Harvard University Employees Mortgage Rates, Fees & Info

Cambridge, MA

LEI: 549300XTSMAC5DOX6447

Tax ID: 04-6017806

5 stars - out of 5 stars, based on 20 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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 loans. Harvard University Employees has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Manchester among others. We have data for 15 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 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.

    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% 3/30/23
    30 Year Conventional Refi 6.26% 3/30/23
    30 Year Cash-out Refi 6.23% 3/30/23
    15 Year Conventional Purchase 5.62% 3/30/23
    15 Year Conventional Refi 5.61% 3/30/23
    15 Year Cash-out Refi 5.61% 3/30/23
    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.


    Originations

    414

    Origination Dollar Volume (All Markets)

    $175,760,000
    Show all (6) awards

    Relative Rate

    Harvard University Employees's average 30 year fixed mortgage rate was 3.93%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.83%.

    Relative Fees (Closing Costs)

    Harvard University Employees's average total fees/closing costs for a 30 year fixed rate mortgage were $3,149.

    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 $4,750.

    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) 348 $153,450,000 $440,948 $2,368 3.80%
    WORCESTER, MA-CT (FHA|USDA|VA) 21 $8,235,000 $392,143 $2,396 4.13%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 16 $4,720,000 $295,000 $1,795 3.95%
    Outside of Metro Areas 9 $2,255,000 $250,556 $2,447 4.81%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $2,070,000 $345,000 $1,522 3.23%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $790,000 $395,000 $2,595 3.88%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $690,000 $345,000 $2,198 3.50%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $685,000 $685,000 $3,377 4.13%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $610,000 $305,000 $2,600 4.63%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $580,000 $290,000 $3,485 5.19%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $525,000 $525,000 $3,113 2.50%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $445,000 $445,000 $3,639 3.38%
    Concord, NH (FHA|USDA|VA) 1 $385,000 $385,000 $2,995 4.50%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $285,000 $285,000 $2,530 2.75%
    Barre, VT (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.50%
    Harvard University Employees's top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others.

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

    Homestar Mortgage, Inc.
    Similarity Rank: 52
    SOMERSET
    Similarity Rank: 87
    OCEAN STATE CREDIT UNION
    Similarity Rank: 360
    Rhode Island Credit Union
    Similarity Rank: 393
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    Sharon & Crescent United Credit Union
    Similarity Rank: 432
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Piscataqua Savings Bank
    Similarity Rank: 526
    Middlesex Savings Bank
    Similarity Rank: 705
    ATHOL CREDIT UNION
    Similarity Rank: 783

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 414 $175,760,000 $424,541 $2,347 3.85%

    For 2022, Harvard University Employees's most frequently originated type of loan was Conventional, with 414 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 232 $127,920,000 $551,379 $3,191 4.10%
    Home Improvement 60 $5,510,000 $91,833 $86 3.77%
    Cash Out Refi 48 $22,650,000 $471,875 $2,635 3.24%
    Refi 47 $16,695,000 $355,213 $1,970 3.14%
    Other 27 $2,985,000 $110,556 $239 4.14%

    For 2022, Harvard University Employees's most frequently cited loan purpose was Home Purchase, with 232 originations. The 2nd most popular reason was Home Improvement, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 270 $149,750,000 $554,630 $3,149 3.93%
    15 Year 56 $11,910,000 $212,679 $1,212 3.50%
    20 Year 48 $9,250,000 $192,708 $876 3.93%
    10 Year 21 $3,045,000 $145,000 $345 3.60%
    Other 11 $1,355,000 $123,182 $266 3.68%
    5 Year 8 $450,000 $56,250 $0 3.98%

    For 2022, Harvard University Employees's most frequently cited loan duration was 30 Year, with 270 originations. The 2nd most popular length was 15 Year, with 56 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 388 $164,210,000 $423,222
    $5k+ 8 $4,190,000 $523,750
    $2k-3k 6 $3,120,000 $520,000
    $3k-4k 5 $2,025,000 $405,000
    $1k-2k 3 $935,000 $311,667
    $4k-5k 2 $810,000 $405,000

    Harvard University Employees's average total fees were $3,149, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 388 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 125 $55,235,000 $441,880
    4-5% 107 $50,285,000 $469,953
    2.5-3% 86 $33,540,000 $390,000
    <2.5% 39 $19,085,000 $489,359
    5-6% 38 $12,150,000 $319,737
    6-7% 19 $5,465,000 $287,632

    During 2022, Harvard University Employees's average interest rate for loans was 3.93%, while their most frequently originated rate bucket for loans was 3-4%, with 125 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 111 $54,045,000 $486,892 $3,113 3.96%
    $200k-400k 110 $33,840,000 $307,636 $2,291 3.74%
    $100,000 or less 73 $3,905,000 $53,493 $44 3.97%
    $600k-1MM 67 $50,335,000 $751,269 $3,544 3.80%
    $100k-200k 29 $4,055,000 $139,828 $584 3.81%
    $1MM+ 24 $29,580,000 $1,232,500 $4,851 3.60%

    2022 saw Harvard University Employees place emphasis on $400k-600k loans with 111 originations, totaling $54,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 141 $61,005,000 $432,660 $2,357 3.81%
    $250k+ 102 $63,690,000 $624,412 $2,927 3.86%
    $100k-150k 101 $32,645,000 $323,218 $2,066 3.79%
    $75k-100k 46 $13,160,000 $286,087 $1,901 4.03%
    $50k-75k 22 $4,960,000 $225,455 $1,827 3.76%
    $50k or less 2 $300,000 $150,000 $1,944 5.69%

    Harvard University Employees lent most frequently to those with incomes in the $150k-250k range, with 141 originations. The second most popular income band? $250k+, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 104 $41,930,000 $403,173 $2,360 3.94%
    30-36% 65 $28,035,000 $431,308 $1,944 3.94%
    <20% 33 $11,585,000 $351,061 $2,015 3.52%
    36% 26 $10,600,000 $407,692 $2,522 4.03%
    42% 26 $7,150,000 $275,000 $1,161 3.77%
    41% 25 $13,115,000 $524,600 $3,428 3.78%
    37% 22 $8,400,000 $381,818 $2,023 3.87%
    39% 21 $7,795,000 $371,190 $2,322 3.68%
    40% 20 $7,260,000 $363,000 $1,739 3.71%
    38% 17 $10,485,000 $616,765 $3,079 4.17%
    44% 13 $5,705,000 $438,846 $2,988 3.94%
    43% 13 $7,355,000 $565,769 $3,499 3.62%
    46% 7 $5,045,000 $720,714 $3,344 3.80%
    47% 7 $3,105,000 $443,571 $2,574 3.55%
    48% 6 $2,700,000 $450,000 $3,367 3.38%
    45% 5 $2,765,000 $553,000 $2,787 3.45%
    49% 4 $2,730,000 $682,500 $3,255 4.66%

    Harvard University Employees lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 244 $103,030,000 $422,254 $2,309 3.78%
    Not provided 75 $27,815,000 $370,867 $2,061 4.28%
    Asian 51 $27,205,000 $533,431 $2,978 3.84%
    Black 26 $8,180,000 $314,615 $2,082 3.74%
    Asian Indian 4 $2,290,000 $572,500 $1,823 2.72%
    Chinese 3 $2,075,000 $691,667 $3,231 2.88%
    Korean 2 $1,060,000 $530,000 $2,063 4.00%
    American Indian 3 $1,045,000 $348,333 $3,570 3.75%
    Other Asian 2 $990,000 $495,000 $2,877 3.00%
    Japanese 1 $755,000 $755,000 $3,941 3.63%
    Other Pacific Islander 1 $645,000 $645,000 $2,258 2.38%
    Native Hawaiian or Islander 1 $355,000 $355,000 $2,763 3.50%
    Filipino 1 $315,000 $315,000 $1,593 2.88%

    Approval Rates

    Total approvals of all applications
    96.59%

    Harvard University Employees has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    82.61%

    Harvard University Employees has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 414 $175,760,000 $424,541

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    414 $175,760,000 $424,541

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $11,230,000 $330,294 $1,725 3.77%
    40-60% 40 $18,600,000 $465,000 $2,733 3.44%
    60-80% 113 $63,185,000 $559,159 $3,199 3.77%
    80-100% 128 $73,730,000 $576,016 $3,331 4.04%
    Under 20% 99 $9,015,000 $91,061 $158 3.88%