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, Refi, and Home Purchase loans. Workers Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Manchester, Springfield, and Keene 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.

    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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.20% 4/21/24
    30 Year Conventional Purchase 5.97% 4/21/24
    30 Year Conventional Refi 5.96% 4/21/24
    30 Year Cash-out Refi 6.00% 4/21/24
    15 Year Conventional Purchase 5.15% 4/21/24
    15 Year Conventional Refi 5.69% 4/21/24
    15 Year Cash-out Refi 5.69% 4/21/24
    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

    1,159

    Origination Dollar Volume (All Markets)

    $215,345,000

    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) 441 $100,195,000 $227,200 $3,029 3.54%
    WORCESTER, MA-CT (FHA|USDA|VA) 590 $94,490,000 $160,153 $2,659 3.61%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 48 $8,300,000 $172,917 $2,863 3.73%
    SPRINGFIELD, MA (FHA|USDA|VA) 39 $3,845,000 $98,590 $1,921 3.69%
    Keene, NH (FHA|USDA|VA) 15 $2,625,000 $175,000 $3,135 3.28%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $2,090,000 $261,250 $3,026 3.92%
    Outside of Metro Areas 4 $1,310,000 $327,500 $2,754 3.38%
    Laconia, NH (FHA|USDA|VA) 3 $1,095,000 $365,000 $3,686 4.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $1,080,000 $180,000 $2,326 3.50%
    Concord, NH (FHA|USDA|VA) 2 $190,000 $95,000 $1,979 2.87%
    Lebanon, NH-VT (FHA|USDA|VA) 3 $125,000 $41,667 $134 3.95%
    Workers Credit Union's top markets include Boston, Worcester, Manchester, Springfield, and Keene 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.

    Florence Bank
    Similarity Rank: 174
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 259
    Piscataqua Savings Bank
    Similarity Rank: 310
    HOLYOKE
    Similarity Rank: 357
    LUSO
    Similarity Rank: 378
    POLISH NATIONAL
    Similarity Rank: 414
    Adams Community Bank
    Similarity Rank: 490
    Centreville Bank
    Similarity Rank: 512
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 796 $182,480,000 $229,246 $2,765 3.66%
    HELOC 362 $32,450,000 $89,641 n/a 3.44%
    VA 1 $415,000 $415,000 $5,764 2.75%

    For 2020, Workers Credit Union's most frequently originated type of loan was Conventional, with 796 originations. Their 2nd most popular type was HELOC, with 362 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 328 $72,060,000 $219,695 $3,056 3.50%
    Refi 271 $56,555,000 $208,690 $2,772 3.27%
    Home Improvement 242 $17,160,000 $70,909 $273 3.86%
    Home Purchase 187 $58,975,000 $315,374 $3,740 3.47%
    Other 131 $10,595,000 $80,878 $514 4.13%

    For 2020, Workers Credit Union's most frequently cited loan purpose was Cash Out Refi, with 328 originations. The 2nd most popular reason was Refi, with 271 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 471 $51,745,000 $109,862 $2,103 3.71%
    30 Year 382 $111,010,000 $290,602 $3,555 3.42%
    15 Year 190 $36,070,000 $189,842 $2,597 3.33%
    10 Year 72 $9,880,000 $137,222 $1,003 4.14%
    Other 22 $3,890,000 $176,818 $1,062 3.79%
    5 Year 17 $575,000 $33,824 $225 4.23%
    30+ year 5 $2,175,000 $435,000 $3,888 3.38%

    For 2020, Workers Credit Union's most frequently cited loan duration was 20 Year, with 471 originations. The 2nd most popular length was 30 Year, with 382 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 435 $82,965,000 $190,724
    $1k-2k 185 $52,405,000 $283,270
    $2k-3k 76 $19,850,000 $261,184
    $3k-4k 28 $7,080,000 $252,857
    $5k+ 21 $9,565,000 $455,476
    $4k-5k 13 $4,445,000 $341,923

    Workers Credit Union's average total fees were $3,555, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 435 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 559 $141,075,000 $252,370
    2.5-3% 397 $57,115,000 $143,866
    4-5% 110 $9,100,000 $82,727
    5-6% 30 $2,280,000 $76,000
    6-7% 29 $1,655,000 $57,069
    7-8% 23 $1,655,000 $71,957
    <2.5% 11 $2,465,000 $224,091

    During 2020, Workers Credit Union's average interest rate for loans was 3.42%, while their most frequently originated rate bucket for loans was 3-4%, with 559 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 390 $20,790,000 $53,308 $681 4.09%
    $100k-200k 353 $50,865,000 $144,093 $2,649 3.34%
    $200k-400k 323 $86,605,000 $268,127 $3,466 3.31%
    $400k-600k 55 $25,805,000 $469,182 $4,165 3.33%
    $600k-1MM 33 $25,215,000 $764,091 $5,158 3.38%
    $1MM+ 5 $6,065,000 $1,213,000 $7,701 3.65%

    2020 saw Workers Credit Union place emphasis on $100,000 or less loans with 390 originations, totaling $20,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 312 $54,300,000 $174,038 $2,722 3.66%
    $150k-250k 248 $56,250,000 $226,815 $2,931 3.61%
    $75k-100k 221 $34,455,000 $155,905 $2,729 3.61%
    $50k-75k 193 $26,995,000 $139,870 $2,531 3.52%
    $50k or less 93 $10,465,000 $112,527 $2,601 3.42%
    $250k+ 66 $24,940,000 $377,879 $3,874 3.50%

    Workers Credit Union lent most frequently to those with incomes in the $100k-150k range, with 312 originations. The second most popular income band? $150k-250k, with 248 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 288 $54,950,000 $190,799 $2,741 3.48%
    30-36% 247 $45,145,000 $182,773 $2,762 3.66%
    <20% 78 $14,140,000 $181,282 $2,701 3.23%
    38% 51 $10,945,000 $214,608 $3,237 3.77%
    44% 47 $9,955,000 $211,809 $3,070 3.66%
    41% 45 $6,935,000 $154,111 $2,427 3.77%
    40% 44 $8,570,000 $194,773 $3,036 3.76%
    36% 43 $7,335,000 $170,581 $2,748 3.76%
    39% 43 $6,315,000 $146,860 $2,790 3.88%
    42% 42 $7,480,000 $178,095 $2,674 3.78%
    45% 38 $6,450,000 $169,737 $2,974 3.36%
    37% 34 $6,110,000 $179,706 $2,630 3.75%
    43% 34 $4,660,000 $137,059 $1,927 3.82%
    49% 33 $5,135,000 $155,606 $2,635 3.42%
    46% 33 $5,145,000 $155,909 $2,580 3.40%
    47% 27 $5,845,000 $216,481 $3,588 3.41%
    48% 17 $3,265,000 $192,059 $2,339 3.43%
    50-60% 5 $705,000 $141,000 $1,809 3.72%
    >60% 4 $1,300,000 $325,000 $5,285 3.06%

    Workers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 288 originations. The next most common DTI ratio? 30-36%, with 247 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 994 $178,420,000 $179,497 $2,756 3.61%
    Not provided 127 $22,375,000 $176,181 $2,799 3.40%
    Asian 21 $7,455,000 $355,000 $3,583 3.52%
    Not applicable 4 $4,390,000 $1,097,500 $0 3.81%
    Black 7 $1,585,000 $226,429 $3,498 3.25%
    Asian Indian 2 $620,000 $310,000 $2,490 4.13%
    Native Hawaiian or Islander 1 $305,000 $305,000 $3,206 3.38%
    American Indian 2 $160,000 $80,000 $231 6.37%
    Other Pacific Islander 1 $35,000 $35,000 $299 4.63%

    Approval Rates

    Total approvals of all applications
    80.98%

    Workers Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.12%

    Workers Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,159 $215,345,000 $185,802

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $1,690,000 $845,000
    Single Family (1-4 Units):Site-Built 1,157 $213,655,000 $184,663

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 211 $22,795,000 $108,033 $1,491 3.85%
    40-60% 209 $41,795,000 $199,976 $2,850 3.30%
    60-80% 308 $87,440,000 $283,896 $3,448 3.33%
    80-100% 134 $44,630,000 $333,060 $3,740 3.34%
    Under 20% 288 $16,360,000 $56,806 $341 4.01%