thomaston Savings Bank loans)<\/td><\/tr>
Savings after 1 year, compared to the median interest rate<\/strong><\/td>$1,070<\/td><\/tr>
Savings after 10 years, compared to the median interest rate<\/strong><\/td>$7,335<\/td><\/tr>
Added cost after 1 year, compared to Tomo Mortgage<\/strong><\/td>$1,508<\/td><\/tr>
Added cost after 10 years, compared to Tomo Mortgage<\/strong><\/td>$3,829<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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For a $400,000 mortgage, Thomaston Savings Bank\u2019s rates\u2014about 0.22% below the median\u2014and $800 in lender fees result in estimated savings of approximately $1,070 in the first year and more than $7,335 after 10 years compared to the median lender. <\/p>\n\n\n\n

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Borrowers comparing options may also want to consider lower-cost lenders, such as those with no lender fees and consistently competitive rates, including Tomo Mortgage. Shopping around can help ensure you\u2019re getting the best possible deal for your financial situation.
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What customers are saying<\/h3>\n\n\n\n

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Customer reviews of Thomaston Savings Bank\u2019s mortgage services, as seen on platforms like BBB and Reddit, reveal mixed experiences.<\/p>\n\n\n\n

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Borrowers appreciate Thomaston Savings Bank for offering competitive fixed-rate and adjustable-rate mortgages (ARMs), as well as specialized products like construction loans and bridge loans. Customers noted the availability of personalized service and flexibility in tailoring mortgage solutions to individual needs. <\/p>\n\n\n\n

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Complaints frequently mention operational inefficiencies and communication issues during mortgage servicing. Borrowers reported frustrations with escrow miscalculations, delays in processing payments, and challenges with bi-weekly payment setups. Some reviews highlighted difficulties resolving disputes related to loan terms or unexpected changes in payment amounts, causing financial stress.<\/p>\n\n\n\n

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How to compare mortgage lenders<\/h3>\n\n\n\n

<\/p>\n\n\n\n

Interest rates.<\/strong> Comparing rates between lenders isn\u2019t always straightforward. Many promote low headline rates that require paying \u201cpoints\u201d upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.<\/p>\n\n\n\n

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Lender fees or loan origination fees.<\/strong> Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.<\/p>\n\n\n\n

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On-time close rate.<\/strong> Most lenders do not publicly share their on-time close rates. However, it\u2019s a critical factor\u2014especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.<\/p>\n\n\n\n

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Pre-approval and offer letters.<\/strong> Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It\u2019s important to ask whether a lender\u2019s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.<\/p>\n\n\n\n

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Customer satisfaction.<\/strong> If detailed customer review data isn\u2019t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.<\/p>\n\n\n\n

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Employee reviews.<\/strong> Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.<\/p>\n\n\n\n

To better understand how we compare mortgage rates fairly, see our TrueRate Methodology<\/a><\/strong>.<\/p>\n\n\n\n

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See Tomo Mortgage\u2019s rates for a 30-year fixed-rate mortgage<\/a><\/div>\n<\/div>\n\n\n

TrueRate Analyst<\/a><\/p>

Our team uses TrueRate to analyze hundreds of thousands of real loans, apples-to-apples, so that we can give people a clear and objective view of a mortgage lender’s history. We also look at customer reviews on websites like the Better Business Bureau, Yelp, Google, Bankrate, Zillow, court filings and official actions, and a wide range of other objective data. The goal is simple: show who\u2019s been fair historically, and who hasn\u2019t, so homebuyers have the information they need to save as much money as possible.<\/p><\/div><\/div>\n\n\n

If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thomaston Savings Bank is a Connecticut staple, offering mortgage products alongside everyday banking services. They\u2019ve been serving the community for over a century, focusing on building lasting relationships with their customers. They provide a variety of mortgage options. How Thomaston Savings Bankcompares to other lenders Headquarters Thomaston, Connecticut Website thomastonsavingsbank.com Rate 0.22% lower than the […]<\/p>\n","protected":false},"author":38,"featured_media":5164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[286],"tags":[],"class_list":["post-5163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lender-reviews"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/04\/thomaston-savings-bank.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=5163"}],"version-history":[{"count":7,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5163\/revisions"}],"predecessor-version":[{"id":6755,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5163\/revisions\/6755"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/5164"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=5163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=5163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=5163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}