Membersfirst Ct Fcu Mortgage Rates, Fees & Info

Meriden, CT

LEI: 2549007UXYHMV9ES9L95

Tax ID: 06-0655046

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
  • 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

    Membersfirst Ct Fcu is a smaller credit union specializing in Refi and Home Purchase loans. Membersfirst Ct Fcu has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Hartford, and Norwich among others. We have data for 3 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 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.

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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






    Your Estimates

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

    This is not an official calculator from Membersfirst Ct Fcu. 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

    38

    Origination Dollar Volume (All Markets)

    $5,920,000

    Awards

    MembersFirst CT FCU 30 Year Conventional Loans gold
    Show all (1) 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
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 27 $3,625,000 $134,259 $3,410 3.58%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 10 $2,030,000 $203,000 $3,402 3.40%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $265,000 $265,000 $3,909 3.00%
    Membersfirst Ct Fcu's top markets include New Haven, Hartford, and Norwich among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $5,215,000 $168,226 $3,424 3.87%
    HELOC 7 $705,000 $100,714 n/a 1.99%

    For 2022, Membersfirst Ct Fcu's most frequently originated type of loan was Conventional, with 31 originations. Their 2nd most popular type was HELOC, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 15 $2,085,000 $139,000 $3,012 3.26%
    Home Improvement 12 $810,000 $67,500 $1,092 2.83%
    Home Purchase 9 $2,305,000 $256,111 $5,055 4.44%
    Cash Out Refi 2 $720,000 $360,000 $5,958 5.48%

    For 2022, Membersfirst Ct Fcu's most frequently cited loan purpose was Refi, with 15 originations. The 2nd most popular reason was Home Improvement, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 14 $1,090,000 $77,857 $1,275 2.80%
    30 Year 13 $3,025,000 $232,692 $4,243 3.96%
    15 Year 8 $870,000 $108,750 $3,439 3.42%
    Other 3 $935,000 $311,667 $4,849 5.24%

    For 2022, Membersfirst Ct Fcu's most frequently cited loan duration was 10 Year, with 14 originations. The 2nd most popular length was 30 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 24 $4,510,000 $187,917

    Membersfirst Ct Fcu's average total fees were $4,243, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 24 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 15 $1,405,000 $93,667
    <2.5% 7 $705,000 $100,714
    2.5-3% 7 $1,625,000 $232,143
    5-6% 5 $1,415,000 $283,000
    4-5% 4 $770,000 $192,500

    During 2022, Membersfirst Ct Fcu's average interest rate for loans was 3.96%, while their most frequently originated rate bucket for loans was 3-4%, with 15 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 14 $750,000 $53,571 $1,660 3.25%
    $100k-200k 14 $2,120,000 $151,429 $3,469 3.29%
    $200k-400k 9 $2,585,000 $287,222 $5,535 4.36%
    $400k-600k 1 $465,000 $465,000 $3,628 3.00%

    2022 saw Membersfirst Ct Fcu place emphasis on $100,000 or less loans with 14 originations, totaling $750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 7 $705,000 $100,714 $2,195 3.71%
    $75k-100k 7 $635,000 $90,714 $1,481 2.96%
    $150k-250k 4 $1,150,000 $287,500 $4,302 3.12%
    $100k-150k 3 $425,000 $141,667 $3,778 2.33%
    $50k or less 3 $405,000 $135,000 $2,375 3.08%
    $250k+ 1 $215,000 $215,000 $2,629 4.75%

    Membersfirst Ct Fcu lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $75k-100k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $1,675,000 $186,111 $3,184 3.22%
    <20% 9 $1,415,000 $157,222 $2,723 3.50%
    30-36% 7 $845,000 $120,714 $3,318 3.07%
    43% 4 $570,000 $142,500 $5,187 3.78%
    37% 2 $230,000 $115,000 $2,296 2.37%
    47% 1 $55,000 $55,000 $785 4.00%
    38% 1 $35,000 $35,000 $775 3.25%
    42% 1 $75,000 $75,000 $785 4.00%
    45% 1 $25,000 $25,000 $1,135 4.00%
    46% 1 $275,000 $275,000 $10,349 5.75%

    Membersfirst Ct Fcu lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? <20%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 25 $3,615,000 $144,600 $2,627 3.25%
    Not applicable 12 $2,230,000 $185,833 $4,839 4.05%
    Black 1 $75,000 $75,000 $785 4.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 38 $5,920,000 $155,789

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    38 $5,920,000 $155,789

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $440,000 $73,333 $1,604 2.45%
    40-60% 7 $895,000 $127,857 $2,940 3.29%
    60-80% 19 $4,345,000 $228,684 $4,593 3.94%
    Under 20% 6 $240,000 $40,000 $851 3.54%