Ic Federal Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 5493007ISPBRCRINID86

Tax ID: 04-1328710

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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, Springfield, and Barnstable Town among others. We have data for 4 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. 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.91% 4/28/24
    30 Year Conventional Refi 5.72% 4/28/24
    30 Year Cash-out Refi 5.96% 4/28/24
    15 Year Conventional Purchase 5.29% 4/28/24
    15 Year Conventional Refi 5.72% 4/28/24
    15 Year Cash-out Refi 5.72% 4/28/24
    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

    222

    Origination Dollar Volume (All Markets)

    $45,100,000

    Awards

    IC Federal Credit Union 30 Year Conventional Loans gold IC Federal Credit Union 30 Year Conventional Loans silver IC Federal Credit Union 30 Year Conventional Loans silver
    Show all (3) awards

    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) 196 $39,560,000 $201,837 $1,543 4.28%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 22 $4,160,000 $189,091 $1,305 4.60%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $965,000 $321,667 $3,016 3.79%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $415,000 $415,000 $3,467 4.63%
    Ic Federal Credit Union's top markets include Worcester, Boston, Springfield, and Barnstable Town 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: 42
    HOMEFIELD
    Similarity Rank: 72
    Middlesex Savings Bank
    Similarity Rank: 120
    IC Federal Credit Union
    Similarity Rank: 144
    UniBank for Savings
    Similarity Rank: 195
    Bristol County Savings Bank
    Similarity Rank: 210
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 217
    ATHOL CREDIT UNION
    Similarity Rank: 264
    WEBSTER FIRST Federal Credit Union
    Similarity Rank: 280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 222 $45,100,000 $203,153 $1,548 4.31%

    For 2022, Ic Federal Credit Union's most frequently originated type of loan was Conventional, with 222 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 84 $21,000,000 $250,000 $1,976 3.96%
    Home Purchase 45 $15,045,000 $334,333 $2,835 4.49%
    Home Improvement 41 $2,785,000 $67,927 $173 4.68%
    Other 36 $2,750,000 $76,389 $275 4.82%
    Refi 16 $3,520,000 $220,000 $2,309 3.51%

    For 2022, Ic Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 84 originations. The 2nd most popular reason was Home Purchase, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 73 $20,645,000 $282,808 $2,701 4.28%
    15 Year 62 $15,250,000 $245,968 $1,230 4.19%
    10 Year 45 $3,455,000 $76,778 $484 4.11%
    20 Year 31 $4,515,000 $145,645 $1,113 4.90%
    5 Year 8 $270,000 $33,750 $100 4.12%
    30+ year 2 $810,000 $405,000 $3,964 5.13%
    Other 1 $155,000 $155,000 $3,575 3.88%

    For 2022, Ic Federal Credit Union's most frequently cited loan duration was 30 Year, with 73 originations. The 2nd most popular length was 15 Year, with 62 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 217 $38,095,000 $175,553

    Ic Federal Credit Union's average total fees were $2,701, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 217 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 112 $19,310,000 $172,411
    3-4% 54 $17,650,000 $326,852
    5-6% 23 $1,885,000 $81,957
    2.5-3% 12 $2,440,000 $203,333
    6-7% 11 $1,735,000 $157,727
    <2.5% 10 $2,080,000 $208,000

    During 2022, Ic Federal Credit Union's average interest rate for loans was 4.28%, while their most frequently originated rate bucket for loans was 4-5%, with 112 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 86 $4,240,000 $49,302 $171 4.68%
    $200k-400k 61 $16,265,000 $266,639 $2,581 4.03%
    $100k-200k 49 $7,195,000 $146,837 $1,925 4.06%
    $400k-600k 22 $10,380,000 $471,818 $3,236 4.26%
    $1MM+ 2 $5,680,000 $2,840,000 $0 4.00%
    $600k-1MM 2 $1,340,000 $670,000 $3,389 3.81%

    2022 saw Ic Federal Credit Union place emphasis on $100,000 or less loans with 86 originations, totaling $4,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 62 $9,410,000 $151,774 $1,266 4.39%
    $150k-250k 48 $10,940,000 $227,917 $1,654 4.24%
    $50k-75k 44 $6,540,000 $148,636 $1,552 4.33%
    $75k-100k 34 $5,200,000 $152,941 $1,601 4.42%
    $50k or less 14 $1,690,000 $120,714 $1,812 4.20%
    $250k+ 12 $3,750,000 $312,500 $1,840 4.40%

    Ic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 62 originations. The second most popular income band? $150k-250k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $8,985,000 $163,364 $1,452 4.28%
    30-36% 49 $9,575,000 $195,408 $1,676 4.15%
    37% 13 $2,375,000 $182,692 $1,470 4.29%
    <20% 12 $1,100,000 $91,667 $1,008 4.04%
    47% 11 $1,685,000 $153,182 $1,664 4.26%
    43% 10 $1,400,000 $140,000 $1,049 4.83%
    45% 9 $1,685,000 $187,222 $1,523 4.51%
    42% 9 $2,255,000 $250,556 $1,967 4.42%
    46% 8 $1,760,000 $220,000 $1,974 4.36%
    40% 7 $1,085,000 $155,000 $1,487 4.16%
    44% 7 $1,355,000 $193,571 $2,115 3.63%
    38% 7 $1,425,000 $203,571 $1,612 4.11%
    39% 6 $630,000 $105,000 $854 5.33%
    36% 6 $1,330,000 $221,667 $1,374 5.04%
    41% 5 $865,000 $173,000 $1,646 5.10%
    48% 2 $510,000 $255,000 $3,145 4.00%
    49% 1 $75,000 $75,000 $2,285 3.38%

    Ic Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 183 $31,645,000 $172,923 $1,572 4.30%
    Not applicable 4 $6,700,000 $1,675,000 $0 4.13%
    Not provided 18 $3,700,000 $205,556 $1,501 4.15%
    Asian 7 $1,875,000 $267,857 $2,070 4.05%
    Black 7 $765,000 $109,286 $787 4.93%
    Other Asian 1 $315,000 $315,000 $2,740 4.63%
    American Indian 1 $75,000 $75,000 $0 5.49%
    Chinese 1 $25,000 $25,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    73.42%

    Ic Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.62%

    Ic Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 222 $45,100,000 $203,153

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    222 $45,100,000 $203,153

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $5,185,000 $132,949 $1,463 4.46%
    40-60% 30 $6,810,000 $227,000 $2,514 3.46%
    60-80% 49 $18,895,000 $385,612 $2,773 4.06%
    80-100% 23 $8,005,000 $348,043 $2,915 4.52%
    Under 20% 81 $6,205,000 $76,605 $146 4.64%