Charter Oak Federal Credit Union Mortgage Rates, Fees & Info

Waterford, CT

LEI: 254900HJA1Y85EJCGB90

Tax ID: 06-0659509

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
  • 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 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 by origination volume include: Norwich, Worcester, Hartford, Providence, and New Haven among others. We have data for 6 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

    875

    Origination Dollar Volume (All Markets)

    $148,605,000
    Show all (6) 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
    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.

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

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Middlesex Savings Bank
    Similarity Rank: 174
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    SCIENT Federal Credit Union
    Similarity Rank: 286
    SIKORSKY FINANCIAL
    Similarity Rank: 354
    POLISH NATIONAL
    Similarity Rank: 376
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    Sanborn Mortgage Corporation
    Similarity Rank: 435

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Charter Oak Federal Credit Union's most frequently originated type of loan was Conventional, with 854 originations. Their 2nd most popular type was USDA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Charter Oak Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 307 originations. The 2nd most popular reason was 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 2021, Charter Oak Federal Credit Union's most frequently cited loan duration was 30 Year, with 282 originations. The 2nd most popular length was 15 Year, with 234 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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

    Charter Oak Federal Credit Union's average total fees were $2,721, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.21%, while their most frequently originated rate bucket for loans was 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 or Islander 2 $230,000 $115,000 $1,195 3.90%

    Approval Rates

    Total approvals of all applications
    89.01%

    Charter Oak Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.43%

    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%