Tremont Credit Union Mortgage Rates, Fees & Info

Milton, MA

LEI: 549300SH2PPMV71O6830

Tax ID: 04-3414490

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
  • 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

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

    Tremont 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. Tremont Credit Union is typically an average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.54% 4/28/24
    30 Year Conventional Refi 6.05% 4/28/24
    30 Year Cash-out Refi 6.24% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    15 Year Conventional Refi 5.68% 4/28/24
    15 Year Cash-out Refi 5.68% 4/28/24
    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.

    Tremont Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Tremont Credit Union. 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

    42

    Origination Dollar Volume (All Markets)

    $12,200,000

    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) 32 $9,110,000 $284,688 $3,656 5.07%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 7 $1,885,000 $269,286 $4,927 5.16%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $990,000 $495,000 $4,821 5.19%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $215,000 $215,000 $2,992 3.25%
    Tremont Credit Union's top markets include Boston, Providence, Worcester, 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 TREMONT CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    QUINCY CREDIT UNION
    Similarity Rank: 50
    Direct Federal Credit Union
    Similarity Rank: 115
    Sharon & Crescent United Credit Union
    Similarity Rank: 168
    Middlesex Savings Bank
    Similarity Rank: 195
    Piscataqua Savings Bank
    Similarity Rank: 200
    ALIGN CREDIT UNION
    Similarity Rank: 200
    North Easton Savings Bank
    Similarity Rank: 348
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 357
    ROCKLAND
    Similarity Rank: 360
    Milford Federal Bank
    Similarity Rank: 364

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 42 $12,200,000 $290,476 $3,907 5.05%

    For 2022, Tremont Credit Union's most frequently originated type of loan was Conventional, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 14 $1,630,000 $116,429 $1,603 5.15%
    Home Purchase 11 $5,435,000 $494,091 $6,827 5.41%
    Cash Out Refi 11 $3,615,000 $328,636 $4,366 4.19%
    Refi 4 $1,440,000 $360,000 $4,188 5.09%
    Other 2 $80,000 $40,000 $895 6.93%

    For 2022, Tremont Credit Union's most frequently cited loan purpose was Home Improvement, with 14 originations. The 2nd most popular reason was Home Purchase, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 23 $9,575,000 $416,304 $5,589 4.65%
    15 Year 7 $1,395,000 $199,286 $2,577 5.55%
    10 Year 5 $285,000 $57,000 $1,231 5.14%
    20 Year 5 $865,000 $173,000 $1,792 5.55%
    5 Year 2 $80,000 $40,000 $1,200 6.31%

    For 2022, Tremont Credit Union's most frequently cited loan duration was 30 Year, with 23 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 15 $1,225,000 $81,667
    $1k-2k 12 $4,090,000 $340,833
    $3k-4k 5 $2,475,000 $495,000
    $2k-3k 4 $1,920,000 $480,000
    $4k-5k 3 $1,245,000 $415,000
    $5k+ 3 $1,245,000 $415,000

    Tremont Credit Union's average total fees were $5,589, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 15 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 15 $3,535,000 $235,667
    4-5% 9 $3,065,000 $340,556
    3-4% 8 $2,220,000 $277,500
    6-7% 8 $3,170,000 $396,250
    2.5-3% 1 $155,000 $155,000
    Over 8% 1 $55,000 $55,000

    During 2022, Tremont Credit Union's average interest rate for loans was 4.65%, while their most frequently originated rate bucket for loans was 5-6%, with 15 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 14 $6,890,000 $492,143 $6,064 4.93%
    $200k-400k 10 $2,980,000 $298,000 $4,866 4.71%
    $100,000 or less 9 $345,000 $38,333 $1,132 5.86%
    $100k-200k 8 $1,090,000 $136,250 $1,818 4.57%
    $600k-1MM 1 $895,000 $895,000 $5,811 6.50%

    2022 saw Tremont Credit Union place emphasis on $400k-600k loans with 14 originations, totaling $6,890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $3,850,000 $275,000 $3,968 4.93%
    $150k-250k 11 $4,155,000 $377,727 $4,774 5.65%
    $50k-75k 7 $995,000 $142,143 $2,584 4.53%
    $75k-100k 6 $1,420,000 $236,667 $3,694 5.10%
    $250k+ 2 $1,470,000 $735,000 $6,010 5.31%
    $50k or less 2 $310,000 $155,000 $1,883 3.93%

    Tremont Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $150k-250k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $3,445,000 $382,778 $4,666 4.79%
    48% 6 $1,610,000 $268,333 $3,076 4.81%
    30-36% 5 $1,665,000 $333,000 $4,333 4.08%
    49% 3 $325,000 $108,333 $1,907 5.62%
    36% 3 $505,000 $168,333 $3,259 5.12%
    38% 3 $235,000 $78,333 $1,250 6.08%
    41% 3 $1,295,000 $431,667 $5,081 6.17%
    42% 2 $260,000 $130,000 $2,001 4.44%
    40% 2 $490,000 $245,000 $5,830 5.50%
    44% 1 $455,000 $455,000 $4,464 3.13%
    <20% 1 $345,000 $345,000 $6,596 3.50%
    47% 1 $545,000 $545,000 $5,674 6.50%
    39% 1 $475,000 $475,000 $7,232 4.13%
    46% 1 $55,000 $55,000 $795 8.13%
    43% 1 $495,000 $495,000 $7,080 5.38%

    Tremont Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 48%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 25 $6,585,000 $263,400 $3,630 5.26%
    Black 10 $3,030,000 $303,000 $4,128 5.14%
    White 7 $2,585,000 $369,286 $4,582 4.14%

    Approval Rates

    Total approvals of all applications
    72.04%

    Tremont Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    59.52%

    Tremont 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 42 $12,200,000 $290,476

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    42 $12,200,000 $290,476

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $975,000 $195,000 $2,826 5.00%
    40-60% 6 $1,720,000 $286,667 $3,239 3.73%
    60-80% 11 $4,805,000 $436,818 $6,055 4.72%
    80-100% 7 $3,885,000 $555,000 $6,937 5.57%
    Under 20% 13 $815,000 $62,692 $1,184 5.67%