Harvard University Employees Mortgage Rates, Fees & Info

Cambridge, MA

LEI: 549300XTSMAC5DOX6447

Tax ID: 04-6017806

5 stars - Updated: 11/17/24 - out of 5 stars, based on 22 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Harvard University Employees is a smaller mortgage company specializing in Home Purchase loans. Harvard University Employees has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Providence, and Portland among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Harvard University Employees 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. Harvard University Employees 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.26% 11/17/24
    30 Year Conventional Refi 6.26% 11/17/24
    30 Year Cash-out Refi 6.23% 11/17/24
    15 Year Conventional Purchase 5.62% 11/17/24
    15 Year Conventional Refi 5.61% 11/17/24
    15 Year Cash-out Refi 5.61% 11/17/24
    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.

    Harvard University Employees Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Harvard University Employees. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    493

    Origination Dollar Volume (All Markets)

    $143,655,000

    Awards

    HARVARD UNIVERSITY EMPLOYEES 30 Year Conventional Loans gold
    Show all (1) awards

    Relative Rate

    Harvard University Employees's average 30 year fixed mortgage rate was 6.37%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.11%.

    Relative Fees (Closing Costs)

    Harvard University Employees's average total fees/closing costs for a 30 year fixed rate mortgage were $3,759.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 437 $131,595,000 $301,133 $2,613 5.98%
    WORCESTER, MA-CT (FHA|USDA|VA) 12 $2,950,000 $245,833 $2,838 6.27%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 9 $2,365,000 $262,778 $2,293 6.09%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 10 $1,920,000 $192,000 $1,251 6.70%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $1,235,000 $411,667 $2,643 5.96%
    Outside of Metro Areas 2 $770,000 $385,000 $1,575 7.06%
    Lebanon, NH-VT (FHA|USDA|VA) 4 $630,000 $157,500 $3,486 6.59%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $560,000 $280,000 $3,847 6.68%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $545,000 $109,000 $0 4.69%
    Vineyard Haven, MA (FHA|USDA|VA) 2 $350,000 $175,000 $0 4.49%
    Barre, VT (FHA|USDA|VA) 1 $335,000 $335,000 $3,955 6.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $205,000 $205,000 $0 5.75%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $80,000 $40,000 $0 4.25%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.99%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.99%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.50%
    Harvard University Employees's top markets include Boston, Worcester, Barnstable Town, Providence, and Portland among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against HARVARD UNIVERSITY EMPLOYEES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    Charter Oak Federal Credit Union
    Similarity Rank: 56
    HOMEFIELD
    Similarity Rank: 75
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 135
    GREYLOCK
    Similarity Rank: 160
    Country Bank for Savings
    Similarity Rank: 165
    Piscataqua Savings Bank
    Similarity Rank: 177
    Sharon & Crescent United Credit Union
    Similarity Rank: 180

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 252 $35,130,000 $139,405 n/a 5.54%
    Conventional 241 $108,525,000 $450,311 $2,570 6.46%

    For 2023, Harvard University Employees's most frequently originated type of loan was HELOC, with 252 originations. Their 2nd most popular type was Conventional, with 241 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 172 $101,720,000 $591,395 $3,772 6.33%
    Home Improvement 164 $19,670,000 $119,939 $25 5.80%
    Other 95 $9,915,000 $104,368 $22 5.49%
    Refi 55 $9,925,000 $180,455 $195 6.28%
    Cash Out Refi 7 $2,425,000 $346,429 $2,583 6.39%

    For 2023, Harvard University Employees's most frequently cited loan purpose was Home Purchase, with 172 originations. The 2nd most popular reason was Home Improvement, with 164 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 257 $35,555,000 $138,346 $0 5.55%
    30 Year 148 $94,640,000 $639,459 $3,759 6.37%
    20 Year 32 $5,300,000 $165,625 $423 6.88%
    15 Year 25 $4,305,000 $172,200 $627 6.51%
    10 Year 20 $1,640,000 $82,000 $104 6.53%
    5 Year 8 $500,000 $62,500 $0 6.36%
    30+ year 3 $1,715,000 $571,667 $9,722 6.67%

    For 2023, Harvard University Employees's most frequently cited loan duration was Other, with 257 originations. The 2nd most popular length was 30 Year, with 148 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 224 $98,070,000 $437,813
    $5k+ 6 $3,930,000 $655,000
    $1k-2k 4 $1,940,000 $485,000
    $2k-3k 4 $3,880,000 $970,000
    $3k-4k 2 $450,000 $225,000

    Harvard University Employees's average total fees were $3,759, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 224 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 164 $58,890,000 $359,085
    4-5% 125 $18,245,000 $145,960
    5-6% 117 $41,415,000 $353,974
    7-8% 58 $20,670,000 $356,379
    3-4% 21 $2,665,000 $126,905
    Over 8% 8 $1,770,000 $221,250

    During 2023, Harvard University Employees's average interest rate for loans was 6.37%, while their most frequently originated rate bucket for loans was 6-7%, with 164 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 144 $7,960,000 $55,278 $13 5.78%
    $100k-200k 124 $16,900,000 $136,290 $937 5.88%
    $200k-400k 95 $25,175,000 $265,000 $2,232 6.03%
    $600k-1MM 58 $43,580,000 $751,379 $4,416 6.25%
    $400k-600k 53 $25,615,000 $483,302 $3,166 6.30%
    $1MM+ 19 $24,425,000 $1,285,526 $5,504 6.46%

    2023 saw Harvard University Employees place emphasis on $100,000 or less loans with 144 originations, totaling $7,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 182 $50,220,000 $275,934 $2,586 5.97%
    $250k+ 154 $67,480,000 $438,182 $3,346 6.17%
    $100k-150k 100 $18,510,000 $185,100 $1,799 5.89%
    $75k-100k 37 $5,525,000 $149,324 $1,461 5.68%
    $50k-75k 18 $1,680,000 $93,333 $1,298 5.92%
    $50k or less 2 $240,000 $120,000 $3,283 4.93%

    Harvard University Employees lent most frequently to those with incomes in the $150k-250k range, with 182 originations. The second most popular income band? $250k+, with 154 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 121 $33,335,000 $275,496 $2,295 6.19%
    30-36% 91 $28,335,000 $311,374 $2,875 6.07%
    42% 87 $19,025,000 $218,678 $1,849 5.68%
    40% 30 $4,840,000 $161,333 $1,119 5.43%
    41% 28 $8,700,000 $310,714 $1,938 6.10%
    36% 20 $5,390,000 $269,500 $3,102 5.86%
    <20% 19 $2,805,000 $147,632 $2,993 5.99%
    37% 18 $6,280,000 $348,889 $3,496 5.54%
    38% 18 $4,840,000 $268,889 $1,931 6.21%
    43% 17 $7,875,000 $463,235 $4,141 6.34%
    39% 17 $6,075,000 $357,353 $1,871 6.13%
    44% 7 $5,835,000 $833,571 $4,413 5.96%
    46% 6 $3,120,000 $520,000 $4,206 6.48%
    47% 6 $3,520,000 $586,667 $3,352 6.27%
    49% 4 $2,400,000 $600,000 $3,079 6.59%
    48% 2 $580,000 $290,000 $2,015 6.50%
    45% 2 $700,000 $350,000 $2,816 5.81%

    Harvard University Employees lent most frequently to those with DTI ratios of 20-30%, with 121 originations. The next most common DTI ratio? 30-36%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 283 $76,675,000 $270,936 $2,492 5.93%
    Not provided 128 $39,500,000 $308,594 $2,671 6.03%
    Asian 42 $16,780,000 $399,524 $2,811 6.17%
    Black 36 $9,250,000 $256,944 $2,189 6.13%
    American Indian 3 $1,295,000 $431,667 $4,573 5.75%
    Native Hawaiian or Islander 1 $155,000 $155,000 $0 5.63%

    Approval Rates

    Total approvals of all applications
    90.99%

    Harvard University Employees has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.24%

    Harvard University Employees has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $45,000 $45,000
    NA 492 $143,610,000 $291,890

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    493 $143,655,000 $291,389

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 69 $15,185,000 $220,072 $936 6.04%
    40-60% 35 $14,025,000 $400,714 $2,921 6.14%
    60-80% 61 $42,875,000 $702,869 $4,250 6.41%
    80-100% 64 $43,280,000 $676,250 $3,974 6.26%
    Under 20% 264 $28,290,000 $107,159 $148 5.79%