University Credit Union Mortgage Rates, Fees & Info

Brunswick, ME

LEI: 254900QH6Q6RHDLHEC77

Tax ID: 01-6028792

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
  • Complaints
  • 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

    University Credit Union is a smaller credit union specializing in Refi, Home Purchase, and Cash Out Refi loans. University Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Bangor, Augusta, and Lewiston among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    University Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. University 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
    30 Year Conventional Purchase 6.67% 11/23/24
    30 Year Conventional Refi 6.31% 11/23/24
    30 Year Cash-out Refi 6.74% 11/23/24
    30 Year USDA Purchase 5.01% 11/23/24
    30 Year USDA Refi 6.27% 11/23/24
    15 Year Conventional Purchase 6.71% 11/23/24
    15 Year Conventional Refi 5.85% 11/23/24
    15 Year Cash-out Refi 5.85% 11/23/24
    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.

    University Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from University 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

    576

    Origination Dollar Volume (All Markets)

    $101,470,000

    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
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 253 $52,945,000 $209,269 $3,080 3.19%
    BANGOR, ME (FHA|USDA|VA) 195 $28,165,000 $144,436 $2,741 3.10%
    Outside of Metro Areas 85 $11,825,000 $139,118 $2,889 3.25%
    Augusta-Waterville, ME (FHA|USDA|VA) 22 $4,270,000 $194,091 $3,061 2.85%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 21 $4,265,000 $203,095 $3,129 3.17%
    University Credit Union's top markets include Portland, Bangor, Augusta, and Lewiston among others.

    Their top states include:
  • Maine (FHA|USDA|VA)

    • Similar Lenders

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

    Piscataqua Savings Bank
    Similarity Rank: 136
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 148
    CUMBERLAND COUNTY
    Similarity Rank: 176
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 222
    CASCO
    Similarity Rank: 324
    FIVE COUNTY
    Similarity Rank: 484
    Maine Savings Federal Credit Union
    Similarity Rank: 560
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 570
    Kennebec Savings Bank
    Similarity Rank: 605
    Bath Savings Institution
    Similarity Rank: 615

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 561 $99,135,000 $176,711 $2,900 3.15%
    USDA 15 $2,335,000 $155,667 $4,368 3.15%

    For 2020, University Credit Union's most frequently originated type of loan was Conventional, with 561 originations. Their 2nd most popular type was USDA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 169 $31,625,000 $187,130 $2,577 2.88%
    Home Purchase 165 $33,165,000 $201,000 $3,612 3.24%
    Cash Out Refi 140 $27,410,000 $195,786 $3,796 2.98%
    Home Improvement 58 $3,830,000 $66,034 $908 3.87%
    Other 44 $5,440,000 $123,636 $1,739 3.48%

    For 2020, University Credit Union's most frequently cited loan purpose was Refi, with 169 originations. The 2nd most popular reason was Home Purchase, with 165 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 279 $58,545,000 $209,839 $3,755 3.25%
    15 Year 230 $34,910,000 $151,783 $2,343 2.99%
    10 Year 34 $2,290,000 $67,353 $859 3.46%
    20 Year 23 $5,415,000 $235,435 $3,190 3.20%
    5 Year 10 $310,000 $31,000 $100 3.16%

    For 2020, University Credit Union's most frequently cited loan duration was 30 Year, with 279 originations. The 2nd most popular length was 15 Year, with 230 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 377 $58,795,000 $155,955
    $1k-2k 115 $24,515,000 $213,174
    $2k-3k 37 $7,365,000 $199,054
    $5k+ 20 $5,390,000 $269,500
    $3k-4k 16 $3,120,000 $195,000
    $4k-5k 11 $2,285,000 $207,727

    University Credit Union's average total fees were $3,755, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 377 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 235 $44,545,000 $189,553
    <2.5% 145 $24,315,000 $167,690
    2.5-3% 137 $28,285,000 $206,460
    4-5% 39 $3,445,000 $88,333
    5-6% 17 $745,000 $43,824
    6-7% 2 $120,000 $60,000
    Over 8% 1 $15,000 $15,000

    During 2020, University Credit Union's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 235 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 246 $36,700,000 $149,187 $2,875 2.94%
    $200k-400k 186 $47,860,000 $257,312 $3,747 3.05%
    $100,000 or less 124 $7,030,000 $56,694 $1,495 3.76%
    $400k-600k 18 $8,250,000 $458,333 $5,196 3.00%
    $600k-1MM 2 $1,630,000 $815,000 $3,879 3.13%

    2020 saw University Credit Union place emphasis on $100k-200k loans with 246 originations, totaling $36,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 166 $29,350,000 $176,807 $2,857 3.17%
    $50k-75k 119 $18,125,000 $152,311 $2,832 3.28%
    $75k-100k 102 $16,630,000 $163,039 $3,082 3.06%
    $150k-250k 88 $21,070,000 $239,432 $3,323 3.00%
    $50k or less 60 $6,480,000 $108,000 $2,568 3.26%
    $250k+ 16 $4,940,000 $308,750 $3,769 3.08%

    University Credit Union lent most frequently to those with incomes in the $100k-150k range, with 166 originations. The second most popular income band? $50k-75k, with 119 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 164 $28,350,000 $172,866 $2,814 3.07%
    30-36% 112 $20,710,000 $184,911 $2,896 3.28%
    <20% 108 $18,080,000 $167,407 $2,618 2.90%
    36% 18 $3,570,000 $198,333 $3,229 3.02%
    37% 17 $3,025,000 $177,941 $3,578 3.06%
    50-60% 15 $2,175,000 $145,000 $2,898 3.57%
    44% 15 $2,715,000 $181,000 $3,218 3.55%
    45% 15 $2,925,000 $195,000 $3,899 3.48%
    43% 14 $2,170,000 $155,000 $4,341 3.39%
    42% 13 $1,965,000 $151,154 $2,673 3.21%
    40% 12 $2,490,000 $207,500 $2,538 3.06%
    47% 11 $1,815,000 $165,000 $3,369 3.43%
    39% 11 $1,995,000 $181,364 $2,946 3.22%
    46% 10 $1,290,000 $129,000 $2,473 3.50%
    38% 10 $2,720,000 $272,000 $2,820 3.29%
    41% 10 $1,610,000 $161,000 $3,052 3.39%
    48% 7 $1,215,000 $173,571 $3,107 3.21%
    49% 4 $460,000 $115,000 $2,935 3.31%

    University Credit Union lent most frequently to those with DTI ratios of 20-30%, with 164 originations. The next most common DTI ratio? 30-36%, with 112 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 496 $86,010,000 $173,407 $2,956 3.17%
    Not provided 63 $11,375,000 $180,556 $2,757 3.06%
    Asian 12 $3,110,000 $259,167 $3,034 2.80%
    American Indian 4 $490,000 $122,500 $3,245 3.31%
    Other Asian 1 $485,000 $485,000 $2,959 2.75%

    Approval Rates

    Total approvals of all applications
    92.61%

    University Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.58%

    University Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 576 $101,470,000 $176,163

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $885,000 $98,333
    Single Family (1-4 Units):Site-Built 567 $100,585,000 $177,399

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $3,835,000 $89,186 $1,573 3.47%
    40-60% 120 $18,760,000 $156,333 $2,259 2.82%
    60-80% 208 $42,760,000 $205,577 $3,653 2.98%
    80-100% 152 $32,360,000 $212,895 $3,553 3.23%
    Under 20% 43 $1,565,000 $36,395 $238 4.34%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Universal Capital Services, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%
    Universal Capital Services, Inc. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 33.3%