Shrewsbury Federal Credit Union Mortgage Rates, Fees & Info

SHREWSBURY, MA

LEI: 549300Q4IFHVIODLF616

Tax ID: 04-2297446

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

    Shrewsbury Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Shrewsbury Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, and Barnstable Town among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Shrewsbury Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Shrewsbury 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

    39

    Origination Dollar Volume (All Markets)

    $7,545,000

    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
    WORCESTER, MA-CT (FHA|USDA|VA) 37 $7,005,000 $189,324 $2,237 4.70%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $305,000 $305,000 $3,048 5.13%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $235,000 $235,000 $4,045 4.63%
    Shrewsbury Federal Credit Union's top markets include Worcester, Boston, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against SHREWSBURY 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: 18
    Middlesex Savings Bank
    Similarity Rank: 65
    UniBank for Savings
    Similarity Rank: 130
    Bristol County Savings Bank
    Similarity Rank: 144
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 170
    WEBSTER FIRST Federal Credit Union
    Similarity Rank: 182
    Milford Federal Bank
    Similarity Rank: 200
    Belmont Savings Bank
    Similarity Rank: 205
    St. Mary's Credit Union
    Similarity Rank: 245
    METRO
    Similarity Rank: 260

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 39 $7,545,000 $193,462 $2,306 4.71%

    For 2018, Shrewsbury Federal Credit Union's most frequently originated type of loan was Conventional, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 17 $4,285,000 $252,059 $3,107 4.52%
    Home Improvement 9 $285,000 $31,667 $100 5.38%
    Refi 8 $1,820,000 $227,500 $1,336 4.45%
    Cash Out Refi 5 $1,155,000 $231,000 $4,913 4.55%

    For 2018, Shrewsbury Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Home Improvement, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 17 $4,575,000 $269,118 $4,068 4.81%
    Other 10 $1,390,000 $139,000 $472 4.14%
    15 Year 7 $1,225,000 $175,000 $1,727 4.62%
    10 Year 4 $130,000 $32,500 $150 5.99%
    20 Year 1 $225,000 $225,000 $2,781 4.25%

    For 2018, Shrewsbury Federal Credit Union's most frequently cited loan duration was 30 Year, with 17 originations. The 2nd most popular length was Other, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 9 $1,995,000 $221,667
    $1k-2k 6 $1,780,000 $296,667
    $2k-3k 3 $855,000 $285,000
    $3k-4k 2 $500,000 $250,000
    $5k+ 2 $460,000 $230,000
    $4k-5k 1 $215,000 $215,000

    Shrewsbury Federal Credit Union's average total fees were $4,068, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 21 $4,995,000 $237,857
    5-6% 11 $1,495,000 $135,909
    3-4% 7 $1,055,000 $150,714

    During 2018, Shrewsbury Federal Credit Union's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 4-5%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 22 $6,120,000 $278,182 $3,714 4.74%
    $100,000 or less 11 $465,000 $42,273 $254 5.10%
    $100k-200k 6 $960,000 $160,000 $1,138 3.90%

    2018 saw Shrewsbury Federal Credit Union place emphasis on $200k-400k loans with 22 originations, totaling $6,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $2,950,000 $210,714 $2,422 4.66%
    $75k-100k 9 $2,115,000 $235,000 $2,686 4.55%
    $150k-250k 5 $875,000 $175,000 $2,898 5.22%
    $50k-75k 5 $625,000 $125,000 $2,483 5.05%
    $50k or less 3 $155,000 $51,667 $50 4.41%
    $250k+ 2 $440,000 $220,000 $1,246 3.81%

    Shrewsbury Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $2,160,000 $180,000 $1,466 4.38%
    40% 4 $550,000 $137,500 $1,932 4.72%
    30-36% 4 $880,000 $220,000 $2,727 5.12%
    44% 3 $385,000 $128,333 $937 5.58%
    39% 3 $725,000 $241,667 $1,895 4.29%
    <20% 2 $120,000 $60,000 $1,024 5.18%
    38% 2 $690,000 $345,000 $4,137 4.69%
    42% 2 $200,000 $100,000 $989 4.00%
    43% 2 $460,000 $230,000 $5,142 4.56%
    46% 1 $295,000 $295,000 $2,613 4.75%
    47% 1 $235,000 $235,000 $3,630 5.00%
    48% 1 $255,000 $255,000 $7,268 4.88%
    49% 1 $205,000 $205,000 $6,815 5.38%

    Shrewsbury Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 40%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $6,630,000 $195,000 $2,426 4.69%
    Not applicable 1 $385,000 $385,000 $0 5.25%
    Not provided 3 $345,000 $115,000 $1,716 5.29%
    Asian 1 $185,000 $185,000 $0 3.25%

    Approval Rates

    Total approvals of all applications
    85.48%

    Shrewsbury Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.31%

    Shrewsbury Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 39 $7,545,000 $193,462

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 39 $7,545,000 $193,462

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $295,000 $98,333 $683 4.54%
    40-60% 3 $555,000 $185,000 $1,574 4.25%
    60-80% 12 $2,480,000 $206,667 $3,232 4.51%
    80-100% 13 $3,965,000 $305,000 $3,444 4.67%
    Under 20% 8 $250,000 $31,250 $94 5.31%