Secny Federal Credit Union Mortgage Rates, Fees & Info

Syracuse, NY

LEI: 254900RKU25JCJEP4R59

Tax ID: 23-7153176

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Mortgage Data

Review & Overview

Secny Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Secny Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Syracuse, Cortland, Auburn, and Rochester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Secny Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Secny Federal 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 5.79% 12/16/24
30 Year Conventional Refi 5.81% 12/16/24
30 Year Cash-out Refi 5.65% 12/16/24
15 Year Conventional Purchase 5.01% 12/16/24
15 Year Conventional Refi 5.58% 12/16/24
15 Year Cash-out Refi 5.58% 12/16/24
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.

Secny 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 Secny 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

132

Origination Dollar Volume (All Markets)

$15,690,000

Awards

SECNY Federal Credit Union 30 Year Conventional Loans silver SECNY Federal Credit Union 30 Year Conventional Loans silver SECNY Federal Credit Union 30 Year Conventional Loans gold SECNY Federal 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
SYRACUSE, NY (FHA|USDA|VA) 128 $15,150,000 $118,359 $1,409 3.94%
Cortland, NY (FHA|USDA|VA) 2 $240,000 $120,000 $1,112 4.38%
Auburn, NY (FHA|USDA|VA) 1 $175,000 $175,000 $1,964 4.50%
ROCHESTER, NY (FHA|USDA|VA) 1 $125,000 $125,000 $1,622 3.00%
Secny Federal Credit Union's top markets include Syracuse, Cortland, Auburn, and Rochester among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Similar Lenders

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

    SECNY Federal Credit Union
    Similarity Rank: 32
    CCFCU FUNDING, LLC
    Similarity Rank: 270
    THE SUMMIT Federal Credit Union
    Similarity Rank: 377
    Pathfinder Bank
    Similarity Rank: 380
    COMMONFUND MORTGAGE CORP.
    Similarity Rank: 657
    VISIONS
    Similarity Rank: 675
    AMERICU Credit Union
    Similarity Rank: 828
    Empower Federal Credit Union
    Similarity Rank: 840
    SEFCU SERVICES, LLC
    Similarity Rank: 858

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 132 $15,690,000 $118,864 $1,410 3.94%

    For 2019, Secny Federal Credit Union's most frequently originated type of loan was Conventional, with 132 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 43 $6,945,000 $161,512 $2,489 3.91%
    Refi 42 $4,720,000 $112,381 $1,056 3.92%
    Home Improvement 28 $1,050,000 $37,500 $386 4.22%
    Cash Out Refi 19 $2,975,000 $156,579 $1,259 3.66%

    For 2019, Secny Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 43 originations. The 2nd most popular reason was Refi, with 42 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 46 $7,610,000 $165,435 $2,442 3.90%
    15 Year 32 $3,160,000 $98,750 $922 4.13%
    10 Year 17 $1,765,000 $103,824 $853 3.84%
    Other 16 $1,460,000 $91,250 $610 3.86%
    5 Year 12 $520,000 $43,333 $390 3.94%
    20 Year 8 $1,130,000 $141,250 $1,891 3.81%
    3 Year 1 $45,000 $45,000 $222 3.75%

    For 2019, Secny Federal Credit Union's most frequently cited loan duration was 30 Year, with 46 originations. The 2nd most popular length was 15 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 131 $15,595,000 $119,046
    $1k-2k 1 $95,000 $95,000

    Secny Federal Credit Union's average total fees were $2,442, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 131 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 79 $9,695,000 $122,722
    4-5% 40 $3,840,000 $96,000
    2.5-3% 11 $2,055,000 $186,818
    5-6% 1 $75,000 $75,000
    6-7% 1 $25,000 $25,000

    During 2019, Secny Federal Credit Union's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 3-4%, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 63 $3,385,000 $53,730 $731 4.17%
    $100k-200k 49 $6,935,000 $141,531 $1,824 3.78%
    $200k-400k 19 $4,885,000 $257,105 $2,544 3.63%
    $400k-600k 1 $485,000 $485,000 $2,345 3.75%

    2019 saw Secny Federal Credit Union place emphasis on $100,000 or less loans with 63 originations, totaling $3,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 39 $5,465,000 $140,128 $1,480 3.82%
    $150k-250k 30 $3,870,000 $129,000 $1,350 3.72%
    $75k-100k 27 $2,525,000 $93,519 $1,184 4.15%
    $50k-75k 23 $2,235,000 $97,174 $1,516 4.13%
    $50k or less 9 $705,000 $78,333 $1,573 3.89%
    $250k+ 4 $890,000 $222,500 $1,724 4.44%

    Secny Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 39 originations. The second most popular income band? $150k-250k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 42 $5,400,000 $128,571 $1,543 3.79%
    30-36% 32 $3,020,000 $94,375 $1,027 4.07%
    <20% 19 $1,965,000 $103,421 $1,324 3.97%
    41% 6 $1,190,000 $198,333 $1,887 4.00%
    39% 6 $900,000 $150,000 $1,761 3.96%
    37% 5 $465,000 $93,000 $1,539 4.00%
    44% 5 $465,000 $93,000 $1,290 4.15%
    43% 5 $485,000 $97,000 $951 3.80%
    38% 4 $480,000 $120,000 $1,457 4.06%
    40% 3 $385,000 $128,333 $2,305 3.92%
    36% 2 $270,000 $135,000 $898 4.25%
    42% 1 $185,000 $185,000 $1,647 3.00%
    45% 1 $275,000 $275,000 $3,650 4.00%
    46% 1 $205,000 $205,000 $2,700 4.75%

    Secny Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 126 $14,880,000 $118,095 $1,404 3.95%
    Asian 2 $450,000 $225,000 $2,345 3.63%
    Black 3 $275,000 $91,667 $1,458 3.92%
    American Indian 1 $85,000 $85,000 $224 3.50%

    Approval Rates

    Total approvals of all applications
    91.19%

    Secny Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.15%

    Secny Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 132 $15,690,000 $118,864

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 132 $15,690,000 $118,864

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $1,375,000 $65,476 $464 4.11%
    40-60% 20 $2,220,000 $111,000 $1,423 4.06%
    60-80% 33 $5,765,000 $174,697 $1,864 3.66%
    80-100% 35 $5,645,000 $161,286 $2,220 3.81%
    Under 20% 22 $560,000 $25,455 $375 4.27%