Mass. Institute Of Tech. Federal Credit Union Mortgage Rates, Fees & Info

Cambridge, MA

LEI: 549300P1347BFCBHJV60

Tax ID: 04-2128083

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

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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

    Mass. Institute Of Tech. Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Mass. Institute Of Tech. Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, San Francisco, San Jose, Seattle, and New York among others. We have data for 57 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mass. Institute Of Tech. 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. Mass. Institute Of Tech. 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.

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    Originations

    382

    Origination Dollar Volume (All Markets)

    $55,790,000

    Awards

    MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) 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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 230 $23,390,000 $101,696 $861 4.40%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 13 $4,625,000 $355,769 $8,360 4.33%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 6 $2,730,000 $455,000 $3,014 3.79%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 6 $1,860,000 $310,000 $5,653 3.85%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 6 $1,790,000 $298,333 $4,212 4.04%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 5 $1,735,000 $347,000 $5,093 4.10%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 10 $1,700,000 $170,000 $2,413 4.15%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 5 $1,325,000 $265,000 $3,273 4.35%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $1,195,000 $398,333 $5,757 4.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 16 $1,100,000 $68,750 $0 4.31%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,015,000 $338,333 $5,125 3.33%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 16 $890,000 $55,625 $0 4.50%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $875,000 $291,667 $8,525 3.88%
    RENO, NV (FHA|USDA|VA) 2 $740,000 $370,000 $2,622 3.44%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $680,000 $340,000 $3,345 4.25%
    PITTSBURGH, PA (FHA|USDA|VA) 2 $620,000 $310,000 $5,863 4.44%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $610,000 $305,000 $2,532 4.38%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $605,000 $201,667 $4,618 4.38%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $570,000 $285,000 $3,929 3.94%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $570,000 $285,000 $4,557 3.88%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $460,000 $230,000 $4,664 4.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $380,000 $190,000 $5,317 4.31%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $375,000 $375,000 $4,970 3.75%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $365,000 $365,000 $4,778 3.88%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $335,000 $335,000 $4,122 4.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $335,000 $335,000 $5,281 5.13%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $320,000 $160,000 $3,002 4.13%
    Hudson, NY (FHA|USDA|VA) 1 $305,000 $305,000 $2,832 4.63%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $280,000 $140,000 $3,600 4.00%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $280,000 $140,000 $0 4.19%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.50%
    LANCASTER, PA (FHA|USDA|VA) 2 $240,000 $120,000 $3,528 3.94%
    Barre, VT (FHA|USDA|VA) 1 $215,000 $215,000 $3,857 4.63%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $205,000 $205,000 $3,915 3.75%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $205,000 $205,000 $4,105 3.88%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $195,000 $195,000 $3,688 4.50%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $190,000 $95,000 $1,903 3.94%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $185,000 $185,000 $3,686 5.13%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $175,000 $175,000 $4,024 3.75%
    EL PASO, TX (FHA|USDA|VA) 1 $165,000 $165,000 $6,714 4.88%
    IOWA CITY, IA (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.00%
    Wilson, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,480 4.75%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1 $135,000 $135,000 $3,307 5.00%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,316 4.00%
    ROCHESTER, NY (FHA|USDA|VA) 1 $135,000 $135,000 $3,350 4.63%
    Outside of Metro Areas 2 $130,000 $65,000 $2,537 4.63%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $125,000 $125,000 $3,157 3.25%
    Bozeman, MT (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.50%
    BOULDER, CO (FHA|USDA|VA) 1 $125,000 $125,000 $3,743 3.25%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.50%
    PROVO-OREM, UT (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.50%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    RICHMOND, VA (FHA|USDA|VA) 1 $55,000 $55,000 $167 3.50%
    Concord, NH (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.50%
    KINGSTON, NY (FHA|USDA|VA) 1 $45,000 $45,000 $300 4.00%
    FLAGSTAFF, AZ (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.50%
    Mass. Institute Of Tech. Federal Credit Union's top markets include Boston, San Francisco, San Jose, Seattle, and New York among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    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
    Middlesex Savings Bank
    Similarity Rank: 165
    Coastal Heritage Bank
    Similarity Rank: 180
    Bristol County Savings Bank
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 285
    Methuen Cooperative Bank
    Similarity Rank: 330
    The Cooperative Bank
    Similarity Rank: 380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 273 $42,255,000 $154,780 $4,008 4.05%
    HELOC 109 $13,535,000 $124,174 n/a 4.96%

    For 2018, Mass. Institute Of Tech. Federal Credit Union's most frequently originated type of loan was Conventional, with 273 originations. Their 2nd most popular type was HELOC, with 109 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 209 $19,695,000 $94,234 $1,060 4.30%
    Other 57 $8,605,000 $150,965 $2,762 4.52%
    Home Purchase 54 $14,230,000 $263,519 $4,291 4.22%
    Refi 51 $8,565,000 $167,941 $3,415 4.26%
    Cash Out Refi 11 $4,695,000 $426,818 $5,997 4.07%

    For 2018, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 209 originations. The 2nd most popular reason was Other, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 134 $17,780,000 $132,687 $1,648 4.97%
    10 Year 128 $11,740,000 $91,719 $1,351 3.62%
    30 Year 55 $19,185,000 $348,818 $4,670 4.10%
    15 Year 49 $5,965,000 $121,735 $4,292 4.68%
    5 Year 15 $1,095,000 $73,000 $0 3.82%
    Other 1 $25,000 $25,000 $0 4.25%

    For 2018, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan duration was 20 Year, with 134 originations. The 2nd most popular length was 10 Year, with 128 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 60 $18,560,000 $309,333
    $1k-2k 7 $1,785,000 $255,000
    $2k-3k 3 $445,000 $148,333
    $3k-4k 3 $735,000 $245,000
    $5k+ 3 $1,425,000 $475,000
    $4k-5k 1 $455,000 $455,000

    Mass. Institute Of Tech. Federal Credit Union's average total fees were $4,670, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 60 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 166 $23,030,000 $138,735
    3-4% 164 $24,250,000 $147,866
    5-6% 48 $6,910,000 $143,958
    2.5-3% 4 $1,600,000 $400,000

    During 2018, Mass. Institute Of Tech. Federal Credit Union's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 4-5%, with 166 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 190 $9,990,000 $52,579 $810 4.24%
    $100k-200k 101 $13,985,000 $138,465 $3,644 4.45%
    $200k-400k 63 $17,365,000 $275,635 $4,184 4.37%
    $400k-600k 22 $9,930,000 $451,364 $3,934 4.16%
    $600k-1MM 5 $3,345,000 $669,000 $8,621 4.05%
    $1MM+ 1 $1,175,000 $1,175,000 $2,817 3.75%

    2018 saw Mass. Institute Of Tech. Federal Credit Union place emphasis on $100,000 or less loans with 190 originations, totaling $9,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 133 $20,935,000 $157,406 $3,795 4.27%
    $100k-150k 123 $15,775,000 $128,252 $3,801 4.34%
    $250k+ 61 $13,075,000 $214,344 $6,423 4.41%
    $75k-100k 32 $3,100,000 $96,875 $4,704 4.32%
    $50k-75k 23 $2,005,000 $87,174 $2,764 4.21%
    $50k or less 9 $845,000 $93,889 $3,820 4.03%

    Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 133 originations. The second most popular income band? $100k-150k, with 123 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 123 $17,135,000 $139,309 $3,649 4.31%
    30-36% 70 $9,340,000 $133,429 $3,795 4.32%
    <20% 51 $6,115,000 $119,902 $4,193 4.28%
    41% 22 $4,060,000 $184,545 $3,714 4.51%
    42% 21 $2,145,000 $102,143 $0 4.48%
    39% 15 $2,535,000 $169,000 $3,045 4.40%
    38% 14 $2,330,000 $166,429 $0 4.18%
    36% 14 $1,900,000 $135,714 $3,095 4.52%
    37% 13 $2,225,000 $171,154 $8,250 3.83%
    40% 13 $1,925,000 $148,077 $4,829 4.21%
    43% 4 $1,080,000 $270,000 $2,602 4.53%
    47% 4 $1,940,000 $485,000 $4,663 3.66%
    46% 3 $545,000 $181,667 $2,482 4.38%
    44% 3 $1,065,000 $355,000 $4,661 4.79%
    45% 2 $740,000 $370,000 $4,166 3.50%
    49% 2 $350,000 $175,000 $4,419 4.13%
    >60% 1 $35,000 $35,000 $0 3.50%

    Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 123 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 224 $30,420,000 $135,804 $3,752 4.32%
    Not provided 107 $16,695,000 $156,028 $4,821 4.31%
    Asian 17 $4,555,000 $267,941 $4,163 4.02%
    Not applicable 13 $1,615,000 $124,231 $0 4.56%
    Black 11 $805,000 $73,182 $668 4.39%
    Asian Indian 3 $715,000 $238,333 $4,636 4.67%
    American Indian 2 $590,000 $295,000 $4,971 4.50%
    Chinese 2 $200,000 $100,000 $3,047 3.50%
    Korean 1 $95,000 $95,000 $0 3.50%
    Japanese 1 $75,000 $75,000 $0 5.00%
    Vietnamese 1 $25,000 $25,000 $0 3.75%

    Approval Rates

    Total approvals of all applications
    89.15%

    Mass. Institute Of Tech. Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.01%

    Mass. Institute Of Tech. Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 382 $55,790,000 $146,047

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 382 $55,790,000 $146,047

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 82 $14,140,000 $172,439 $1,947 4.41%
    40-60% 23 $7,565,000 $328,913 $3,730 4.43%
    60-80% 26 $8,330,000 $320,385 $5,566 4.14%
    80-100% 28 $8,650,000 $308,929 $3,985 4.04%
    Under 20% 223 $17,105,000 $76,704 $1,523 4.31%