Membersfirst Ct Fcu Mortgage Rates, Fees & Info
Meriden, CTLEI: 2549007UXYHMV9ES9L95
Tax ID: 06-0655046
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Mortgage Data
Review & Overview
Membersfirst Ct Fcu is a smaller credit union specializing in Home Improvement loans. Membersfirst Ct Fcu has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Hartford, Bridgeport, and Torrington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Membersfirst Ct Fcu has an above average approval rate when compared to the average across all lenders. Membersfirst Ct Fcu 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/23/24 |
| 30 Year Conventional Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Purchase | 5.68% | 11/23/24 |
| 15 Year Conventional Refi | 5.68% | 11/23/24 |
| 15 Year Cash-out Refi | 5.68% | 11/23/24 |
| 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. | ||
Membersfirst Ct Fcu Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
51Origination Dollar Volume (All Markets)
$5,425,000Relative Rate
Membersfirst Ct Fcu's average 30 year fixed mortgage rate was
6.88%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.4%.
Relative Fees (Closing Costs)
Membersfirst Ct Fcu's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,100.
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 $9,089.
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 |
|---|---|---|---|---|---|
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 39 | $2,915,000 | $74,744 | $1,694 | 4.31% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 10 | $2,180,000 | $218,000 | $2,991 | 3.53% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 2.50% |
| Torrington, CT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,151 | 5.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $2,295,000 | $85,000 | $1,816 | 5.60% |
| HELOC | 24 | $3,130,000 | $130,417 | n/a | 2.52% |
For 2023, Membersfirst Ct Fcu's most frequently originated type of loan was Conventional, with 27 originations. Their 2nd most popular type was HELOC, with 24 originations.
Loan Reason
For 2023, Membersfirst Ct Fcu's most frequently cited loan purpose was Home Improvement, with 40 originations. The 2nd most popular reason was Refi, with 7 originations.
Loan Duration/Length
For 2023, Membersfirst Ct Fcu's most frequently cited loan duration was 10 Year, with 32 originations. The 2nd most popular length was 15 Year, with 15 originations.
Interest Rates
During 2023, Membersfirst Ct Fcu's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was <2.5%, with 24 originations.
Loan Sizing
2023 saw Membersfirst Ct Fcu place emphasis on $100,000 or less loans with 31 originations, totaling $1,625,000 in origination value.
Applicant Income
Membersfirst Ct Fcu lent most frequently to those with incomes in the $75k-100k range, with 16 originations. The second most popular income band? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
Membersfirst Ct Fcu lent most frequently to those with DTI ratios of <20%, with 12 originations. The next most common DTI ratio? 20-30%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Membersfirst Ct Fcu has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 51 | $5,425,000 | $106,373 |