Scient Federal Credit Union Mortgage Rates, Fees & Info

Groton, CT

LEI: 549300UG1DH7RQL41718

Tax ID: 06-0844560

5 stars - Updated: 5/20/24 - out of 5 stars, based on 12 reviews

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

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Mortgage Data

Review & Overview

Scient Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Scient Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Norwich, Raleigh, Charlotte, Hartford, and New Haven among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

Scient Federal 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. Scient 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
30 Year Conventional Purchase 6.11% 5/20/24
30 Year Conventional Refi 6.09% 5/20/24
30 Year Cash-out Refi 6.17% 5/20/24
15 Year Conventional Purchase 5.29% 5/20/24
15 Year Conventional Refi 5.36% 5/20/24
15 Year Cash-out Refi 5.36% 5/20/24
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.

Scient 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 Scient 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

155

Origination Dollar Volume (All Markets)

$26,485,000

Awards

SCIENT Federal Credit Union 30 Year Conventional Loans gold SCIENT Federal Credit Union 30 Year Conventional Loans silver SCIENT Federal Credit Union 30 Year Conventional Loans gold SCIENT Federal Credit Union 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Scient Federal Credit Union's average 30 year fixed mortgage rate was 5.32%.

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

This yields a difference of -1.16%.

Relative Fees (Closing Costs)

Scient Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,193.

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
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 72 $8,450,000 $117,361 $204 6.30%
RALEIGH-CARY, NC (FHA|USDA|VA) 15 $7,315,000 $487,667 $2,391 5.28%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $1,620,000 $405,000 $3,496 5.31%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 12 $1,420,000 $118,333 $543 6.41%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 13 $1,385,000 $106,538 $333 6.14%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $1,205,000 $401,667 $1,553 5.67%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $1,135,000 $126,111 $0 6.26%
WORCESTER, MA-CT (FHA|USDA|VA) 6 $850,000 $141,667 $0 6.23%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $535,000 $535,000 $4,799 4.25%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $435,000 $145,000 $932 5.75%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $430,000 $71,667 $0 6.38%
Lebanon, NH-VT (FHA|USDA|VA) 1 $355,000 $355,000 $5,171 4.75%
STAUNTON, VA (FHA|USDA|VA) 1 $285,000 $285,000 $7,810 6.50%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $225,000 $225,000 $2,981 3.25%
ASHEVILLE, NC (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $175,000 $175,000 $0 7.75%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.63%
Outside of Metro Areas 1 $25,000 $25,000 $0 5.50%
Scient Federal Credit Union's top markets include Norwich, Raleigh, Charlotte, Hartford, and New Haven among others.

Their top states include:
  • Connecticut (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Similar Lenders

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

    Charter Oak Federal Credit Union
    Similarity Rank: 16
    Chelsea Groton Bank
    Similarity Rank: 32
    Liberty Bank
    Similarity Rank: 84
    SCIENT Federal Credit Union
    Similarity Rank: 110
    CorePlus Federal Credit Union
    Similarity Rank: 180
    Eastern Bank
    Similarity Rank: 209
    FIRST WORLD MORTGAGE CORPORATION
    Similarity Rank: 364
    WILLIAM RAVEIS MORTGAGE, LLC
    Similarity Rank: 460
    South Pacific Financial Corporation
    Similarity Rank: 1584

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 140 $23,870,000 $170,500 $727 5.93%
    HELOC 15 $2,615,000 $174,333 n/a 7.98%

    For 2023, Scient Federal Credit Union's most frequently originated type of loan was Conventional, with 140 originations. Their 2nd most popular type was HELOC, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 124 $13,110,000 $105,726 $34 6.33%
    Home Purchase 28 $12,450,000 $444,643 $3,271 5.38%
    Refi 2 $810,000 $405,000 $2,897 3.88%
    Home Improvement 1 $115,000 $115,000 $0 5.50%

    For 2023, Scient Federal Credit Union's most frequently cited loan purpose was Other, with 124 originations. The 2nd most popular reason was Home Purchase, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 54 $7,680,000 $142,222 $51 7.08%
    10 Year 37 $2,765,000 $74,730 $17 5.74%
    30 Year 29 $12,725,000 $438,793 $3,193 5.32%
    15 Year 25 $3,025,000 $121,000 $236 5.99%
    5 Year 10 $290,000 $29,000 $0 5.10%

    For 2023, Scient Federal Credit Union's most frequently cited loan duration was 20 Year, with 54 originations. The 2nd most popular length was 10 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 137 $23,175,000 $169,161
    $1k-2k 1 $135,000 $135,000
    $2k-3k 1 $275,000 $275,000
    $5k+ 1 $285,000 $285,000

    Scient Federal Credit Union's average total fees were $3,193, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 137 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 50 $8,360,000 $167,200
    6-7% 45 $6,095,000 $135,444
    4-5% 31 $7,495,000 $241,774
    7-8% 23 $3,575,000 $155,435
    Over 8% 5 $735,000 $147,000
    3-4% 1 $225,000 $225,000

    During 2023, Scient Federal Credit Union's average interest rate for loans was 5.32%, while their most frequently originated rate bucket for loans was 5-6%, with 50 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 77 $4,165,000 $54,091 $0 6.05%
    $100k-200k 35 $4,645,000 $132,714 $212 6.72%
    $200k-400k 21 $5,875,000 $279,762 $1,959 6.25%
    $400k-600k 17 $8,525,000 $501,471 $2,820 5.22%
    $600k-1MM 5 $3,275,000 $655,000 $3,148 5.60%

    2023 saw Scient Federal Credit Union place emphasis on $100,000 or less loans with 77 originations, totaling $4,165,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 48 $8,050,000 $167,708 $826 6.08%
    $150k-250k 45 $9,855,000 $219,000 $732 6.21%
    $75k-100k 22 $1,610,000 $73,182 $240 5.96%
    $250k+ 20 $5,130,000 $256,500 $1,089 6.45%
    $50k-75k 16 $1,570,000 $98,125 $939 5.79%
    $50k or less 4 $270,000 $67,500 $0 6.38%

    Scient Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $150k-250k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 41 $7,325,000 $178,659 $744 5.97%
    30-36% 34 $7,360,000 $216,471 $1,152 6.01%
    44% 13 $1,605,000 $123,462 $0 6.09%
    42% 12 $1,720,000 $143,333 $378 6.44%
    37% 10 $1,430,000 $143,000 $931 6.20%
    43% 8 $1,780,000 $222,500 $522 6.25%
    <20% 8 $820,000 $102,500 $436 6.47%
    40% 7 $1,445,000 $206,429 $469 6.23%
    38% 5 $515,000 $103,000 $0 6.58%
    36% 5 $1,105,000 $221,000 $3,245 6.73%
    39% 3 $105,000 $35,000 $0 6.00%
    45% 3 $285,000 $95,000 $0 6.33%
    50-60% 2 $170,000 $85,000 $0 5.44%
    41% 2 $310,000 $155,000 $260 5.00%
    49% 1 $25,000 $25,000 $0 7.00%
    47% 1 $485,000 $485,000 $3,386 5.50%

    Scient Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 108 $13,060,000 $120,926 $459 6.28%
    Asian Indian 12 $6,490,000 $540,833 $2,698 5.08%
    Not provided 22 $3,760,000 $170,909 $748 6.01%
    Asian 7 $2,495,000 $356,429 $1,521 5.70%
    Black 5 $495,000 $99,000 $0 5.90%
    American Indian 1 $185,000 $185,000 $0 8.75%

    Approval Rates

    Total approvals of all applications
    82.90%

    Scient Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.52%

    Scient Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 155 $26,485,000 $170,871

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    155 $26,485,000 $170,871

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $5,810,000 $138,333 $249 6.27%
    40-60% 16 $3,880,000 $242,500 $308 7.23%
    60-80% 12 $4,700,000 $391,667 $3,182 5.77%
    80-100% 16 $7,930,000 $495,625 $3,266 5.17%
    Under 20% 69 $4,165,000 $60,362 $10 6.07%