Westport Federal Credit Union Mortgage Rates, Fees & Info

Westport, MA

LEI: 25490010UA3IZPDO2Q49

Tax ID: 04-2164659

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Westport Federal Credit Union is a smaller credit union specializing in Refi loans. Westport Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Providence.

    Westport Federal Credit Union has an above average approval rate when compared to the average across all lenders. Westport Federal Credit Union is typically a low 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 6.27% 5/4/24
    30 Year Conventional Refi 6.27% 5/4/24
    15 Year Conventional Refi 5.68% 5/4/24
    15 Year Cash-out Refi 5.68% 5/4/24
    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.

    Westport Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Westport Federal Credit Union. 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

    49

    Origination Dollar Volume (All Markets)

    $8,215,000

    Awards

    Westport Federal Credit Union 30 Year Conventional Loans silver Westport Federal Credit Union 30 Year Conventional Loans gold Westport Federal Credit Union 30 Year Conventional Loans gold
    Show all (3) awards

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 49 $8,215,000 $167,653 $2,042 3.81%
    Westport Federal Credit Union's top markets include and Providence among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 66
    SOMERSET
    Similarity Rank: 99
    Sharon & Crescent United Credit Union
    Similarity Rank: 140
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 168
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 189
    UniBank for Savings
    Similarity Rank: 234

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 46 $7,900,000 $171,739 $2,042 3.79%
    HELOC 3 $315,000 $105,000 n/a 4.17%

    For 2018, Westport Federal Credit Union's most frequently originated type of loan was Conventional, with 46 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 25 $5,295,000 $211,800 $2,618 3.88%
    Home Improvement 17 $1,415,000 $83,235 $506 3.60%
    Home Purchase 7 $1,505,000 $215,000 $3,055 4.09%

    For 2018, Westport Federal Credit Union's most frequently cited loan purpose was Refi, with 25 originations. The 2nd most popular reason was Home Improvement, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 22 $4,570,000 $207,727 $2,768 4.10%
    15 Year 12 $1,490,000 $124,167 $1,263 3.69%
    10 Year 7 $825,000 $117,857 $1,085 3.14%
    Other 4 $630,000 $157,500 $2,790 4.03%
    20 Year 3 $615,000 $205,000 $2,332 3.83%
    5 Year 1 $85,000 $85,000 $501 2.75%

    For 2018, Westport Federal Credit Union's most frequently cited loan duration was 30 Year, with 22 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 22 $4,230,000 $192,273
    4-5% 20 $3,100,000 $155,000
    2.5-3% 7 $885,000 $126,429

    During 2018, Westport Federal Credit Union's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 3-4%, with 22 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 18 $5,000,000 $277,778 $2,849 3.78%
    $100,000 or less 16 $980,000 $61,250 $864 3.81%
    $100k-200k 15 $2,235,000 $149,000 $2,182 3.85%

    2018 saw Westport Federal Credit Union place emphasis on $200k-400k loans with 18 originations, totaling $5,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $2,765,000 $184,333 $2,090 3.73%
    $50k-75k 13 $1,885,000 $145,000 $2,003 3.97%
    $75k-100k 8 $1,580,000 $197,500 $2,415 3.69%
    $50k or less 6 $700,000 $116,667 $1,861 4.00%
    $150k-250k 5 $975,000 $195,000 $2,027 3.68%
    $250k+ 2 $310,000 $155,000 $1,013 3.75%

    Westport Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 14 $1,850,000 $132,143 $1,653 3.91%
    20-30% 12 $2,440,000 $203,333 $2,509 3.81%
    30-36% 3 $475,000 $158,333 $3,147 3.96%
    36% 3 $565,000 $188,333 $1,819 3.58%
    40% 2 $200,000 $100,000 $1,476 3.44%
    42% 2 $310,000 $155,000 $501 3.38%
    43% 2 $580,000 $290,000 $2,469 3.63%
    46% 2 $430,000 $215,000 $1,959 3.75%
    50-60% 2 $160,000 $80,000 $501 3.63%
    37% 2 $450,000 $225,000 $3,088 3.31%
    38% 2 $320,000 $160,000 $1,793 4.13%
    39% 2 $330,000 $165,000 $1,668 4.38%
    41% 1 $105,000 $105,000 $1,525 4.50%

    Westport Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 14 originations. The next most common DTI ratio? 20-30%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 49 $8,215,000 $167,653 $2,042 3.81%

    Approval Rates

    Total approvals of all applications
    92.45%

    Westport Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 49 $8,215,000 $167,653

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 49 $8,215,000 $167,653

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,240,000 $103,333 $1,360 3.82%
    40-60% 9 $1,875,000 $208,333 $2,360 3.71%
    60-80% 17 $4,255,000 $250,294 $2,927 3.86%
    80-100% 2 $390,000 $195,000 $2,662 4.38%
    Under 20% 9 $455,000 $50,556 $501 3.69%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Westpark Equity Group, Inc. Other type of mortgage Closing on a mortgage 1 100.0%