Ic Federal Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 5493007ISPBRCRINID86

Tax ID: 04-1328710

5 stars - Updated: 7/7/25 - out of 5 stars, based on 10 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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

    Ic Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Ic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Keene, and Springfield among others. We have data for 5 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 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.

    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
    30 Year Conventional Purchase 7.01% 7/7/25
    30 Year Conventional Refi 6.77% 7/7/25
    30 Year Cash-out Refi 7.05% 7/7/25
    15 Year Conventional Purchase 6.59% 7/7/25
    15 Year Conventional Refi 6.00% 7/7/25
    15 Year Cash-out Refi 6.00% 7/7/25
    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

    106

    Origination Dollar Volume (All Markets)

    $19,450,000

    Awards

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

    Relative Rate

    Ic Federal Credit Union's average 30 year fixed mortgage rate was 6.82%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.27%.

    Relative Fees (Closing Costs)

    Ic Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,882.

    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 $8,356.

    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) 90 $15,890,000 $176,556 $1,185 7.28%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 12 $2,480,000 $206,667 $1,185 7.44%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $730,000 $365,000 $4,288 7.06%
    Keene, NH (FHA|USDA|VA) 1 $315,000 $315,000 $3,067 6.13%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.75%
    Ic Federal Credit Union's top markets include Worcester, Boston, Barnstable Town, Keene, and Springfield among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (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.

    UniBank for Savings
    Similarity Rank: 60
    ROCKLAND
    Similarity Rank: 65
    MERRIMACK VALLEY
    Similarity Rank: 121
    St. Mary's Credit Union
    Similarity Rank: 135
    Bristol County Savings Bank
    Similarity Rank: 220
    Workers Credit Union
    Similarity Rank: 247
    Middlesex Savings Bank
    Similarity Rank: 260
    METRO
    Similarity Rank: 297
    CENTRAL ONE FEDERAL CREDIT UNION
    Similarity Rank: 299
    Country Bank for Savings
    Similarity Rank: 329

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 106 $19,450,000 $183,491 $1,253 7.30%

    For 2024, Ic Federal Credit Union's most frequently originated type of loan was Conventional, with 106 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 34 $2,170,000 $63,824 $251 7.51%
    Cash Out Refi 33 $4,565,000 $138,333 $1,088 7.41%
    Home Purchase 24 $10,400,000 $433,333 $3,446 6.83%
    Other 12 $880,000 $73,333 $297 7.43%
    Refi 3 $1,435,000 $478,333 $3,730 7.04%

    For 2024, Ic Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 34 originations. The 2nd most popular reason was Cash Out Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 36 $4,160,000 $115,556 $429 7.67%
    30 Year 27 $7,735,000 $286,481 $3,882 6.82%
    15 Year 20 $6,540,000 $327,000 $244 7.42%
    10 Year 15 $845,000 $56,333 $243 7.28%
    5 Year 8 $170,000 $21,250 $0 7.00%

    For 2024, Ic Federal Credit Union's most frequently cited loan duration was 20 Year, with 36 originations. The 2nd most popular length was 30 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 87 $10,935,000 $125,690
    $1k-2k 8 $1,490,000 $186,250
    $2k-3k 3 $575,000 $191,667
    $5k+ 2 $600,000 $300,000
    $3k-4k 1 $205,000 $205,000
    $4k-5k 1 $395,000 $395,000

    Ic Federal Credit Union's average total fees were $3,882, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 87 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 69 $10,455,000 $151,522
    6-7% 33 $8,535,000 $258,636
    5-6% 2 $400,000 $200,000
    Over 8% 2 $60,000 $30,000

    During 2024, Ic Federal Credit Union's average interest rate for loans was 6.82%, while their most frequently originated rate bucket for loans was 7-8%, with 69 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 52 $2,630,000 $50,577 $192 7.44%
    $200k-400k 24 $6,780,000 $282,500 $3,651 6.94%
    $100k-200k 23 $3,295,000 $143,261 $816 7.47%
    $400k-600k 4 $2,070,000 $517,500 $3,809 6.87%
    $1MM+ 2 $3,870,000 $1,935,000 $0 7.25%
    $600k-1MM 1 $805,000 $805,000 $0 6.99%

    2024 saw Ic Federal Credit Union place emphasis on $100,000 or less loans with 52 originations, totaling $2,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 28 $4,350,000 $155,357 $1,112 7.41%
    $100k-150k 27 $3,995,000 $147,963 $1,822 7.20%
    $75k-100k 22 $2,970,000 $135,000 $983 7.33%
    $50k-75k 15 $1,095,000 $73,000 $767 7.16%
    $250k+ 6 $1,450,000 $241,667 $1,372 7.67%
    $50k or less 4 $340,000 $85,000 $1,532 7.25%

    Ic Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 28 originations. The second most popular income band? $100k-150k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $3,885,000 $143,889 $1,455 7.17%
    30-36% 22 $2,860,000 $130,000 $1,362 7.40%
    38% 8 $1,280,000 $160,000 $1,794 7.03%
    44% 8 $960,000 $120,000 $683 7.63%
    37% 7 $715,000 $102,143 $479 7.50%
    <20% 5 $1,035,000 $207,000 $1,481 7.15%
    40% 5 $505,000 $101,000 $502 7.10%
    42% 5 $705,000 $141,000 $1,046 7.43%
    43% 4 $690,000 $172,500 $313 7.69%
    39% 4 $170,000 $42,500 $0 7.50%
    36% 3 $515,000 $171,667 $1,025 7.67%
    41% 2 $360,000 $180,000 $4,598 6.94%
    48% 1 $205,000 $205,000 $3,640 7.13%
    47% 1 $315,000 $315,000 $3,067 6.13%

    Ic Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 85 $12,085,000 $142,176 $1,171 7.35%
    Not applicable 4 $5,250,000 $1,312,500 $0 7.12%
    Not provided 10 $1,370,000 $137,000 $1,564 7.30%
    Black 3 $345,000 $115,000 $1,701 6.88%
    Asian 2 $340,000 $170,000 $3,769 6.31%
    American Indian 2 $60,000 $30,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    68.72%

    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
    76.42%

    Ic Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 106 $19,450,000 $183,491

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    106 $19,450,000 $183,491

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $2,670,000 $148,333 $1,168 7.38%
    40-60% 9 $3,005,000 $333,889 $3,353 7.00%
    60-80% 13 $7,865,000 $605,000 $4,600 6.92%
    80-100% 8 $2,310,000 $288,750 $3,276 6.72%
    Under 20% 58 $3,600,000 $62,069 $134 7.49%