Ic Federal Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 5493007ISPBRCRINID86

Tax ID: 04-1328710

5 stars - Updated: 3/27/24 - out of 5 stars, based on 12 reviews

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

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Mortgage Data

Review & Overview

Ic Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Ic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, and Springfield among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ic Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Ic Federal 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.91% 3/27/24
30 Year Conventional Refi 5.72% 3/27/24
30 Year Cash-out Refi 5.96% 3/27/24
15 Year Conventional Purchase 5.29% 3/27/24
15 Year Conventional Refi 5.72% 3/27/24
15 Year Cash-out Refi 5.72% 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.

Ic Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Ic Federal 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

151

Origination Dollar Volume (All Markets)

$16,925,000

Awards

IC Federal Credit Union 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Ic Federal Credit Union's average 30 year fixed mortgage rate was 7.18%.

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

This yields a difference of 0.7%.

Relative Fees (Closing Costs)

Ic Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,036.

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
WORCESTER, MA-CT (FHA|USDA|VA) 122 $13,530,000 $110,902 $760 6.69%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 26 $2,400,000 $92,308 $316 6.75%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $995,000 $331,667 $0 7.17%
Ic Federal Credit Union's top markets include Worcester, Boston, and Springfield among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against IC Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Charter Oak Federal Credit Union
    Similarity Rank: 24
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 151 $16,925,000 $112,086 $678 6.71%

    For 2023, Ic Federal Credit Union's most frequently originated type of loan was Conventional, with 151 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 71 $4,115,000 $57,958 $42 6.47%
    Cash Out Refi 29 $2,735,000 $94,310 $179 6.97%
    Home Purchase 25 $8,155,000 $326,200 $4,009 7.14%
    Other 22 $1,220,000 $55,455 $57 6.66%
    Refi 4 $700,000 $175,000 $1,819 6.75%

    For 2023, Ic Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 44 $3,680,000 $83,636 $140 7.11%
    15 Year 39 $4,505,000 $115,513 $82 6.68%
    10 Year 36 $1,850,000 $51,389 $23 6.11%
    30 Year 18 $5,370,000 $298,333 $4,036 7.18%
    5 Year 10 $320,000 $32,000 $0 6.04%
    30+ year 4 $1,200,000 $300,000 $4,154 7.72%

    For 2023, Ic Federal Credit Union's most frequently cited loan duration was 20 Year, with 44 originations. The 2nd most popular length was 15 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 142 $12,910,000 $90,915
    $5k+ 2 $990,000 $495,000
    $3k-4k 1 $475,000 $475,000
    $4k-5k 1 $485,000 $485,000

    Ic Federal Credit Union's average total fees were $4,036, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 142 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 69 $7,485,000 $108,478
    7-8% 51 $7,535,000 $147,745
    5-6% 30 $1,640,000 $54,667
    Over 8% 1 $265,000 $265,000

    During 2023, Ic Federal Credit Union's average interest rate for loans was 7.18%, while their most frequently originated rate bucket for loans was 6-7%, with 69 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 101 $4,945,000 $48,960 $16 6.52%
    $100k-200k 25 $3,305,000 $132,200 $773 7.11%
    $200k-400k 17 $4,695,000 $276,176 $2,580 7.12%
    $400k-600k 8 $3,980,000 $497,500 $6,993 7.06%

    2023 saw Ic Federal Credit Union place emphasis on $100,000 or less loans with 101 originations, totaling $4,945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 44 $5,750,000 $130,682 $992 6.65%
    $100k-150k 29 $3,485,000 $120,172 $672 6.69%
    $50k-75k 29 $2,315,000 $79,828 $476 6.80%
    $75k-100k 27 $1,805,000 $66,852 $321 6.75%
    $50k or less 10 $600,000 $60,000 $472 6.88%
    $250k+ 6 $470,000 $78,333 $67 6.42%

    Ic Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 44 originations. The second most popular income band? $100k-150k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $3,355,000 $90,676 $347 6.46%
    30-36% 29 $2,845,000 $98,103 $634 6.74%
    44% 15 $1,225,000 $81,667 $202 7.13%
    <20% 14 $900,000 $64,286 $246 6.40%
    43% 9 $595,000 $66,111 $63 7.18%
    36% 9 $905,000 $100,556 $916 6.88%
    41% 6 $560,000 $93,333 $67 6.60%
    38% 6 $1,200,000 $200,000 $2,036 6.98%
    37% 5 $765,000 $153,000 $2,795 6.45%
    47% 3 $965,000 $321,667 $2,766 7.17%
    42% 3 $425,000 $141,667 $1,445 6.71%
    39% 3 $175,000 $58,333 $133 7.38%
    40% 3 $135,000 $45,000 $0 6.38%
    45% 2 $290,000 $145,000 $2,073 6.75%
    46% 1 $85,000 $85,000 $446 5.75%
    49% 1 $435,000 $435,000 $8,319 7.38%

    Ic Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 133 $13,455,000 $101,165 $682 6.69%
    Not applicable 5 $2,065,000 $413,000 $0 6.50%
    Black 5 $635,000 $127,000 $888 7.45%
    Not provided 5 $555,000 $111,000 $274 6.88%
    American Indian 1 $125,000 $125,000 $2,507 6.75%
    Other Asian 2 $90,000 $45,000 $0 6.56%

    Approval Rates

    Total approvals of all applications
    67.79%

    Ic Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    80.79%

    Ic Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 151 $16,925,000 $112,086

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    151 $16,925,000 $112,086

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $3,180,000 $122,308 $282 7.07%
    40-60% 6 $1,490,000 $248,333 $3,064 7.17%
    60-80% 9 $2,975,000 $330,556 $4,378 7.18%
    80-100% 13 $4,525,000 $348,077 $3,758 7.10%
    Under 20% 97 $4,755,000 $49,021 $17 6.49%