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 have a a high proportion of FHA loans. They have a low ratio of USDA 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. 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 | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 30 Year FHA Purchase | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 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
31Origination Dollar Volume (All Markets)
$2,605,000Top 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 | $1,145,000 | $67,353 | $3,362 | 5.06% |
| Arecibo, PR (FHA|USDA|VA) | 5 | $555,000 | $111,000 | $4,886 | 5.10% |
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 5 | $395,000 | $79,000 | $3,176 | 4.80% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $4,538 | 4.13% |
| PONCE, PR (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,980 | 4.50% |
| Jayuya, PR (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.00% |
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.
Similarity Rank: 39
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Product Mix
For 2019, Cooperativa De Ahorro Y Credito De Lares's most frequently originated type of loan was Conventional, with 18 originations. Their 2nd most popular type was FHA, with 11 originations.
Loan Reason
For 2019, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.
Loan Duration/Length
For 2019, 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 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $795,000 | $72,273 |
| $1k-2k | 6 | $370,000 | $61,667 |
| $2k-3k | 3 | $275,000 | $91,667 |
| $3k-4k | 3 | $445,000 | $148,333 |
Cooperativa De Ahorro Y Credito De Lares's average total fees were $3,767, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 18 | $1,460,000 | $81,111 |
| 5-6% | 8 | $600,000 | $75,000 |
| 3-4% | 3 | $365,000 | $121,667 |
| 6-7% | 1 | $95,000 | $95,000 |
| 7-8% | 1 | $85,000 | $85,000 |
During 2019, Cooperativa De Ahorro Y Credito De Lares's average interest rate for loans was 4.87%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 22 | $1,450,000 | $65,909 | $3,067 | 5.05% |
| $100k-200k | 9 | $1,155,000 | $128,333 | $5,663 | 4.69% |
2019 saw Cooperativa De Ahorro Y Credito De Lares place emphasis on $100,000 or less loans with 22 originations, totaling $1,450,000 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 22 originations. The second most popular income band? $50k-75k, with 6 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 6 originations. The next most common DTI ratio? <20%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 31 | $2,605,000 | $84,032 | $3,716 | 4.94% |
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 | 31 | $2,605,000 | $84,032 |