Mass. Institute Of Tech. Federal Credit Union Mortgage Rates, Fees & Info
Cambridge, MALEI: 549300P1347BFCBHJV60
Tax ID: 04-2128083
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Mortgage Data
Review & Overview
Mass. Institute Of Tech. Federal Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Refi loans. Mass. Institute Of Tech. Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, New York, Los Angeles, Dallas, and San Diego among others. We have data for 63 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.
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Originations
292Origination Dollar Volume (All Markets)
$54,210,000Awards
MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION - 2019
MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 167 | $19,575,000 | $117,216 | $1,143 | 5.19% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 11 | $4,235,000 | $385,000 | $4,141 | 4.53% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 6 | $2,250,000 | $375,000 | $5,263 | 4.50% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 6 | $2,090,000 | $348,333 | $7,890 | 3.23% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 4 | $1,840,000 | $460,000 | $3,819 | 3.72% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 6 | $1,680,000 | $280,000 | $5,260 | 3.92% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 6 | $1,600,000 | $266,667 | $3,978 | 4.38% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 2 | $1,240,000 | $620,000 | $5,736 | 4.50% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $1,100,000 | $550,000 | $3,125 | 4.13% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $3,962 | 3.66% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $3,895 | 4.17% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $4,325 | 3.31% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $4,462 | 4.50% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $5,537 | 3.63% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $5,411 | 3.50% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $3,716 | 3.50% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 5 | $565,000 | $113,000 | $0 | 5.30% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,581 | 4.29% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $3,928 | 3.38% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $3,547 | 3.94% |
| Outside of Metro Areas | 4 | $530,000 | $132,500 | $4,396 | 4.47% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $3,462 | 3.41% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,514 | 4.38% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,063 | 2.88% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $6,941 | 4.38% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $2,283 | 3.63% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 4 | $390,000 | $97,500 | $0 | 5.25% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,424 | 4.25% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 4 | $380,000 | $95,000 | $0 | 5.13% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,562 | 3.50% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,704 | 3.50% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,067 | 3.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,271 | 4.88% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,113 | 3.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,367 | 3.00% |
| CORVALLIS, OR (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,218 | 4.00% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,369 | 4.25% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,387 | 3.38% |
| Hudson, NY (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,426 | 3.38% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,760 | 4.38% |
| ANCHORAGE, AK (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,958 | 4.38% |
| Concord, NH (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 4.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,401 | 3.38% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,077 | 4.38% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,556 | 4.38% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,973 | 3.75% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,438 | 4.00% |
| BATON ROUGE, LA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,567 | 2.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,674 | 3.00% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,702 | 4.63% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,460 | 4.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,096 | 3.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,686 | 3.50% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,492 | 4.38% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,253 | 4.00% |
| Torrington, CT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.50% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.25% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.75% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 11.25% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.25% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.00% |
| AKRON, OH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 195 | $41,345,000 | $212,026 | $4,316 | 4.38% |
| HELOC | 97 | $12,865,000 | $132,629 | n/a | 5.58% |
For 2019, Mass. Institute Of Tech. Federal Credit Union's most frequently originated type of loan was Conventional, with 195 originations. Their 2nd most popular type was HELOC, with 97 originations.
Loan Reason
For 2019, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 111 originations. The 2nd most popular reason was Home Purchase, with 62 originations.
Loan Duration/Length
For 2019, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan duration was 20 Year, with 123 originations. The 2nd most popular length was 15 Year, with 66 originations.
Origination Fees/Closing Costs
Mass. Institute Of Tech. Federal Credit Union's average total fees were $4,203, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 109 originations.
Interest Rates
During 2019, Mass. Institute Of Tech. Federal Credit Union's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 5-6%, with 104 originations.
Loan Sizing
2019 saw Mass. Institute Of Tech. Federal Credit Union place emphasis on $100,000 or less loans with 114 originations, totaling $5,850,000 in origination value.
Applicant Income
Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 105 originations. The second most popular income band? $100k-150k, with 74 originations.
Applicant Debt to Income Ratio
Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 94 originations. The next most common DTI ratio? 30-36%, with 67 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.40%
Mass. Institute Of Tech. Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination69.52%
Mass. Institute Of Tech. Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 292 | $54,210,000 | $185,651 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $205,000 | $205,000 |
| Single Family (1-4 Units):Site-Built | 291 | $54,005,000 | $185,584 |