Ic Federal Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 5493007ISPBRCRINID86

Tax ID: 04-1328710

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Mortgage Data

Review & Overview

Ic Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Ic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Providence, and Pittsfield among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ic Federal 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.

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% 3/28/24
30 Year Conventional Refi 5.72% 3/28/24
30 Year Cash-out Refi 5.96% 3/28/24
15 Year Conventional Purchase 5.29% 3/28/24
15 Year Conventional Refi 5.72% 3/28/24
15 Year Cash-out Refi 5.72% 3/28/24
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

364

Origination Dollar Volume (All Markets)

$71,920,000

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
WORCESTER, MA-CT (FHA|USDA|VA) 311 $58,005,000 $186,511 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 47 $12,185,000 $259,255 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $700,000 $350,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $590,000 $295,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Ic Federal Credit Union's top markets include Worcester, Boston, Barnstable Town, Providence, and Pittsfield among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 364 $71,920,000 $197,582 $0 0.00%

    For 2020, Ic Federal Credit Union's most frequently originated type of loan was Conventional, with 364 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 162 $33,580,000 $207,284 $0 0.00%
    Refi 113 $22,985,000 $203,407 $0 0.00%
    Home Purchase 55 $14,025,000 $255,000 $0 0.00%
    Home Improvement 19 $585,000 $30,789 $0 0.00%
    Other 15 $745,000 $49,667 $0 0.00%

    For 2020, Ic Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 162 originations. The 2nd most popular reason was Refi, with 113 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 364 $71,920,000 $197,582 $0 0.00%

    For 2020, Ic Federal Credit Union's most frequently cited loan duration was Other, with 364 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 141 $37,615,000 $266,773 $0 0.00%
    $100k-200k 124 $19,480,000 $157,097 $0 0.00%
    $100,000 or less 77 $4,015,000 $52,143 $0 0.00%
    $400k-600k 21 $10,085,000 $480,238 $0 0.00%
    $600k-1MM 1 $725,000 $725,000 $0 0.00%

    2020 saw Ic Federal Credit Union place emphasis on $200k-400k loans with 141 originations, totaling $37,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 106 $19,890,000 $187,642 $0 0.00%
    $150k-250k 76 $19,200,000 $252,632 $0 0.00%
    $75k-100k 67 $11,775,000 $175,746 $0 0.00%
    $50k-75k 64 $10,890,000 $170,156 $0 0.00%
    $50k or less 26 $2,830,000 $108,846 $0 0.00%
    $250k+ 13 $4,145,000 $318,846 $0 0.00%

    Ic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 106 originations. The second most popular income band? $150k-250k, with 76 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 364 $71,920,000 $197,582 $0 0.00%

    Ic Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 364 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 311 $59,385,000 $190,949 $0 0.00%
    Not provided 40 $9,620,000 $240,500 $0 0.00%
    Not applicable 5 $1,625,000 $325,000 $0 0.00%
    Asian 3 $495,000 $165,000 $0 0.00%
    Black 3 $445,000 $148,333 $0 0.00%
    Vietnamese 1 $225,000 $225,000 $0 0.00%
    Other Asian 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    81.77%

    Ic Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    65.66%

    Ic Federal 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
    Exempt 364 $71,920,000 $197,582

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $485,000 $485,000
    Single Family (1-4 Units):Site-Built 363 $71,435,000 $196,791