New England Federal Credit Union Mortgage Rates, Fees & Info

Williston, VT

LEI: 549300TLGCPJTEG3WN76

Tax ID: 03-0213411

5 stars - out of 5 stars, based on 66 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

New England Federal Credit Union is a smaller credit union specializing in Refi, Home Purchase, and Cash Out Refi loans. New England Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Burlington, Barre, Detroit, Boston, and Lebanon among others. New England Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. New England Federal Credit Union is typically an average fee lendor.


Originations

4,312

Origination Dollar Volume (All Markets)

$925,750,000
Show all (9) awards

Relative Rate

New England Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

New England Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $3,572.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 3,423 $741,495,000 $216,621 $2,734 2.87%
Outside of Metro Areas 414 $80,950,000 $195,531 $2,750 2.92%
Barre, VT (FHA|USDA|VA) 201 $42,725,000 $212,562 $2,840 2.79%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 150 $29,760,000 $198,400 $2,611 2.79%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 35 $12,025,000 $343,571 $3,527 2.76%
Lebanon, NH-VT (FHA|USDA|VA) 44 $8,290,000 $188,409 $2,684 2.82%
Rutland, VT (FHA|USDA|VA) 22 $3,810,000 $173,182 $2,631 2.94%
Bennington, VT (FHA|USDA|VA) 5 $1,505,000 $301,000 $2,383 3.00%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $1,180,000 $295,000 $2,364 2.72%
Concord, NH (FHA|USDA|VA) 3 $1,005,000 $335,000 $3,348 2.71%
PITTSFIELD, MA (FHA|USDA|VA) 1 $875,000 $875,000 $4,329 2.75%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 4 $840,000 $210,000 $2,445 2.69%
Berlin, NH (FHA|USDA|VA) 2 $790,000 $395,000 $7,536 2.81%
Keene, NH (FHA|USDA|VA) 1 $275,000 $275,000 $2,874 3.25%
MONROE, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,174 2.25%
Houghton, MI (FHA|USDA|VA) 1 $55,000 $55,000 $1,611 2.25%
FLINT, MI (FHA|USDA|VA) 1 $55,000 $55,000 $150 2.50%

New England Federal Credit Union's top markets include Burlington, Barre, Detroit, Boston, and Lebanon among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,244 $907,150,000 $213,749 $2,711 2.87%
VA 55 $15,825,000 $287,727 $4,619 2.74%
USDA 12 $2,580,000 $215,000 $0 2.96%
FHA 1 $195,000 $195,000 $6,094 3.13%

For the 2021 period, New England Federal Credit Union's most frequently originated loan type of loans were Conventional, with 4,244 originations. Their 2nd most popular type is VA, with 55 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,788 $359,910,000 $201,292 $1,810 2.70%
Home Purchase 995 $290,285,000 $291,744 $3,941 2.89%
Cash Out Refi 862 $211,050,000 $244,838 $3,603 2.71%
Home Improvement 394 $33,940,000 $86,142 $1,660 3.56%
Other 273 $30,565,000 $111,960 $1,449 3.44%

For the 2021, New England Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 1,788 originations. The 2nd most popular reason of loans were Home Purchase, with 995 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,629 $602,405,000 $229,138 $3,572 3.04%
15 Year 741 $146,925,000 $198,279 $2,030 2.49%
20 Year 390 $83,340,000 $213,692 $2,554 2.64%
10 Year 324 $57,870,000 $178,611 $220 2.89%
Other 176 $31,810,000 $180,739 $1,173 2.39%
5 Year 43 $2,705,000 $62,907 $162 3.07%
3 Year 9 $695,000 $77,222 $138 2.58%

For the 2021, New England Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 2,629 originations. The 2nd most popular length of loans were 15 Year, with 741 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,165 $426,835,000 $197,152
$1k-2k 627 $171,545,000 $273,596
$2k-3k 321 $89,405,000 $278,520
$3k-4k 261 $78,705,000 $301,552
$5k+ 129 $47,995,000 $372,054

$3,572 of loans were New England Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,165 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,282 $591,530,000 $259,216
<2.5% 1,016 $180,400,000 $177,559
3-4% 895 $142,595,000 $159,324
4-5% 74 $9,030,000 $122,027
5-6% 35 $1,745,000 $49,857
6-7% 5 $285,000 $57,000
7-8% 3 $95,000 $31,667
Over 8% 2 $70,000 $35,000

During 2021, New England Federal Credit Union's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,282 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,818 $497,660,000 $273,740 $3,371 2.80%
$100k-200k 1,368 $207,730,000 $151,849 $1,896 2.76%
$100,000 or less 781 $42,455,000 $54,360 $759 3.24%
$400k-600k 293 $137,405,000 $468,959 $4,879 2.84%
$600k-1MM 48 $33,350,000 $694,792 $3,650 3.00%
$1MM+ 4 $7,150,000 $1,787,500 $31,585 3.38%

2021 saw New England Federal Credit Union place emphasis on $200k-400k loans with 1,818 originations, totaling $497,660,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,145 $257,375,000 $224,782 $2,906 2.87%
$50k-75k 869 $148,745,000 $171,168 $2,392 2.86%
$150k-250k 809 $211,745,000 $261,737 $3,079 2.85%
$75k-100k 763 $148,285,000 $194,345 $2,854 2.87%
$50k or less 417 $55,985,000 $134,257 $2,106 2.80%
$250k+ 224 $75,930,000 $338,973 $3,158 2.94%

New England Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,145 originations. The second most popular income band? $50k-75k, with 869 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,207 $259,795,000 $215,240 $2,675 2.80%
30-36% 761 $167,155,000 $219,652 $2,802 2.88%
<20% 491 $96,715,000 $196,976 $2,189 2.71%
37% 156 $33,800,000 $216,667 $2,962 2.94%
42% 151 $34,575,000 $228,974 $3,000 2.99%
39% 145 $31,575,000 $217,759 $2,919 2.93%
38% 140 $28,220,000 $201,571 $2,738 2.89%
40% 136 $28,700,000 $211,029 $3,086 2.81%
41% 135 $34,045,000 $252,185 $3,358 2.84%
43% 128 $27,900,000 $217,969 $3,028 2.95%
44% 123 $27,185,000 $221,016 $3,736 2.96%
36% 118 $22,470,000 $190,424 $2,717 2.96%
45% 107 $21,925,000 $204,907 $2,835 2.94%
47% 103 $20,815,000 $202,087 $3,097 2.97%
50-60% 92 $14,700,000 $159,783 $1,830 3.02%
46% 84 $17,350,000 $206,548 $2,917 2.99%
49% 72 $14,730,000 $204,583 $2,612 2.85%
48% 70 $15,120,000 $216,000 $2,940 2.83%
>60% 44 $7,590,000 $172,500 $411 3.12%

New England Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,207 originations. The next most common DTI ratio? 30-36%, with 761 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,573 $745,085,000 $208,532 $2,705 2.87%
Not provided 521 $119,445,000 $229,261 $2,990 2.83%
Asian 99 $24,935,000 $251,869 $2,731 2.89%
Not applicable 37 $16,815,000 $454,459 $0 3.77%
Black 32 $7,020,000 $219,375 $2,971 2.78%
American Indian 25 $5,535,000 $221,400 $2,343 2.90%
Asian Indian 16 $4,070,000 $254,375 $3,033 2.67%
Other Asian 4 $1,290,000 $322,500 $2,367 3.38%
Other Pacific Islander 2 $610,000 $305,000 $3,082 2.63%
Chinese 1 $435,000 $435,000 $2,384 2.25%
Korean 1 $285,000 $285,000 $3,689 2.88%
Filipino 1 $225,000 $225,000 $0 3.38%

Approval Rates

Total approvals of all applications
95.68%

New England Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
84.62%

New England Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,312 $925,750,000 $214,692

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,312 $925,750,000 $214,692

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 515 $64,605,000 $125,447 $1,308 2.86%
40-60% 1,063 $210,795,000 $198,302 $1,832 2.66%
60-80% 1,511 $405,025,000 $268,051 $3,313 2.79%
80-100% 735 $220,625,000 $300,170 $3,956 2.90%
Over 100% 8 $2,730,000 $341,250 $10,591 2.83%
Under 20% 480 $21,970,000 $45,771 $426 3.56%