Southbridge Credit Union Mortgage Rates, Fees & Info

Southbridge, MA

LEI: 5493005JR8XLPW5ROU93

Tax ID: 04-2023790

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Southbridge Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Southbridge Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Springfield, Hartford, and Boston among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Southbridge Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Southbridge 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.

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    Originations

    122

    Origination Dollar Volume (All Markets)

    $19,460,000

    Awards

    SOUTHBRIDGE CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) 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
    WORCESTER, MA-CT (FHA|USDA|VA) 99 $15,505,000 $156,616 $1,394 10.91%
    SPRINGFIELD, MA (FHA|USDA|VA) 18 $3,000,000 $166,667 $1,443 4.63%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $580,000 $290,000 $2,832 3.94%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $350,000 $175,000 $1,430 3.50%
    Outside of Metro Areas 1 $25,000 $25,000 $0 3.25%
    Southbridge Credit Union's top markets include Worcester, Springfield, Hartford, and Boston among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    Charter Oak Federal Credit Union
    Similarity Rank: 18
    Middlesex Savings Bank
    Similarity Rank: 65
    UniBank for Savings
    Similarity Rank: 130
    Bristol County Savings Bank
    Similarity Rank: 144
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 170
    WEBSTER FIRST Federal Credit Union
    Similarity Rank: 182
    Milford Federal Bank
    Similarity Rank: 200
    Belmont Savings Bank
    Similarity Rank: 205
    St. Mary's Credit Union
    Similarity Rank: 245
    METRO
    Similarity Rank: 260

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 122 $19,460,000 $159,508 $1,419 9.68%

    For 2018, Southbridge Credit Union's most frequently originated type of loan was Conventional, with 122 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 43 $9,785,000 $227,558 $2,801 19.40%
    Refi 25 $4,105,000 $164,200 $954 4.37%
    Cash Out Refi 25 $4,095,000 $163,800 $1,429 4.31%
    Other 17 $1,125,000 $66,176 $293 4.35%
    Home Improvement 12 $350,000 $29,167 $0 4.69%

    For 2018, Southbridge Credit Union's most frequently cited loan purpose was Home Purchase, with 43 originations. The 2nd most popular reason was Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 47 $8,245,000 $175,426 $1,100 17.94%
    30 Year 34 $7,830,000 $230,294 $2,717 4.54%
    10 Year 19 $1,665,000 $87,632 $535 4.28%
    20 Year 16 $1,530,000 $95,625 $522 4.75%
    5 Year 5 $165,000 $33,000 $0 4.23%
    Other 1 $25,000 $25,000 $0 5.25%

    For 2018, Southbridge Credit Union's most frequently cited loan duration was 15 Year, with 47 originations. The 2nd most popular length was 30 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 98 $14,350,000 $146,429

    Southbridge Credit Union's average total fees were $2,717, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 98 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 52 $8,170,000 $157,115
    4-5% 36 $6,480,000 $180,000
    5-6% 22 $3,360,000 $152,727
    6-7% 4 $530,000 $132,500
    Over 8% 4 $220,000 $55,000
    7-8% 3 $585,000 $195,000
    2.5-3% 1 $115,000 $115,000

    During 2018, Southbridge Credit Union's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 3-4%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 45 $1,825,000 $40,556 $199 4.75%
    $200k-400k 39 $10,435,000 $267,564 $2,627 4.35%
    $100k-200k 36 $5,460,000 $151,667 $1,641 21.87%
    $1MM+ 1 $1,165,000 $1,165,000 $0 4.75%
    $400k-600k 1 $575,000 $575,000 $0 5.75%

    2018 saw Southbridge Credit Union place emphasis on $100,000 or less loans with 45 originations, totaling $1,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 25 $2,425,000 $97,000 $1,034 4.47%
    $100k-150k 21 $4,165,000 $198,333 $1,828 4.16%
    $50k-75k 20 $1,850,000 $92,500 $851 5.00%
    $150k-250k 18 $4,530,000 $251,667 $2,566 4.13%
    $50k or less 11 $465,000 $42,273 $409 4.13%
    $250k+ 4 $1,040,000 $260,000 $1,954 4.81%

    Southbridge Credit Union lent most frequently to those with incomes in the $75k-100k range, with 25 originations. The second most popular income band? $100k-150k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $8,080,000 $175,652 $1,761 4.16%
    30-36% 28 $3,870,000 $138,214 $1,118 4.44%
    <20% 14 $1,190,000 $85,000 $817 4.26%
    36% 4 $630,000 $157,500 $1,892 4.59%
    42% 2 $80,000 $40,000 $175 7.75%
    38% 2 $310,000 $155,000 $1,706 4.63%
    44% 1 $105,000 $105,000 $2,414 5.63%
    37% 1 $185,000 $185,000 $2,145 4.88%
    41% 1 $25,000 $25,000 $0 9.00%

    Southbridge Credit Union lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 101 $14,775,000 $146,287 $1,445 4.57%
    Not applicable 12 $3,120,000 $260,000 $0 56.92%
    Asian 2 $650,000 $325,000 $0 4.44%
    Not provided 4 $540,000 $135,000 $1,799 4.16%
    American Indian 2 $210,000 $105,000 $1,136 3.50%
    Other Asian 1 $165,000 $165,000 $0 3.88%

    Approval Rates

    Total approvals of all applications
    88.65%

    Southbridge Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.49%

    Southbridge Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    373.5 3 $265,000 $88,333
    NA 119 $19,195,000 $161,303

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $665,000 $221,667
    Single Family (1-4 Units):Manufactured 5 $365,000 $73,000
    Single Family (1-4 Units):Site-Built 114 $18,430,000 $161,667

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $615,000 $55,909 $235 4.18%
    40-60% 14 $2,290,000 $163,571 $1,173 4.56%
    60-80% 57 $13,165,000 $230,965 $2,347 15.61%
    80-100% 14 $2,700,000 $192,857 $2,554 4.71%
    Under 20% 26 $690,000 $26,538 $0 4.45%