Quincy Credit Union Mortgage Rates, Fees & Info

Quincy, MA

LEI: 5493006T76QKSBS2MS95

Tax ID: 04-2314232

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Quincy Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Quincy Credit Union has a high proportion of conventional loans. Their top markets include Boston, Providence, Barnstable Town, Vineyard Haven, and Worcester among others. Quincy Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Quincy Credit Union is typically an average fee lendor.


Originations

438

Origination Dollar Volume (All Markets)

$103,690,000

Awards

QUINCY CREDIT UNION 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Quincy Credit Union's average 30 year fixed rate mortgage of loans were 2.93%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.22%.

Relative Fees

Quincy Credit Union's average total fees for a 30 year fixed rate mortgage are $3,502.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 420 $99,500,000 $236,905 $2,139 2.99%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 10 $2,730,000 $273,000 $2,167 2.83%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $825,000 $165,000 $1,417 3.10%
Vineyard Haven, MA (FHA|USDA|VA) 1 $445,000 $445,000 $12,029 2.38%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $190,000 $95,000 $0 3.63%

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

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 438 $103,690,000 $236,735 $2,144 2.99%

For the 2021 period, Quincy Credit Union's most frequently originated loan type of loans were Conventional, with 438 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 225 $69,335,000 $308,156 $2,889 2.81%
Refi 96 $21,180,000 $220,625 $2,401 2.76%
Other 52 $3,930,000 $75,577 $46 3.60%
Home Improvement 48 $3,900,000 $81,250 $58 3.64%
Home Purchase 17 $5,345,000 $314,412 $2,550 3.03%

For the 2021, Quincy Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 225 originations. The 2nd most popular reason of loans were Refi, with 96 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 141 $46,585,000 $330,390 $3,502 2.93%
20 Year 105 $25,395,000 $241,857 $1,817 3.15%
15 Year 97 $19,245,000 $198,402 $1,745 2.85%
10 Year 73 $10,455,000 $143,219 $969 2.98%
5 Year 18 $820,000 $45,556 $0 3.25%
30+ year 2 $1,130,000 $565,000 $2,826 2.88%
Other 2 $60,000 $30,000 $0 3.38%

For the 2021, Quincy Credit Union's most frequently cited loan length of loans were 30 Year, with 141 originations. The 2nd most popular length of loans were 20 Year, with 105 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 404 $91,270,000 $225,916
$5k+ 21 $8,565,000 $407,857
$3k-4k 7 $1,915,000 $273,571
$2k-3k 5 $975,000 $195,000

$3,502 of loans were Quincy Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 404 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 175 $25,055,000 $143,171
2.5-3% 160 $50,520,000 $315,750
<2.5% 103 $28,115,000 $272,961

During 2021, Quincy Credit Union's average interest rate of loans were 2.93%, while their most frequently originated rate bucket of loans were 3-4%, with 175 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 191 $54,515,000 $285,419 $2,775 2.78%
$100,000 or less 96 $4,960,000 $51,667 $158 3.55%
$100k-200k 88 $12,730,000 $144,659 $1,478 2.98%
$400k-600k 54 $25,220,000 $467,037 $3,526 2.84%
$600k-1MM 9 $6,265,000 $696,111 $7,837 2.54%

2021 saw Quincy Credit Union place emphasis on $200k-400k loans with 191 originations, totaling $54,515,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 129 $28,905,000 $224,070 $1,942 2.99%
$150k-250k 122 $34,930,000 $286,311 $2,477 2.91%
$75k-100k 82 $16,400,000 $200,000 $2,024 3.06%
$50k-75k 55 $10,545,000 $191,727 $1,908 3.00%
$250k+ 26 $9,230,000 $355,000 $2,892 2.91%
$50k or less 23 $2,715,000 $118,043 $1,648 3.17%

Quincy Credit Union lent most frequently to those with incomes in the $100k-150k range, with 129 originations. The second most popular income band? $150k-250k, with 122 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 115 $28,635,000 $249,000 $2,501 2.83%
30-36% 99 $24,975,000 $252,273 $2,122 3.06%
<20% 58 $13,310,000 $229,483 $2,458 2.88%
37% 17 $4,185,000 $246,176 $2,198 3.03%
44% 17 $3,565,000 $209,706 $1,810 3.29%
39% 15 $3,565,000 $237,667 $1,656 3.02%
42% 14 $2,550,000 $182,143 $1,302 3.11%
36% 14 $3,120,000 $222,857 $2,420 2.97%
40% 14 $2,910,000 $207,857 $1,824 2.98%
41% 13 $2,035,000 $156,538 $1,067 3.16%
46% 12 $3,020,000 $251,667 $1,807 3.11%
43% 10 $2,340,000 $234,000 $1,540 3.08%
50-60% 8 $2,250,000 $281,250 $1,487 3.19%
38% 8 $1,880,000 $235,000 $2,255 3.09%
45% 6 $590,000 $98,333 $1,728 3.25%
48% 6 $1,430,000 $238,333 $2,441 3.02%
47% 5 $1,145,000 $229,000 $1,514 3.23%
49% 5 $975,000 $195,000 $2,331 2.85%
>60% 1 $245,000 $245,000 $2,107 3.13%

Quincy Credit Union lent most frequently to those with DTI ratios of 20-30%, with 115 originations. The next most common DTI ratio? 30-36%, with 99 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 400 $94,030,000 $235,075 $2,105 2.98%
Asian 15 $3,715,000 $247,667 $2,386 2.96%
Black 12 $3,180,000 $265,000 $2,632 2.95%
Not provided 9 $1,525,000 $169,444 $2,785 3.39%
Not applicable 1 $965,000 $965,000 $0 3.50%
Filipino 1 $275,000 $275,000 $2,514 2.50%

Approval Rates

Total approvals of all applications
85.55%

Quincy Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
83.38%

Quincy Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 5 $315,000 $63,000
NA 433 $103,375,000 $238,741

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
438 $103,690,000 $236,735

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 86 $16,260,000 $189,070 $1,817 2.85%
40-60% 118 $34,540,000 $292,712 $2,974 2.73%
60-80% 106 $40,280,000 $380,000 $3,368 2.84%
80-100% 13 $5,185,000 $398,846 $3,238 2.93%
Under 20% 115 $7,425,000 $64,565 $213 3.51%