Central One Federal Credit Union Mortgage Rates, Fees & Info

Shrewsbury, MA

LEI: 549300MUTFJQGRZJH019

Tax ID: 04-2158611

5 stars - Updated: 11/17/24 - out of 5 stars, based on 23 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Central One Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Central One Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Portland, and Manchester among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Central One 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. Central One 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 relatively high 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.36% 11/17/24
    30 Year Conventional Refi 6.30% 11/17/24
    30 Year Cash-out Refi 6.46% 11/17/24
    15 Year Conventional Purchase 5.31% 11/17/24
    15 Year Conventional Refi 6.28% 11/17/24
    15 Year Cash-out Refi 6.28% 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.

    Central One 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 Central One 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

    536

    Origination Dollar Volume (All Markets)

    $110,160,000
    Show all (6) awards

    Relative Rate

    Central One Federal Credit Union's average 30 year fixed mortgage rate was 7.12%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.64%.

    Relative Fees (Closing Costs)

    Central One Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,345.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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) 421 $77,855,000 $184,929 $3,182 7.27%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 64 $18,730,000 $292,656 $4,884 7.22%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $2,615,000 $373,571 $3,070 6.96%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 6 $1,930,000 $321,667 $3,500 6.83%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $1,445,000 $481,667 $2,573 7.00%
    Outside of Metro Areas 5 $1,065,000 $213,000 $2,477 6.92%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $900,000 $225,000 $2,749 7.56%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $705,000 $705,000 $6,972 4.99%
    SPRINGFIELD, MA (FHA|USDA|VA) 6 $660,000 $110,000 $2,986 6.91%
    Concord, NH (FHA|USDA|VA) 3 $645,000 $215,000 $3,063 6.83%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $465,000 $465,000 $4,496 5.87%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 6.75%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $365,000 $365,000 $0 7.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $350,000 $175,000 $4,064 6.43%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $345,000 $345,000 $2,913 6.74%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $300,000 $150,000 $4,759 7.43%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $255,000 $255,000 $7,100 5.49%
    Laconia, NH (FHA|USDA|VA) 1 $235,000 $235,000 $0 6.25%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $225,000 $225,000 $0 9.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.00%
    OCALA, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 7.50%
    Keene, NH (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.50%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.25%
    Central One Federal Credit Union's top markets include Worcester, Boston, Barnstable Town, Portland, and Manchester among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against CENTRAL ONE 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: 24
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    HOMEFIELD
    Similarity Rank: 75
    Sharon & Crescent United Credit Union
    Similarity Rank: 130
    GREYLOCK
    Similarity Rank: 160
    Country Bank for Savings
    Similarity Rank: 165
    Piscataqua Savings Bank
    Similarity Rank: 177
    Cape Cod Co-operative Bank
    Similarity Rank: 195
    Liberty Bank
    Similarity Rank: 266
    ROCKLAND
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 368 $57,770,000 $156,984 n/a 7.48%
    Conventional 168 $52,390,000 $311,845 $3,498 6.71%

    For 2023, Central One Federal Credit Union's most frequently originated type of loan was HELOC, with 368 originations. Their 2nd most popular type was Conventional, with 168 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 305 $42,765,000 $140,213 $5,507 7.49%
    Other 101 $14,575,000 $144,307 $0 7.60%
    Home Purchase 78 $37,380,000 $479,231 $3,672 6.18%
    Refi 34 $9,790,000 $287,941 $3,362 6.90%
    Cash Out Refi 18 $5,650,000 $313,889 $2,483 6.10%

    For 2023, Central One Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 305 originations. The 2nd most popular reason was Other, with 101 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 423 $85,365,000 $201,809 $3,345 7.12%
    15 Year 50 $15,290,000 $305,800 $7,362 7.97%
    10 Year 19 $1,295,000 $68,158 $0 7.65%
    20 Year 15 $1,895,000 $126,333 $2,292 7.85%
    5 Year 13 $2,395,000 $184,231 $0 6.83%
    30+ year 11 $3,625,000 $329,545 $2,766 7.19%
    Other 5 $295,000 $59,000 $2,521 7.03%

    For 2023, Central One Federal Credit Union's most frequently cited loan duration was 30 Year, with 423 originations. The 2nd most popular length was 15 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 90 $38,580,000 $428,667
    $5k+ 3 $1,635,000 $545,000
    $2k-3k 2 $920,000 $460,000
    $1k-2k 1 $295,000 $295,000
    $4k-5k 1 $265,000 $265,000

    Central One Federal Credit Union's average total fees were $3,345, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 90 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 290 $43,890,000 $151,345
    6-7% 140 $34,430,000 $245,929
    5-6% 54 $24,760,000 $458,519
    Over 8% 50 $5,980,000 $119,600
    4-5% 2 $1,100,000 $550,000

    During 2023, Central One Federal Credit Union's average interest rate for loans was 7.12%, while their most frequently originated rate bucket for loans was 7-8%, with 290 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 185 $10,475,000 $56,622 $2,151 7.51%
    $100k-200k 153 $20,965,000 $137,026 $2,276 7.50%
    $200k-400k 126 $35,370,000 $280,714 $3,220 6.92%
    $400k-600k 49 $22,575,000 $460,714 $3,342 6.78%
    $600k-1MM 16 $12,120,000 $757,500 $4,093 6.15%
    $1MM+ 7 $8,655,000 $1,236,429 $8,782 5.71%

    2023 saw Central One Federal Credit Union place emphasis on $100,000 or less loans with 185 originations, totaling $10,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 161 $34,745,000 $215,807 $3,566 7.28%
    $100k-150k 135 $23,325,000 $172,778 $3,294 7.18%
    $250k+ 86 $26,770,000 $311,279 $4,840 7.35%
    $75k-100k 62 $8,090,000 $130,484 $2,965 7.28%
    $50k-75k 53 $5,925,000 $111,792 $2,713 7.23%
    $50k or less 19 $1,755,000 $92,368 $1,631 7.28%

    Central One Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 161 originations. The second most popular income band? $100k-150k, with 135 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 109 $17,795,000 $163,257 $3,146 7.20%
    30-36% 97 $20,965,000 $216,134 $3,801 7.31%
    <20% 63 $8,965,000 $142,302 $5,591 7.22%
    50-60% 44 $7,550,000 $171,591 $3,101 7.64%
    42% 22 $4,120,000 $187,273 $2,458 7.19%
    47% 22 $4,750,000 $215,909 $2,643 7.12%
    38% 18 $5,090,000 $282,778 $4,195 6.72%
    40% 16 $3,300,000 $206,250 $2,465 7.40%
    45% 16 $4,130,000 $258,125 $3,022 7.26%
    36% 15 $4,955,000 $330,333 $3,485 7.24%
    37% 14 $2,730,000 $195,000 $2,682 7.38%
    41% 14 $2,500,000 $178,571 $3,037 7.57%
    48% 13 $1,735,000 $133,462 $2,412 7.08%
    49% 12 $2,070,000 $172,500 $6,401 6.84%
    46% 10 $2,960,000 $296,000 $4,292 7.36%
    43% 10 $2,860,000 $286,000 $3,051 7.32%
    44% 10 $1,990,000 $199,000 $2,796 7.24%
    39% 9 $1,965,000 $218,333 $4,404 7.07%
    >60% 1 $75,000 $75,000 $0 8.00%

    Central One Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? 30-36%, with 97 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 463 $82,475,000 $178,132 $3,199 7.28%
    Asian 22 $9,710,000 $441,364 $7,737 7.26%
    Not applicable 17 $8,425,000 $495,588 $0 6.58%
    Not provided 8 $3,740,000 $467,500 $3,330 6.18%
    Asian Indian 5 $2,605,000 $521,000 $4,217 6.22%
    Black 16 $2,230,000 $139,375 $2,399 7.44%
    American Indian 4 $670,000 $167,500 $0 7.72%
    Vietnamese 1 $305,000 $305,000 $3,144 6.99%

    Approval Rates

    Total approvals of all applications
    83.95%

    Central One Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.88%

    Central One Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 536 $110,160,000 $205,522

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    536 $110,160,000 $205,522

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 171 $28,805,000 $168,450 $2,216 7.47%
    40-60% 59 $19,355,000 $328,051 $3,288 6.95%
    60-80% 80 $34,120,000 $426,500 $4,092 6.66%
    80-100% 30 $13,650,000 $455,000 $3,228 6.53%
    Under 20% 196 $14,230,000 $72,602 $0 7.47%