Community Credit Union Of Lynn Mortgage Rates, Fees & Info

Lynn, MA

LEI: 549300R1DB8186CV7Z17

Tax ID: 04-2207787

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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

    Community Credit Union Of Lynn is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Community Credit Union Of Lynn has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, and Manchester among others. We have data for 3 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 an above 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 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.98% 11/21/24
    30 Year Conventional Refi 6.27% 11/21/24
    30 Year Cash-out Refi 6.24% 11/21/24
    15 Year Conventional Purchase 5.74% 11/21/24
    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

    128

    Origination Dollar Volume (All Markets)

    $42,010,000

    Awards

    COMMUNITY CREDIT UNION OF LYNN 30 Year Conventional Loans silver COMMUNITY CREDIT UNION OF LYNN 30 Year Conventional Loans bronze
    Show all (2) 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) 124 $41,180,000 $332,097 $2,612 3.07%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $705,000 $235,000 $2,162 3.42%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $125,000 $125,000 $0 2.88%
    Community Credit Union Of Lynn's top markets include Boston, Worcester, and Manchester among others.

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

    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 127 $41,955,000 $330,354 $2,601 3.08%
    HELOC 1 $55,000 $55,000 n/a 3.25%

    For 2020, Community Credit Union Of Lynn's most frequently originated type of loan was Conventional, with 127 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 58 $18,470,000 $318,448 $2,571 3.14%
    Refi 47 $13,655,000 $290,532 $2,239 2.83%
    Home Purchase 22 $9,830,000 $446,818 $3,493 3.43%
    Other 1 $55,000 $55,000 $0 3.25%

    For 2020, Community Credit Union Of Lynn's most frequently cited loan purpose was Cash Out Refi, with 58 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 82 $29,210,000 $356,220 $2,729 3.27%
    15 Year 25 $7,625,000 $305,000 $2,706 2.73%
    20 Year 10 $2,600,000 $260,000 $2,314 2.94%
    Other 8 $1,970,000 $246,250 $1,680 2.69%
    10 Year 3 $605,000 $201,667 $1,729 2.38%

    For 2020, Community Credit Union Of Lynn's most frequently cited loan duration was 30 Year, with 82 originations. The 2nd most popular length was 15 Year, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 117 $38,645,000 $330,299
    $5k+ 1 $485,000 $485,000

    Community Credit Union Of Lynn's average total fees were $2,729, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 117 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 58 $18,690,000 $322,241
    3-4% 46 $16,660,000 $362,174
    <2.5% 18 $4,810,000 $267,222
    4-5% 6 $1,850,000 $308,333

    During 2020, Community Credit Union Of Lynn's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 2.5-3%, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 81 $24,365,000 $300,802 $2,510 3.10%
    $400k-600k 25 $12,265,000 $490,600 $3,086 3.14%
    $100k-200k 18 $2,730,000 $151,667 $2,092 2.87%
    $100,000 or less 2 $150,000 $75,000 $2,377 3.00%
    $1MM+ 1 $1,845,000 $1,845,000 $7,136 3.88%
    $600k-1MM 1 $655,000 $655,000 $2,019 3.13%

    2020 saw Community Credit Union Of Lynn place emphasis on $200k-400k loans with 81 originations, totaling $24,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 33 $10,255,000 $310,758 $2,613 2.96%
    $150k-250k 31 $10,805,000 $348,548 $2,479 2.98%
    $75k-100k 22 $5,880,000 $267,273 $2,464 3.22%
    $50k-75k 21 $5,755,000 $274,048 $2,652 3.15%
    $250k+ 12 $6,830,000 $569,167 $2,983 3.11%
    $50k or less 8 $1,960,000 $245,000 $2,611 3.30%

    Community Credit Union Of Lynn lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $150k-250k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $8,835,000 $327,222 $2,313 2.82%
    30-36% 21 $6,545,000 $311,667 $2,536 3.17%
    <20% 19 $5,815,000 $306,053 $2,393 2.87%
    50-60% 8 $4,050,000 $506,250 $3,254 3.36%
    44% 7 $1,695,000 $242,143 $2,549 3.38%
    38% 6 $1,940,000 $323,333 $2,302 2.92%
    39% 6 $1,770,000 $295,000 $2,464 2.88%
    49% 6 $2,040,000 $340,000 $2,616 3.21%
    36% 4 $1,340,000 $335,000 $2,991 2.91%
    42% 4 $1,680,000 $420,000 $3,094 3.06%
    43% 3 $615,000 $205,000 $2,724 3.38%
    45% 3 $905,000 $301,667 $2,715 3.79%
    48% 3 $1,015,000 $338,333 $2,779 3.29%
    37% 3 $1,105,000 $368,333 $5,467 3.46%
    41% 2 $420,000 $210,000 $2,439 3.00%
    40% 2 $800,000 $400,000 $2,709 3.13%
    46% 2 $640,000 $320,000 $2,826 4.13%
    47% 1 $275,000 $275,000 $2,479 2.88%

    Community Credit Union Of Lynn lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 91 $28,965,000 $318,297 $2,539 2.97%
    Not provided 31 $10,765,000 $347,258 $2,704 3.29%
    Black 4 $1,470,000 $367,500 $3,010 3.69%
    Asian 1 $525,000 $525,000 $3,123 3.13%
    Asian Indian 1 $285,000 $285,000 $3,246 3.63%

    Approval Rates

    Total approvals of all applications
    95.14%

    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
    97.66%

    Community Credit Union Of Lynn has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 128 $42,010,000 $328,203

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 128 $42,010,000 $328,203

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $4,730,000 $236,500 $2,236 2.89%
    40-60% 42 $12,370,000 $294,524 $2,364 3.00%
    60-80% 52 $18,890,000 $363,269 $2,654 3.18%
    80-100% 10 $5,610,000 $561,000 $4,180 3.36%
    Under 20% 4 $410,000 $102,500 $2,320 2.78%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Struggling to pay mortgage 1 33.3%
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Trouble during payment process 1 33.3%
    COMMUNITY BANK SYSTEM, INC. Other type of mortgage Closing on a mortgage 1 33.3%