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
  • 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 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, Providence, Barnstable Town, and Manchester among others. We have data for 20 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% 11/17/24
    30 Year Conventional Purchase 6.28% 11/17/24
    30 Year Conventional Refi 5.91% 11/17/24
    30 Year Cash-out Refi 6.07% 11/17/24
    15 Year Conventional Purchase 5.53% 11/17/24
    15 Year Conventional Refi 5.65% 11/17/24
    15 Year Cash-out Refi 5.65% 11/17/24
    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

    638

    Origination Dollar Volume (All Markets)

    $184,140,000
    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) 457 $116,915,000 $255,832 $1,955 4.26%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 140 $57,150,000 $408,214 $2,716 4.42%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $1,845,000 $369,000 $3,655 3.95%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $1,655,000 $331,000 $2,822 4.58%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $1,565,000 $313,000 $2,361 4.88%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $915,000 $915,000 $0 4.63%
    Outside of Metro Areas 2 $570,000 $285,000 $3,166 3.88%
    SPRINGFIELD, MA (FHA|USDA|VA) 7 $555,000 $79,286 $0 5.57%
    Rutland, VT (FHA|USDA|VA) 1 $495,000 $495,000 $6,307 4.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $440,000 $220,000 $2,956 4.75%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $420,000 $210,000 $3,746 4.06%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,995 3.38%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $350,000 $175,000 $4,385 3.25%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,657 2.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $150,000 $75,000 $111 4.69%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,515 5.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $115,000 $115,000 $4,028 4.50%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.25%
    OCALA, FL (FHA|USDA|VA) 1 $45,000 $45,000 $2,986 3.25%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.00%
    Webster First Federal Credit Union's top markets include Worcester, Boston, Providence, Barnstable Town, and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (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: 42
    QUINCY CREDIT UNION
    Similarity Rank: 50
    HOMEFIELD
    Similarity Rank: 72
    Direct Federal Credit Union
    Similarity Rank: 115
    IC Federal Credit Union
    Similarity Rank: 144
    Sharon & Crescent United Credit Union
    Similarity Rank: 168
    ALIGN CREDIT UNION
    Similarity Rank: 200
    Piscataqua Savings Bank
    Similarity Rank: 200
    ATHOL CREDIT UNION
    Similarity Rank: 264
    Middlesex Savings Bank
    Similarity Rank: 315

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 361 $149,885,000 $415,194 $2,139 4.34%
    HELOC 277 $34,255,000 $123,664 n/a 4.28%

    For 2022, Webster First Federal Credit Union's most frequently originated type of loan was Conventional, with 361 originations. Their 2nd most popular type was HELOC, with 277 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 251 $74,575,000 $297,112 $1,931 4.39%
    Home Improvement 169 $17,795,000 $105,296 $671 4.34%
    Home Purchase 105 $56,775,000 $540,714 $3,386 4.36%
    Refi 59 $23,225,000 $393,644 $2,690 3.53%
    Other 54 $11,770,000 $217,963 $497 4.62%

    For 2022, Webster First Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 251 originations. The 2nd most popular reason was Home Improvement, with 169 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 340 $78,170,000 $229,912 $1,216 4.39%
    30 Year 154 $83,320,000 $541,039 $3,229 3.81%
    15 Year 90 $12,880,000 $143,111 $987 4.82%
    10 Year 27 $1,795,000 $66,481 $349 4.82%
    20 Year 16 $4,190,000 $261,875 $2,658 3.45%
    5 Year 10 $780,000 $78,000 $0 4.73%
    3 Year 1 $3,005,000 $3,005,000 $0 6.50%

    For 2022, Webster First Federal Credit Union's most frequently cited loan duration was Other, with 340 originations. The 2nd most popular length was 30 Year, with 154 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 289 $81,875,000 $283,304

    Webster First Federal Credit Union's average total fees were $3,229, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 289 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 165 $49,515,000 $300,091
    3-4% 152 $48,600,000 $319,737
    2.5-3% 133 $30,805,000 $231,617
    5-6% 120 $38,370,000 $319,750
    6-7% 38 $9,680,000 $254,737
    <2.5% 16 $5,190,000 $324,375
    7-8% 14 $1,980,000 $141,429

    During 2022, Webster First Federal Credit Union's average interest rate for loans was 3.81%, while their most frequently originated rate bucket for loans was 4-5%, with 165 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 226 $12,000,000 $53,097 $174 4.50%
    $100k-200k 153 $21,325,000 $139,379 $1,915 4.33%
    $200k-400k 152 $42,420,000 $279,079 $2,785 4.10%
    $400k-600k 54 $25,950,000 $480,556 $3,388 4.16%
    $600k-1MM 31 $24,495,000 $790,161 $4,304 4.08%
    $1MM+ 22 $57,950,000 $2,634,091 $6,606 4.50%

    2022 saw Webster First Federal Credit Union place emphasis on $100,000 or less loans with 226 originations, totaling $12,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 147 $25,065,000 $170,510 $1,818 4.31%
    $150k-250k 124 $27,210,000 $219,435 $1,911 4.38%
    $75k-100k 81 $13,185,000 $162,778 $1,873 4.00%
    $50k-75k 72 $8,990,000 $124,861 $1,998 3.99%
    $250k+ 71 $33,245,000 $468,239 $3,897 4.56%
    $50k or less 35 $4,505,000 $128,714 $1,970 3.86%

    Webster First Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 147 originations. The second most popular income band? $150k-250k, with 124 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 116 $28,150,000 $242,672 $2,105 4.27%
    30-36% 82 $17,790,000 $216,951 $2,010 4.42%
    <20% 60 $17,330,000 $288,833 $2,765 4.08%
    37% 26 $6,030,000 $231,923 $1,781 4.88%
    39% 22 $3,740,000 $170,000 $1,814 4.47%
    40% 20 $3,880,000 $194,000 $1,941 3.89%
    41% 17 $2,545,000 $149,706 $1,445 5.04%
    38% 16 $4,420,000 $276,250 $2,616 3.88%
    42% 15 $2,275,000 $151,667 $2,189 4.68%
    44% 11 $3,345,000 $304,091 $2,311 4.95%
    36% 10 $2,100,000 $210,000 $2,185 4.26%
    45% 9 $4,315,000 $479,444 $3,084 4.44%
    43% 7 $1,785,000 $255,000 $2,117 4.20%
    50-60% 4 $550,000 $137,500 $759 4.63%
    >60% 3 $545,000 $181,667 $2,621 3.58%
    46% 3 $435,000 $145,000 $2,797 3.92%
    47% 2 $860,000 $430,000 $2,478 4.38%
    49% 1 $75,000 $75,000 $0 4.75%
    48% 1 $185,000 $185,000 $2,364 3.00%

    Webster First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 116 originations. The next most common DTI ratio? 30-36%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 436 $93,050,000 $213,417 $2,108 4.17%
    Not applicable 50 $62,490,000 $1,249,800 $0 4.80%
    Not provided 138 $22,300,000 $161,594 $1,960 4.63%
    Asian 5 $3,655,000 $731,000 $4,464 4.33%
    Black 8 $2,250,000 $281,250 $2,614 3.77%
    Other Asian 1 $395,000 $395,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    85.25%

    Webster First Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.09%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 638 $184,140,000 $288,621

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    638 $184,140,000 $288,621

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 103 $20,565,000 $199,660 $1,479 4.55%
    40-60% 75 $34,135,000 $455,133 $2,929 3.89%
    60-80% 116 $80,210,000 $691,466 $3,454 3.98%
    80-100% 39 $17,725,000 $454,487 $3,352 4.48%
    Under 20% 166 $14,630,000 $88,133 $100 4.72%