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 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, Torrington, and Hartford 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 above 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% 5/4/24
    30 Year Conventional Refi 6.34% 5/4/24
    30 Year Cash-out Refi 6.27% 5/4/24
    15 Year Conventional Purchase 5.98% 5/4/24
    15 Year Conventional Refi 5.74% 5/4/24
    15 Year Cash-out Refi 5.74% 5/4/24
    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.

    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

    198

    Origination Dollar Volume (All Markets)

    $40,460,000

    Awards

    MUTUAL SECURITY CREDIT UNION 30 Year Conventional Loans gold MUTUAL SECURITY CREDIT UNION 30 Year Conventional Loans gold MUTUAL SECURITY CREDIT UNION 30 Year Conventional Loans gold
    Show all (3) 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) 112 $24,110,000 $215,268 $2,704 4.47%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 55 $9,205,000 $167,364 $2,508 4.56%
    Torrington, CT (FHA|USDA|VA) 25 $5,915,000 $236,600 $2,945 4.73%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 6 $1,230,000 $205,000 $2,483 4.96%
    Mutual Security Credit Union's top markets include Bridgeport, New Haven, Torrington, and Hartford 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: 75
    Northwest Community Bank
    Similarity Rank: 130
    Ridgewood Savings Bank
    Similarity Rank: 146
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 192
    SIKORSKY FINANCIAL
    Similarity Rank: 245
    The Milford Bank
    Similarity Rank: 340
    Thomaston Savings Bank
    Similarity Rank: 350
    WASHINGTON TRUST MORTGAGE COMPANY LLC
    Similarity Rank: 414
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 636
    Union Savings Bank
    Similarity Rank: 752

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 198 $40,460,000 $204,343 $2,673 4.54%

    For 2022, Mutual Security Credit Union's most frequently originated type of loan was Conventional, with 198 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 76 $21,170,000 $278,553 $3,868 5.40%
    Cash Out Refi 52 $12,110,000 $232,885 $2,586 3.72%
    Home Improvement 34 $2,420,000 $71,176 $831 4.42%
    Refi 20 $3,570,000 $178,500 $2,698 3.64%
    Other 16 $1,190,000 $74,375 $1,166 4.54%

    For 2022, Mutual Security Credit Union's most frequently cited loan purpose was Home Purchase, with 76 originations. The 2nd most popular reason was Cash Out Refi, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 112 $31,100,000 $277,679 $3,618 4.95%
    15 Year 44 $5,820,000 $132,273 $1,777 4.01%
    10 Year 32 $1,690,000 $52,813 $808 4.19%
    20 Year 5 $1,215,000 $243,000 $2,004 3.95%
    Other 5 $635,000 $127,000 $2,014 3.10%

    For 2022, Mutual Security Credit Union's most frequently cited loan duration was 30 Year, with 112 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 187 $38,385,000 $205,267
    $1k-2k 10 $1,850,000 $185,000
    $2k-3k 1 $225,000 $225,000

    Mutual Security Credit Union's average total fees were $3,618, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 187 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 71 $13,475,000 $189,789
    4-5% 61 $12,115,000 $198,607
    2.5-3% 18 $4,230,000 $235,000
    6-7% 16 $3,740,000 $233,750
    5-6% 15 $3,835,000 $255,667
    7-8% 9 $1,765,000 $196,111
    Over 8% 4 $750,000 $187,500
    <2.5% 4 $550,000 $137,500

    During 2022, Mutual Security Credit Union's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 3-4%, with 71 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 77 $21,205,000 $275,390 $3,567 4.49%
    $100,000 or less 58 $3,130,000 $53,966 $923 4.74%
    $100k-200k 44 $6,500,000 $147,727 $2,624 4.28%
    $400k-600k 17 $8,105,000 $476,765 $4,335 4.78%
    $600k-1MM 2 $1,520,000 $760,000 $5,982 4.50%

    2022 saw Mutual Security Credit Union place emphasis on $200k-400k loans with 77 originations, totaling $21,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 47 $8,995,000 $191,383 $2,355 4.25%
    $150k-250k 46 $10,660,000 $231,739 $2,661 4.57%
    $50k-75k 42 $7,220,000 $171,905 $2,875 4.74%
    $75k-100k 36 $6,550,000 $181,944 $2,742 4.76%
    $250k+ 15 $5,625,000 $375,000 $3,563 4.63%
    $50k or less 10 $1,320,000 $132,000 $2,158 4.01%

    Mutual Security Credit Union lent most frequently to those with incomes in the $100k-150k range, with 47 originations. The second most popular income band? $150k-250k, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 45 $9,235,000 $205,222 $2,524 4.46%
    20-30% 38 $7,700,000 $202,632 $2,739 4.52%
    <20% 17 $4,265,000 $250,882 $3,449 4.71%
    43% 14 $2,650,000 $189,286 $2,557 4.62%
    41% 12 $2,430,000 $202,500 $2,499 4.29%
    45% 11 $2,035,000 $185,000 $2,345 4.32%
    44% 10 $1,490,000 $149,000 $1,933 4.36%
    37% 10 $2,130,000 $213,000 $3,222 4.54%
    36% 10 $2,200,000 $220,000 $3,042 5.56%
    40% 7 $1,375,000 $196,429 $2,586 3.88%
    42% 7 $2,225,000 $317,857 $3,052 5.02%
    38% 5 $1,115,000 $223,000 $2,900 4.65%
    39% 3 $165,000 $55,000 $1,316 4.38%
    47% 3 $505,000 $168,333 $2,676 4.29%
    46% 2 $230,000 $115,000 $2,720 5.19%
    48% 1 $225,000 $225,000 $3,039 4.75%
    >60% 1 $395,000 $395,000 $3,300 2.88%

    Mutual Security Credit Union lent most frequently to those with DTI ratios of 30-36%, with 45 originations. The next most common DTI ratio? 20-30%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 138 $29,420,000 $213,188 $2,768 4.60%
    Not provided 42 $7,370,000 $175,476 $2,387 4.31%
    Black 6 $1,300,000 $216,667 $2,261 3.54%
    American Indian 3 $595,000 $198,333 $2,702 5.58%
    Vietnamese 2 $540,000 $270,000 $2,605 4.69%
    Asian 1 $455,000 $455,000 $4,653 3.88%
    Other Pacific Islander 2 $360,000 $180,000 $3,775 6.00%
    Other Asian 2 $330,000 $165,000 $3,084 6.00%
    Asian Indian 1 $65,000 $65,000 $875 3.88%
    Not applicable 1 $25,000 $25,000 $875 4.50%

    Approval Rates

    Total approvals of all applications
    91.86%

    Mutual Security Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.15%

    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 198 $40,460,000 $204,343

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    198 $40,460,000 $204,343

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $2,530,000 $105,417 $1,528 4.60%
    40-60% 27 $5,445,000 $201,667 $2,687 3.84%
    60-80% 80 $23,280,000 $291,000 $3,704 4.52%
    80-100% 20 $6,410,000 $320,500 $4,293 5.56%
    Under 20% 47 $2,795,000 $59,468 $808 4.52%