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. Their top (well, only) market is San Juan.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 an average 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 |
|---|---|---|
| 30 Year Conventional Purchase | 5.67% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.12% | 11/21/24 |
| 15 Year Conventional Purchase | 3.91% | 11/21/24 |
| 15 Year Conventional Refi | 3.58% | 11/21/24 |
| 15 Year Cash-out Refi | 3.58% | 11/21/24 |
| 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
27Origination Dollar Volume (All Markets)
$3,925,000Top 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) | 27 | $3,925,000 | $145,370 | $7,112 | 5.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $3,925,000 | $145,370 | $7,112 | 5.00% |
For 2020, Cooperativa De Ahorro Y Credito De Manati's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
For 2020, Cooperativa De Ahorro Y Credito De Manati's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 20 | $3,090,000 | $154,500 | $8,060 | 5.09% |
| Other | 5 | $735,000 | $147,000 | $5,048 | 4.68% |
| 15 Year | 2 | $100,000 | $50,000 | $3,269 | 5.00% |
For 2020, Cooperativa De Ahorro Y Credito De Manati's most frequently cited loan duration was 30 Year, with 20 originations. The 2nd most popular length was Other, with 5 originations.
Origination Fees/Closing Costs
Cooperativa De Ahorro Y Credito De Manati's average total fees were $8,060, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 10 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 16 | $2,410,000 | $150,625 |
| 5-6% | 8 | $810,000 | $101,250 |
| 3-4% | 3 | $705,000 | $235,000 |
During 2020, Cooperativa De Ahorro Y Credito De Manati's average interest rate for loans was 5.09%, while their most frequently originated rate bucket for loans was 4-5%, with 16 originations.
Loan Sizing
2020 saw Cooperativa De Ahorro Y Credito De Manati place emphasis on $100,000 or less loans with 10 originations, totaling $590,000 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 10 originations. The second most popular income band? $100k-150k, with 6 originations.
Applicant Debt to Income Ratio
Cooperativa De Ahorro Y Credito De Manati lent most frequently to those with DTI ratios of 43%, with 6 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 26 | $3,890,000 | $149,615 | $7,316 | 4.98% |
| American Indian | 1 | $35,000 | $35,000 | $2,033 | 5.50% |
Approval Rates
Total approvals of all applications100.00%
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 origination88.89%
Cooperativa De Ahorro Y Credito De Manati has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $3,925,000 | $145,370 |