Harvard University Employees Mortgage Rates, Fees & Info

Cambridge, MA

LEI: 549300XTSMAC5DOX6447

Tax ID: 04-6017806

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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, Providence, Worcester, Manchester, and Pittsfield among others. We have data for 7 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.26% 12/16/24
    30 Year Conventional Refi 6.26% 12/16/24
    30 Year Cash-out Refi 6.23% 12/16/24
    15 Year Conventional Purchase 5.62% 12/16/24
    15 Year Conventional Refi 5.61% 12/16/24
    15 Year Cash-out Refi 5.61% 12/16/24
    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

    547

    Origination Dollar Volume (All Markets)

    $209,285,000
    Show all (5) awards

    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) 514 $201,460,000 $391,946 $2,408 4.33%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 14 $3,320,000 $237,143 $1,925 4.49%
    WORCESTER, MA-CT (FHA|USDA|VA) 10 $2,500,000 $250,000 $1,813 4.52%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $765,000 $255,000 $1,728 4.38%
    PITTSFIELD, MA (FHA|USDA|VA) 3 $655,000 $218,333 $2,262 4.46%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $510,000 $255,000 $2,283 4.69%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.75%
    Harvard University Employees's top markets include Boston, Providence, Worcester, Manchester, and Pittsfield among others.

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 84
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 547 $209,285,000 $382,605 $2,375 4.34%

    For 2018, Harvard University Employees's most frequently originated type of loan was Conventional, with 547 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 396 $178,490,000 $450,732 $2,771 4.22%
    Cash Out Refi 58 $19,670,000 $339,138 $2,135 4.23%
    Home Improvement 38 $2,080,000 $54,737 $152 5.29%
    Refi 33 $7,175,000 $217,424 $1,568 4.46%
    Other 22 $1,870,000 $85,000 $317 5.05%

    For 2018, Harvard University Employees's most frequently cited loan purpose was Home Purchase, with 396 originations. The 2nd most popular reason was Cash Out Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 421 $191,935,000 $455,903 $2,811 4.18%
    15 Year 53 $9,005,000 $169,906 $1,471 4.59%
    20 Year 37 $4,915,000 $132,838 $516 5.48%
    10 Year 22 $2,870,000 $130,455 $754 4.65%
    5 Year 7 $265,000 $37,857 $0 4.38%
    Other 7 $295,000 $42,143 $0 5.09%

    For 2018, Harvard University Employees's most frequently cited loan duration was 30 Year, with 421 originations. The 2nd most popular length was 15 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 510 $196,000,000 $384,314
    $1k-2k 11 $4,605,000 $418,636
    $3k-4k 5 $2,245,000 $449,000
    $2k-3k 1 $255,000 $255,000
    $5k+ 1 $355,000 $355,000

    Harvard University Employees's average total fees were $2,811, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 510 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 267 $109,305,000 $409,382
    3-4% 209 $94,135,000 $450,407
    5-6% 68 $5,580,000 $82,059
    6-7% 3 $265,000 $88,333

    During 2018, Harvard University Employees's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 4-5%, with 267 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 176 $52,900,000 $300,568 $2,331 4.21%
    $400k-600k 167 $80,475,000 $481,886 $2,791 4.14%
    $100,000 or less 72 $3,510,000 $48,750 $117 5.27%
    $600k-1MM 66 $48,690,000 $737,727 $3,779 4.05%
    $100k-200k 53 $7,815,000 $147,453 $1,509 4.56%
    $1MM+ 13 $15,895,000 $1,222,692 $5,369 4.11%

    2018 saw Harvard University Employees place emphasis on $200k-400k loans with 176 originations, totaling $52,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 187 $66,095,000 $353,449 $2,348 4.32%
    $150k-250k 179 $81,885,000 $457,458 $2,578 4.34%
    $75k-100k 66 $17,240,000 $261,212 $1,840 4.41%
    $50k-75k 54 $10,110,000 $187,222 $1,723 4.42%
    $250k+ 47 $31,565,000 $671,596 $3,461 4.22%
    $50k or less 14 $2,390,000 $170,714 $1,482 4.38%

    Harvard University Employees lent most frequently to those with incomes in the $100k-150k range, with 187 originations. The second most popular income band? $150k-250k, with 179 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 157 $57,755,000 $367,866 $2,381 4.32%
    30-36% 126 $51,150,000 $405,952 $2,541 4.31%
    40% 34 $10,750,000 $316,176 $2,073 4.45%
    42% 30 $8,870,000 $295,667 $1,673 4.87%
    38% 28 $10,640,000 $380,000 $2,128 4.31%
    <20% 25 $7,485,000 $299,400 $2,149 4.29%
    39% 25 $11,865,000 $474,600 $2,689 4.23%
    45% 20 $9,750,000 $487,500 $2,599 4.26%
    41% 19 $6,765,000 $356,053 $2,264 4.47%
    36% 18 $7,220,000 $401,111 $2,234 4.24%
    43% 16 $7,320,000 $457,500 $2,482 4.40%
    37% 14 $4,870,000 $347,857 $2,290 4.29%
    44% 12 $4,170,000 $347,500 $2,478 4.22%
    47% 9 $4,965,000 $551,667 $3,321 3.90%
    46% 4 $1,570,000 $392,500 $2,339 4.56%
    48% 4 $2,330,000 $582,500 $3,170 3.88%
    49% 4 $1,440,000 $360,000 $3,250 4.28%
    50-60% 2 $370,000 $185,000 $1,940 3.75%

    Harvard University Employees lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 355 $137,895,000 $388,437 $2,402 4.38%
    Not provided 80 $28,890,000 $361,125 $2,130 4.50%
    Asian 64 $27,490,000 $429,531 $2,728 3.93%
    Black 28 $7,420,000 $265,000 $1,829 4.45%
    Asian Indian 9 $3,165,000 $351,667 $2,821 4.08%
    Korean 3 $1,515,000 $505,000 $2,774 3.75%
    Chinese 5 $1,485,000 $297,000 $2,073 3.88%
    American Indian 1 $675,000 $675,000 $2,972 3.75%
    Other Pacific Islander 1 $435,000 $435,000 $2,910 4.63%
    Filipino 1 $315,000 $315,000 $0 4.88%

    Approval Rates

    Total approvals of all applications
    95.76%

    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
    80.80%

    Harvard University Employees has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 547 $209,285,000 $382,605

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 547 $209,285,000 $382,605

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $7,095,000 $181,923 $1,684 4.40%
    40-60% 51 $19,755,000 $387,353 $2,796 4.11%
    60-80% 173 $80,875,000 $467,486 $2,830 4.16%
    80-100% 202 $96,130,000 $475,891 $2,849 4.16%
    Under 20% 82 $5,430,000 $66,220 $168 5.29%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    HARBORONE MORTGAGE, LLC Conventional home mortgage Trouble during payment process 4 100.0%