New Bedford Credit Union Mortgage Rates, Fees & Info

New Bedford, MA

LEI: 25490055DH0FCOSJLM57

Tax ID: 04-1659235

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

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Mortgage Data

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

    New Bedford Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. New Bedford Credit Union has a high proportion of conventional loans.

    New Bedford Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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    Originations

    128

    Origination Dollar Volume (All Markets)

    $16,580,000

    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
    Outside of Metro Areas 128 $16,580,000 $129,531 $0 0.00%
    New Bedford Credit Union's top markets include

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 128 $16,580,000 $129,531 $0 0.00%

    For 2018, New Bedford Credit Union's most frequently originated type of loan was Conventional, with 128 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 57 $2,725,000 $47,807 $0 0.00%
    Home Purchase 21 $5,545,000 $264,048 $0 0.00%
    Cash Out Refi 21 $5,105,000 $243,095 $0 0.00%
    Refi 18 $2,540,000 $141,111 $0 0.00%
    Other 11 $665,000 $60,455 $0 0.00%

    For 2018, New Bedford Credit Union's most frequently cited loan purpose was Home Improvement, with 57 originations. The 2nd most popular reason was Home Purchase, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 128 $16,580,000 $129,531 $0 0.00%

    For 2018, New Bedford Credit Union's most frequently cited loan duration was Other, with 128 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 67 $2,735,000 $40,821 $0 0.00%
    $100k-200k 34 $5,200,000 $152,941 $0 0.00%
    $200k-400k 20 $5,200,000 $260,000 $0 0.00%
    $400k-600k 6 $2,820,000 $470,000 $0 0.00%
    $600k-1MM 1 $625,000 $625,000 $0 0.00%

    2018 saw New Bedford Credit Union place emphasis on $100,000 or less loans with 67 originations, totaling $2,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 29 $2,845,000 $98,103 $0 0.00%
    $100k-150k 28 $4,160,000 $148,571 $0 0.00%
    $150k-250k 27 $4,425,000 $163,889 $0 0.00%
    $75k-100k 25 $3,435,000 $137,400 $0 0.00%
    $50k or less 14 $720,000 $51,429 $0 0.00%
    $250k+ 5 $995,000 $199,000 $0 0.00%

    New Bedford Credit Union lent most frequently to those with incomes in the $50k-75k range, with 29 originations. The second most popular income band? $100k-150k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 128 $16,580,000 $129,531 $0 0.00%

    New Bedford Credit Union lent most frequently to those with DTI ratios of Exempt%, with 128 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 113 $14,095,000 $124,735 $0 0.00%
    Black 10 $1,890,000 $189,000 $0 0.00%
    Asian 2 $300,000 $150,000 $0 0.00%
    Native Hawaiian or Islander 1 $195,000 $195,000 $0 0.00%
    Other Pacific Islander 1 $75,000 $75,000 $0 0.00%
    Not provided 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.12%

    New Bedford Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    88.28%

    New Bedford Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 128 $16,580,000 $129,531

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 128 $16,580,000 $129,531