Southbridge Credit Union Mortgage Rates, Fees & Info

Southbridge, MA

LEI: 5493005JR8XLPW5ROU93

Tax ID: 04-2023790

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 Cash Out Refi and Home Purchase loans. Southbridge Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Springfield, Barnstable Town, and Hartford among others. We have data for 4 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.

    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

    102

    Origination Dollar Volume (All Markets)

    $20,040,000

    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) 86 $16,920,000 $196,744 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 14 $2,080,000 $148,571 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $775,000 $775,000 $0 0.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    Southbridge Credit Union's top markets include Worcester, Springfield, Barnstable Town, and Hartford 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.

    Bridgewater Savings Bank
    Similarity Rank: 102
    LENDERFI, INC.
    Similarity Rank: 474
    Centreville Bank
    Similarity Rank: 512
    Middlesex Savings Bank
    Similarity Rank: 546
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 565
    Northern Bank & Trust Company
    Similarity Rank: 630
    Jeanne D'Arc Credit Union
    Similarity Rank: 684
    CorePlus Federal Credit Union
    Similarity Rank: 710
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 711
    Cambridge Savings Bank
    Similarity Rank: 800

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 102 $20,040,000 $196,471 $0 0.00%

    For 2020, Southbridge Credit Union's most frequently originated type of loan was Conventional, with 102 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 68 $12,210,000 $179,559 $0 0.00%
    Home Purchase 22 $5,910,000 $268,636 $0 0.00%
    Refi 12 $1,920,000 $160,000 $0 0.00%

    For 2020, Southbridge Credit Union's most frequently cited loan purpose was Cash Out Refi, with 68 originations. The 2nd most popular reason was Home Purchase, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 102 $20,040,000 $196,471 $0 0.00%

    For 2020, Southbridge Credit Union's most frequently cited loan duration was Other, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 45 $11,505,000 $255,667 $0 0.00%
    $100k-200k 30 $4,690,000 $156,333 $0 0.00%
    $100,000 or less 23 $1,235,000 $53,696 $0 0.00%
    $400k-600k 2 $930,000 $465,000 $0 0.00%
    $600k-1MM 2 $1,680,000 $840,000 $0 0.00%

    2020 saw Southbridge Credit Union place emphasis on $200k-400k loans with 45 originations, totaling $11,505,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 27 $3,655,000 $135,370 $0 0.00%
    $100k-150k 24 $5,370,000 $223,750 $0 0.00%
    $150k-250k 19 $4,515,000 $237,632 $0 0.00%
    $75k-100k 12 $2,070,000 $172,500 $0 0.00%
    $50k or less 9 $685,000 $76,111 $0 0.00%
    $250k+ 2 $740,000 $370,000 $0 0.00%

    Southbridge Credit Union lent most frequently to those with incomes in the $50k-75k range, with 27 originations. The second most popular income band? $100k-150k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 102 $20,040,000 $196,471 $0 0.00%

    Southbridge Credit Union lent most frequently to those with DTI ratios of Exempt%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 91 $16,835,000 $185,000 $0 0.00%
    Not applicable 7 $2,755,000 $393,571 $0 0.00%
    Not provided 3 $315,000 $105,000 $0 0.00%
    American Indian 1 $135,000 $135,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.02%

    Southbridge Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.59%

    Southbridge Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 102 $20,040,000 $196,471

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,355,000 $451,667
    Single Family (1-4 Units):Manufactured 2 $70,000 $35,000
    Single Family (1-4 Units):Site-Built 97 $18,615,000 $191,907

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    1st Franklin Financial Corporation Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%