Cooperativa De Ahorro Y Credito De Manati Mortgage Rates, Fees & Info

Manati,

LEI: 5493000L4JCTDWD6WT73

Tax ID: 66-0220429

4 stars - Updated: 7/20/24 - out of 5 stars, based on 8 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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% 7/20/24
30 Year Conventional Refi 6.27% 7/20/24
30 Year Cash-out Refi 6.12% 7/20/24
15 Year Conventional Purchase 3.91% 7/20/24
15 Year Conventional Refi 3.58% 7/20/24
15 Year Cash-out Refi 3.58% 7/20/24
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






Your Estimates

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

This is not an official calculator from Cooperativa De Ahorro Y Credito De Manati. 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

67

Origination Dollar Volume (All Markets)

$9,805,000

Relative 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%
Cooperativa De Ahorro Y Credito De Manati's top markets include San Juan, Arecibo, and San GermÁn among others.

Their top states include:
  • Puerto Rico (FHA|USDA|VA)
  • 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.

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 39 $5,295,000 $135,769 $8,369 6.68%
    Cash Out Refi 22 $3,750,000 $170,455 $8,695 7.06%
    Refi 6 $760,000 $126,667 $8,349 5.67%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 46 $6,890,000 $149,783 $8,383 7.06%
    Other 9 $1,145,000 $127,222 $8,954 4.78%
    15 Year 8 $810,000 $101,250 $6,363 6.81%
    20 Year 3 $895,000 $298,333 $15,025 6.83%
    10 Year 1 $65,000 $65,000 $5,860 7.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 18 $2,040,000 $113,333
    $2k-3k 16 $1,460,000 $91,250
    $5k+ 15 $4,715,000 $314,333
    $1k-2k 11 $575,000 $52,273
    $4k-5k 6 $990,000 $165,000

    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

    Loan Rate Originations Total Value Average Loan
    6-7% 35 $4,945,000 $141,286
    7-8% 22 $3,500,000 $159,091
    5-6% 5 $595,000 $119,000
    3-4% 3 $425,000 $141,667
    <2.5% 1 $25,000 $25,000
    Over 8% 1 $315,000 $315,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 30 $4,050,000 $135,000 $7,767 6.77%
    $100,000 or less 25 $1,615,000 $64,600 $5,726 6.49%
    $200k-400k 9 $2,285,000 $253,889 $12,273 7.03%
    $400k-600k 2 $910,000 $455,000 $19,324 7.25%
    $600k-1MM 1 $945,000 $945,000 $39,579 6.75%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 21 $1,525,000 $72,619 $6,102 6.40%
    $50k-75k 17 $2,385,000 $140,294 $8,336 6.78%
    $150k-250k 9 $1,455,000 $161,667 $7,991 7.08%
    $250k+ 8 $2,480,000 $310,000 $13,663 6.97%
    $100k-150k 6 $1,010,000 $168,333 $9,977 7.04%
    $75k-100k 6 $950,000 $158,333 $9,044 6.38%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 17 $2,295,000 $135,000 $8,279 6.16%
    50-60% 10 $1,260,000 $126,000 $7,676 6.65%
    20-30% 8 $990,000 $123,750 $6,359 7.18%
    30-36% 7 $1,755,000 $250,714 $12,751 6.64%
    37% 4 $280,000 $70,000 $5,953 6.69%
    45% 4 $390,000 $97,500 $7,120 6.63%
    44% 3 $535,000 $178,333 $9,714 7.33%
    38% 3 $315,000 $105,000 $6,314 7.50%
    42% 3 $245,000 $81,667 $5,621 6.58%
    43% 2 $180,000 $90,000 $6,528 7.50%
    39% 2 $350,000 $175,000 $12,499 6.50%
    40% 2 $590,000 $295,000 $12,806 7.00%
    48% 1 $195,000 $195,000 $8,821 7.75%
    36% 1 $425,000 $425,000 $19,434 7.25%

    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 applications
    97.53%

    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 origination
    89.55%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    67 $9,805,000 $146,343

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $385,000 $128,333 $6,705 7.33%
    40-60% 9 $925,000 $102,778 $7,406 6.58%
    60-80% 27 $3,805,000 $140,926 $8,375 6.96%
    80-100% 26 $4,610,000 $177,308 $9,301 6.58%
    Under 20% 2 $80,000 $40,000 $4,394 4.75%