Southcoast Federal Credit Union Mortgage Rates, Fees & Info
New Bedford, MALEI: 549300T5T60SK9MMCD03
Tax ID: 04-2595494
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Southcoast Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Southcoast Federal Credit Union has a high proportion of conventional loans. Their top two markets are Providence and Boston .Southcoast Federal Credit Union has an average approval rate when compared to the average across all lenders. Southcoast 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/4/24 |
| 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. | ||
Southcoast Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
27Origination Dollar Volume (All Markets)
$3,015,000Top 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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 23 | $2,145,000 | $93,261 | $0 | 3.75% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $1,383 | 3.87% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $3,015,000 | $111,667 | $160 | 3.76% |
For 2022, Southcoast Federal Credit Union's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 24 | $2,220,000 | $92,500 | $0 | 3.80% |
| Refi | 2 | $160,000 | $80,000 | $0 | 3.50% |
| Home Purchase | 1 | $635,000 | $635,000 | $4,150 | 3.50% |
For 2022, Southcoast Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 24 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
For 2022, Southcoast Federal Credit Union's most frequently cited loan duration was 10 Year, with 11 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 26 | $2,970,000 | $114,231 |
Southcoast Federal Credit Union's average total fees were $4,150, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 26 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 17 | $2,395,000 | $140,882 |
| 2.5-3% | 6 | $360,000 | $60,000 |
| 4-5% | 2 | $90,000 | $45,000 |
| 5-6% | 2 | $170,000 | $85,000 |
During 2022, Southcoast Federal Credit Union's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 17 originations.
Loan Sizing
2022 saw Southcoast Federal Credit Union place emphasis on $100,000 or less loans with 17 originations, totaling $875,000 in origination value.
Applicant Income
Southcoast Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
Southcoast Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.10%
Southcoast Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $3,015,000 | $111,667 |