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. They have a a high proportion of FHA loans. Their top markets by origination volume include: Aguadilla, Arecibo, San Juan, San GermÁn, and Ponce 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 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
34Origination Dollar Volume (All Markets)
$2,840,000Awards
COOPERATIVA DE AHORRO Y CREDITO DE LARES - 2021
COOPERATIVA DE AHORRO Y CREDITO DE LARES is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 24 | $2,250,000 | $93,750 | $4,394 | 4.34% |
| Arecibo, PR (FHA|USDA|VA) | 5 | $245,000 | $49,000 | $3,459 | 3.40% |
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $2,537 | 5.08% |
| SAN GERMÁN, PR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,818 | 3.00% |
| PONCE, PR (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,903 | 3.00% |
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 | 16 | $1,200,000 | $75,000 | $3,661 | 5.33% |
| FHA | 14 | $1,240,000 | $88,571 | $4,771 | 3.14% |
| USDA | 4 | $400,000 | $100,000 | $4,432 | 3.25% |
For 2021, Cooperativa De Ahorro Y Credito De Lares's most frequently originated type of loan was Conventional, with 16 originations. Their 2nd most popular type was FHA, with 14 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 27 | $2,175,000 | $80,556 | $4,194 | 4.02% |
| Cash Out Refi | 6 | $550,000 | $91,667 | $4,277 | 5.06% |
| Refi | 1 | $115,000 | $115,000 | $0 | 3.50% |
For 2021, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan purpose was Home Purchase, with 27 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Loan Duration/Length
For 2021, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan duration was 30 Year, with 27 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 | 17 | $1,465,000 | $86,176 |
| $<1k | 11 | $705,000 | $64,091 |
| $2k-3k | 2 | $170,000 | $85,000 |
| $4k-5k | 1 | $215,000 | $215,000 |
Cooperativa De Ahorro Y Credito De Lares's average total fees were $4,181, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 12 | $990,000 | $82,500 |
| 3-4% | 8 | $980,000 | $122,500 |
| 5-6% | 7 | $415,000 | $59,286 |
| 4-5% | 5 | $375,000 | $75,000 |
| 7-8% | 2 | $80,000 | $40,000 |
During 2021, Cooperativa De Ahorro Y Credito De Lares's average interest rate for loans was 4.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 12 originations.
Loan Sizing
2021 saw Cooperativa De Ahorro Y Credito De Lares place emphasis on $100,000 or less loans with 23 originations, totaling $1,385,000 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 25 originations. The second most popular income band? $75k-100k, with 4 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 5 originations. The next most common DTI ratio? 50-60%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 34 | $2,840,000 | $83,529 | $4,208 | 4.19% |
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 |
|---|---|---|---|
| 2800.0 | 1 | $145,000 | $145,000 |
| 750.0 | 1 | $25,000 | $25,000 |
| NA | 32 | $2,670,000 | $83,438 |