Waterbury Connecticut Teachers Federal Credit Union Mortgage Rates, Fees & Info
Middlebury, CTLEI: 5493001BJFQ0EM41N379
Tax ID: 06-0663297
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Mortgage Data
Review & Overview
Waterbury Connecticut Teachers Federal Credit Union is a smaller credit union specializing in Other, Refi, and Home Improvement loans. Waterbury Connecticut Teachers Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Bridgeport, Torrington, Hartford, and Norwich among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Waterbury Connecticut Teachers Federal 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 4.70% | 4/21/24 |
| 15 Year Conventional Refi | 5.47% | 4/21/24 |
| 15 Year Cash-out Refi | 5.47% | 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. | ||
Waterbury Connecticut Teachers Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
247Origination Dollar Volume (All Markets)
$18,865,000Top 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 |
|---|---|---|---|---|---|
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 94 | $6,650,000 | $70,745 | $0 | 6.48% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 70 | $5,610,000 | $80,143 | $0 | 6.51% |
| Torrington, CT (FHA|USDA|VA) | 51 | $4,085,000 | $80,098 | $0 | 6.63% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 31 | $2,415,000 | $77,903 | $0 | 6.73% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 247 | $18,865,000 | $76,377 | $0 | 6.55% |
For 2023, Waterbury Connecticut Teachers Federal Credit Union's most frequently originated type of loan was Conventional, with 247 originations.
Loan Reason
For 2023, Waterbury Connecticut Teachers Federal Credit Union's most frequently cited loan purpose was Other, with 85 originations. The 2nd most popular reason was Refi, with 71 originations.
Loan Duration/Length
For 2023, Waterbury Connecticut Teachers Federal Credit Union's most frequently cited loan duration was 15 Year, with 149 originations. The 2nd most popular length was 10 Year, with 70 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 247 | $18,865,000 | $76,377 |
Waterbury Connecticut Teachers Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 247 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 143 | $10,915,000 | $76,329 |
| 5-6% | 70 | $5,640,000 | $80,571 |
| 7-8% | 29 | $2,035,000 | $70,172 |
| Over 8% | 5 | $275,000 | $55,000 |
During 2023, Waterbury Connecticut Teachers Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 143 originations.
Loan Sizing
2023 saw Waterbury Connecticut Teachers Federal Credit Union place emphasis on $100,000 or less loans with 186 originations, totaling $10,140,000 in origination value.
Applicant Income
Waterbury Connecticut Teachers Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 76 originations. The second most popular income band? $100k-150k, with 74 originations.
Applicant Debt to Income Ratio
Waterbury Connecticut Teachers Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.30%
Waterbury Connecticut Teachers Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination85.02%
Waterbury Connecticut Teachers Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 247 | $18,865,000 | $76,377 |