Charter Oak Federal Credit Union Mortgage Rates, Fees & InfoWaterford, CT
Tax ID: 06-0659509
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewCharter Oak Federal Credit Union is a smaller credit union specializing in Cash Out Refi and 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Norwich, Worcester, Hartford, Providence, and New Haven among others. We have data for 7 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.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||5.89%||9/25/23|
|30 Year Conventional Purchase||5.86%||9/25/23|
|30 Year Conventional Refi||6.07%||9/25/23|
|30 Year Cash-out Refi||6.15%||9/25/23|
|30 Year FHA Purchase||7.06%||9/25/23|
|30 Year USDA Purchase||6.78%||9/25/23|
|15 Year Conventional Purchase||5.96%||9/25/23|
|15 Year Conventional Refi||6.02%||9/25/23|
|15 Year Cash-out Refi||6.02%||9/25/23|
|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 EstimatesEstimated 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.
Origination Dollar Volume (All Markets)$197,035,000
Charter Oak Federal Credit Union - 2022
Charter Oak Federal Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
Work for Charter Oak Federal Credit Union?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Charter Oak Federal Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -1.34%.
Relative Fees (Closing Costs)
Charter Oak Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,817.
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 $4,750.
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)||829||$124,375,000||$150,030||$1,292||3.71%|
|WORCESTER, MA-CT (FHA|USDA|VA)||288||$34,680,000||$120,417||$957||3.81%|
|HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA)||118||$24,340,000||$206,271||$1,847||3.62%|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||52||$7,470,000||$143,654||$1,028||3.72%|
|NEW HAVEN-MILFORD, CT (FHA|USDA|VA)||21||$4,295,000||$204,524||$2,488||3.91%|
|BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA)||6||$1,630,000||$271,667||$2,653||3.95%|
|Torrington, CT (FHA|USDA|VA)||1||$245,000||$245,000||$2,445||3.09%|
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.
Similarity Rank: 52
Similarity Rank: 87
Similarity Rank: 145
Similarity Rank: 164
Similarity Rank: 276
Similarity Rank: 338
Similarity Rank: 348
Similarity Rank: 360
Similarity Rank: 393
Similarity Rank: 396
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Charter Oak Federal Credit Union's most frequently originated type of loan was Conventional, with 951 originations. Their 2nd most popular type was HELOC, with 356 originations.
For 2022, Charter Oak Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 311 originations. The 2nd most popular reason was Cash Out Refi, with 295 originations.
For 2022, Charter Oak Federal Credit Union's most frequently cited loan duration was Other, with 637 originations. The 2nd most popular length was 30 Year, with 279 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Charter Oak Federal Credit Union's average total fees were $2,817, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 912 originations.
During 2022, Charter Oak Federal Credit Union's average interest rate for loans was 3.42%, while their most frequently originated rate bucket for loans was 3-4%, with 474 originations.
2022 saw Charter Oak Federal Credit Union place emphasis on $100,000 or less loans with 562 originations, totaling $28,530,000 in origination value.
Charter Oak Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 341 originations. The second most popular income band? $75k-100k, with 284 originations.
Applicant Debt to Income Ratio
Charter Oak Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 335 originations. The next most common DTI ratio? 30-36%, with 301 originations.
Approval RatesTotal approvals of all applications
Charter Oak Federal Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Charter Oak Federal Credit Union has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|