Nassau Educators Federal Credit Union Mortgage Rates, Fees & Info

Westbury, NY

LEI: 549300T7DF901BR7V258

Tax ID: 11-1644859

5 stars - Updated: 11/17/24 - out of 5 stars, based on 42 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Nassau Educators Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Nassau Educators Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: New York, Poughkeepsie, North Port, Buffalo, and Port St. Lucie among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Nassau Educators Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Nassau Educators 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 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
    Home Equity Line of Credit (HELOC) 3.43% 11/17/24
    30 Year Conventional Purchase 6.45% 11/17/24
    30 Year Conventional Refi 6.41% 11/17/24
    30 Year Cash-out Refi 6.46% 11/17/24
    15 Year Conventional Purchase 5.53% 11/17/24
    15 Year Conventional Refi 5.69% 11/17/24
    15 Year Cash-out Refi 5.69% 11/17/24
    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.

    Nassau Educators Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Nassau Educators Federal 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

    1,769

    Origination Dollar Volume (All Markets)

    $361,965,000

    Awards

    Nassau Educators Federal Credit Union 30 Year Conventional Loans gold Nassau Educators Federal Credit Union 30 Year Conventional Loans gold Nassau Educators Federal Credit Union 30 Year Conventional Loans bronze Nassau Educators Federal Credit Union 30 Year Conventional Loans silver
    Show all (4) awards

    Relative Rate

    Nassau Educators Federal Credit Union's average 30 year fixed mortgage rate was 6.85%.

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

    This yields a difference of 0.37%.

    Relative Fees (Closing Costs)

    Nassau Educators Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,670.

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,731 $353,735,000 $204,353 $2,888 6.85%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 13 $2,665,000 $205,000 $0 7.28%
    Outside of Metro Areas 8 $1,310,000 $163,750 $0 6.93%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $750,000 $375,000 $1,443 6.56%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $495,000 $495,000 $0 5.99%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $435,000 $435,000 $1,050 7.75%
    KINGSTON, NY (FHA|USDA|VA) 2 $420,000 $210,000 $964 6.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $415,000 $138,333 $684 6.42%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $335,000 $335,000 $5,246 6.63%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $320,000 $160,000 $0 6.49%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $315,000 $315,000 $2,951 6.13%
    SYRACUSE, NY (FHA|USDA|VA) 2 $280,000 $140,000 $3,105 6.68%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $255,000 $255,000 $470 7.75%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $235,000 $235,000 $604 5.75%
    Nassau Educators Federal Credit Union's top markets include New York, Poughkeepsie, North Port, Buffalo, and Port St. Lucie among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Nassau Educators Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    The First National Bank of Long Island
    Similarity Rank: 158
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207
    American Broadcast Employees Federal Credit Union
    Similarity Rank: 209
    LYONS MORTGAGE SERVICES, INC.
    Similarity Rank: 267
    Bogota Savings Bank
    Similarity Rank: 351
    SELF RELIANCE NY Federal Credit Union
    Similarity Rank: 442

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,614 $266,380,000 $165,043 n/a 6.90%
    Conventional 155 $95,585,000 $616,677 $2,780 6.26%

    For 2023, Nassau Educators Federal Credit Union's most frequently originated type of loan was HELOC, with 1,614 originations. Their 2nd most popular type was Conventional, with 155 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 838 $144,740,000 $172,721 $0 6.83%
    Other 560 $73,840,000 $131,857 $0 7.03%
    Refi 203 $64,535,000 $317,906 $2,612 6.79%
    Home Purchase 133 $65,345,000 $491,316 $3,024 6.42%
    Cash Out Refi 35 $13,505,000 $385,857 $2,112 6.10%

    For 2023, Nassau Educators Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 838 originations. The 2nd most popular reason was Other, with 560 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,746 $328,760,000 $188,293 $2,670 6.85%
    10 Year 11 $28,755,000 $2,614,091 $0 7.05%
    15 Year 10 $3,690,000 $369,000 $3,207 6.65%
    20 Year 2 $760,000 $380,000 $8,041 6.06%

    For 2023, Nassau Educators Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,746 originations. The 2nd most popular length was 10 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 106 $50,420,000 $475,660
    $1k-2k 16 $6,980,000 $436,250
    $3k-4k 7 $3,175,000 $453,571
    $2k-3k 6 $2,220,000 $370,000
    $5k+ 5 $2,335,000 $467,000
    $4k-5k 2 $840,000 $420,000

    Nassau Educators Federal Credit Union's average total fees were $2,670, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 106 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 762 $160,360,000 $210,446
    7-8% 435 $76,375,000 $175,575
    5-6% 399 $97,345,000 $243,972
    Over 8% 158 $24,450,000 $154,747
    4-5% 8 $2,140,000 $267,500
    <2.5% 6 $1,130,000 $188,333
    2.5-3% 1 $165,000 $165,000

    During 2023, Nassau Educators Federal Credit Union's average interest rate for loans was 6.85%, while their most frequently originated rate bucket for loans was 6-7%, with 762 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 626 $82,040,000 $131,054 $884 6.95%
    $100,000 or less 544 $33,810,000 $62,151 $0 6.95%
    $200k-400k 371 $99,035,000 $266,941 $2,515 6.74%
    $400k-600k 179 $85,385,000 $477,011 $3,348 6.51%
    $600k-1MM 27 $18,795,000 $696,111 $3,288 6.16%
    $1MM+ 22 $42,900,000 $1,950,000 $1,000 6.77%

    2023 saw Nassau Educators Federal Credit Union place emphasis on $100k-200k loans with 626 originations, totaling $82,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 623 $119,605,000 $191,982 $3,161 6.78%
    $100k-150k 447 $66,585,000 $148,960 $2,880 6.87%
    $250k+ 375 $102,455,000 $273,213 $2,186 6.93%
    $75k-100k 162 $26,370,000 $162,778 $2,248 6.90%
    $50k-75k 106 $12,070,000 $113,868 $1,609 6.76%
    $50k or less 39 $4,695,000 $120,385 $2,610 6.75%

    Nassau Educators Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 623 originations. The second most popular income band? $100k-150k, with 447 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 326 $61,540,000 $188,773 $3,211 6.81%
    30-36% 268 $49,770,000 $185,709 $2,537 6.80%
    <20% 200 $28,000,000 $140,000 $3,790 6.77%
    50-60% 139 $27,375,000 $196,942 $2,274 6.87%
    47% 96 $20,070,000 $209,063 $2,562 6.62%
    39% 89 $16,235,000 $182,416 $3,739 7.15%
    37% 70 $11,800,000 $168,571 $2,246 6.94%
    40% 67 $12,375,000 $184,701 $3,411 6.91%
    42% 66 $12,710,000 $192,576 $2,366 7.05%
    38% 62 $10,350,000 $166,935 $405 7.27%
    44% 57 $9,665,000 $169,561 $2,310 6.76%
    43% 54 $9,890,000 $183,148 $3,928 6.93%
    36% 50 $9,400,000 $188,000 $2,638 6.85%
    41% 43 $8,495,000 $197,558 $3,201 6.92%
    48% 43 $11,435,000 $265,930 $3,318 6.63%
    49% 41 $9,665,000 $235,732 $4,110 6.81%
    45% 39 $10,905,000 $279,615 $2,023 6.81%
    46% 36 $10,300,000 $286,111 $1,295 6.62%
    >60% 12 $3,230,000 $269,167 $479 6.49%

    Nassau Educators Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 326 originations. The next most common DTI ratio? 30-36%, with 268 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,291 $243,345,000 $188,493 $2,892 6.85%
    Not provided 182 $32,580,000 $179,011 $2,303 6.74%
    Not applicable 11 $28,755,000 $2,614,091 $0 7.05%
    Asian 84 $22,900,000 $272,619 $1,238 6.75%
    Black 149 $22,745,000 $152,651 $3,168 6.90%
    Asian Indian 15 $3,965,000 $264,333 $6,085 6.86%
    American Indian 15 $3,275,000 $218,333 $0 7.55%
    Other Asian 8 $1,510,000 $188,750 $881 7.13%
    Native Hawaiian or Islander 9 $1,175,000 $130,556 $0 7.04%
    Filipino 1 $715,000 $715,000 $5,745 6.75%
    Chinese 1 $495,000 $495,000 $0 7.74%
    Vietnamese 1 $235,000 $235,000 $604 5.75%
    Other Pacific Islander 1 $135,000 $135,000 $0 6.79%
    Japanese 1 $135,000 $135,000 $0 6.99%

    Approval Rates

    Total approvals of all applications
    55.96%

    Nassau Educators Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    88.58%

    Nassau Educators Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,769 $361,965,000 $204,616

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,769 $361,965,000 $204,616

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 493 $114,275,000 $231,795 $2,439 6.78%
    40-60% 125 $68,625,000 $549,000 $2,213 6.59%
    60-80% 105 $56,805,000 $541,000 $2,742 6.45%
    80-100% 42 $22,880,000 $544,762 $3,622 6.23%
    Under 20% 1,004 $99,380,000 $98,984 $432 6.97%