Quincy Credit Union Mortgage Rates, Fees & Info

Quincy, MA

LEI: 5493006T76QKSBS2MS95

Tax ID: 04-2314232

5 stars - out of 5 stars, based on 16 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    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, Barnstable Town, Providence, Worcester, and Vineyard Haven among others. We have data for 5 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 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.23% 3/27/23
    30 Year Conventional Refi 6.25% 3/27/23
    30 Year Cash-out Refi 6.13% 3/27/23
    15 Year Conventional Purchase 5.68% 3/27/23
    15 Year Conventional Refi 5.80% 3/27/23
    15 Year Cash-out Refi 5.80% 3/27/23
    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.


    Originations

    261

    Origination Dollar Volume (All Markets)

    $52,845,000

    Awards

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

    Relative Rate

    Quincy Credit Union's average 30 year fixed mortgage rate was 3.28%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -1.48%.

    Relative Fees (Closing Costs)

    Quincy Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,871.

    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 $4,750.

    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) 248 $50,310,000 $202,863 $801 4.10%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $1,115,000 $371,667 $2,013 3.58%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $850,000 $141,667 $1,350 4.38%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $435,000 $145,000 $810 4.71%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $135,000 $135,000 $0 6.25%
    Quincy Credit Union's top markets include Boston, Barnstable Town, Providence, Worcester, and Vineyard Haven 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.

    Sharon & Crescent United Credit Union
    Similarity Rank: 268
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Piscataqua Savings Bank
    Similarity Rank: 526
    Middlesex Savings Bank
    Similarity Rank: 560
    Bridgewater Savings Bank
    Similarity Rank: 576
    Walpole Co-operative Bank
    Similarity Rank: 789
    Norwood Co-operative Bank
    Similarity Rank: 820
    QUINCY CREDIT UNION
    Similarity Rank: 900
    Bristol County Savings Bank
    Similarity Rank: 945
    North Easton Savings Bank
    Similarity Rank: 956

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 261 $52,845,000 $202,471 $826 4.11%

    For 2022, Quincy Credit Union's most frequently originated type of loan was Conventional, with 261 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 100 $27,530,000 $275,300 $1,390 3.79%
    Other 74 $4,980,000 $67,297 $33 4.56%
    Home Improvement 53 $4,245,000 $80,094 $57 4.39%
    Home Purchase 19 $12,365,000 $650,789 $3,345 4.14%
    Refi 15 $3,725,000 $248,333 $2,383 3.05%

    For 2022, Quincy Credit Union's most frequently cited loan purpose was Cash Out Refi, with 100 originations. The 2nd most popular reason was Other, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 67 $8,495,000 $126,791 $284 4.76%
    15 Year 62 $9,600,000 $154,839 $646 4.04%
    10 Year 54 $5,300,000 $98,148 $308 4.03%
    30 Year 39 $14,005,000 $359,103 $2,871 3.28%
    5 Year 27 $6,485,000 $240,185 $0 4.22%
    30+ year 6 $2,430,000 $405,000 $2,782 3.63%
    Other 5 $5,025,000 $1,005,000 $0 3.63%
    1 Year 1 $1,505,000 $1,505,000 $0 4.25%

    For 2022, Quincy Credit Union's most frequently cited loan duration was 20 Year, with 67 originations. The 2nd most popular length was 15 Year, with 62 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 240 $36,400,000 $151,667
    $5k+ 2 $790,000 $395,000
    $2k-3k 1 $205,000 $205,000
    $4k-5k 1 $225,000 $225,000

    Quincy Credit Union's average total fees were $2,871, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 240 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 122 $25,120,000 $205,902
    4-5% 49 $10,685,000 $218,061
    5-6% 36 $5,030,000 $139,722
    2.5-3% 21 $6,785,000 $323,095
    <2.5% 17 $3,725,000 $219,118
    6-7% 16 $1,500,000 $93,750

    During 2022, Quincy Credit Union's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 122 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 127 $6,855,000 $53,976 $60 4.46%
    $200k-400k 51 $14,275,000 $279,902 $2,193 3.34%
    $100k-200k 47 $6,545,000 $139,255 $522 4.26%
    $400k-600k 20 $9,750,000 $487,500 $2,947 3.49%
    $1MM+ 9 $10,755,000 $1,195,000 $0 4.16%
    $600k-1MM 7 $4,665,000 $666,429 $3,136 4.16%

    2022 saw Quincy Credit Union place emphasis on $100,000 or less loans with 127 originations, totaling $6,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 77 $12,105,000 $157,208 $853 4.16%
    $150k-250k 76 $12,890,000 $169,605 $568 4.19%
    $50k-75k 38 $5,080,000 $133,684 $1,010 4.20%
    $75k-100k 37 $5,685,000 $153,649 $1,107 3.84%
    $250k+ 11 $2,325,000 $211,364 $541 3.91%
    $50k or less 7 $605,000 $86,429 $1,221 3.57%

    Quincy Credit Union lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $150k-250k, with 76 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $7,010,000 $140,200 $908 3.99%
    30-36% 48 $7,010,000 $146,042 $661 4.27%
    43% 28 $3,050,000 $108,929 $448 4.26%
    <20% 16 $2,700,000 $168,750 $1,046 3.73%
    41% 14 $2,150,000 $153,571 $526 4.44%
    45% 12 $1,960,000 $163,333 $952 4.07%
    44% 11 $585,000 $53,182 $0 4.91%
    39% 11 $2,545,000 $231,364 $1,664 3.63%
    42% 10 $1,840,000 $184,000 $1,196 3.80%
    37% 9 $1,605,000 $178,333 $873 4.00%
    40% 8 $1,970,000 $246,250 $1,552 3.55%
    50-60% 7 $1,425,000 $203,571 $1,040 3.43%
    36% 7 $505,000 $72,143 $0 5.23%
    38% 7 $1,695,000 $242,143 $841 3.95%
    49% 4 $1,210,000 $302,500 $2,557 3.19%
    48% 1 $295,000 $295,000 $2,420 2.50%
    46% 1 $65,000 $65,000 $0 5.88%

    Quincy Credit Union lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 232 $37,060,000 $159,741 $815 4.11%
    Not applicable 14 $13,450,000 $960,714 $0 4.33%
    Asian 9 $1,655,000 $183,889 $1,370 3.96%
    Black 6 $680,000 $113,333 $437 3.77%

    Approval Rates

    Total approvals of all applications
    79.37%

    Quincy Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.44%

    Quincy Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 261 $52,845,000 $202,471

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    261 $52,845,000 $202,471

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $9,640,000 $229,524 $1,120 3.83%
    40-60% 20 $5,800,000 $290,000 $2,462 3.21%
    60-80% 35 $20,765,000 $593,286 $2,482 3.59%
    80-100% 14 $6,920,000 $494,286 $3,278 3.52%
    Under 20% 150 $9,720,000 $64,800 $81 4.49%