Webster First Federal Credit Union Mortgage Rates, Fees & Info

Worcester, MA

LEI: 549300LI67PLCC1Z3P80

Tax ID: 04-1953450

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Webster First Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Webster First Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Providence, Barnstable Town, and Springfield among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Webster First 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. Webster First 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
    Home Equity Line of Credit (HELOC) 6.27% 11/21/24
    30 Year Conventional Purchase 6.28% 11/21/24
    30 Year Conventional Refi 5.91% 11/21/24
    30 Year Cash-out Refi 6.07% 11/21/24
    15 Year Conventional Purchase 5.53% 11/21/24
    15 Year Conventional Refi 5.65% 11/21/24
    15 Year Cash-out Refi 5.65% 11/21/24
    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.

    Webster First 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 Webster First 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

    326

    Origination Dollar Volume (All Markets)

    $63,090,000
    Show all (6) 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) 257 $46,275,000 $180,058 $1,577 4.42%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 51 $13,755,000 $269,706 $1,768 4.29%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $800,000 $200,000 $1,818 4.75%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $395,000 $395,000 $3,092 4.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $390,000 $97,500 $2,002 4.56%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $325,000 $325,000 $3,157 4.13%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $225,000 $225,000 $2,602 3.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $185,000 $185,000 $0 5.50%
    Berlin, NH (FHA|USDA|VA) 1 $165,000 $165,000 $2,620 3.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,637 3.50%
    Oneonta, NY (FHA|USDA|VA) 1 $155,000 $155,000 $3,380 4.00%
    BANGOR, ME (FHA|USDA|VA) 1 $125,000 $125,000 $2,714 4.50%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,105 4.75%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $15,000 $15,000 $2 4.75%
    Webster First Federal Credit Union's top markets include Worcester, Boston, Providence, Barnstable Town, and Springfield among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against WEBSTER FIRST 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: 18
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 170
    Coastal Heritage Bank
    Similarity Rank: 180
    Middlesex Savings Bank
    Similarity Rank: 230
    Chelsea Groton Bank
    Similarity Rank: 304
    Methuen Cooperative Bank
    Similarity Rank: 330

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 326 $63,090,000 $193,528 $1,650 4.40%

    For 2018, Webster First Federal Credit Union's most frequently originated type of loan was Conventional, with 326 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 107 $31,025,000 $289,953 $2,637 4.14%
    Home Improvement 71 $9,365,000 $131,901 $297 4.78%
    Cash Out Refi 70 $9,690,000 $138,429 $1,295 4.44%
    Refi 64 $12,340,000 $192,813 $1,773 4.40%
    Other 14 $670,000 $47,857 $446 4.21%

    For 2018, Webster First Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 107 originations. The 2nd most popular reason was Home Improvement, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 115 $33,345,000 $289,957 $2,588 4.15%
    15 Year 90 $10,810,000 $120,111 $592 5.00%
    10 Year 53 $2,845,000 $53,679 $352 4.27%
    5 Year 22 $1,680,000 $76,364 $49 4.05%
    30+ year 19 $7,015,000 $369,211 $2,967 3.39%
    20 Year 11 $1,835,000 $166,818 $2,345 4.15%
    1 Year 9 $4,235,000 $470,556 $0 5.14%
    Other 6 $1,110,000 $185,000 $1,452 4.96%
    3 Year 1 $215,000 $215,000 $0 5.25%

    For 2018, Webster First Federal Credit Union's most frequently cited loan duration was 30 Year, with 115 originations. The 2nd most popular length was 15 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 265 $51,095,000 $192,811

    Webster First Federal Credit Union's average total fees were $2,588, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 265 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 156 $27,830,000 $178,397
    3-4% 115 $26,545,000 $230,826
    5-6% 39 $7,585,000 $194,487
    6-7% 16 $1,130,000 $70,625

    During 2018, Webster First Federal Credit Union's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 4-5%, with 156 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 125 $5,985,000 $47,880 $340 4.50%
    $100k-200k 83 $12,855,000 $154,880 $1,955 4.53%
    $200k-400k 77 $21,545,000 $279,805 $2,558 4.21%
    $400k-600k 29 $13,405,000 $462,241 $3,045 4.09%
    $600k-1MM 11 $8,255,000 $750,455 $3,695 4.33%
    $1MM+ 1 $1,045,000 $1,045,000 $2,287 3.75%

    2018 saw Webster First Federal Credit Union place emphasis on $100,000 or less loans with 125 originations, totaling $5,985,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 86 $16,120,000 $187,442 $1,631 4.37%
    $150k-250k 72 $18,140,000 $251,944 $1,732 4.41%
    $50k-75k 69 $8,925,000 $129,348 $1,599 4.35%
    $75k-100k 46 $7,150,000 $155,435 $1,456 4.35%
    $50k or less 33 $3,395,000 $102,879 $1,252 4.54%
    $250k+ 20 $9,360,000 $468,000 $3,232 4.47%

    Webster First Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 86 originations. The second most popular income band? $150k-250k, with 72 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $14,805,000 $197,400 $1,996 4.15%
    <20% 71 $16,005,000 $225,423 $1,411 4.70%
    30-36% 53 $8,775,000 $165,566 $1,536 4.30%
    38% 16 $2,870,000 $179,375 $1,724 4.20%
    40% 14 $3,330,000 $237,857 $1,852 4.13%
    39% 12 $1,500,000 $125,000 $1,430 4.23%
    42% 10 $890,000 $89,000 $383 4.85%
    37% 10 $1,550,000 $155,000 $1,454 4.53%
    43% 9 $3,205,000 $356,111 $2,667 4.19%
    50-60% 8 $1,180,000 $147,500 $1,417 4.39%
    44% 8 $1,520,000 $190,000 $1,187 5.00%
    36% 8 $1,540,000 $192,500 $1,613 4.28%
    41% 7 $405,000 $57,857 $412 4.63%
    >60% 5 $1,085,000 $217,000 $2,054 4.23%
    45% 5 $2,345,000 $469,000 $3,157 4.08%
    48% 5 $515,000 $103,000 $1,144 4.93%
    49% 5 $795,000 $159,000 $1,289 4.58%
    47% 3 $485,000 $161,667 $955 4.83%
    46% 2 $290,000 $145,000 $2,000 4.31%

    Webster First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? <20%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 296 $54,190,000 $183,074 $1,629 4.34%
    Not provided 22 $6,250,000 $284,091 $2,348 5.12%
    Asian 5 $1,935,000 $387,000 $3,007 4.95%
    Asian Indian 1 $455,000 $455,000 $2,896 3.25%
    Black 2 $260,000 $130,000 $1,320 4.38%

    Approval Rates

    Total approvals of all applications
    80.82%

    Webster First Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.13%

    Webster First Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 326 $63,090,000 $193,528

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $2,820,000 $470,000
    Single Family (1-4 Units):Manufactured 1 $235,000 $235,000
    Single Family (1-4 Units):Site-Built 319 $60,035,000 $188,197

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 53 $5,415,000 $102,170 $807 4.65%
    40-60% 35 $9,205,000 $263,000 $2,121 4.56%
    60-80% 90 $23,610,000 $262,333 $2,509 4.40%
    80-100% 37 $11,615,000 $313,919 $2,707 4.16%
    Over 100% 3 $675,000 $225,000 $3,027 3.75%
    Under 20% 84 $3,560,000 $42,381 $140 4.53%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    WEBSTER BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 1 6.7%
    WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 5 33.3%
    WEBSTER BANK, NATIONAL ASSOCIATION FHA mortgage Trouble during payment process 2 13.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 13.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Incorrect information on your report 1 6.7%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 13.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 13.3%