Quincy Credit Union Mortgage Rates, Fees & Info

Quincy, MA

LEI: 5493006T76QKSBS2MS95

Tax ID: 04-2314232

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

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Mortgage Data

Review & 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 by origination volume include: Boston, Providence, Barnstable Town, and Worcester among others. We have data for 4 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.23% 3/27/24
30 Year Conventional Refi 6.25% 3/27/24
30 Year Cash-out Refi 6.13% 3/27/24
15 Year Conventional Purchase 5.68% 3/27/24
15 Year Conventional Refi 5.80% 3/27/24
15 Year Cash-out Refi 5.80% 3/27/24
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






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

430

Origination Dollar Volume (All Markets)

$96,590,000

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 411 $92,685,000 $225,511 $2,822 3.21%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 10 $1,630,000 $163,000 $1,501 3.29%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $1,620,000 $270,000 $4,879 2.90%
WORCESTER, MA-CT (FHA|USDA|VA) 3 $655,000 $218,333 $2,494 3.58%
Quincy Credit Union's top markets include Boston, Providence, Barnstable Town, and Worcester 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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 430 $96,590,000 $224,628 $2,812 3.21%

    For 2020, Quincy Credit Union's most frequently originated type of loan was Conventional, with 430 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 215 $58,635,000 $272,721 $2,793 3.04%
    Refi 94 $20,300,000 $215,957 $4,767 3.13%
    Home Improvement 46 $2,450,000 $53,261 $0 3.77%
    Home Purchase 38 $11,840,000 $311,579 $3,730 3.26%
    Other 37 $3,365,000 $90,946 $568 3.68%

    For 2020, Quincy Credit Union's most frequently cited loan purpose was Cash Out Refi, with 215 originations. The 2nd most popular reason was Refi, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 164 $51,930,000 $316,646 $3,243 3.20%
    15 Year 107 $17,655,000 $165,000 $1,471 3.34%
    10 Year 69 $6,895,000 $99,928 $728 3.26%
    20 Year 61 $17,635,000 $289,098 $7,504 2.90%
    5 Year 22 $780,000 $35,455 $0 3.44%
    Other 4 $690,000 $172,500 $748 3.16%
    30+ year 2 $980,000 $490,000 $2,856 3.50%
    3 Year 1 $25,000 $25,000 $0 3.25%

    For 2020, Quincy Credit Union's most frequently cited loan duration was 30 Year, with 164 originations. The 2nd most popular length was 15 Year, with 107 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 393 $84,355,000 $214,644
    $5k+ 23 $8,545,000 $371,522
    $4k-5k 7 $1,985,000 $283,571
    $2k-3k 3 $755,000 $251,667
    $3k-4k 3 $775,000 $258,333
    $1k-2k 1 $175,000 $175,000

    Quincy Credit Union's average total fees were $3,243, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 393 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 246 $50,580,000 $205,610
    2.5-3% 106 $31,190,000 $294,245
    <2.5% 53 $13,135,000 $247,830
    4-5% 25 $1,685,000 $67,400

    During 2020, Quincy Credit Union's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 246 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 209 $60,895,000 $291,364 $4,246 3.01%
    $100,000 or less 111 $5,665,000 $51,036 $109 3.72%
    $100k-200k 66 $9,700,000 $146,970 $1,575 3.12%
    $400k-600k 43 $19,715,000 $458,488 $4,419 3.05%
    $600k-1MM 1 $615,000 $615,000 $16,101 2.50%

    2020 saw Quincy Credit Union place emphasis on $200k-400k loans with 209 originations, totaling $60,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 157 $39,045,000 $248,694 $2,559 3.15%
    $100k-150k 115 $26,015,000 $226,217 $2,028 3.23%
    $75k-100k 83 $16,505,000 $198,855 $4,991 3.24%
    $50k-75k 45 $8,745,000 $194,333 $2,073 3.30%
    $250k+ 17 $4,905,000 $288,529 $2,820 3.20%
    $50k or less 13 $1,375,000 $105,769 $1,368 3.44%

    Quincy Credit Union lent most frequently to those with incomes in the $150k-250k range, with 157 originations. The second most popular income band? $100k-150k, with 115 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 150 $34,910,000 $232,733 $2,401 3.14%
    30-36% 101 $23,935,000 $236,980 $4,718 3.25%
    <20% 53 $10,355,000 $195,377 $2,047 3.14%
    50-60% 15 $3,495,000 $233,000 $1,756 3.33%
    41% 14 $2,800,000 $200,000 $2,933 3.27%
    42% 13 $3,555,000 $273,462 $2,233 3.17%
    37% 12 $2,650,000 $220,833 $2,723 3.26%
    40% 10 $2,560,000 $256,000 $2,436 3.16%
    44% 9 $1,905,000 $211,667 $2,170 3.19%
    39% 9 $2,285,000 $253,889 $3,319 3.15%
    43% 9 $2,145,000 $238,333 $1,738 3.49%
    36% 8 $810,000 $101,250 $901 3.47%
    38% 8 $1,340,000 $167,500 $927 3.56%
    47% 6 $1,520,000 $253,333 $2,065 3.02%
    45% 3 $425,000 $141,667 $1,674 3.21%
    48% 3 $425,000 $141,667 $729 4.04%
    49% 3 $595,000 $198,333 $1,587 3.58%
    46% 2 $500,000 $250,000 $2,617 3.44%
    >60% 2 $380,000 $190,000 $1,276 3.50%

    Quincy Credit Union lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 101 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 399 $88,995,000 $223,045 $2,860 3.21%
    Asian 15 $3,655,000 $243,667 $2,580 3.34%
    Black 13 $3,345,000 $257,308 $1,909 3.26%
    American Indian 1 $295,000 $295,000 $2,187 3.13%
    Asian Indian 1 $265,000 $265,000 $2,516 3.00%
    Other Asian 1 $35,000 $35,000 $0 3.88%

    Approval Rates

    Total approvals of all applications
    85.38%

    Quincy Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.47%

    Quincy Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    2000.0 1 $105,000 $105,000
    2600.0 1 $265,000 $265,000
    NA 428 $96,220,000 $224,813

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 430 $96,590,000 $224,628

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $11,685,000 $174,403 $1,986 2.99%
    40-60% 75 $20,465,000 $272,867 $6,171 2.89%
    60-80% 144 $47,920,000 $332,778 $3,417 3.07%
    80-100% 30 $10,250,000 $341,667 $3,629 3.28%
    Under 20% 114 $6,270,000 $55,000 $132 3.72%