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

Jump to:

  • 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 Cash Out Refi, Refi, and Home Purchase loans. Webster First Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Springfield, and Providence among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Webster First Federal Credit Union has an above 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% 11/22/24
    30 Year Conventional Purchase 6.28% 11/22/24
    30 Year Conventional Refi 5.91% 11/22/24
    30 Year Cash-out Refi 6.07% 11/22/24
    15 Year Conventional Purchase 5.53% 11/22/24
    15 Year Conventional Refi 5.65% 11/22/24
    15 Year Cash-out Refi 5.65% 11/22/24
    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

    543

    Origination Dollar Volume (All Markets)

    $144,415,000

    Awards

    WEBSTER FIRST Federal Credit Union 30 Year Conventional Loans gold WEBSTER FIRST Federal Credit Union 30 Year Conventional Loans gold WEBSTER FIRST 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) 409 $95,215,000 $232,800 $1,939 3.63%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 98 $34,910,000 $356,224 $2,254 3.47%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $5,510,000 $688,750 $3,626 3.33%
    SPRINGFIELD, MA (FHA|USDA|VA) 8 $2,220,000 $277,500 $2,159 3.67%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $1,115,000 $371,667 $2,124 3.25%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $1,075,000 $1,075,000 $3,935 3.13%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $945,000 $315,000 $2,574 3.13%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $945,000 $945,000 $4,892 3.50%
    Outside of Metro Areas 3 $645,000 $215,000 $2,544 3.50%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $550,000 $275,000 $3,978 3.13%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $375,000 $375,000 $175 4.75%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $305,000 $305,000 $2,519 3.00%
    BANGOR, ME (FHA|USDA|VA) 1 $175,000 $175,000 $2,520 3.25%
    Laconia, NH (FHA|USDA|VA) 1 $135,000 $135,000 $2,708 2.63%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,240 3.50%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,282 3.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.38%
    Webster First Federal Credit Union's top markets include Worcester, Boston, Barnstable Town, Springfield, and Providence among others.

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

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Centreville Bank
    Similarity Rank: 512
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Triangle Credit Union
    Similarity Rank: 696
    Bridgewater Savings Bank
    Similarity Rank: 702
    CorePlus Federal Credit Union
    Similarity Rank: 710
    NEW HAMPSHIRE
    Similarity Rank: 756
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 543 $144,415,000 $265,958 $2,056 3.58%

    For 2020, Webster First Federal Credit Union's most frequently originated type of loan was Conventional, with 543 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 220 $48,480,000 $220,364 $1,873 3.63%
    Refi 162 $45,270,000 $279,444 $2,276 3.33%
    Home Purchase 124 $47,300,000 $381,452 $2,691 3.58%
    Home Improvement 30 $2,870,000 $95,667 $465 4.40%
    Other 7 $495,000 $70,714 $346 4.48%

    For 2020, Webster First Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 220 originations. The 2nd most popular reason was Refi, with 162 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 213 $68,375,000 $321,009 $2,499 3.37%
    15 Year 146 $25,410,000 $174,041 $1,466 3.81%
    20 Year 74 $18,520,000 $250,270 $2,310 3.56%
    Other 38 $14,440,000 $380,000 $1,789 4.27%
    30+ year 36 $15,230,000 $423,056 $2,947 2.74%
    10 Year 27 $2,125,000 $78,704 $638 4.12%
    5 Year 9 $315,000 $35,000 $19 4.17%

    For 2020, Webster First Federal Credit Union's most frequently cited loan duration was 30 Year, with 213 originations. The 2nd most popular length was 15 Year, with 146 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 500 $127,930,000 $255,860

    Webster First Federal Credit Union's average total fees were $2,499, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 500 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 278 $79,150,000 $284,712
    2.5-3% 159 $48,125,000 $302,673
    4-5% 81 $13,625,000 $168,210
    5-6% 13 $2,625,000 $201,923
    6-7% 12 $890,000 $74,167

    During 2020, Webster First Federal Credit Union's average interest rate for loans was 3.37%, while their most frequently originated rate bucket for loans was 3-4%, with 278 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 203 $56,205,000 $276,872 $2,363 3.35%
    $100k-200k 166 $25,550,000 $153,916 $2,034 3.45%
    $100,000 or less 84 $4,880,000 $58,095 $353 4.64%
    $400k-600k 54 $25,960,000 $480,741 $2,901 3.40%
    $600k-1MM 29 $21,025,000 $725,000 $3,415 3.29%
    $1MM+ 7 $10,795,000 $1,542,143 $4,983 3.52%

    2020 saw Webster First Federal Credit Union place emphasis on $200k-400k loans with 203 originations, totaling $56,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 145 $32,515,000 $224,241 $1,913 3.61%
    $150k-250k 114 $35,150,000 $308,333 $2,149 3.50%
    $75k-100k 91 $18,285,000 $200,934 $2,038 3.51%
    $50k-75k 75 $12,245,000 $163,267 $1,844 3.59%
    $50k or less 52 $8,510,000 $163,654 $1,801 3.57%
    $250k+ 46 $27,440,000 $596,522 $2,995 3.48%

    Webster First Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 145 originations. The second most popular income band? $150k-250k, with 114 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 155 $39,825,000 $256,935 $2,174 3.37%
    30-36% 102 $25,640,000 $251,373 $1,864 3.63%
    <20% 102 $25,170,000 $246,765 $2,103 3.67%
    38% 25 $5,645,000 $225,800 $1,712 3.83%
    40% 18 $3,640,000 $202,222 $1,861 3.67%
    42% 16 $4,230,000 $264,375 $2,243 3.41%
    36% 15 $5,295,000 $353,000 $2,290 3.55%
    43% 13 $2,125,000 $163,462 $1,681 3.75%
    39% 11 $3,395,000 $308,636 $2,498 3.24%
    37% 11 $2,955,000 $268,636 $2,111 3.41%
    45% 11 $2,625,000 $238,636 $1,814 3.61%
    50-60% 10 $2,140,000 $214,000 $1,761 3.79%
    44% 10 $3,380,000 $338,000 $2,235 3.40%
    41% 8 $2,760,000 $345,000 $2,525 3.31%
    48% 5 $1,375,000 $275,000 $2,007 3.53%
    47% 4 $740,000 $185,000 $1,725 3.63%
    49% 4 $1,220,000 $305,000 $2,003 3.66%
    >60% 3 $315,000 $105,000 $782 4.13%
    46% 2 $2,880,000 $1,440,000 $6,110 2.94%

    Webster First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 155 originations. The next most common DTI ratio? 30-36%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 476 $117,600,000 $247,059 $2,036 3.53%
    Not applicable 31 $14,055,000 $453,387 $0 4.61%
    Asian 14 $5,310,000 $379,286 $2,157 3.55%
    Not provided 11 $3,815,000 $346,818 $2,274 3.49%
    Black 11 $3,635,000 $330,455 $2,535 3.31%

    Approval Rates

    Total approvals of all applications
    90.37%

    Webster First Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.19%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 543 $144,415,000 $265,958

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 13 $7,145,000 $549,615
    Single Family (1-4 Units):Manufactured 1 $145,000 $145,000
    Single Family (1-4 Units):Site-Built 529 $137,125,000 $259,216

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 63 $7,505,000 $119,127 $1,369 3.95%
    40-60% 118 $29,180,000 $247,288 $2,284 3.26%
    60-80% 232 $74,800,000 $322,414 $2,442 3.42%
    80-100% 67 $28,695,000 $428,284 $2,840 3.37%
    Under 20% 56 $3,030,000 $54,107 $189 4.65%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 31.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Incorrect information on your report 1 6.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 2 12.5%
    WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 1 6.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 6.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 6.3%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 12.5%
    WEBSTER BANK, NATIONAL ASSOCIATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 12.5%
    WEBSTER BANK, NATIONAL ASSOCIATION Other type of mortgage Struggling to pay mortgage 1 6.3%