Community Credit Union Of Lynn Mortgage Rates, Fees & Info

Lynn, MA

LEI: 549300R1DB8186CV7Z17

Tax ID: 04-2207787

5 stars - Updated: 3/28/24 - out of 5 stars, based on 6 reviews

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

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Mortgage Data

Review & Overview

Community Credit Union Of Lynn is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Community Credit Union Of Lynn has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Worcester, and Manchester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Community Credit Union Of Lynn 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. Community Credit Union Of Lynn 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 7.98% 3/28/24
30 Year Conventional Refi 6.27% 3/28/24
30 Year Cash-out Refi 6.24% 3/28/24
15 Year Conventional Purchase 5.74% 3/28/24
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.

Community Credit Union Of Lynn Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Community Credit Union Of Lynn. 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

38

Origination Dollar Volume (All Markets)

$10,510,000

Awards

COMMUNITY CREDIT UNION OF LYNN 30 Year Conventional Loans gold COMMUNITY CREDIT UNION OF LYNN 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Community Credit Union Of Lynn's average 30 year fixed mortgage rate was 6.94%.

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

This yields a difference of 0.46%.

Relative Fees (Closing Costs)

Community Credit Union Of Lynn's average total fees/closing costs for a 30 year fixed rate mortgage were $3,358.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 33 $8,695,000 $263,485 $2,075 7.20%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $895,000 $298,333 $3,109 6.21%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $555,000 $555,000 $3,038 5.75%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $365,000 $365,000 $10,510 5.75%
Community Credit Union Of Lynn's top markets include Boston, Providence, Worcester, and Manchester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

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

    RTN FEDERAL CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $10,510,000 $276,579 $2,506 7.05%

    For 2023, Community Credit Union Of Lynn's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $6,590,000 $411,875 $3,855 6.76%
    Other 13 $1,075,000 $82,692 $419 7.75%
    Cash Out Refi 8 $2,640,000 $330,000 $2,668 6.59%
    Refi 1 $205,000 $205,000 $0 6.00%

    For 2023, Community Credit Union Of Lynn's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Other, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 18 $7,600,000 $422,222 $3,358 6.94%
    15 Year 15 $1,575,000 $105,000 $554 7.43%
    20 Year 4 $1,230,000 $307,500 $5,383 6.09%
    10 Year 1 $105,000 $105,000 $619 7.00%

    For 2023, Community Credit Union Of Lynn's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 25 $7,515,000 $300,600
    $5k+ 1 $365,000 $365,000

    Community Credit Union Of Lynn's average total fees were $3,358, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 11 $2,235,000 $203,182
    5-6% 10 $3,050,000 $305,000
    Over 8% 9 $1,705,000 $189,444
    6-7% 8 $3,520,000 $440,000

    During 2023, Community Credit Union Of Lynn's average interest rate for loans was 6.94%, while their most frequently originated rate bucket for loans was 7-8%, with 11 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 13 $3,495,000 $268,846 $3,731 6.52%
    $100,000 or less 8 $440,000 $55,000 $430 7.94%
    $100k-200k 7 $855,000 $122,143 $944 7.16%
    $400k-600k 7 $3,165,000 $452,143 $3,190 6.79%
    $600k-1MM 2 $1,240,000 $620,000 $3,976 7.56%
    $1MM+ 1 $1,315,000 $1,315,000 $5,896 6.75%

    2023 saw Community Credit Union Of Lynn place emphasis on $200k-400k loans with 13 originations, totaling $3,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 11 $3,405,000 $309,545 $2,517 7.00%
    $100k-150k 10 $1,840,000 $184,000 $2,710 7.40%
    $75k-100k 7 $1,905,000 $272,143 $2,320 6.86%
    $250k+ 5 $2,615,000 $523,000 $5,896 6.60%
    $50k-75k 5 $745,000 $149,000 $1,552 7.15%

    Community Credit Union Of Lynn lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 9 $2,585,000 $287,222 $2,572 6.68%
    20-30% 4 $2,230,000 $557,500 $3,184 6.37%
    <20% 3 $585,000 $195,000 $3,184 6.13%
    49% 3 $805,000 $268,333 $1,643 7.58%
    45% 3 $415,000 $138,333 $1,631 7.67%
    39% 3 $865,000 $288,333 $2,818 7.38%
    42% 2 $110,000 $55,000 $575 8.38%
    41% 2 $460,000 $230,000 $1,531 7.12%
    43% 2 $430,000 $215,000 $1,909 7.19%
    50-60% 1 $265,000 $265,000 $2,820 8.25%
    44% 1 $35,000 $35,000 $250 8.50%
    38% 1 $365,000 $365,000 $10,510 5.75%
    47% 1 $165,000 $165,000 $250 7.50%
    48% 1 $515,000 $515,000 $0 6.50%
    36% 1 $275,000 $275,000 $3,134 7.50%
    40% 1 $405,000 $405,000 $2,839 6.50%

    Community Credit Union Of Lynn lent most frequently to those with DTI ratios of 30-36%, with 9 originations. The next most common DTI ratio? 20-30%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 25 $7,575,000 $303,000 $2,636 6.81%
    Not provided 11 $2,555,000 $232,273 $2,218 7.60%
    Asian 1 $275,000 $275,000 $3,766 5.50%
    Black 1 $105,000 $105,000 $250 8.25%

    Approval Rates

    Total approvals of all applications
    95.74%

    Community Credit Union Of Lynn has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    81.58%

    Community Credit Union Of Lynn has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 38 $10,510,000 $276,579

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    38 $10,510,000 $276,579

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $705,000 $141,000 $1,225 7.00%
    40-60% 4 $1,150,000 $287,500 $2,931 7.06%
    60-80% 12 $5,520,000 $460,000 $4,467 6.40%
    80-100% 5 $2,095,000 $419,000 $3,501 7.25%
    Under 20% 10 $730,000 $73,000 $703 7.64%