Northeast Credit Union Mortgage Rates, Fees & Info

Portsmouth, NH

LEI: 54930070JV4STJJ0XS74

Tax ID: 02-0222930

5 stars - Updated: 6/9/24 - out of 5 stars, based on 33 reviews

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

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Mortgage Data

Review & Overview

Northeast Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Northeast Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Portland, Manchester, Lebanon, and Concord among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Northeast 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. Northeast 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
Home Equity Line of Credit (HELOC) 6.12% 6/9/24
30 Year Conventional Purchase 6.70% 6/9/24
30 Year Conventional Refi 6.69% 6/9/24
30 Year Cash-out Refi 6.66% 6/9/24
15 Year Conventional Purchase 6.31% 6/9/24
15 Year Conventional Refi 5.97% 6/9/24
15 Year Cash-out Refi 5.97% 6/9/24
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.

Northeast Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Northeast 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

1,122

Origination Dollar Volume (All Markets)

$135,120,000

Awards

NORTHEAST CREDIT UNION 30 Year Conventional Loans gold NORTHEAST CREDIT UNION 30 Year Conventional Loans silver NORTHEAST CREDIT UNION 30 Year Conventional Loans silver NORTHEAST CREDIT UNION 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Northeast Credit Union's average 30 year fixed mortgage rate was 6.24%.

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

This yields a difference of -0.24%.

Relative Fees (Closing Costs)

Northeast Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,600.

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) 433 $50,555,000 $116,755 $787 6.63%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 319 $38,435,000 $120,486 $1,192 6.77%
Outside of Metro Areas 105 $13,725,000 $130,714 $1,205 6.53%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 69 $9,025,000 $130,797 $1,308 6.78%
Lebanon, NH-VT (FHA|USDA|VA) 52 $7,390,000 $142,115 $1,997 6.65%
Concord, NH (FHA|USDA|VA) 62 $6,510,000 $105,000 $925 6.71%
Laconia, NH (FHA|USDA|VA) 33 $4,755,000 $144,091 $1,447 6.36%
Berlin, NH (FHA|USDA|VA) 44 $4,010,000 $91,136 $473 6.41%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $375,000 $375,000 $3,340 5.63%
Keene, NH (FHA|USDA|VA) 1 $145,000 $145,000 $5,061 7.25%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 2 $120,000 $60,000 $0 7.15%
Barre, VT (FHA|USDA|VA) 1 $75,000 $75,000 $2,920 6.00%
Northeast Credit Union's top markets include Boston, Portland, Manchester, Lebanon, and Concord among others.

Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against NORTHEAST 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
    Saco Valley Credit Union
    Similarity Rank: 64
    Bath Savings Institution
    Similarity Rank: 115
    Norway Savings Bank
    Similarity Rank: 126
    GREYLOCK
    Similarity Rank: 160
    Piscataqua Savings Bank
    Similarity Rank: 177
    Cape Cod Co-operative Bank
    Similarity Rank: 195
    CUMBERLAND COUNTY
    Similarity Rank: 200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 776 $101,390,000 $130,657 $1,046 6.05%
    HELOC 346 $33,730,000 $97,486 n/a 8.02%

    For 2023, Northeast Credit Union's most frequently originated type of loan was Conventional, with 776 originations. Their 2nd most popular type was HELOC, with 346 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 619 $49,645,000 $80,202 $41 6.79%
    Other 165 $13,345,000 $80,879 $104 6.65%
    Home Purchase 150 $48,990,000 $326,600 $4,558 6.29%
    Cash Out Refi 133 $17,975,000 $135,150 $983 6.71%
    Refi 55 $5,165,000 $93,909 $602 6.10%

    For 2023, Northeast Credit Union's most frequently cited loan purpose was Home Improvement, with 619 originations. The 2nd most popular reason was Other, with 165 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 503 $43,285,000 $86,054 $25 7.14%
    15 Year 242 $21,440,000 $88,595 $56 6.37%
    10 Year 174 $12,620,000 $72,529 $55 6.38%
    30 Year 168 $55,900,000 $332,738 $4,600 6.24%
    5 Year 30 $1,380,000 $46,000 $8 5.00%
    3 Year 3 $85,000 $28,333 $0 4.62%
    20 Year 2 $410,000 $205,000 $4,924 6.88%

    For 2023, Northeast Credit Union's most frequently cited loan duration was Other, with 503 originations. The 2nd most popular length was 15 Year, with 242 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 726 $83,510,000 $115,028
    $4k-5k 14 $5,280,000 $377,143
    $5k+ 11 $5,875,000 $534,091
    $2k-3k 9 $2,635,000 $292,778
    $3k-4k 8 $2,330,000 $291,250
    $1k-2k 6 $1,110,000 $185,000

    Northeast Credit Union's average total fees were $4,600, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 726 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 377 $54,385,000 $144,257
    7-8% 219 $26,845,000 $122,580
    Over 8% 195 $16,455,000 $84,385
    5-6% 193 $24,435,000 $126,606
    4-5% 132 $11,650,000 $88,258
    3-4% 5 $1,145,000 $229,000
    2.5-3% 1 $205,000 $205,000

    During 2023, Northeast Credit Union's average interest rate for loans was 6.24%, while their most frequently originated rate bucket for loans was 6-7%, with 377 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 643 $34,265,000 $53,289 $73 6.54%
    $100k-200k 288 $37,060,000 $128,681 $542 7.05%
    $200k-400k 138 $36,230,000 $262,536 $3,605 6.51%
    $400k-600k 45 $21,415,000 $475,889 $5,786 6.39%
    $600k-1MM 7 $5,085,000 $726,429 $8,064 5.79%
    $1MM+ 1 $1,065,000 $1,065,000 $5,652 7.00%

    2023 saw Northeast Credit Union place emphasis on $100,000 or less loans with 643 originations, totaling $34,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 333 $38,555,000 $115,781 $1,119 6.68%
    $150k-250k 293 $44,305,000 $151,212 $1,498 6.75%
    $75k-100k 207 $20,085,000 $97,029 $687 6.62%
    $50k-75k 153 $11,505,000 $75,196 $483 6.64%
    $250k+ 72 $15,920,000 $221,111 $1,754 6.32%
    $50k or less 50 $3,210,000 $64,200 $537 6.78%

    Northeast Credit Union lent most frequently to those with incomes in the $100k-150k range, with 333 originations. The second most popular income band? $150k-250k, with 293 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 263 $30,765,000 $116,977 $861 6.57%
    30-36% 235 $26,655,000 $113,426 $944 6.58%
    <20% 75 $7,825,000 $104,333 $739 6.50%
    43% 59 $6,025,000 $102,119 $600 6.76%
    42% 53 $7,855,000 $148,208 $1,260 6.83%
    44% 50 $5,630,000 $112,600 $771 6.77%
    45% 47 $4,745,000 $100,957 $1,119 7.11%
    38% 43 $5,805,000 $135,000 $1,518 6.63%
    39% 43 $6,355,000 $147,791 $1,348 6.51%
    41% 42 $4,290,000 $102,143 $745 6.76%
    36% 41 $4,655,000 $113,537 $1,346 6.91%
    37% 37 $4,875,000 $131,757 $752 6.29%
    40% 36 $5,610,000 $155,833 $2,547 7.18%
    47% 33 $4,095,000 $124,091 $2,245 6.96%
    46% 22 $3,070,000 $139,545 $1,818 6.82%
    48% 15 $1,895,000 $126,333 $1,542 6.51%
    49% 13 $2,755,000 $211,923 $1,774 6.16%
    50-60% 7 $1,055,000 $150,714 $609 6.39%
    >60% 6 $510,000 $85,000 $0 6.10%

    Northeast Credit Union lent most frequently to those with DTI ratios of 20-30%, with 263 originations. The next most common DTI ratio? 30-36%, with 235 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,029 $124,215,000 $120,714 $1,057 6.66%
    Not provided 69 $8,435,000 $122,246 $862 6.57%
    Asian 10 $1,150,000 $115,000 $1,821 6.52%
    Not applicable 2 $650,000 $325,000 $0 5.88%
    American Indian 7 $355,000 $50,714 $121 6.50%
    Black 5 $315,000 $63,000 $0 7.90%

    Approval Rates

    Total approvals of all applications
    70.51%

    Northeast Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.17%

    Northeast Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,122 $135,120,000 $120,428

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,122 $135,120,000 $120,428

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 284 $34,590,000 $121,796 $397 7.05%
    40-60% 70 $13,790,000 $197,000 $2,369 6.81%
    60-80% 77 $26,635,000 $345,909 $4,649 6.35%
    80-100% 60 $22,160,000 $369,333 $4,201 5.98%
    Over 100% 3 $1,255,000 $418,333 $11,191 6.96%
    Under 20% 628 $36,690,000 $58,424 $47 6.56%