Infinity Federal Credit Union Mortgage Rates, Fees & Info

Westbrook, ME

LEI: 549300HW4KR7SR5P7259

Tax ID: 01-0170010

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Mortgage Data

Review & Overview

Infinity Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Infinity Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Bangor, and Lewiston among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Infinity 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. Infinity 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.

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Originations

79

Origination Dollar Volume (All Markets)

$17,725,000

Awards

INFINITY Federal Credit Union 30 Year Conventional Loans bronze INFINITY Federal Credit Union 30 Year Conventional Loans gold INFINITY 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
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 62 $15,290,000 $246,613 $3,318 2.77%
BANGOR, ME (FHA|USDA|VA) 11 $1,685,000 $153,182 $2,772 2.98%
Outside of Metro Areas 4 $550,000 $137,500 $3,048 3.09%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 2 $200,000 $100,000 $2,187 8.75%
Infinity Federal Credit Union's top markets include Portland, Bangor, and Lewiston among others.

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

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

    INFINITY Federal Credit Union
    Similarity Rank: 136
    CASCO
    Similarity Rank: 226
    Piscataqua Savings Bank
    Similarity Rank: 252
    CUMBERLAND COUNTY
    Similarity Rank: 464
    Kennebec Savings Bank
    Similarity Rank: 535
    Cambridge Trust Company
    Similarity Rank: 585
    Bath Savings Institution
    Similarity Rank: 648
    Maine Savings Federal Credit Union
    Similarity Rank: 650

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 79 $17,725,000 $224,367 $3,200 2.97%

    For 2021, Infinity Federal Credit Union's most frequently originated type of loan was Conventional, with 79 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 30 $6,650,000 $221,667 $3,030 3.17%
    Refi 28 $6,130,000 $218,929 $3,145 2.76%
    Home Improvement 15 $3,185,000 $212,333 $3,419 2.92%
    Home Purchase 6 $1,760,000 $293,333 $3,755 3.04%

    For 2021, Infinity Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 30 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 41 $10,865,000 $265,000 $3,246 2.95%
    20 Year 18 $3,660,000 $203,333 $3,408 2.73%
    15 Year 10 $2,000,000 $200,000 $3,219 2.69%
    10 Year 8 $1,010,000 $126,250 $2,807 2.55%
    5 Year 1 $15,000 $15,000 $782 14.75%
    Other 1 $175,000 $175,000 $2,938 2.50%

    For 2021, Infinity Federal Credit Union's most frequently cited loan duration was 30 Year, with 41 originations. The 2nd most popular length was 20 Year, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 74 $16,880,000 $228,108
    $<1k 5 $845,000 $169,000

    Infinity Federal Credit Union's average total fees were $3,246, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 74 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 56 $13,590,000 $242,679
    <2.5% 11 $1,365,000 $124,091
    3-4% 10 $2,430,000 $243,000
    4-5% 1 $325,000 $325,000
    Over 8% 1 $15,000 $15,000

    During 2021, Infinity Federal Credit Union's average interest rate for loans was 2.95%, while their most frequently originated rate bucket for loans was 2.5-3%, with 56 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 35 $9,755,000 $278,714 $3,399 2.80%
    $100k-200k 30 $4,620,000 $154,000 $3,020 2.84%
    $100,000 or less 9 $675,000 $75,000 $2,495 4.01%
    $400k-600k 4 $2,000,000 $500,000 $4,167 2.94%
    $600k-1MM 1 $675,000 $675,000 $4,106 3.25%

    2021 saw Infinity Federal Credit Union place emphasis on $200k-400k loans with 35 originations, totaling $9,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 22 $4,260,000 $193,636 $3,217 2.83%
    $100k-150k 19 $4,515,000 $237,632 $3,159 2.76%
    $50k-75k 17 $3,365,000 $197,941 $3,221 3.53%
    $150k-250k 9 $2,555,000 $283,889 $3,206 2.75%
    $50k or less 7 $965,000 $137,857 $2,675 2.95%
    $250k+ 5 $2,065,000 $413,000 $3,934 2.88%

    Infinity Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 22 originations. The second most popular income band? $100k-150k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 24 $5,570,000 $232,083 $3,262 3.26%
    30-36% 14 $3,160,000 $225,714 $3,037 2.84%
    <20% 12 $2,750,000 $229,167 $3,342 2.88%
    50-60% 5 $965,000 $193,000 $2,847 3.05%
    43% 3 $625,000 $208,333 $3,085 3.17%
    41% 3 $455,000 $151,667 $3,226 2.67%
    36% 2 $420,000 $210,000 $3,269 2.75%
    38% 2 $340,000 $170,000 $3,341 2.56%
    42% 2 $390,000 $195,000 $3,283 2.63%
    45% 2 $410,000 $205,000 $2,440 2.75%
    46% 2 $980,000 $490,000 $4,329 2.75%
    47% 2 $520,000 $260,000 $3,338 2.94%
    49% 1 $135,000 $135,000 $3,167 3.00%
    40% 1 $335,000 $335,000 $3,335 2.75%
    37% 1 $125,000 $125,000 $2,668 2.50%
    39% 1 $185,000 $185,000 $2,973 2.75%
    48% 1 $175,000 $175,000 $3,010 2.75%

    Infinity Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? 30-36%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 71 $15,055,000 $212,042 $3,147 2.99%
    Not provided 7 $2,165,000 $309,286 $3,588 2.73%
    Asian 1 $505,000 $505,000 $4,249 2.75%

    Approval Rates

    Total approvals of all applications
    80.83%

    Infinity Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.22%

    Infinity Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 79 $17,725,000 $224,367

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    79 $17,725,000 $224,367

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,320,000 $110,000 $2,969 2.57%
    40-60% 25 $5,235,000 $209,400 $3,198 2.75%
    60-80% 33 $9,415,000 $285,303 $3,296 2.93%
    80-100% 6 $1,350,000 $225,000 $3,367 2.98%
    Over 100% 1 $245,000 $245,000 $3,679 2.88%
    Under 20% 2 $160,000 $80,000 $2,290 8.69%