Quincy Credit Union Mortgage Rates, Fees & Info

Quincy, MA

LEI: 5493006T76QKSBS2MS95

Tax ID: 04-2314232

5 stars - Updated: 12/16/24

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

Review & Overview

Quincy Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Quincy Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, 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.)

Quincy 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. Quincy 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.23%	12/16/24
30 Year Conventional Refi	6.25%	12/16/24
30 Year Cash-out Refi	6.13%	12/16/24
15 Year Conventional Purchase	5.68%	12/16/24
15 Year Conventional Refi	5.80%	12/16/24
15 Year Cash-out Refi	5.80%	12/16/24
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.

Quincy Credit Union Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Quincy Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

136

Origination Dollar Volume (All Markets)

$27,380,000

Relative Rate

Quincy Credit Union's average 30 year fixed mortgage rate was 5.88%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.6%.

Relative Fees (Closing Costs)

Quincy Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,638.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	130	$26,860,000	$206,615	$385	6.53%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	4	$300,000	$75,000	$0	7.06%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	2	$220,000	$110,000	$0	6.44%

Quincy Credit Union's top markets include Boston, Providence, and Barnstable Town among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

Similar Lenders

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

RTN FEDERAL CREDIT UNION
Similarity Rank: 40

Sharon & Crescent United Credit Union
Similarity Rank: 130

GREYLOCK
Similarity Rank: 160

Piscataqua Savings Bank
Similarity Rank: 177

Cape Cod Co-operative Bank
Similarity Rank: 195

St. Mary's Credit Union
Similarity Rank: 220

ROCKLAND
Similarity Rank: 276

RIVER WORKS
Similarity Rank: 284

St. Anne's Credit Union of Fall River, Mass.
Similarity Rank: 320

North Easton Savings Bank
Similarity Rank: 340

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	136	$27,380,000	$201,324	$367	6.55%

For 2023, Quincy Credit Union's most frequently originated type of loan was Conventional, with 136 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Other	71	$4,775,000	$67,254	$33	6.55%
Cash Out Refi	31	$6,925,000	$223,387	$288	6.58%
Home Purchase	14	$11,590,000	$827,857	$4,037	6.35%
Refi	13	$3,505,000	$269,615	$282	6.71%
Home Improvement	7	$585,000	$83,571	$0	6.46%

For 2023, Quincy Credit Union's most frequently cited loan purpose was Other, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 31 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
20 Year	55	$5,815,000	$105,727	$40	6.93%
10 Year	28	$2,040,000	$72,857	$0	6.17%
15 Year	18	$1,780,000	$98,889	$129	6.63%
5 Year	17	$4,425,000	$260,294	$0	6.16%
30 Year	11	$8,215,000	$746,818	$3,638	5.88%
Other	6	$4,100,000	$683,333	$0	7.17%
30+ year	1	$1,005,000	$1,005,000	$4,641	4.38%

For 2023, Quincy Credit Union's most frequently cited loan duration was 20 Year, with 55 originations. The 2nd most popular length was 10 Year, with 28 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	122	$16,170,000	$132,541
$1k-2k	2	$720,000	$360,000

Quincy Credit Union's average total fees were $3,638, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
6-7%	85	$13,595,000	$159,941
5-6%	32	$7,720,000	$241,250
7-8%	17	$4,615,000	$271,471
4-5%	2	$1,450,000	$725,000

During 2023, Quincy Credit Union's average interest rate for loans was 5.88%, while their most frequently originated rate bucket for loans was 6-7%, with 85 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	78	$4,240,000	$54,359	$30	6.53%
$100k-200k	26	$3,540,000	$136,154	$83	6.65%
$200k-400k	12	$3,060,000	$255,000	$0	6.78%
$400k-600k	8	$4,070,000	$508,750	$3,607	6.04%
$600k-1MM	7	$4,765,000	$680,714	$3,683	6.71%
$1MM+	5	$7,705,000	$1,541,000	$4,641	6.30%

2023 saw Quincy Credit Union place emphasis on $100,000 or less loans with 78 originations, totaling $4,240,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	49	$6,195,000	$126,429	$400	6.55%
$100k-150k	35	$3,445,000	$98,429	$102	6.57%
$75k-100k	17	$1,295,000	$76,176	$0	6.58%
$250k+	15	$5,415,000	$361,000	$1,516	6.20%
$50k-75k	8	$570,000	$71,250	$0	6.47%
$50k or less	1	$15,000	$15,000	$0	6.13%

Quincy Credit Union lent most frequently to those with incomes in the $150k-250k range, with 49 originations. The second most popular income band? $100k-150k, with 35 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	31	$4,055,000	$130,806	$549	6.54%
30-36%	26	$3,330,000	$128,077	$260	6.56%
42%	11	$865,000	$78,636	$0	6.34%
44%	8	$640,000	$80,000	$0	6.67%
<20%	8	$1,880,000	$235,000	$763	6.37%
43%	8	$590,000	$73,750	$0	6.52%
45%	7	$1,275,000	$182,143	$567	6.62%
38%	6	$1,560,000	$260,000	$1,133	6.08%
39%	5	$685,000	$137,000	$714	6.20%
40%	4	$890,000	$222,500	$318	6.53%
37%	3	$405,000	$135,000	$0	7.00%
46%	2	$310,000	$155,000	$0	6.25%
36%	2	$70,000	$35,000	$0	6.81%
47%	2	$130,000	$65,000	$0	7.13%
50-60%	1	$225,000	$225,000	$0	6.87%
41%	1	$25,000	$25,000	$0	6.13%

Quincy Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 26 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	107	$13,305,000	$124,346	$298	6.52%
Not applicable	11	$10,445,000	$949,545	$0	6.97%
Not provided	11	$2,325,000	$211,364	$968	6.37%
Asian	5	$1,145,000	$229,000	$657	6.42%
Black	2	$160,000	$80,000	$0	6.81%

Approval Rates

Total approvals of all applications
78.30%

Quincy Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
68.38%

Quincy Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	136	$27,380,000	$201,324

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	136	$27,380,000	$201,324

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	21	$3,895,000	$185,476	$103	6.77%
40-60%	1	$1,005,000	$1,005,000	$4,641	4.38%
60-80%	11	$7,955,000	$723,182	$2,949	6.27%
80-100%	9	$6,195,000	$688,333	$3,605	6.39%
Under 20%	94	$8,330,000	$88,617	$25	6.57%