Metrowest Community Federal Credit Union Mortgage Rates, Fees & Info

Framingham, MA

LEI: 254900HWPC2WEGN8NF25

Tax ID: 04-2255766

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

Jump to:

Mortgage Data

Review & Overview

Metrowest Community Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Metrowest Community Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Springfield among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Metrowest Community Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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.


Originations

81

Origination Dollar Volume (All Markets)

$9,675,000

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 55 $6,855,000 $124,636 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 21 $2,425,000 $115,476 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $115,000 $38,333 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
Metrowest Community Federal Credit Union's top markets include Boston, Worcester, Providence, Barnstable Town, and Springfield among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 81 $9,675,000 $119,444 $0 0.00%

    For 2019, Metrowest Community Federal Credit Union's most frequently originated type of loan was Conventional, with 81 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 33 $5,905,000 $178,939 $0 0.00%
    Home Improvement 27 $1,545,000 $57,222 $0 0.00%
    Other 14 $540,000 $38,571 $0 0.00%
    Refi 5 $1,225,000 $245,000 $0 0.00%
    Home Purchase 2 $460,000 $230,000 $0 0.00%

    For 2019, Metrowest Community Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 33 originations. The 2nd most popular reason was Home Improvement, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 81 $9,675,000 $119,444 $0 0.00%

    For 2019, Metrowest Community Federal Credit Union's most frequently cited loan duration was Other, with 81 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 52 $2,450,000 $47,115 $0 0.00%
    $200k-400k 15 $3,775,000 $251,667 $0 0.00%
    $100k-200k 10 $1,350,000 $135,000 $0 0.00%
    $400k-600k 3 $1,465,000 $488,333 $0 0.00%
    $600k-1MM 1 $635,000 $635,000 $0 0.00%

    2019 saw Metrowest Community Federal Credit Union place emphasis on $100,000 or less loans with 52 originations, totaling $2,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 25 $2,485,000 $99,400 $0 0.00%
    $150k-250k 16 $2,640,000 $165,000 $0 0.00%
    $50k-75k 15 $1,395,000 $93,000 $0 0.00%
    $75k-100k 9 $885,000 $98,333 $0 0.00%
    $250k+ 8 $1,590,000 $198,750 $0 0.00%
    $50k or less 8 $680,000 $85,000 $0 0.00%

    Metrowest Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 25 originations. The second most popular income band? $150k-250k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 81 $9,675,000 $119,444 $0 0.00%

    Metrowest Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 55 $6,835,000 $124,273 $0 0.00%
    Not provided 22 $2,520,000 $114,545 $0 0.00%
    Black 3 $215,000 $71,667 $0 0.00%
    Asian 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.40%

    Metrowest Community Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.06%

    Metrowest Community Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 81 $9,675,000 $119,444

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 81 $9,675,000 $119,444