Cooperativa De Ahorro Y Credito De Manati Mortgage Rates, Fees & Info
Manati,LEI: 5493000L4JCTDWD6WT73
Tax ID: 66-0220429
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Mortgage Data
Review & Overview
Cooperativa De Ahorro Y Credito De Manati is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Cooperativa De Ahorro Y Credito De Manati has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: San Juan, Arecibo, and San GermÁn among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Cooperativa De Ahorro Y Credito De Manati 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. Cooperativa De Ahorro Y Credito De Manati is typically a high 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 relatively high 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 |
|---|---|---|
| 30 Year Conventional Purchase | 5.67% | 4/21/24 |
| 30 Year Conventional Refi | 6.27% | 4/21/24 |
| 30 Year Cash-out Refi | 6.12% | 4/21/24 |
| 15 Year Conventional Purchase | 3.91% | 4/21/24 |
| 15 Year Conventional Refi | 3.58% | 4/21/24 |
| 15 Year Cash-out Refi | 3.58% | 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. | ||
Cooperativa De Ahorro Y Credito De Manati Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
67Origination Dollar Volume (All Markets)
$9,805,000Relative Rate
Cooperativa De Ahorro Y Credito De Manati's average 30 year fixed mortgage rate was
7.06%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.58%.
Relative Fees (Closing Costs)
Cooperativa De Ahorro Y Credito De Manati's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,383.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 61 | $8,895,000 | $145,820 | $8,500 | 6.66% |
| Arecibo, PR (FHA|USDA|VA) | 5 | $765,000 | $153,000 | $8,350 | 7.20% |
| SAN GERMÁN, PR (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,347 | 7.50% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against COOPERATIVA DE AHORRO Y CREDITO DE MANATI based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 14
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 64 | $9,300,000 | $145,313 | $8,486 | 6.71% |
| USDA | 2 | $430,000 | $215,000 | $8,874 | 7.00% |
| FHA | 1 | $75,000 | $75,000 | $6,743 | 6.50% |
For 2023, Cooperativa De Ahorro Y Credito De Manati's most frequently originated type of loan was Conventional, with 64 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2023, Cooperativa De Ahorro Y Credito De Manati's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.
Loan Duration/Length
For 2023, Cooperativa De Ahorro Y Credito De Manati's most frequently cited loan duration was 30 Year, with 46 originations. The 2nd most popular length was Other, with 9 originations.
Origination Fees/Closing Costs
Cooperativa De Ahorro Y Credito De Manati's average total fees were $8,383, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 18 originations.
Interest Rates
During 2023, Cooperativa De Ahorro Y Credito De Manati's average interest rate for loans was 7.06%, while their most frequently originated rate bucket for loans was 6-7%, with 35 originations.
Loan Sizing
2023 saw Cooperativa De Ahorro Y Credito De Manati place emphasis on $100k-200k loans with 30 originations, totaling $4,050,000 in origination value.
Applicant Income
Cooperativa De Ahorro Y Credito De Manati lent most frequently to those with incomes in the $50k or less range, with 21 originations. The second most popular income band? $50k-75k, with 17 originations.
Applicant Debt to Income Ratio
Cooperativa De Ahorro Y Credito De Manati lent most frequently to those with DTI ratios of <20%, with 17 originations. The next most common DTI ratio? 50-60%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 66 | $9,700,000 | $146,970 | $8,488 | 6.72% |
| American Indian | 1 | $105,000 | $105,000 | $7,416 | 6.50% |
Approval Rates
Total approvals of all applications97.53%
Cooperativa De Ahorro Y Credito De Manati has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.55%
Cooperativa De Ahorro Y Credito De Manati has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 67 | $9,805,000 | $146,343 |