Charter Oak Federal Credit Union Mortgage Rates, Fees & Info

Waterford, CT

LEI: 254900HJA1Y85EJCGB90

Tax ID: 06-0659509

5 stars - Updated: 12/16/24 - out of 5 stars, based on 28 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Charter Oak Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Charter Oak Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Norwich, Hartford, Worcester, Providence, and Bridgeport among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Charter Oak Federal 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. Charter Oak Federal Credit Union 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
    Home Equity Line of Credit (HELOC) 5.89% 12/16/24
    30 Year Conventional Purchase 5.86% 12/16/24
    30 Year Conventional Refi 6.07% 12/16/24
    30 Year Cash-out Refi 6.15% 12/16/24
    30 Year FHA Purchase 7.06% 12/16/24
    30 Year USDA Purchase 6.78% 12/16/24
    15 Year Conventional Purchase 5.96% 12/16/24
    15 Year Conventional Refi 6.02% 12/16/24
    15 Year Cash-out Refi 6.02% 12/16/24
    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.

    Charter Oak Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Charter Oak Federal Credit Union. 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

    803

    Origination Dollar Volume (All Markets)

    $120,475,000
    Show all (10) awards

    Relative Rate

    Charter Oak Federal Credit Union's average 30 year fixed mortgage rate was 5.1%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -1.38%.

    Relative Fees (Closing Costs)

    Charter Oak Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,143.

    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
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 460 $57,580,000 $125,174 $1,039 6.11%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 108 $29,250,000 $270,833 $2,202 5.60%
    WORCESTER, MA-CT (FHA|USDA|VA) 174 $17,460,000 $100,345 $651 6.03%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 38 $7,080,000 $186,316 $1,312 5.70%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 8 $5,440,000 $680,000 $5,104 4.93%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 12 $2,050,000 $170,833 $1,752 6.13%
    Torrington, CT (FHA|USDA|VA) 2 $1,170,000 $585,000 $3,609 5.77%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $445,000 $445,000 $4,791 4.99%
    Charter Oak Federal Credit Union's top markets include Norwich, Hartford, Worcester, Providence, and Bridgeport among others.

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

    • Similar Lenders

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

    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    The Torrington Savings Bank
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    Sharon & Crescent United Credit Union
    Similarity Rank: 50
    Stafford Savings Bank
    Similarity Rank: 63
    HOMEFIELD
    Similarity Rank: 75
    Chelsea Groton Bank
    Similarity Rank: 88
    ROCKLAND
    Similarity Rank: 96
    Charter Oak Federal Credit Union
    Similarity Rank: 104
    SIKORSKY FINANCIAL
    Similarity Rank: 105

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 617 $100,465,000 $162,828 $1,199 5.43%
    HELOC 184 $19,470,000 $105,815 n/a 7.89%
    FHA 2 $540,000 $270,000 $8,639 6.44%

    For 2023, Charter Oak Federal Credit Union's most frequently originated type of loan was Conventional, with 617 originations. Their 2nd most popular type was HELOC, with 184 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 245 $16,305,000 $66,551 $249 6.21%
    Home Purchase 188 $63,590,000 $338,245 $3,140 5.38%
    Other 186 $16,580,000 $89,140 $451 6.17%
    Cash Out Refi 163 $21,885,000 $134,264 $867 6.22%
    Refi 21 $2,115,000 $100,714 $716 5.66%

    For 2023, Charter Oak Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 245 originations. The 2nd most popular reason was Home Purchase, with 188 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 205 $22,945,000 $111,927 $877 7.56%
    30 Year 200 $66,560,000 $332,800 $3,143 5.10%
    15 Year 198 $20,190,000 $101,970 $277 5.96%
    10 Year 136 $7,510,000 $55,221 $221 5.33%
    5 Year 63 $2,925,000 $46,429 $227 5.26%
    20 Year 1 $345,000 $345,000 $3,312 6.25%

    For 2023, Charter Oak Federal Credit Union's most frequently cited loan duration was Other, with 205 originations. The 2nd most popular length was 30 Year, with 200 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 608 $96,240,000 $158,289
    $1k-2k 2 $540,000 $270,000

    Charter Oak Federal Credit Union's average total fees were $3,143, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 608 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 331 $34,765,000 $105,030
    4-5% 213 $54,025,000 $253,638
    7-8% 116 $14,990,000 $129,224
    Over 8% 76 $7,570,000 $99,605
    6-7% 65 $9,085,000 $139,769
    <2.5% 2 $40,000 $20,000

    During 2023, Charter Oak Federal Credit Union's average interest rate for loans was 5.10%, while their most frequently originated rate bucket for loans was 5-6%, with 331 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 440 $22,020,000 $50,045 $250 6.07%
    $200k-400k 155 $45,345,000 $292,548 $2,762 5.71%
    $100k-200k 146 $20,490,000 $140,342 $1,118 6.39%
    $400k-600k 51 $23,915,000 $468,922 $3,478 5.23%
    $600k-1MM 10 $7,270,000 $727,000 $5,048 5.54%
    $1MM+ 1 $1,435,000 $1,435,000 $8,301 4.74%

    2023 saw Charter Oak Federal Credit Union place emphasis on $100,000 or less loans with 440 originations, totaling $22,020,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 221 $31,305,000 $141,652 $1,184 5.93%
    $150k-250k 192 $37,820,000 $196,979 $1,554 5.94%
    $75k-100k 154 $17,860,000 $115,974 $1,131 6.02%
    $50k-75k 120 $9,840,000 $82,000 $706 6.03%
    $250k+ 53 $15,285,000 $288,396 $2,124 5.94%
    $50k or less 46 $2,810,000 $61,087 $682 6.08%

    Charter Oak Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 221 originations. The second most popular income band? $150k-250k, with 192 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 208 $31,880,000 $153,269 $1,311 5.84%
    30-36% 171 $25,815,000 $150,965 $1,330 5.92%
    <20% 77 $9,375,000 $121,753 $943 5.92%
    42% 73 $8,735,000 $119,658 $754 6.44%
    41% 43 $5,445,000 $126,628 $1,052 6.11%
    37% 38 $5,390,000 $141,842 $1,345 5.96%
    38% 35 $5,705,000 $163,000 $1,235 6.15%
    40% 34 $4,650,000 $136,765 $1,207 6.00%
    36% 33 $4,365,000 $132,273 $1,121 6.02%
    39% 30 $3,730,000 $124,333 $924 6.34%
    43% 22 $2,810,000 $127,727 $993 6.26%
    44% 14 $3,850,000 $275,000 $1,913 5.15%
    45% 4 $1,140,000 $285,000 $2,578 5.46%
    48% 4 $1,230,000 $307,500 $2,624 5.43%
    46% 3 $825,000 $275,000 $2,145 5.50%
    49% 2 $890,000 $445,000 $3,583 4.62%
    50-60% 1 $35,000 $35,000 $212 5.75%
    >60% 1 $185,000 $185,000 $222 6.00%

    Charter Oak Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 208 originations. The next most common DTI ratio? 30-36%, with 171 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 679 $87,505,000 $128,873 $1,034 6.03%
    Asian 56 $18,920,000 $337,857 $3,068 5.42%
    Not provided 34 $5,910,000 $173,824 $1,196 5.70%
    Not applicable 10 $4,420,000 $442,000 $0 7.34%
    Black 17 $2,125,000 $125,000 $1,298 6.42%
    American Indian 5 $1,115,000 $223,000 $1,705 5.92%
    Asian Indian 1 $425,000 $425,000 $3,521 4.99%
    Other Asian 1 $55,000 $55,000 $212 5.25%

    Approval Rates

    Total approvals of all applications
    86.72%

    Charter Oak Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.43%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 803 $120,475,000 $150,031

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    803 $120,475,000 $150,031

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 183 $20,815,000 $113,743 $490 6.49%
    40-60% 59 $12,595,000 $213,475 $1,648 6.43%
    60-80% 87 $29,585,000 $340,057 $2,915 5.64%
    80-100% 107 $39,735,000 $371,355 $3,398 5.15%
    Under 20% 367 $17,745,000 $48,351 $242 6.01%