Northeast Family Federal Credit Union Mortgage Rates, Fees & Info
Manchester, CTLEI: 5493009N13S1TDMHNJ11
Tax ID: 06-0655103
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Mortgage Data
Review & Overview
Northeast Family Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Northeast Family Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, Worcester, Norwich, and Torrington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Northeast Family Federal Credit Union has an above average approval rate when compared to the average across all 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 5.68% | 5/4/24 |
| 15 Year Conventional Refi | 5.68% | 5/4/24 |
| 15 Year Cash-out Refi | 5.68% | 5/4/24 |
| 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 Family Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
71Origination Dollar Volume (All Markets)
$8,905,000Top 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 |
|---|---|---|---|---|---|
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 53 | $6,385,000 | $120,472 | $2,031 | 3.18% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 12 | $1,560,000 | $130,000 | $2,103 | 2.96% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 5 | $925,000 | $185,000 | $2,127 | 3.70% |
| Torrington, CT (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 62 | $8,400,000 | $135,484 | $2,051 | 3.00% |
| HELOC | 9 | $505,000 | $56,111 | n/a | 4.58% |
For 2021, Northeast Family Federal Credit Union's most frequently originated type of loan was Conventional, with 62 originations. Their 2nd most popular type was HELOC, with 9 originations.
Loan Reason
For 2021, Northeast Family Federal Credit Union's most frequently cited loan purpose was Refi, with 32 originations. The 2nd most popular reason was Home Improvement, with 18 originations.
Loan Duration/Length
For 2021, Northeast Family Federal Credit Union's most frequently cited loan duration was Other, with 32 originations. The 2nd most popular length was 15 Year, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 32 | $5,440,000 | $170,000 |
| <2.5% | 15 | $2,145,000 | $143,000 |
| 4-5% | 13 | $615,000 | $47,308 |
| 3-4% | 10 | $650,000 | $65,000 |
| 5-6% | 1 | $55,000 | $55,000 |
During 2021, Northeast Family Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 32 originations.
Loan Sizing
2021 saw Northeast Family Federal Credit Union place emphasis on $100k-200k loans with 31 originations, totaling $4,595,000 in origination value.
Applicant Income
Northeast Family Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $50k-75k, with 19 originations.
Applicant Debt to Income Ratio
Northeast Family Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 36 originations. The next most common DTI ratio? 20-30%, with 19 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.61%
Northeast Family Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 71 | $8,905,000 | $125,423 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| NORTHSTAR FUNDING INC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |