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 an average proportion of FHA 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 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 relatively high 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
56Origination Dollar Volume (All Markets)
$4,580,000Awards
COOPERATIVA DE AHORRO Y CREDITO DE LARES - 2022
COOPERATIVA DE AHORRO Y CREDITO DE LARES is a 2022 , due to their low .
For 2022, 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) | 33 | $2,785,000 | $84,394 | $4,374 | 5.19% |
| Arecibo, PR (FHA|USDA|VA) | 13 | $1,095,000 | $84,231 | $4,239 | 5.03% |
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $4,163 | 5.60% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $3,485 | 6.00% |
| PONCE, PR (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $3,874 | 4.50% |
| SAN GERMÁN, PR (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,115 | 5.64% |
| Jayuya, PR (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,732 | 6.00% |
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 | 44 | $3,510,000 | $79,773 | $4,112 | 5.37% |
| USDA | 8 | $730,000 | $91,250 | $4,404 | 4.44% |
| FHA | 4 | $340,000 | $85,000 | $5,628 | 4.94% |
For 2022, Cooperativa De Ahorro Y Credito De Lares's most frequently originated type of loan was Conventional, with 44 originations. Their 2nd most popular type was USDA, with 8 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 51 | $4,225,000 | $82,843 | $4,268 | 5.16% |
| Cash Out Refi | 5 | $355,000 | $71,000 | $4,177 | 5.72% |
For 2022, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan purpose was Home Purchase, with 51 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.
Loan Duration/Length
For 2022, Cooperativa De Ahorro Y Credito De Lares's most frequently cited loan duration was 30 Year, with 47 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
Cooperativa De Ahorro Y Credito De Lares's average total fees were $4,388, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 25 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 33 | $2,815,000 | $85,303 |
| 4-5% | 11 | $845,000 | $76,818 |
| 3-4% | 8 | $620,000 | $77,500 |
| 6-7% | 4 | $300,000 | $75,000 |
During 2022, Cooperativa De Ahorro Y Credito De Lares's average interest rate for loans was 5.20%, while their most frequently originated rate bucket for loans was 5-6%, with 33 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 45 | $3,075,000 | $68,333 | $3,791 | 5.17% |
| $100k-200k | 11 | $1,505,000 | $136,818 | $6,135 | 5.38% |
2022 saw Cooperativa De Ahorro Y Credito De Lares place emphasis on $100,000 or less loans with 45 originations, totaling $3,075,000 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 42 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 30-36%, with 9 originations. The next most common DTI ratio? 20-30%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 56 | $4,580,000 | $81,786 | $4,260 | 5.21% |
Approval Rates
Total approvals of all applications97.44%
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 origination64.29%
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 | 56 | $4,580,000 | $81,786 |