Southern Mass Credit Union Mortgage Rates, Fees & Info

Fairhaven, MA

LEI: 2549004PVBWPAZBFE759

Tax ID: 04-1853650

5 stars - out of 5 stars, based on 24 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Southern Mass Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Southern Mass Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Barnstable Town, Worcester, and Barre among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Southern Mass Credit Union 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. Southern Mass Credit Union 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 6.54% 3/19/23
    30 Year Conventional Refi 6.44% 3/19/23
    30 Year Cash-out Refi 6.56% 3/19/23
    30 Year FHA Purchase 6.27% 3/19/23
    30 Year FHA Refi 6.27% 3/19/23
    15 Year Conventional Purchase 5.70% 3/19/23
    15 Year Conventional Refi 6.05% 3/19/23
    15 Year Cash-out Refi 6.05% 3/19/23
    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.


    Originations

    564

    Origination Dollar Volume (All Markets)

    $168,590,000

    Relative Rate

    Southern Mass Credit Union's average 30 year fixed mortgage rate was 3.09%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.06%.

    Relative Fees (Closing Costs)

    Southern Mass Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,488.

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 377 $96,365,000 $255,610 $3,054 3.12%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 127 $48,395,000 $381,063 $3,255 3.12%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 42 $15,910,000 $378,810 $3,167 3.02%
    WORCESTER, MA-CT (FHA|USDA|VA) 9 $3,715,000 $412,778 $3,261 2.78%
    Outside of Metro Areas 3 $1,965,000 $655,000 $4,117 3.08%
    Barre, VT (FHA|USDA|VA) 1 $825,000 $825,000 $4,584 3.25%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $355,000 $355,000 $3,304 2.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.13%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $315,000 $315,000 $2,836 3.13%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $0 4.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,476 3.13%
    Southern Mass Credit Union's top markets include Providence, Boston, Barnstable Town, Worcester, and Barre among others.

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

    • Similar Lenders

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

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Rhode Island Credit Union
    Similarity Rank: 524
    Sharon & Crescent United Credit Union
    Similarity Rank: 540
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 596
    WESTERLY COMMUNITY
    Similarity Rank: 618
    East Boston Savings Bank
    Similarity Rank: 755

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 564 $168,590,000 $298,918 $3,120 3.11%

    For 2021, Southern Mass Credit Union's most frequently originated type of loan was Conventional, with 564 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 292 $82,770,000 $283,459 $3,074 2.91%
    Home Purchase 114 $41,880,000 $367,368 $3,850 3.27%
    Cash Out Refi 113 $33,225,000 $294,027 $2,634 3.42%
    Home Improvement 44 $10,460,000 $237,727 $2,796 3.26%
    Other 1 $255,000 $255,000 $3,062 3.00%

    For 2021, Southern Mass Credit Union's most frequently cited loan purpose was Refi, with 292 originations. The 2nd most popular reason was Home Purchase, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 351 $115,555,000 $329,217 $3,488 3.09%
    15 Year 113 $21,505,000 $190,310 $2,574 2.89%
    20 Year 65 $24,085,000 $370,538 $2,667 3.54%
    10 Year 21 $3,785,000 $180,238 $1,478 3.37%
    Other 12 $3,590,000 $299,167 $2,470 3.03%
    5 Year 2 $70,000 $35,000 $0 3.38%

    For 2021, Southern Mass Credit Union's most frequently cited loan duration was 30 Year, with 351 originations. The 2nd most popular length was 15 Year, with 113 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 407 $122,945,000 $302,076
    $<1k 53 $4,825,000 $91,038
    $2k-3k 49 $13,875,000 $283,163
    $3k-4k 15 $4,495,000 $299,667
    $4k-5k 11 $3,365,000 $305,909
    $5k+ 3 $2,435,000 $811,667

    Southern Mass Credit Union's average total fees were $3,488, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 407 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 252 $73,900,000 $293,254
    3-4% 181 $60,935,000 $336,657
    <2.5% 72 $15,770,000 $219,028
    4-5% 58 $17,560,000 $302,759

    During 2021, Southern Mass Credit Union's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 2.5-3%, with 252 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 266 $75,190,000 $282,669 $3,376 3.00%
    $100k-200k 131 $20,585,000 $157,137 $2,745 2.96%
    $400k-600k 76 $35,240,000 $463,684 $3,808 3.06%
    $100,000 or less 54 $3,290,000 $60,926 $911 3.78%
    $600k-1MM 26 $19,870,000 $764,231 $4,804 3.56%
    $1MM+ 11 $14,415,000 $1,310,455 $7,131 3.67%

    2021 saw Southern Mass Credit Union place emphasis on $200k-400k loans with 266 originations, totaling $75,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 144 $39,700,000 $275,694 $3,026 3.05%
    $75k-100k 121 $30,345,000 $250,785 $3,064 3.02%
    $50k-75k 111 $23,945,000 $215,721 $3,081 3.06%
    $150k-250k 79 $30,075,000 $380,696 $3,214 3.05%
    $50k or less 50 $7,150,000 $143,000 $2,587 3.10%
    $250k+ 35 $21,415,000 $611,857 $4,383 3.19%

    Southern Mass Credit Union lent most frequently to those with incomes in the $100k-150k range, with 144 originations. The second most popular income band? $75k-100k, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 130 $36,350,000 $279,615 $3,045 2.98%
    30-36% 110 $32,620,000 $296,545 $3,178 3.04%
    <20% 34 $7,860,000 $231,176 $3,190 2.82%
    37% 30 $7,930,000 $264,333 $2,937 3.09%
    42% 23 $5,515,000 $239,783 $2,575 3.24%
    41% 23 $5,875,000 $255,435 $3,048 3.18%
    43% 22 $6,360,000 $289,091 $3,493 3.26%
    36% 22 $4,310,000 $195,909 $2,778 3.20%
    44% 21 $5,765,000 $274,524 $3,446 2.94%
    40% 20 $6,150,000 $307,500 $2,779 3.19%
    39% 19 $5,375,000 $282,895 $2,886 3.10%
    38% 19 $8,455,000 $445,000 $3,648 2.98%
    46% 15 $4,545,000 $303,000 $3,411 3.26%
    47% 15 $5,555,000 $370,333 $4,379 3.21%
    45% 14 $3,650,000 $260,714 $2,612 2.97%
    48% 11 $3,055,000 $277,727 $2,865 3.02%
    49% 11 $3,235,000 $294,091 $3,513 3.16%
    50-60% 1 $25,000 $25,000 $0 4.00%

    Southern Mass Credit Union lent most frequently to those with DTI ratios of 20-30%, with 130 originations. The next most common DTI ratio? 30-36%, with 110 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 488 $139,150,000 $285,143 $3,123 3.05%
    Not applicable 24 $15,960,000 $665,000 $0 4.37%
    Not provided 23 $6,565,000 $285,435 $3,387 3.09%
    Black 22 $4,960,000 $225,455 $2,796 3.17%
    Asian 6 $1,660,000 $276,667 $3,076 2.83%
    American Indian 1 $295,000 $295,000 $2,657 2.88%

    Approval Rates

    Total approvals of all applications
    94.04%

    Southern Mass Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.01%

    Southern Mass Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 564 $168,590,000 $298,918

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    564 $168,590,000 $298,918

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $10,535,000 $178,559 $2,319 3.07%
    40-60% 156 $38,140,000 $244,487 $3,027 2.83%
    60-80% 242 $87,810,000 $362,851 $3,522 3.13%
    80-100% 69 $28,385,000 $411,377 $4,125 3.19%
    Over 100% 1 $1,065,000 $1,065,000 $0 4.63%
    Under 20% 37 $2,655,000 $71,757 $367 4.05%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SOUTHERN TRUST MORTGAGE LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%