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 and Cash Out Refi loans. Cooperativa De Ahorro Y Credito De Lares has a high proportion of conventional loans. They also have a high ratio of USDA loans. Their top markets by origination volume include: Aguadilla, San Juan, Arecibo, Ponce, and MayagÜez among others. We have data for 5 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. Cooperativa De Ahorro Y Credito De Lares is typically an average 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
28Origination Dollar Volume (All Markets)
$2,230,000Top 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) | 17 | $1,175,000 | $69,118 | $4,309 | 5.85% |
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 6 | $650,000 | $108,333 | $8,009 | 4.42% |
| Arecibo, PR (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $4,780 | 5.08% |
| PONCE, PR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,479 | 4.25% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $4,014 | 6.50% |
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 | 21 | $1,405,000 | $66,905 | $5,052 | 5.88% |
| USDA | 7 | $825,000 | $117,857 | $6,368 | 4.07% |
For 2018, Cooperativa De Ahorro Y Credito De Lares's most frequently originated type of loan was Conventional, with 21 originations. Their 2nd most popular type was USDA, with 7 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 19 | $1,605,000 | $84,474 | $5,777 | 5.09% |
| Cash Out Refi | 8 | $530,000 | $66,250 | $4,996 | 6.09% |
| Refi | 1 | $95,000 | $95,000 | $4,228 | 5.75% |
For 2018, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.
Loan Duration/Length
For 2018, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan duration was 30 Year, with 19 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 8 | $520,000 | $65,000 |
| $2k-3k | 7 | $605,000 | $86,429 |
| $<1k | 4 | $280,000 | $70,000 |
| $3k-4k | 3 | $425,000 | $141,667 |
Cooperativa De Ahorro Y Credito De Lares's average total fees were $5,313, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 8 | $560,000 | $70,000 |
| 4-5% | 7 | $625,000 | $89,286 |
| 3-4% | 5 | $605,000 | $121,000 |
| 7-8% | 4 | $250,000 | $62,500 |
| 6-7% | 3 | $155,000 | $51,667 |
During 2018, Cooperativa De Ahorro Y Credito De Lares's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 5-6%, with 8 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 21 | $1,295,000 | $61,667 | $4,782 | 5.66% |
| $100k-200k | 7 | $935,000 | $133,571 | $6,754 | 4.71% |
2018 saw Cooperativa De Ahorro Y Credito De Lares place emphasis on $100,000 or less loans with 21 originations, totaling $1,295,000 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 19 originations. The second most popular income band? $50k-75k, with 7 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 8 originations. The next most common DTI ratio? <20%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 28 | $2,230,000 | $79,643 | $5,594 | 5.41% |
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 28 | $2,230,000 | $79,643 |