Workers Credit Union Mortgage Rates, Fees & Info
Fitchburg, MALEI: 254900MSO8KVQ05D2J27
Tax ID: 04-2079901
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Mortgage Data
Review & Overview
Workers Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Workers Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, New Haven, Springfield, and Manchester among others. We have data for 16 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.20% | 5/13/24 |
| 30 Year Conventional Purchase | 5.97% | 5/13/24 |
| 30 Year Conventional Refi | 5.96% | 5/13/24 |
| 30 Year Cash-out Refi | 6.00% | 5/13/24 |
| 15 Year Conventional Purchase | 5.15% | 5/13/24 |
| 15 Year Conventional Refi | 5.69% | 5/13/24 |
| 15 Year Cash-out Refi | 5.69% | 5/13/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,447Origination Dollar Volume (All Markets)
$348,785,000Awards
Workers Credit Union - 2022
Workers Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 622 | $185,630,000 | $298,441 | $3,143 | 4.10% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 632 | $102,240,000 | $161,772 | $2,285 | 4.13% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $16,505,000 | $16,505,000 | $0 | 3.38% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 71 | $10,865,000 | $153,028 | $2,523 | 4.05% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 48 | $10,820,000 | $225,417 | $3,571 | 4.44% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 18 | $7,230,000 | $401,667 | $4,366 | 3.77% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 17 | $4,585,000 | $269,706 | $3,513 | 4.35% |
| Keene, NH (FHA|USDA|VA) | 19 | $3,975,000 | $209,211 | $2,466 | 4.41% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $3,180,000 | $1,590,000 | $0 | 4.50% |
| Lebanon, NH-VT (FHA|USDA|VA) | 6 | $1,820,000 | $303,333 | $3,277 | 4.33% |
| Laconia, NH (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $2,282 | 3.65% |
| PITTSFIELD, MA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 3.75% |
| Concord, NH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,638 | 3.00% |
| Berlin, NH (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $242 | 6.68% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $140 | 4.63% |
| Outside of Metro Areas | 1 | $35,000 | $35,000 | $0 | 3.75% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 826 | $270,420,000 | $327,385 | $2,736 | 4.34% |
| HELOC | 619 | $77,775,000 | $125,646 | n/a | 3.84% |
| VA | 2 | $590,000 | $295,000 | $7,970 | 3.69% |
For 2022, Workers Credit Union's most frequently originated type of loan was Conventional, with 826 originations. Their 2nd most popular type was HELOC, with 619 originations.
Loan Reason
For 2022, Workers Credit Union's most frequently cited loan purpose was Cash Out Refi, with 362 originations. The 2nd most popular reason was Home Purchase, with 361 originations.
Loan Duration/Length
For 2022, Workers Credit Union's most frequently cited loan duration was 20 Year, with 746 originations. The 2nd most popular length was 30 Year, with 466 originations.
Origination Fees/Closing Costs
Workers Credit Union's average total fees were $4,007, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 448 originations.
Interest Rates
During 2022, Workers Credit Union's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 414 originations.
Loan Sizing
2022 saw Workers Credit Union place emphasis on $100,000 or less loans with 505 originations, totaling $29,055,000 in origination value.
Applicant Income
Workers Credit Union lent most frequently to those with incomes in the $100k-150k range, with 380 originations. The second most popular income band? $150k-250k, with 372 originations.
Applicant Debt to Income Ratio
Workers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 283 originations. The next most common DTI ratio? 30-36%, with 269 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.96%
Workers Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination87.08%
Workers Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,447 | $348,785,000 | $241,040 |