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, Springfield, Providence, and Barnstable Town 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 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% 4/28/24
    30 Year Conventional Purchase 6.28% 4/28/24
    30 Year Conventional Refi 5.91% 4/28/24
    30 Year Cash-out Refi 6.07% 4/28/24
    15 Year Conventional Purchase 5.53% 4/28/24
    15 Year Conventional Refi 5.65% 4/28/24
    15 Year Cash-out Refi 5.65% 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.

    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

    399

    Origination Dollar Volume (All Markets)

    $116,535,000

    Awards

    WEBSTER FIRST Federal Credit Union 30 Year Conventional Loans silver WEBSTER FIRST Federal Credit Union 30 Year Conventional Loans gold WEBSTER FIRST Federal Credit Union 30 Year Conventional Loans bronze
    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) 301 $82,345,000 $273,571 $2,061 3.52%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 69 $25,735,000 $372,971 $2,513 3.35%
    SPRINGFIELD, MA (FHA|USDA|VA) 10 $2,230,000 $223,000 $2,179 3.85%
    Outside of Metro Areas 4 $1,260,000 $315,000 $2,621 4.06%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $1,070,000 $267,500 $1,810 3.97%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $920,000 $460,000 $2,843 3.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $910,000 $455,000 $3,279 3.13%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $455,000 $455,000 $3,542 2.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $435,000 $435,000 $4,657 3.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $375,000 $375,000 $3,573 3.00%
    Keene, NH (FHA|USDA|VA) 1 $255,000 $255,000 $3,604 2.88%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,021 3.25%
    Athens, TX (FHA|USDA|VA) 1 $215,000 $215,000 $3,625 2.63%
    Laconia, NH (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.75%
    Webster First Federal Credit Union's top markets include Worcester, Boston, Springfield, Providence, and Barnstable Town 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.

    Sharon & Crescent United Credit Union
    Similarity Rank: 335
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    East Boston Savings Bank
    Similarity Rank: 755
    Piscataqua Savings Bank
    Similarity Rank: 789
    Norwood Co-operative Bank
    Similarity Rank: 820
    Middlesex Savings Bank
    Similarity Rank: 846
    QUINCY CREDIT UNION
    Similarity Rank: 900
    Centreville Bank
    Similarity Rank: 966
    Charter Oak Federal Credit Union
    Similarity Rank: 990
    Bridgewater Savings Bank
    Similarity Rank: 1001

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 399 $116,535,000 $292,068 $2,188 3.50%

    For 2021, Webster First Federal Credit Union's most frequently originated type of loan was Conventional, with 399 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 139 $35,755,000 $257,230 $2,236 3.34%
    Refi 104 $29,170,000 $280,481 $2,339 3.17%
    Home Purchase 100 $42,750,000 $427,500 $2,937 3.63%
    Home Improvement 46 $8,370,000 $181,957 $1,216 4.15%
    Other 10 $490,000 $49,000 $68 4.69%

    For 2021, Webster First Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 139 originations. The 2nd most popular reason was Refi, with 104 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 168 $58,380,000 $347,500 $2,819 3.11%
    15 Year 102 $17,650,000 $173,039 $1,585 3.64%
    Other 53 $27,955,000 $527,453 $1,990 4.23%
    20 Year 35 $7,845,000 $224,143 $2,478 3.43%
    10 Year 28 $3,060,000 $109,286 $976 3.92%
    5 Year 11 $585,000 $53,182 $448 3.74%
    30+ year 2 $1,060,000 $530,000 $3,164 3.00%

    For 2021, Webster First Federal Credit Union's most frequently cited loan duration was 30 Year, with 168 originations. The 2nd most popular length was 15 Year, with 102 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 347 $89,325,000 $257,421

    Webster First Federal Credit Union's average total fees were $2,819, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 347 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 161 $50,395,000 $313,012
    3-4% 119 $38,695,000 $325,168
    4-5% 83 $17,695,000 $213,193
    <2.5% 22 $8,980,000 $408,182
    6-7% 9 $525,000 $58,333
    5-6% 5 $245,000 $49,000

    During 2021, Webster First Federal Credit Union's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 161 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 153 $41,835,000 $273,431 $2,606 3.25%
    $100k-200k 101 $15,445,000 $152,921 $2,215 3.17%
    $100,000 or less 73 $3,735,000 $51,164 $255 4.69%
    $400k-600k 43 $20,425,000 $475,000 $3,145 3.28%
    $600k-1MM 16 $11,890,000 $743,125 $3,961 3.22%
    $1MM+ 13 $23,205,000 $1,785,000 $5,066 3.22%

    2021 saw Webster First Federal Credit Union place emphasis on $200k-400k loans with 153 originations, totaling $41,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 102 $20,850,000 $204,412 $2,017 3.44%
    $150k-250k 73 $24,365,000 $333,767 $2,528 3.30%
    $75k-100k 66 $14,210,000 $215,303 $2,109 3.38%
    $50k-75k 58 $8,380,000 $144,483 $1,787 3.50%
    $250k+ 44 $24,000,000 $545,455 $3,320 3.64%
    $50k or less 35 $5,735,000 $163,857 $1,808 3.60%

    Webster First Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 102 originations. The second most popular income band? $150k-250k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 118 $29,130,000 $246,864 $2,219 3.25%
    30-36% 80 $19,750,000 $246,875 $2,237 3.39%
    <20% 62 $14,210,000 $229,194 $2,270 3.74%
    38% 15 $4,035,000 $269,000 $2,179 3.43%
    37% 12 $3,870,000 $322,500 $2,221 3.48%
    40% 12 $3,210,000 $267,500 $2,163 3.19%
    39% 11 $6,205,000 $564,091 $3,174 2.98%
    41% 11 $3,075,000 $279,545 $2,289 3.76%
    36% 10 $1,810,000 $181,000 $1,527 3.88%
    43% 8 $1,170,000 $146,250 $1,239 3.84%
    44% 8 $1,540,000 $192,500 $1,624 3.59%
    42% 7 $2,335,000 $333,571 $1,754 3.64%
    46% 6 $1,530,000 $255,000 $2,122 3.29%
    50-60% 5 $1,515,000 $303,000 $1,754 4.05%
    45% 1 $295,000 $295,000 $2,219 3.50%
    49% 1 $225,000 $225,000 $2,434 3.50%
    >60% 1 $275,000 $275,000 $2,209 3.38%
    48% 1 $225,000 $225,000 $2,335 3.13%
    47% 1 $305,000 $305,000 $2,535 3.50%

    Webster First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 325 $79,275,000 $243,923 $2,159 3.42%
    Not applicable 29 $19,205,000 $662,241 $0 4.41%
    Not provided 30 $12,970,000 $432,333 $2,227 3.58%
    Asian 11 $3,485,000 $316,818 $2,639 3.27%
    Black 4 $1,600,000 $400,000 $2,855 3.03%

    Approval Rates

    Total approvals of all applications
    90.30%

    Webster First Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.20%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 399 $116,535,000 $292,068

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    399 $116,535,000 $292,068

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $8,440,000 $156,296 $1,812 3.50%
    40-60% 93 $21,085,000 $226,720 $2,382 3.16%
    60-80% 150 $64,720,000 $431,467 $2,816 3.37%
    80-100% 46 $17,420,000 $378,696 $2,984 3.15%
    Over 100% 2 $2,460,000 $1,230,000 $5,061 2.56%
    Under 20% 52 $2,260,000 $43,462 $158 4.75%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 20.0%
    WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 60.0%
    WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%