Scient Federal Credit Union Mortgage Rates, Fees & Info

Groton, CT

LEI: 549300UG1DH7RQL41718

Tax ID: 06-0844560

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Scient Federal Credit Union is a smaller credit union specializing in Other, Cash Out Refi, and Refi loans. Scient Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Norwich, Providence, New Haven, New York, and Hartford 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 above 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 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 6.11% 12/16/24
    30 Year Conventional Refi 6.09% 12/16/24
    30 Year Cash-out Refi 6.17% 12/16/24
    15 Year Conventional Purchase 5.29% 12/16/24
    15 Year Conventional Refi 5.36% 12/16/24
    15 Year Cash-out Refi 5.36% 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.

    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

    195

    Origination Dollar Volume (All Markets)

    $39,705,000

    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 silver
    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
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 123 $23,685,000 $192,561 $1,753 2.86%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 13 $3,205,000 $246,538 $1,828 2.86%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 17 $3,105,000 $182,647 $1,824 3.41%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $2,445,000 $271,667 $3,140 3.10%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 8 $1,880,000 $235,000 $1,905 3.30%
    WORCESTER, MA-CT (FHA|USDA|VA) 6 $990,000 $165,000 $1,347 3.17%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $505,000 $505,000 $12,589 2.63%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $505,000 $505,000 $4,665 2.50%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $475,000 $475,000 $2,543 2.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $430,000 $215,000 $3,089 2.81%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $310,000 $155,000 $1,408 3.56%
    Keene, NH (FHA|USDA|VA) 1 $305,000 $305,000 $1,492 3.00%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $285,000 $285,000 $9,748 2.63%
    BURLINGTON, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,488 3.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.75%
    Morehead City, NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,413 2.38%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $180,000 $90,000 $383 2.56%
    Bennington, VT (FHA|USDA|VA) 1 $175,000 $175,000 $3,876 2.75%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $155,000 $155,000 $1,155 2.25%
    Iron Mountain, MI-WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,194 3.00%
    OCALA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,093 3.38%
    LAS CRUCES, NM (FHA|USDA|VA) 1 $105,000 $105,000 $2,035 3.13%
    Scient Federal Credit Union's top markets include Norwich, Providence, New Haven, New York, and Hartford among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • California (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.

    SCIENT Federal Credit Union
    Similarity Rank: 286
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 290
    Chelsea Groton Bank
    Similarity Rank: 308
    Charter Oak Federal Credit Union
    Similarity Rank: 336
    The Washington Trust Company, of Westerly
    Similarity Rank: 368
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 470
    Liberty Bank
    Similarity Rank: 496
    CorePlus Federal Credit Union
    Similarity Rank: 520
    Eastern Bank
    Similarity Rank: 900
    WASHINGTON TRUST MORTGAGE COMPANY LLC
    Similarity Rank: 1003

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 195 $39,705,000 $203,615 $1,944 2.95%

    For 2021, Scient Federal Credit Union's most frequently originated type of loan was Conventional, with 195 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 76 $12,890,000 $169,605 $1,307 3.34%
    Cash Out Refi 55 $12,925,000 $235,000 $2,428 2.73%
    Refi 48 $9,240,000 $192,500 $1,902 2.63%
    Home Purchase 16 $4,650,000 $290,625 $3,424 2.84%

    For 2021, Scient Federal Credit Union's most frequently cited loan purpose was Other, with 76 originations. The 2nd most popular reason was Cash Out Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 65 $17,115,000 $263,308 $3,020 2.94%
    Other 54 $9,470,000 $175,370 $1,197 2.37%
    15 Year 29 $5,475,000 $188,793 $1,887 3.12%
    20 Year 28 $5,930,000 $211,786 $1,924 3.47%
    10 Year 12 $1,490,000 $124,167 $786 3.84%
    5 Year 7 $225,000 $32,143 $0 3.24%

    For 2021, Scient Federal Credit Union's most frequently cited loan duration was 30 Year, with 65 originations. The 2nd most popular length was Other, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 179 $36,065,000 $201,480
    $1k-2k 6 $1,080,000 $180,000
    $2k-3k 5 $975,000 $195,000
    $5k+ 3 $1,085,000 $361,667
    $3k-4k 1 $195,000 $195,000
    $4k-5k 1 $305,000 $305,000

    Scient Federal Credit Union's average total fees were $3,020, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 179 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 99 $24,545,000 $247,929
    <2.5% 61 $11,455,000 $187,787
    3-4% 17 $2,455,000 $144,412
    4-5% 10 $680,000 $68,000
    5-6% 8 $570,000 $71,250

    During 2021, Scient Federal Credit Union's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 99 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 74 $20,580,000 $278,108 $2,540 2.75%
    $100k-200k 71 $10,915,000 $153,732 $1,768 2.88%
    $100,000 or less 37 $2,215,000 $59,865 $461 3.53%
    $400k-600k 13 $5,995,000 $461,154 $3,730 2.79%

    2021 saw Scient Federal Credit Union place emphasis on $200k-400k loans with 74 originations, totaling $20,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 52 $11,940,000 $229,615 $1,850 2.74%
    $100k-150k 48 $9,050,000 $188,542 $1,819 3.14%
    $250k+ 35 $10,035,000 $286,714 $2,614 2.83%
    $75k-100k 33 $5,145,000 $155,909 $1,673 2.94%
    $50k-75k 21 $2,835,000 $135,000 $1,801 3.18%
    $50k or less 6 $700,000 $116,667 $1,828 3.27%

    Scient Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 52 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 69 $14,725,000 $213,406 $1,957 2.91%
    <20% 50 $10,320,000 $206,400 $2,140 2.72%
    30-36% 25 $5,255,000 $210,200 $1,779 2.96%
    41% 8 $1,630,000 $203,750 $2,242 3.25%
    50-60% 7 $1,255,000 $179,286 $992 3.77%
    38% 5 $825,000 $165,000 $1,463 3.65%
    37% 5 $745,000 $149,000 $1,949 2.80%
    36% 5 $1,055,000 $211,000 $1,904 3.08%
    39% 4 $750,000 $187,500 $1,113 3.03%
    40% 4 $940,000 $235,000 $3,894 2.84%
    42% 3 $615,000 $205,000 $1,381 3.21%
    47% 2 $430,000 $215,000 $2,137 2.88%
    44% 2 $310,000 $155,000 $1,328 4.06%
    >60% 2 $270,000 $135,000 $1,997 2.69%
    43% 1 $205,000 $205,000 $1,625 2.38%
    48% 1 $35,000 $35,000 $0 4.25%
    46% 1 $85,000 $85,000 $1,431 2.50%
    49% 1 $255,000 $255,000 $2,847 2.88%

    Scient Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 69 originations. The next most common DTI ratio? <20%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 174 $35,260,000 $202,644 $1,862 2.97%
    Black 6 $1,340,000 $223,333 $3,270 2.67%
    Not provided 6 $1,230,000 $205,000 $1,868 2.67%
    Asian 5 $1,225,000 $245,000 $3,119 2.88%
    American Indian 2 $280,000 $140,000 $2,259 3.31%
    Asian Indian 1 $275,000 $275,000 $2,650 2.88%
    Other Asian 1 $95,000 $95,000 $1,432 2.13%

    Approval Rates

    Total approvals of all applications
    93.79%

    Scient Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.21%

    Scient Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 195 $39,705,000 $203,615

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    195 $39,705,000 $203,615

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $5,325,000 $152,143 $1,390 2.94%
    40-60% 42 $8,060,000 $191,905 $1,686 2.70%
    60-80% 80 $20,210,000 $252,625 $2,514 2.84%
    80-100% 21 $5,425,000 $258,333 $2,785 2.90%
    Under 20% 17 $685,000 $40,294 $0 4.18%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SUMMIT FUNDING, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 12.5%
    SUMMIT FUNDING, INC. Conventional home mortgage Struggling to pay mortgage 2 25.0%
    SUMMIT FUNDING, INC. Conventional home mortgage Trouble during payment process 4 50.0%
    SUMMIT FUNDING, INC. VA mortgage Struggling to pay mortgage 1 12.5%