New England Federal Credit Union Mortgage Rates, Fees & Info

Williston, VT

LEI: 549300TLGCPJTEG3WN76

Tax ID: 03-0213411

5 stars - Updated: 12/16/24 - out of 5 stars, based on 49 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

    New England Federal Credit Union is a smaller credit union specializing in Home Purchase loans. New England Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Burlington, Barre, Lebanon, Rutland, and Bennington among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    New England Federal 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. New England 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) 6.27% 12/16/24
    30 Year Conventional Purchase 6.32% 12/16/24
    30 Year Conventional Refi 6.11% 12/16/24
    30 Year Cash-out Refi 6.26% 12/16/24
    30 Year VA Purchase 6.04% 12/16/24
    30 Year USDA Purchase 6.11% 12/16/24
    15 Year Conventional Purchase 5.74% 12/16/24
    15 Year Conventional Refi 6.06% 12/16/24
    15 Year Cash-out Refi 6.06% 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.

    New England 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 New England 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

    2,378

    Origination Dollar Volume (All Markets)

    $369,430,000
    Show all (5) awards

    Relative Rate

    New England Federal Credit Union's average 30 year fixed mortgage rate was 7.23%.

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

    This yields a difference of 0.75%.

    Relative Fees (Closing Costs)

    New England Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,201.

    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
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1,400 $241,970,000 $172,836 $2,284 6.80%
    Outside of Metro Areas 378 $48,000,000 $126,984 $1,732 6.76%
    Barre, VT (FHA|USDA|VA) 263 $35,295,000 $134,202 $1,726 6.63%
    Lebanon, NH-VT (FHA|USDA|VA) 122 $16,070,000 $131,721 $1,647 6.46%
    Rutland, VT (FHA|USDA|VA) 91 $11,515,000 $126,538 $2,070 6.70%
    Bennington, VT (FHA|USDA|VA) 35 $6,365,000 $181,857 $2,317 7.01%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 45 $4,535,000 $100,778 $1,474 7.60%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 7 $1,195,000 $170,714 $1,104 5.70%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 10 $1,050,000 $105,000 $540 6.32%
    Keene, NH (FHA|USDA|VA) 6 $730,000 $121,667 $1,110 6.96%
    Concord, NH (FHA|USDA|VA) 7 $595,000 $85,000 $513 5.90%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $555,000 $555,000 $3,690 6.00%
    Laconia, NH (FHA|USDA|VA) 4 $540,000 $135,000 $1,728 6.79%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $255,000 $255,000 $0 9.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $215,000 $215,000 $2,713 6.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $215,000 $215,000 $0 8.00%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $90,000 $45,000 $0 10.00%
    SAGINAW, MI (FHA|USDA|VA) 1 $65,000 $65,000 $2,019 6.00%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $65,000 $65,000 $2,153 6.50%
    Berlin, NH (FHA|USDA|VA) 1 $55,000 $55,000 $2,144 6.25%
    Adrian, MI (FHA|USDA|VA) 1 $55,000 $55,000 $74 9.25%
    New England Federal Credit Union's top markets include Burlington, Barre, Lebanon, Rutland, and Bennington among others.

    Their top states include:
  • Vermont (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

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

    Michigan Legacy Credit Union
    Similarity Rank: 15
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    Polish-American Federal Credit Union
    Similarity Rank: 45
    Northfield Savings Bank
    Similarity Rank: 45
    Total Community Credit Union
    Similarity Rank: 94
    Vermont Federal Credit Union
    Similarity Rank: 102
    St James Mortgage Corporation
    Similarity Rank: 104
    Northway Bank
    Similarity Rank: 126
    Sharon & Crescent United Credit Union
    Similarity Rank: 130
    GREYLOCK
    Similarity Rank: 160

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,710 $296,260,000 $173,251 $1,996 6.31%
    HELOC 658 $69,500,000 $105,623 n/a 7.98%
    VA 9 $3,355,000 $372,778 $8,922 6.08%
    USDA 1 $315,000 $315,000 $0 5.50%

    For 2023, New England Federal Credit Union's most frequently originated type of loan was Conventional, with 1,710 originations. Their 2nd most popular type was HELOC, with 658 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 875 $57,555,000 $65,777 $255 6.88%
    Home Purchase 820 $222,250,000 $271,037 $4,128 6.23%
    Refi 344 $52,170,000 $151,657 $1,246 7.25%
    Other 266 $21,310,000 $80,113 $495 7.57%
    Cash Out Refi 73 $16,145,000 $221,164 $3,486 6.29%

    For 2023, New England Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 875 originations. The 2nd most popular reason was Home Purchase, with 820 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,313 $271,945,000 $207,117 $4,201 7.23%
    15 Year 484 $38,570,000 $79,690 $528 6.42%
    10 Year 363 $45,905,000 $126,460 $296 6.84%
    5 Year 131 $5,105,000 $38,969 $235 6.17%
    20 Year 72 $3,650,000 $50,694 $3,329 1.56%
    Other 10 $2,980,000 $298,000 $490 5.10%
    1 Year 4 $1,000,000 $250,000 $74 7.40%
    3 Year 1 $275,000 $275,000 $0 9.00%

    For 2023, New England Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,313 originations. The 2nd most popular length was 15 Year, with 484 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,305 $176,965,000 $135,605
    $1k-2k 92 $29,300,000 $318,478
    $2k-3k 60 $18,300,000 $305,000
    $3k-4k 42 $13,850,000 $329,762
    $5k+ 41 $18,295,000 $446,220
    $4k-5k 22 $7,200,000 $327,273

    New England Federal Credit Union's average total fees were $4,201, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,305 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 854 $109,610,000 $128,349
    6-7% 727 $165,405,000 $227,517
    5-6% 304 $63,870,000 $210,099
    Over 8% 253 $20,165,000 $79,704
    4-5% 87 $5,175,000 $59,483
    <2.5% 63 $925,000 $14,683
    3-4% 49 $2,305,000 $47,041
    2.5-3% 41 $1,975,000 $48,171

    During 2023, New England Federal Credit Union's average interest rate for loans was 7.23%, while their most frequently originated rate bucket for loans was 7-8%, with 854 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,220 $56,070,000 $45,959 $344 6.70%
    $200k-400k 527 $149,795,000 $284,241 $3,908 6.76%
    $100k-200k 438 $61,770,000 $141,027 $1,913 7.06%
    $400k-600k 153 $71,045,000 $464,346 $5,448 6.60%
    $600k-1MM 36 $25,450,000 $706,944 $6,099 6.68%
    $1MM+ 4 $5,300,000 $1,325,000 $3,513 6.48%

    2023 saw New England Federal Credit Union place emphasis on $100,000 or less loans with 1,220 originations, totaling $56,070,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 665 $113,215,000 $170,248 $2,476 6.69%
    $150k-250k 513 $94,545,000 $184,298 $2,262 6.90%
    $75k-100k 449 $54,045,000 $120,367 $1,852 6.58%
    $50k-75k 358 $32,790,000 $91,592 $1,319 6.82%
    $250k+ 165 $42,085,000 $255,061 $2,202 6.88%
    $50k or less 138 $9,630,000 $69,783 $999 6.93%

    New England Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 665 originations. The second most popular income band? $150k-250k, with 513 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 483 $60,985,000 $126,263 $1,715 6.68%
    30-36% 403 $60,905,000 $151,129 $2,006 6.68%
    <20% 155 $14,515,000 $93,645 $1,086 6.29%
    43% 103 $19,705,000 $191,311 $2,839 6.65%
    44% 100 $17,110,000 $171,100 $2,547 6.91%
    40% 97 $14,455,000 $149,021 $2,270 6.62%
    42% 95 $12,715,000 $133,842 $1,667 7.06%
    39% 95 $11,225,000 $118,158 $1,781 6.76%
    45% 89 $11,225,000 $126,124 $1,374 7.54%
    36% 86 $16,710,000 $194,302 $2,356 6.76%
    41% 85 $15,145,000 $178,176 $2,630 7.11%
    38% 84 $11,770,000 $140,119 $1,722 6.77%
    46% 83 $13,485,000 $162,470 $2,897 6.99%
    37% 79 $11,765,000 $148,924 $1,927 6.94%
    47% 63 $13,915,000 $220,873 $2,858 6.69%
    50-60% 61 $10,965,000 $179,754 $1,020 6.95%
    49% 55 $12,655,000 $230,091 $3,434 6.55%
    48% 50 $11,160,000 $223,200 $4,201 6.60%
    >60% 27 $6,235,000 $230,926 $220 6.72%

    New England Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 483 originations. The next most common DTI ratio? 30-36%, with 403 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,884 $272,680,000 $144,735 $1,926 6.80%
    Not provided 331 $60,915,000 $184,033 $2,494 6.57%
    Not applicable 70 $17,840,000 $254,857 $0 7.03%
    Asian 36 $10,340,000 $287,222 $3,914 6.47%
    Black 29 $4,465,000 $153,966 $2,024 6.51%
    American Indian 17 $1,485,000 $87,353 $1,598 6.94%
    Other Asian 3 $725,000 $241,667 $4,134 7.33%
    Asian Indian 3 $385,000 $128,333 $715 7.25%
    Korean 2 $250,000 $125,000 $0 8.13%
    Vietnamese 1 $225,000 $225,000 $0 7.00%
    Native Hawaiian or Islander 2 $120,000 $60,000 $150 6.88%

    Approval Rates

    Total approvals of all applications
    92.79%

    New England Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.38%

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

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 24 $1,380,000 $57,500
    NA 2,354 $368,050,000 $156,351

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,378 $369,430,000 $155,353

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 433 $49,825,000 $115,069 $845 7.43%
    40-60% 201 $41,475,000 $206,343 $2,340 6.93%
    60-80% 370 $110,130,000 $297,649 $4,039 6.74%
    80-100% 391 $123,785,000 $316,586 $4,483 6.58%
    Over 100% 1 $435,000 $435,000 $14,195 6.25%
    Under 20% 982 $43,780,000 $44,582 $268 6.53%