Charter Oak Federal Credit Union Mortgage Rates, Fees & Info

Waterford, CT

LEI: 254900HJA1Y85EJCGB90

Tax ID: 06-0659509

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Charter Oak Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Charter Oak Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Norwich, Worcester, Hartford, Providence, and New Haven among others. Charter Oak Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Charter Oak Federal Credit Union is typically a low fee lendor.


Originations

875

Origination Dollar Volume (All Markets)

$148,605,000
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Relative Rate

Charter Oak Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.21%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.06%.

Relative Fees

Charter Oak Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $2,721.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 573 $97,815,000 $170,707 $1,570 3.17%
WORCESTER, MA-CT (FHA|USDA|VA) 181 $27,045,000 $149,420 $1,501 3.18%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 77 $13,475,000 $175,000 $1,886 3.08%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 33 $6,385,000 $193,485 $1,452 3.10%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 10 $2,320,000 $232,000 $1,910 3.14%
Torrington, CT (FHA|USDA|VA) 1 $1,565,000 $1,565,000 $0 4.25%

Charter Oak Federal Credit Union's top markets include Norwich, Worcester, Hartford, Providence, and New Haven among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 854 $143,900,000 $168,501 $1,477 3.18%
USDA 13 $3,205,000 $246,538 $5,420 2.58%
FHA 8 $1,500,000 $187,500 $6,178 2.61%

For the 2021 period, Charter Oak Federal Credit Union's most frequently originated loan type of loans were Conventional, with 854 originations. Their 2nd most popular type is USDA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 307 $52,885,000 $172,264 $1,371 3.16%
Refi 267 $46,455,000 $173,989 $1,571 2.81%
Home Purchase 170 $42,220,000 $248,353 $3,141 3.22%
Home Improvement 94 $4,590,000 $48,830 $242 3.82%
Other 37 $2,455,000 $66,351 $268 3.89%

For the 2021, Charter Oak Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 307 originations. The 2nd most popular reason of loans were Refi, with 267 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 282 $63,380,000 $224,752 $2,721 3.21%
15 Year 234 $41,010,000 $175,256 $1,421 3.51%
Other 221 $31,855,000 $144,140 $772 2.56%
10 Year 52 $2,640,000 $50,769 $280 3.93%
5 Year 50 $1,990,000 $39,800 $222 3.23%
20 Year 36 $7,730,000 $214,722 $2,315 3.14%

For the 2021, Charter Oak Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 282 originations. The 2nd most popular length of loans were 15 Year, with 234 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 833 $135,445,000 $162,599
$3k-4k 3 $755,000 $251,667
$2k-3k 2 $330,000 $165,000

$2,721 of loans were Charter Oak Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 833 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 466 $81,040,000 $173,906
2.5-3% 170 $29,720,000 $174,824
<2.5% 158 $25,770,000 $163,101
4-5% 80 $11,550,000 $144,375
5-6% 1 $525,000 $525,000

During 2021, Charter Oak Federal Credit Union's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 3-4%, with 466 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 355 $52,845,000 $148,859 $1,599 3.01%
$200k-400k 255 $67,245,000 $263,706 $2,455 3.12%
$100,000 or less 238 $12,700,000 $53,361 $543 3.42%
$400k-600k 20 $9,520,000 $476,000 $3,014 3.44%
$600k-1MM 5 $3,565,000 $713,000 $4,070 3.32%
$1MM+ 2 $2,730,000 $1,365,000 $0 4.13%

2021 saw Charter Oak Federal Credit Union place emphasis on $100k-200k loans with 355 originations, totaling $52,845,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 266 $44,330,000 $166,654 $1,400 3.13%
$50k-75k 174 $25,280,000 $145,287 $1,966 3.14%
$75k-100k 167 $25,675,000 $153,743 $1,579 3.16%
$150k-250k 138 $29,480,000 $213,623 $1,528 3.06%
$50k or less 80 $8,440,000 $105,500 $1,564 3.22%
$250k+ 23 $4,835,000 $210,217 $1,207 3.00%

Charter Oak Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 266 originations. The second most popular income band? $50k-75k, with 174 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 272 $42,930,000 $157,831 $1,511 3.10%
30-36% 176 $29,980,000 $170,341 $1,759 3.09%
<20% 109 $16,315,000 $149,679 $1,418 2.99%
40% 43 $7,155,000 $166,395 $1,662 3.26%
42% 39 $6,235,000 $159,872 $1,506 3.42%
37% 37 $7,005,000 $189,324 $2,108 3.17%
41% 33 $5,295,000 $160,455 $1,547 3.25%
36% 33 $5,165,000 $156,515 $1,559 3.31%
38% 30 $4,840,000 $161,333 $1,238 3.14%
39% 25 $3,375,000 $135,000 $1,264 3.19%
43% 20 $3,760,000 $188,000 $1,505 3.26%
44% 9 $1,465,000 $162,778 $1,748 3.09%
46% 8 $1,700,000 $212,500 $1,808 3.19%
45% 5 $1,345,000 $269,000 $2,475 3.04%
47% 4 $570,000 $142,500 $1,451 2.46%
48% 2 $500,000 $250,000 $2,388 3.63%
50-60% 2 $350,000 $175,000 $2,213 3.23%
49% 1 $55,000 $55,000 $210 4.49%

Charter Oak Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 272 originations. The next most common DTI ratio? 30-36%, with 176 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 678 $113,090,000 $166,799 $1,602 3.12%
Not provided 126 $19,130,000 $151,825 $1,544 3.18%
Not applicable 24 $9,530,000 $397,083 $0 4.19%
Asian 17 $2,385,000 $140,294 $1,325 3.39%
Black 14 $1,920,000 $137,143 $1,399 3.35%
American Indian 6 $1,180,000 $196,667 $1,789 3.35%
Asian Indian 4 $620,000 $155,000 $1,074 2.84%
Filipino 2 $270,000 $135,000 $639 3.02%
Other Pacific Islander 2 $250,000 $125,000 $2,818 1.94%
Native Hawaiian 2 $230,000 $115,000 $1,195 3.90%

Approval Rates

Total approvals of all applications
88.30%

Charter Oak Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
75.57%

Charter Oak Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 2 $1,120,000 $560,000
NA 873 $147,485,000 $168,940

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
875 $148,605,000 $169,834

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 145 $16,195,000 $111,690 $891 2.91%
40-60% 211 $37,905,000 $179,645 $1,550 2.89%
60-80% 233 $53,125,000 $228,004 $2,028 3.25%
80-100% 131 $32,425,000 $247,519 $3,213 3.20%
Over 100% 5 $2,595,000 $519,000 $4,589 4.16%
Under 20% 145 $6,175,000 $42,586 $309 3.61%