Northeast Credit Union Mortgage Rates, Fees & Info

Portsmouth, NH

LEI: 54930070JV4STJJ0XS74

Tax ID: 02-0222930

5 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Northeast Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Cash Out Refi loans. Northeast Credit Union has a high proportion of conventional loans. Their top markets include Boston, Portland, Lebanon, Concord, and Manchester among others. Northeast 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. Northeast Credit Union is typically an average fee lendor.


Originations

1,412

Origination Dollar Volume (All Markets)

$205,420,000

Awards

NORTHEAST CREDIT UNION 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Northeast Credit Union's average 30 year fixed rate mortgage of loans were 3.22%.

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

This yields a difference of 0.07%.

Relative Fees

Northeast Credit Union's average total fees for a 30 year fixed rate mortgage are $4,316.

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) 567 $84,785,000 $149,533 $3,589 3.33%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 398 $59,330,000 $149,070 $3,935 3.31%
Outside of Metro Areas 133 $17,765,000 $133,571 $2,967 3.35%
Lebanon, NH-VT (FHA|USDA|VA) 85 $11,945,000 $140,529 $3,395 3.25%
Concord, NH (FHA|USDA|VA) 65 $10,255,000 $157,769 $3,741 3.32%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 67 $9,725,000 $145,149 $3,252 3.47%
Laconia, NH (FHA|USDA|VA) 33 $5,055,000 $153,182 $4,339 3.41%
Berlin, NH (FHA|USDA|VA) 51 $5,035,000 $98,725 $1,795 3.38%
Keene, NH (FHA|USDA|VA) 5 $585,000 $117,000 $1,879 3.92%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $385,000 $128,333 $2,197 3.91%
Augusta-Waterville, ME (FHA|USDA|VA) 2 $250,000 $125,000 $4,870 3.13%
Barre, VT (FHA|USDA|VA) 1 $185,000 $185,000 $4,903 2.75%
BANGOR, ME (FHA|USDA|VA) 2 $120,000 $60,000 $2,913 3.00%

Northeast Credit Union's top markets include Boston, Portland, Lebanon, Concord, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,412 $205,420,000 $145,482 $3,501 3.33%

For the 2021 period, Northeast Credit Union's most frequently originated loan type of loans were Conventional, with 1,412 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 635 $45,855,000 $72,213 $9 3.60%
Refi 324 $58,640,000 $180,988 $3,665 3.13%
Cash Out Refi 286 $62,210,000 $217,517 $4,780 3.03%
Home Purchase 167 $38,715,000 $231,826 $4,005 3.20%

For the 2021, Northeast Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 635 originations. The 2nd most popular reason of loans were Refi, with 324 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 655 $63,415,000 $96,817 $4,506 3.36%
30 Year 338 $78,620,000 $232,604 $4,316 3.22%
15 Year 220 $32,210,000 $146,409 $2,243 3.17%
20 Year 130 $27,310,000 $210,077 $4,459 2.91%
10 Year 62 $3,560,000 $57,419 $408 4.98%
5 Year 7 $305,000 $43,571 $0 4.09%

For the 2021, Northeast Credit Union's most frequently cited loan length of loans were Other, with 655 originations. The 2nd most popular length of loans were 30 Year, with 338 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 388 $51,360,000 $132,371
$1k-2k 178 $32,580,000 $183,034
$3k-4k 113 $30,155,000 $266,858
$2k-3k 106 $22,860,000 $215,660
$5k+ 62 $23,130,000 $373,065

$4,316 of loans were Northeast Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 388 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 843 $110,025,000 $130,516
2.5-3% 418 $80,660,000 $192,967
4-5% 55 $4,245,000 $77,182
5-6% 45 $2,165,000 $48,111
<2.5% 44 $8,060,000 $183,182
6-7% 7 $265,000 $37,857

During 2021, Northeast Credit Union's average interest rate of loans were 3.22%, while their most frequently originated rate bucket of loans were 3-4%, with 843 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 599 $31,725,000 $52,963 $651 3.66%
$100k-200k 403 $57,015,000 $141,476 $3,171 3.11%
$200k-400k 364 $94,230,000 $258,874 $4,927 3.07%
$400k-600k 42 $19,280,000 $459,048 $8,180 3.11%
$600k-1MM 3 $2,125,000 $708,333 $7,212 2.96%
$1MM+ 1 $1,045,000 $1,045,000 $18,657 3.63%

2021 saw Northeast Credit Union place emphasis on $100,000 or less loans with 599 originations, totaling $31,725,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 379 $55,915,000 $147,533 $3,524 3.40%
$75k-100k 322 $45,790,000 $142,205 $3,596 3.29%
$50k-75k 271 $32,745,000 $120,830 $3,086 3.34%
$150k-250k 264 $48,830,000 $184,962 $4,447 3.28%
$50k or less 119 $11,205,000 $94,160 $2,229 3.29%
$250k+ 44 $9,960,000 $226,364 $5,313 3.41%

Northeast Credit Union lent most frequently to those with incomes in the $100k-150k range, with 379 originations. The second most popular income band? $75k-100k, with 322 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 398 $58,650,000 $147,362 $3,611 3.27%
30-36% 316 $43,200,000 $136,709 $3,366 3.31%
<20% 122 $16,280,000 $133,443 $3,082 3.24%
37% 67 $10,305,000 $153,806 $4,127 3.22%
43% 56 $7,610,000 $135,893 $3,441 3.42%
40% 56 $8,130,000 $145,179 $3,022 3.55%
39% 48 $8,670,000 $180,625 $3,818 3.52%
42% 45 $6,695,000 $148,778 $3,314 3.54%
36% 45 $7,405,000 $164,556 $3,099 3.43%
38% 45 $7,345,000 $163,222 $3,705 3.24%
41% 42 $6,440,000 $153,333 $3,073 3.44%
44% 41 $6,695,000 $163,293 $4,176 3.39%
45% 30 $3,950,000 $131,667 $4,086 3.52%
46% 27 $3,255,000 $120,556 $2,778 3.62%
47% 23 $3,455,000 $150,217 $4,273 3.14%
50-60% 18 $2,060,000 $114,444 $2,863 3.40%
48% 17 $2,385,000 $140,294 $3,499 3.25%
49% 13 $2,445,000 $188,077 $4,644 3.03%
>60% 2 $240,000 $120,000 $2,731 3.44%

Northeast Credit Union lent most frequently to those with DTI ratios of 20-30%, with 398 originations. The next most common DTI ratio? 30-36%, with 316 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,295 $189,465,000 $146,305 $3,517 3.33%
Not provided 98 $12,540,000 $127,959 $3,209 3.35%
Asian 8 $1,400,000 $175,000 $3,937 3.17%
American Indian 5 $925,000 $185,000 $3,547 2.90%
Black 4 $730,000 $182,500 $3,404 3.11%
Not applicable 1 $205,000 $205,000 $0 3.75%
Chinese 1 $155,000 $155,000 $2,826 2.88%

Approval Rates

Total approvals of all applications
78.17%

Northeast Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
67.50%

Northeast 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 1,412 $205,420,000 $145,482

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,412 $205,420,000 $145,482

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 295 $32,165,000 $109,034 $1,818 3.27%
40-60% 231 $40,985,000 $177,424 $3,349 3.02%
60-80% 292 $72,350,000 $247,774 $4,909 3.12%
80-100% 137 $37,005,000 $270,109 $5,048 3.17%
Over 100% 1 $325,000 $325,000 $9,643 3.25%
Under 20% 455 $22,275,000 $48,956 $220 3.71%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
NORTHWEST BANCSHARES INC Conventional home mortgage Struggling to pay mortgage 1 11.1%
NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 5 55.6%
NORTHWEST BANCSHARES INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Struggling to pay mortgage 1 11.1%