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 Cash Out Refi and Home Purchase loans. Cooperativa De Ahorro Y Credito De Lares has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Aguadilla, Arecibo, and MayagÜez among others. We have data for 4 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 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% | 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
24Origination Dollar Volume (All Markets)
$1,840,000Top 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) | 19 | $1,485,000 | $78,158 | $4,071 | 4.46% |
| Arecibo, PR (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $3,773 | 3.75% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $4,105 | 4.25% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 7.50% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 14 | $820,000 | $58,571 | $3,990 | 5.37% |
| FHA | 9 | $955,000 | $106,111 | $4,278 | 3.33% |
| VA | 1 | $65,000 | $65,000 | $2,741 | 3.00% |
For 2020, Cooperativa De Ahorro Y Credito De Lares's most frequently originated type of loan was Conventional, with 14 originations. Their 2nd most popular type was FHA, with 9 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 12 | $770,000 | $64,167 | $3,914 | 5.04% |
| Home Purchase | 10 | $970,000 | $97,000 | $4,139 | 3.63% |
| Refi | 2 | $100,000 | $50,000 | $4,333 | 5.75% |
For 2020, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan purpose was Cash Out Refi, with 12 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2020, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan duration was 30 Year, with 12 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 | 10 | $580,000 | $58,000 |
| $<1k | 2 | $80,000 | $40,000 |
| $2k-3k | 2 | $140,000 | $70,000 |
| $3k-4k | 1 | $105,000 | $105,000 |
| $4k-5k | 1 | $215,000 | $215,000 |
Cooperativa De Ahorro Y Credito De Lares's average total fees were $4,167, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 10 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 6 | $540,000 | $90,000 |
| 5-6% | 6 | $320,000 | $53,333 |
| 2.5-3% | 5 | $565,000 | $113,000 |
| 4-5% | 5 | $355,000 | $71,000 |
| 6-7% | 1 | $35,000 | $35,000 |
| 7-8% | 1 | $25,000 | $25,000 |
During 2020, Cooperativa De Ahorro Y Credito De Lares's average interest rate for loans was 3.85%, while their most frequently originated rate bucket for loans was 3-4%, with 6 originations.
Loan Sizing
2020 saw Cooperativa De Ahorro Y Credito De Lares place emphasis on $100,000 or less loans with 17 originations, totaling $955,000 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 18 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 20-30%, with 9 originations. The next most common DTI ratio? <20%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 24 | $1,840,000 | $76,667 | $4,048 | 4.51% |
Approval Rates
Total approvals of all applications92.50%
Cooperativa De Ahorro Y Credito De Lares has an average approval rate.
Pick Rate
Approvals leading to origination45.83%
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 | 24 | $1,840,000 | $76,667 |