Mutual Security Credit Union Mortgage Rates, Fees & Info

SHELTON, CT

LEI: 549300T7RPUYDIE5FH39

Tax ID: 06-0701899

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

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

    Mutual Security 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. Mutual Security 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.

    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 6.96% 12/16/24
    30 Year Conventional Refi 6.34% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    15 Year Conventional Purchase 5.98% 12/16/24
    15 Year Conventional Refi 5.74% 12/16/24
    15 Year Cash-out Refi 5.74% 12/16/24
    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.

    Mutual Security Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Mutual Security 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

    140

    Origination Dollar Volume (All Markets)

    $28,350,000
    Show all (5) 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
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 84 $19,510,000 $232,262 $1,660 4.07%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 35 $5,755,000 $164,429 $1,601 4.14%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 8 $1,610,000 $201,250 $2,782 4.39%
    Torrington, CT (FHA|USDA|VA) 13 $1,475,000 $113,462 $813 4.26%
    Mutual Security Credit Union's top markets include Bridgeport, New Haven, Hartford, and Torrington among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    The Torrington Savings Bank
    Similarity Rank: 56
    Northwest Community Bank
    Similarity Rank: 65
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 144
    Union Savings Bank
    Similarity Rank: 152
    SIKORSKY FINANCIAL
    Similarity Rank: 175
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 220
    The First National Bank of Long Island
    Similarity Rank: 236
    Thomaston Savings Bank
    Similarity Rank: 252
    Ridgewood Savings Bank
    Similarity Rank: 297
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 352

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 140 $28,350,000 $202,500 $1,631 4.13%

    For 2018, Mutual Security Credit Union's most frequently originated type of loan was Conventional, with 140 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 45 $12,465,000 $277,000 $3,154 4.37%
    Refi 39 $6,415,000 $164,487 $839 3.83%
    Cash Out Refi 28 $6,660,000 $237,857 $1,552 3.86%
    Home Improvement 18 $2,320,000 $128,889 $527 4.31%
    Other 10 $490,000 $49,000 $75 4.61%

    For 2018, Mutual Security Credit Union's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 60 $17,640,000 $294,000 $2,871 4.20%
    Other 29 $4,925,000 $169,828 $961 3.59%
    15 Year 22 $3,770,000 $171,364 $1,089 4.13%
    10 Year 15 $735,000 $49,000 $0 4.86%
    5 Year 10 $450,000 $45,000 $0 4.03%
    20 Year 4 $830,000 $207,500 $1,055 4.33%

    For 2018, Mutual Security Credit Union's most frequently cited loan duration was 30 Year, with 60 originations. The 2nd most popular length was Other, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 140 $28,350,000 $202,500

    Mutual Security Credit Union's average total fees were $2,871, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 140 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 65 $13,325,000 $205,000
    4-5% 63 $13,285,000 $210,873
    5-6% 6 $430,000 $71,667
    2.5-3% 4 $1,210,000 $302,500
    6-7% 2 $100,000 $50,000

    During 2018, Mutual Security Credit Union's average interest rate for loans was 4.20%, while their most frequently originated rate bucket for loans was 3-4%, with 65 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 52 $14,630,000 $281,346 $2,451 4.08%
    $100,000 or less 44 $2,440,000 $55,455 $188 4.42%
    $100k-200k 31 $4,665,000 $150,484 $1,610 3.85%
    $400k-600k 12 $5,860,000 $488,333 $3,307 4.02%
    $600k-1MM 1 $755,000 $755,000 $2,994 3.50%

    2018 saw Mutual Security Credit Union place emphasis on $200k-400k loans with 52 originations, totaling $14,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 45 $11,705,000 $260,111 $1,904 4.19%
    $100k-150k 36 $6,740,000 $187,222 $1,575 4.11%
    $75k-100k 30 $4,960,000 $165,333 $1,362 3.92%
    $50k-75k 16 $2,340,000 $146,250 $1,540 4.31%
    $50k or less 10 $1,070,000 $107,000 $1,359 4.35%
    $250k+ 2 $1,260,000 $630,000 $1,872 3.50%

    Mutual Security Credit Union lent most frequently to those with incomes in the $150k-250k range, with 45 originations. The second most popular income band? $100k-150k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $9,205,000 $195,851 $1,605 4.26%
    30-36% 26 $5,030,000 $193,462 $1,656 4.09%
    <20% 13 $2,445,000 $188,077 $1,495 3.88%
    37% 9 $1,585,000 $176,111 $1,565 4.18%
    41% 8 $2,250,000 $281,250 $1,403 3.93%
    38% 7 $1,665,000 $237,857 $1,568 3.72%
    45% 5 $1,125,000 $225,000 $2,697 4.03%
    40% 5 $1,415,000 $283,000 $2,389 4.68%
    39% 4 $920,000 $230,000 $2,707 3.84%
    >60% 3 $415,000 $138,333 $791 4.29%
    43% 3 $105,000 $35,000 $0 4.47%
    46% 3 $625,000 $208,333 $1,989 4.21%
    42% 2 $630,000 $315,000 $1,639 3.50%
    44% 2 $360,000 $180,000 $1,189 3.94%
    36% 1 $225,000 $225,000 $750 3.49%
    50-60% 1 $75,000 $75,000 $0 5.00%

    Mutual Security Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 118 $24,280,000 $205,763 $1,663 4.13%
    Asian 6 $1,510,000 $251,667 $1,770 3.44%
    Black 7 $1,365,000 $195,000 $2,111 4.33%
    Not provided 7 $655,000 $93,571 $464 4.46%
    Asian Indian 1 $285,000 $285,000 $2,996 3.88%
    Other Asian 1 $255,000 $255,000 $475 3.79%

    Approval Rates

    Total approvals of all applications
    83.40%

    Mutual Security Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    60.00%

    Mutual Security 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 140 $28,350,000 $202,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 140 $28,350,000 $202,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $2,335,000 $111,190 $915 4.00%
    40-60% 14 $2,500,000 $178,571 $1,300 3.90%
    60-80% 52 $14,810,000 $284,808 $2,271 4.06%
    80-100% 27 $7,475,000 $276,852 $2,640 4.10%
    Under 20% 26 $1,230,000 $47,308 $58 4.50%