Caribe Federal Credit Union Mortgage Rates, Fees & Info
San Juan,LEI: 254900KMMJNL0IJNSM73
Tax ID: 66-0204432
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Mortgage Data
Review & Overview
Caribe Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Caribe 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: San Juan, MayagÜez, Guayama, and Ponce among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Caribe Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Caribe Federal Credit Union is typically an average 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.99% | 11/17/24 |
| 30 Year Conventional Refi | 7.19% | 11/17/24 |
| 30 Year Cash-out Refi | 7.00% | 11/17/24 |
| 30 Year FHA Purchase | 7.08% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 8.06% | 11/17/24 |
| 15 Year Conventional Purchase | 6.58% | 11/17/24 |
| 15 Year Conventional Refi | 6.45% | 11/17/24 |
| 15 Year Cash-out Refi | 6.45% | 11/17/24 |
| 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. | ||
Caribe 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 Caribe 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
54Origination Dollar Volume (All Markets)
$7,410,000Relative Rate
Caribe Federal Credit Union's average 30 year fixed mortgage rate was
6.9%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.42%.
Relative Fees (Closing Costs)
Caribe Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,814.
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 |
|---|---|---|---|---|---|
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 51 | $7,115,000 | $139,510 | $6,989 | 6.87% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,226 | 7.00% |
| GUAYAMA, PR (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $5,878 | 7.75% |
| PONCE, PR (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $5,687 | 7.50% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against CARIBE FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 14
Similarity Rank: 22
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Similarity Rank: 27
Similarity Rank: 30
Similarity Rank: 39
Similarity Rank: 46
Similarity Rank: 95
Similarity Rank: 123
Similarity Rank: 128
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 52 | $7,180,000 | $138,077 | $6,964 | 6.88% |
| FHA | 1 | $65,000 | $65,000 | $5,878 | 7.75% |
| VA | 1 | $165,000 | $165,000 | $7,226 | 7.00% |
For 2023, Caribe Federal Credit Union's most frequently originated type of loan was Conventional, with 52 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2023, Caribe Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 27 originations. The 2nd most popular reason was Cash Out Refi, with 25 originations.
Loan Duration/Length
For 2023, Caribe Federal Credit Union's most frequently cited loan duration was 30 Year, with 36 originations. The 2nd most popular length was 15 Year, with 14 originations.
Origination Fees/Closing Costs
Caribe Federal Credit Union's average total fees were $7,814, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 38 | $5,410,000 | $142,368 |
| 7-8% | 14 | $1,750,000 | $125,000 |
| Over 8% | 2 | $250,000 | $125,000 |
During 2023, Caribe Federal Credit Union's average interest rate for loans was 6.90%, while their most frequently originated rate bucket for loans was 6-7%, with 38 originations.
Loan Sizing
2023 saw Caribe Federal Credit Union place emphasis on $100,000 or less loans with 28 originations, totaling $1,940,000 in origination value.
Applicant Income
Caribe Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $50k-75k, with 13 originations.
Applicant Debt to Income Ratio
Caribe Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 45 | $6,725,000 | $149,444 | $7,444 | 6.94% |
| Not provided | 9 | $685,000 | $76,111 | $4,474 | 6.67% |
Approval Rates
Total approvals of all applications57.84%
Caribe Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination90.74%
Caribe Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 54 | $7,410,000 | $137,222 |