Cooperativa De Ahorro Y Credito De Lares Mortgage Rates, Fees & Info
Lares,LEI: 549300UVFLI1W4O27J10
Tax ID: 66-0206444
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Mortgage Data
Review & Overview
Cooperativa De Ahorro Y Credito De Lares is a smaller mortgage company specializing in Home Purchase loans. Cooperativa De Ahorro Y Credito De Lares has a high proportion of conventional loans. Their top markets by origination volume include: Aguadilla, Arecibo, San Juan, MayagÜez, and Ponce among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Cooperativa De Ahorro Y Credito De Lares 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. Cooperativa De Ahorro Y Credito De Lares 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 30 Year FHA Purchase | 6.27% | 11/21/24 |
| 30 Year USDA Purchase | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 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. | ||
Cooperativa De Ahorro Y Credito De Lares Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
47Origination Dollar Volume (All Markets)
$3,385,000Awards
COOPERATIVA DE AHORRO Y CREDITO DE LARES - 2023
COOPERATIVA DE AHORRO Y CREDITO DE LARES is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Cooperativa De Ahorro Y Credito De Lares's average 30 year fixed mortgage rate was
6.4%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.08%.
Relative Fees (Closing Costs)
Cooperativa De Ahorro Y Credito De Lares's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,189.
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 |
|---|---|---|---|---|---|
| AGUADILLA-ISABELA, PR (FHA|USDA|VA) | 33 | $2,225,000 | $67,424 | $4,056 | 6.39% |
| Arecibo, PR (FHA|USDA|VA) | 6 | $400,000 | $66,667 | $4,147 | 6.49% |
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $4,993 | 6.66% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $6,160 | 6.70% |
| PONCE, PR (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $3,805 | 5.95% |
| Jayuya, PR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,460 | 6.74% |
Their top states include:
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We use machine learning to identify the top lenders compared against COOPERATIVA DE AHORRO Y CREDITO DE LARES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 47 | $3,385,000 | $72,021 | $4,218 | 6.42% |
For 2023, Cooperativa De Ahorro Y Credito De Lares's most frequently originated type of loan was Conventional, with 47 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 41 | $2,935,000 | $71,585 | $4,106 | 6.32% |
| Cash Out Refi | 6 | $450,000 | $75,000 | $4,965 | 7.16% |
For 2023, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 41 | $2,965,000 | $72,317 | $4,189 | 6.40% |
| 15 Year | 6 | $420,000 | $70,000 | $4,409 | 6.58% |
For 2023, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan duration was 30 Year, with 41 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 22 | $1,130,000 | $51,364 |
| $2k-3k | 17 | $1,475,000 | $86,765 |
| $3k-4k | 5 | $675,000 | $135,000 |
| $<1k | 2 | $50,000 | $25,000 |
Cooperativa De Ahorro Y Credito De Lares's average total fees were $4,189, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 21 | $1,395,000 | $66,429 |
| 6-7% | 20 | $1,530,000 | $76,500 |
| 7-8% | 5 | $415,000 | $83,000 |
| Over 8% | 1 | $45,000 | $45,000 |
During 2023, Cooperativa De Ahorro Y Credito De Lares's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 5-6%, with 21 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 39 | $2,395,000 | $61,410 | $3,890 | 6.41% |
| $100k-200k | 8 | $990,000 | $123,750 | $5,775 | 6.50% |
2023 saw Cooperativa De Ahorro Y Credito De Lares place emphasis on $100,000 or less loans with 39 originations, totaling $2,395,000 in origination value.
Applicant Income
Cooperativa De Ahorro Y Credito De Lares lent most frequently to those with incomes in the $50k or less range, with 39 originations. The second most popular income band? $50k-75k, with 4 originations.
Applicant Debt to Income Ratio
Cooperativa De Ahorro Y Credito De Lares lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 47 | $3,385,000 | $72,021 | $4,218 | 6.42% |
Approval Rates
Total approvals of all applications96.72%
Cooperativa De Ahorro Y Credito De Lares has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination74.47%
Cooperativa De Ahorro Y Credito De Lares has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 47 | $3,385,000 | $72,021 |