Cooperativa De Ahorro Y Credito De Lares Mortgage Rates, Fees & Info
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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 and Cash Out Refi 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 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Cooperativa De Ahorro Y Credito De Lares 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. 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.72% | 6/1/25 |
| 30 Year Cash-out Refi | 6.72% | 6/1/25 |
| 30 Year FHA Purchase | 6.72% | 6/1/25 |
| 30 Year USDA Purchase | 6.72% | 6/1/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
36Origination Dollar Volume (All Markets)
$2,850,000Awards
COOPERATIVA DE AHORRO Y CREDITO DE LARES - 2024
COOPERATIVA DE AHORRO Y CREDITO DE LARES is a 2024 , due to their low .
For 2024, 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
7.03%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.48%.
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 $4,828.
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 $8,356.
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) | 21 | $1,585,000 | $75,476 | $4,442 | 7.22% |
| Arecibo, PR (FHA|USDA|VA) | 7 | $675,000 | $96,429 | $5,604 | 6.85% |
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $6,184 | 6.75% |
| Outside of Metro Areas | 2 | $130,000 | $65,000 | $4,770 | 6.95% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $3,843 | 6.83% |
| PONCE, PR (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,181 | 6.75% |
| Jayuya, PR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $3,835 | 6.75% |
Their top states include:
Similar Lenders
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 | 34 | $2,640,000 | $77,647 | $4,690 | 7.05% |
| USDA | 2 | $210,000 | $105,000 | $5,788 | 7.25% |
For 2024, Cooperativa De Ahorro Y Credito De Lares's most frequently originated type of loan was Conventional, with 34 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2024, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan purpose was Home Purchase, with 26 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 35 | $2,815,000 | $80,429 | $4,828 | 7.03% |
| 15 Year | 1 | $35,000 | $35,000 | $2,205 | 7.99% |
For 2024, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan duration was 30 Year, with 35 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 16 | $940,000 | $58,750 |
| $2k-3k | 9 | $825,000 | $91,667 |
| $3k-4k | 7 | $825,000 | $117,857 |
| $<1k | 2 | $60,000 | $30,000 |
| $4k-5k | 1 | $165,000 | $165,000 |
Cooperativa De Ahorro Y Credito De Lares's average total fees were $4,828, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 24 | $1,960,000 | $81,667 |
| 7-8% | 9 | $625,000 | $69,444 |
| Over 8% | 3 | $265,000 | $88,333 |
During 2024, Cooperativa De Ahorro Y Credito De Lares's average interest rate for loans was 7.03%, while their most frequently originated rate bucket for loans was 6-7%, with 24 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 26 | $1,640,000 | $63,077 | $4,162 | 7.10% |
| $100k-200k | 10 | $1,210,000 | $121,000 | $6,230 | 6.97% |
2024 saw Cooperativa De Ahorro Y Credito De Lares place emphasis on $100,000 or less loans with 26 originations, totaling $1,640,000 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 28 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Cooperativa De Ahorro Y Credito De Lares lent most frequently to those with DTI ratios of 30-36%, with 9 originations. The next most common DTI ratio? 45%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 36 | $2,850,000 | $79,167 | $4,753 | 7.06% |
Approval Rates
Total approvals of all applications88.68%
Cooperativa De Ahorro Y Credito De Lares has an average approval rate.
Pick Rate
Approvals leading to origination69.44%
Cooperativa De Ahorro Y Credito De Lares has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 36 | $2,850,000 | $79,167 |