Workers Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 254900MSO8KVQ05D2J27

Tax ID: 04-2079901

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

    Workers Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Workers Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Boston, Worcester, Springfield, Manchester, and Barnstable Town among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Workers 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. Workers 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) 5.20% 12/4/24
    30 Year Conventional Purchase 5.97% 12/4/24
    30 Year Conventional Refi 5.96% 12/4/24
    30 Year Cash-out Refi 6.00% 12/4/24
    15 Year Conventional Purchase 5.15% 12/4/24
    15 Year Conventional Refi 5.69% 12/4/24
    15 Year Cash-out Refi 5.69% 12/4/24
    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.

    Workers Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Workers 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

    1,288

    Origination Dollar Volume (All Markets)

    $209,530,000

    Awards

    Workers Credit Union 30 Year Conventional Loans bronze Workers Credit Union 30 Year Conventional Loans bronze Workers Credit Union 30 Year Conventional Loans bronze Workers Credit Union 30 Year Conventional Loans silver
    Show all (4) 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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 480 $106,380,000 $221,625 $2,605 4.45%
    WORCESTER, MA-CT (FHA|USDA|VA) 606 $76,000,000 $125,413 $2,186 4.48%
    SPRINGFIELD, MA (FHA|USDA|VA) 96 $10,110,000 $105,313 $2,102 4.67%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 52 $8,030,000 $154,423 $2,276 4.54%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 12 $3,230,000 $269,167 $4,200 4.47%
    Keene, NH (FHA|USDA|VA) 21 $2,715,000 $129,286 $2,551 4.72%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 12 $1,630,000 $135,833 $1,659 5.22%
    Laconia, NH (FHA|USDA|VA) 4 $870,000 $217,500 $2,061 4.88%
    Concord, NH (FHA|USDA|VA) 3 $335,000 $111,667 $1,750 5.04%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $125,000 $125,000 $4,112 3.63%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $105,000 $105,000 $2,823 4.00%
    Workers Credit Union's top markets include Boston, Worcester, Springfield, Manchester, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

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

    POLISH NATIONAL
    Similarity Rank: 48
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Florence Bank
    Similarity Rank: 96
    Piscataqua Savings Bank
    Similarity Rank: 118
    HOLYOKE
    Similarity Rank: 132
    First Ipswich Bank
    Similarity Rank: 139
    LUSO
    Similarity Rank: 164
    PeoplesBank
    Similarity Rank: 168
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Westfield Bank
    Similarity Rank: 204

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 835 $166,505,000 $199,407 $2,308 4.36%
    HELOC 446 $41,120,000 $92,197 n/a 4.76%
    VA 5 $1,455,000 $291,000 $6,668 3.90%
    USDA 2 $450,000 $225,000 $5,196 3.56%

    For 2019, Workers Credit Union's most frequently originated type of loan was Conventional, with 835 originations. Their 2nd most popular type was HELOC, with 446 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 331 $27,645,000 $83,520 $498 5.01%
    Cash Out Refi 319 $61,335,000 $192,273 $2,842 4.27%
    Home Purchase 248 $57,190,000 $230,605 $3,421 3.97%
    Home Improvement 195 $14,385,000 $73,769 $503 5.00%
    Refi 195 $48,975,000 $251,154 $2,219 4.17%

    For 2019, Workers Credit Union's most frequently cited loan purpose was Other, with 331 originations. The 2nd most popular reason was Cash Out Refi, with 319 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 577 $55,865,000 $96,820 $1,134 4.96%
    30 Year 372 $98,200,000 $263,978 $3,683 3.91%
    15 Year 133 $19,225,000 $144,549 $1,958 4.16%
    10 Year 116 $23,900,000 $206,034 $786 4.64%
    Other 53 $9,175,000 $173,113 $873 4.28%
    5 Year 29 $1,245,000 $42,931 $382 4.36%
    30+ year 8 $1,920,000 $240,000 $2,793 4.06%

    For 2019, Workers Credit Union's most frequently cited loan duration was 20 Year, with 577 originations. The 2nd most popular length was 30 Year, with 372 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 339 $74,465,000 $219,661
    $1k-2k 127 $26,095,000 $205,472
    $2k-3k 53 $12,895,000 $243,302
    $3k-4k 20 $5,780,000 $289,000
    $5k+ 18 $10,230,000 $568,333
    $4k-5k 11 $3,175,000 $288,636

    Workers Credit Union's average total fees were $3,683, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 339 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 567 $72,985,000 $128,721
    3-4% 472 $113,670,000 $240,826
    6-7% 115 $7,755,000 $67,435
    5-6% 58 $6,520,000 $112,414
    7-8% 43 $2,795,000 $65,000
    2.5-3% 31 $5,785,000 $186,613
    <2.5% 2 $20,000 $10,000

    During 2019, Workers Credit Union's average interest rate for loans was 3.91%, while their most frequently originated rate bucket for loans was 4-5%, with 567 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 583 $30,655,000 $52,581 $599 5.00%
    $100k-200k 359 $51,095,000 $142,326 $2,580 4.29%
    $200k-400k 288 $79,010,000 $274,340 $3,521 3.85%
    $400k-600k 41 $19,965,000 $486,951 $3,899 3.94%
    $600k-1MM 9 $6,435,000 $715,000 $6,357 3.88%
    $1MM+ 8 $22,370,000 $2,796,250 $18,759 4.44%

    2019 saw Workers Credit Union place emphasis on $100,000 or less loans with 583 originations, totaling $30,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 350 $54,600,000 $156,000 $2,352 4.46%
    $50k-75k 261 $29,545,000 $113,199 $2,012 4.49%
    $75k-100k 254 $33,250,000 $130,906 $2,209 4.54%
    $150k-250k 220 $40,590,000 $184,500 $2,479 4.61%
    $50k or less 122 $10,920,000 $89,508 $1,994 4.41%
    $250k+ 50 $17,280,000 $345,600 $5,077 4.49%

    Workers Credit Union lent most frequently to those with incomes in the $100k-150k range, with 350 originations. The second most popular income band? $50k-75k, with 261 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 258 $41,450,000 $160,659 $2,632 4.18%
    30-36% 240 $34,260,000 $142,750 $2,114 4.54%
    <20% 70 $14,090,000 $201,286 $3,606 4.11%
    39% 68 $8,010,000 $117,794 $1,922 4.96%
    44% 62 $8,740,000 $140,968 $1,653 4.87%
    43% 59 $8,755,000 $148,390 $1,747 4.78%
    38% 58 $7,680,000 $132,414 $2,087 4.74%
    41% 56 $7,560,000 $135,000 $2,018 4.97%
    42% 55 $9,155,000 $166,455 $2,503 4.60%
    40% 52 $6,700,000 $128,846 $2,035 4.71%
    37% 46 $6,960,000 $151,304 $2,429 4.72%
    36% 43 $5,735,000 $133,372 $2,459 4.67%
    45% 43 $6,105,000 $141,977 $2,052 4.30%
    46% 41 $5,195,000 $126,707 $2,175 4.36%
    47% 35 $4,755,000 $135,857 $1,879 4.23%
    48% 32 $4,910,000 $153,438 $3,158 4.29%
    49% 30 $5,230,000 $174,333 $3,126 4.30%
    50-60% 23 $3,325,000 $144,565 $1,862 4.40%
    >60% 2 $120,000 $60,000 $828 4.06%

    Workers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 258 originations. The next most common DTI ratio? 30-36%, with 240 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,132 $162,320,000 $143,392 $2,254 4.52%
    Not provided 98 $19,230,000 $196,224 $3,201 4.27%
    Not applicable 8 $19,040,000 $2,380,000 $0 4.82%
    Asian 22 $4,320,000 $196,364 $2,872 4.41%
    Black 15 $2,485,000 $165,667 $2,491 4.35%
    American Indian 5 $1,135,000 $227,000 $2,238 4.63%
    Asian Indian 4 $800,000 $200,000 $2,951 4.81%
    Other Asian 3 $175,000 $58,333 $564 4.88%
    Other Pacific Islander 1 $25,000 $25,000 $299 5.13%

    Approval Rates

    Total approvals of all applications
    80.40%

    Workers Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.75%

    Workers Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,288 $209,530,000 $162,679

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $12,590,000 $6,295,000
    Single Family (1-4 Units):Manufactured 1 $205,000 $205,000
    Single Family (1-4 Units):Site-Built 1,285 $196,735,000 $153,101

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 300 $28,190,000 $93,967 $1,053 4.97%
    40-60% 163 $28,835,000 $176,902 $2,393 4.06%
    60-80% 272 $75,280,000 $276,765 $3,455 3.93%
    80-100% 158 $43,390,000 $274,620 $3,662 3.87%
    Under 20% 388 $32,030,000 $82,552 $390 4.98%