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
  • 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

    Mass. Institute Of Tech. Federal Credit Union is a smaller credit union specializing in Refi 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, New York, Seattle, San Francisco, and San Jose among others. We have data for 61 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mass. Institute Of Tech. 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. 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

    265

    Origination Dollar Volume (All Markets)

    $58,095,000

    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) 134 $20,200,000 $150,746 $307 4.07%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 10 $4,050,000 $405,000 $3,575 3.30%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 6 $3,510,000 $585,000 $3,041 3.00%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $1,830,000 $457,500 $3,117 3.53%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 3 $1,745,000 $581,667 $2,802 2.92%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,320,000 $330,000 $1,136 3.63%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $1,305,000 $261,000 $4,315 3.18%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $1,155,000 $385,000 $6,306 2.83%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 4 $1,150,000 $287,500 $0 3.78%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $1,035,000 $345,000 $0 3.42%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $975,000 $325,000 $2,545 2.96%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 3 $875,000 $291,667 $3,059 3.04%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $855,000 $285,000 $5,144 3.25%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $840,000 $420,000 $3,572 3.06%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $835,000 $278,333 $5,980 3.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $755,000 $251,667 $2,909 3.71%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $720,000 $180,000 $1,485 3.59%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $670,000 $167,500 $1,718 3.31%
    SANTA FE, NM (FHA|USDA|VA) 2 $640,000 $320,000 $3,990 2.69%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $605,000 $605,000 $3,635 3.13%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $570,000 $285,000 $2,502 3.06%
    RENO, NV (FHA|USDA|VA) 2 $550,000 $275,000 $4,745 3.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 7 $535,000 $76,429 $0 3.82%
    ALBUQUERQUE, NM (FHA|USDA|VA) 2 $530,000 $265,000 $3,798 3.00%
    BOULDER, CO (FHA|USDA|VA) 1 $515,000 $515,000 $2,891 3.75%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $505,000 $505,000 $5,859 3.50%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $470,000 $235,000 $3,479 3.19%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $460,000 $230,000 $0 2.94%
    KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 1 $455,000 $455,000 $3,105 2.88%
    EL PASO, TX (FHA|USDA|VA) 3 $435,000 $145,000 $0 3.25%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $435,000 $435,000 $0 2.88%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $415,000 $415,000 $2,072 2.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $410,000 $205,000 $3,062 3.06%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $395,000 $395,000 $0 2.38%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $385,000 $385,000 $3,026 2.75%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $385,000 $385,000 $2,994 2.88%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $375,000 $375,000 $0 2.88%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $355,000 $355,000 $0 2.88%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $345,000 $345,000 $2,574 2.63%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $335,000 $335,000 $0 3.25%
    Sturgis, MI (FHA|USDA|VA) 1 $305,000 $305,000 $0 2.88%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $300,000 $150,000 $1,081 4.56%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.88%
    ANCHORAGE, AK (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.38%
    LANCASTER, PA (FHA|USDA|VA) 1 $275,000 $275,000 $0 3.13%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $265,000 $265,000 $3,867 3.13%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $255,000 $51,000 $0 4.15%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.25%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.25%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $235,000 $235,000 $2,698 2.88%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $215,000 $215,000 $0 2.63%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,656 2.50%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $205,000 $205,000 $2,786 3.00%
    LAS CRUCES, NM (FHA|USDA|VA) 1 $195,000 $195,000 $3,589 2.63%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $160,000 $80,000 $0 4.88%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $115,000 $115,000 $0 3.25%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.25%
    Bozeman, MT (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.25%
    Concord, NH (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.50%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.25%
    Mass. Institute Of Tech. Federal Credit Union's top markets include Boston, New York, Seattle, San Francisco, and San Jose among others.

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

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Bridgewater Savings Bank
    Similarity Rank: 600
    Triangle Credit Union
    Similarity Rank: 696
    NEW HAMPSHIRE
    Similarity Rank: 756
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798
    Sharon & Crescent United Credit Union
    Similarity Rank: 830
    QUINCY CREDIT UNION
    Similarity Rank: 876

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 143 $41,495,000 $290,175 $1,977 3.62%
    HELOC 122 $16,600,000 $136,066 n/a 3.78%

    For 2020, Mass. Institute Of Tech. Federal Credit Union's most frequently originated type of loan was Conventional, with 143 originations. Their 2nd most popular type was HELOC, with 122 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 90 $9,340,000 $103,778 $121 4.09%
    Refi 69 $20,575,000 $298,188 $2,226 3.40%
    Other 45 $6,965,000 $154,778 $796 3.96%
    Home Purchase 43 $15,155,000 $352,442 $4,203 3.28%
    Cash Out Refi 18 $6,060,000 $336,667 $3,255 3.15%

    For 2020, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 90 originations. The 2nd most popular reason was Refi, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 122 $18,540,000 $151,967 $755 3.95%
    30 Year 69 $29,165,000 $422,681 $3,671 3.14%
    15 Year 52 $8,860,000 $170,385 $1,830 3.55%
    10 Year 15 $1,235,000 $82,333 $225 4.39%
    5 Year 7 $295,000 $42,143 $0 4.25%

    For 2020, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan duration was 20 Year, with 122 originations. The 2nd most popular length was 30 Year, with 69 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 138 $40,520,000 $293,623
    $1k-2k 1 $105,000 $105,000
    $2k-3k 1 $375,000 $375,000
    $4k-5k 1 $275,000 $275,000

    Mass. Institute Of Tech. Federal Credit Union's average total fees were $3,671, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 138 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 132 $30,290,000 $229,470
    4-5% 50 $4,720,000 $94,400
    2.5-3% 49 $18,395,000 $375,408
    5-6% 26 $2,410,000 $92,692
    <2.5% 6 $2,160,000 $360,000
    6-7% 1 $45,000 $45,000
    7-8% 1 $75,000 $75,000

    During 2020, Mass. Institute Of Tech. Federal Credit Union's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 132 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 82 $3,860,000 $47,073 $0 4.34%
    $200k-400k 80 $23,100,000 $288,750 $3,043 3.26%
    $100k-200k 66 $8,970,000 $135,909 $1,521 3.74%
    $400k-600k 29 $13,935,000 $480,517 $3,645 3.13%
    $600k-1MM 5 $3,595,000 $719,000 $4,271 3.00%
    $1MM+ 3 $4,635,000 $1,545,000 $0 3.17%

    2020 saw Mass. Institute Of Tech. Federal Credit Union place emphasis on $100,000 or less loans with 82 originations, totaling $3,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 99 $23,595,000 $238,333 $2,023 3.70%
    $100k-150k 64 $10,660,000 $166,563 $2,040 3.75%
    $250k+ 55 $17,885,000 $325,182 $2,958 3.44%
    $75k-100k 24 $3,240,000 $135,000 $992 3.98%
    $50k-75k 19 $2,095,000 $110,263 $1,453 3.84%
    $50k or less 3 $385,000 $128,333 $1,786 3.63%

    Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 99 originations. The second most popular income band? $100k-150k, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 82 $17,140,000 $209,024 $2,457 3.51%
    <20% 49 $10,865,000 $221,735 $2,467 3.60%
    30-36% 44 $9,270,000 $210,682 $1,965 3.64%
    42% 15 $2,395,000 $159,667 $1,261 3.90%
    40% 14 $2,790,000 $199,286 $678 4.03%
    38% 13 $2,775,000 $213,462 $1,731 3.91%
    41% 10 $2,520,000 $252,000 $2,593 3.91%
    39% 9 $1,615,000 $179,444 $0 4.21%
    37% 9 $965,000 $107,222 $0 4.22%
    36% 6 $1,180,000 $196,667 $1,091 4.15%
    46% 3 $785,000 $261,667 $3,200 2.92%
    50-60% 3 $1,355,000 $451,667 $2,992 3.29%
    47% 2 $1,210,000 $605,000 $2,786 3.19%
    49% 2 $2,410,000 $1,205,000 $3,572 3.00%
    43% 2 $80,000 $40,000 $0 5.63%
    >60% 1 $505,000 $505,000 $3,666 2.75%

    Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 82 originations. The next most common DTI ratio? <20%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 173 $30,985,000 $179,104 $1,497 3.79%
    Not provided 63 $20,415,000 $324,048 $2,974 3.47%
    Asian 12 $3,500,000 $291,667 $2,429 3.27%
    Black 9 $1,285,000 $142,778 $0 4.04%
    Chinese 2 $780,000 $390,000 $0 3.63%
    American Indian 3 $765,000 $255,000 $2,973 3.29%
    Asian Indian 1 $295,000 $295,000 $3,174 2.88%
    Samoan 1 $35,000 $35,000 $0 3.25%
    Filipino 1 $35,000 $35,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    91.74%

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

    Pick Rate

    Approvals leading to origination
    42.64%

    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
    0.0 50 $19,860,000 $397,200
    NA 215 $38,235,000 $177,837

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 265 $58,095,000 $219,226

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $9,360,000 $195,000 $1,569 3.77%
    40-60% 26 $8,990,000 $345,769 $3,090 3.25%
    60-80% 53 $22,245,000 $419,717 $3,179 3.04%
    80-100% 23 $7,765,000 $337,609 $4,202 3.09%
    Under 20% 114 $9,500,000 $83,333 $178 4.19%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MECHANICS BANK Conventional home mortgage Struggling to pay mortgage 1 25.0%
    MECHANICS BANK Conventional home mortgage Trouble during payment process 1 25.0%
    MECHANICS BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 25.0%
    MECHANICS BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%