Southbridge Credit Union Mortgage Rates, Fees & Info
Southbridge, MALEI: 5493005JR8XLPW5ROU93
Tax ID: 04-2023790
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Mortgage Data
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, and Barnstable Town among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Southbridge 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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Originations
159Origination Dollar Volume (All Markets)
$30,845,000Top 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 |
|---|---|---|---|---|---|
| WORCESTER, MA-CT (FHA|USDA|VA) | 141 | $27,275,000 | $193,440 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 17 | $3,075,000 | $180,882 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $0 | 0.00% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 159 | $30,845,000 | $193,994 | $0 | 0.00% |
For 2021, Southbridge Credit Union's most frequently originated type of loan was Conventional, with 159 originations.
Loan Reason
For 2021, Southbridge Credit Union's most frequently cited loan purpose was Cash Out Refi, with 79 originations. The 2nd most popular reason was Home Improvement, with 31 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 159 | $30,845,000 | $193,994 | $0 | 0.00% |
For 2021, Southbridge Credit Union's most frequently cited loan duration was Other, with 159 originations.
Loan Sizing
2021 saw Southbridge Credit Union place emphasis on $100k-200k loans with 62 originations, totaling $9,330,000 in origination value.
Applicant Income
Southbridge Credit Union lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $50k-75k, with 35 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 159 | $30,845,000 | $193,994 | $0 | 0.00% |
Southbridge Credit Union lent most frequently to those with DTI ratios of Exempt%, with 159 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.72%
Southbridge Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination79.25%
Southbridge Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 159 | $30,845,000 | $193,994 |