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

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  • 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, Refi, and Cash Out Refi 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 11 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

    932

    Origination Dollar Volume (All Markets)

    $411,440,000
    Show all (6) 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) 851 $386,045,000 $453,637 $2,587 2.77%
    WORCESTER, MA-CT (FHA|USDA|VA) 26 $7,980,000 $306,923 $2,543 2.83%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 25 $7,665,000 $306,600 $2,554 2.72%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 15 $5,555,000 $370,333 $3,210 2.68%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $1,865,000 $373,000 $2,445 2.75%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $1,050,000 $262,500 $2,341 2.81%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $430,000 $215,000 $2,520 2.63%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $395,000 $395,000 $2,673 2.88%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $315,000 $315,000 $2,216 3.13%
    Outside of Metro Areas 1 $105,000 $105,000 $0 2.75%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $35,000 $35,000 $0 2.63%
    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)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Maine (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.

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Rhode Island Credit Union
    Similarity Rank: 524
    Sharon & Crescent United Credit Union
    Similarity Rank: 540
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 596
    WESTERLY COMMUNITY
    Similarity Rank: 618
    East Boston Savings Bank
    Similarity Rank: 755

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 932 $411,440,000 $441,459 $2,587 2.77%

    For 2021, Harvard University Employees's most frequently originated type of loan was Conventional, with 932 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 333 $187,815,000 $564,009 $3,381 2.85%
    Refi 305 $127,205,000 $417,066 $2,474 2.68%
    Cash Out Refi 209 $89,905,000 $430,167 $2,528 2.74%
    Home Improvement 70 $5,520,000 $78,857 $57 2.84%
    Other 15 $995,000 $66,333 $24 2.79%

    For 2021, Harvard University Employees's most frequently cited loan purpose was Home Purchase, with 333 originations. The 2nd most popular reason was Refi, with 305 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 591 $316,225,000 $535,068 $3,116 2.82%
    15 Year 139 $43,075,000 $309,892 $1,891 2.52%
    20 Year 109 $34,175,000 $313,532 $1,705 3.06%
    10 Year 62 $14,410,000 $232,419 $1,724 2.44%
    Other 19 $2,925,000 $153,947 $722 2.60%
    5 Year 12 $630,000 $52,500 $0 2.50%

    For 2021, Harvard University Employees's most frequently cited loan duration was 30 Year, with 591 originations. The 2nd most popular length was 15 Year, with 139 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 837 $366,235,000 $437,557
    $5k+ 31 $17,655,000 $569,516
    $2k-3k 21 $10,675,000 $508,333
    $4k-5k 19 $7,905,000 $416,053
    $3k-4k 15 $4,725,000 $315,000
    $1k-2k 8 $3,790,000 $473,750

    Harvard University Employees's average total fees were $3,116, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 837 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 526 $238,740,000 $453,878
    <2.5% 259 $115,815,000 $447,162
    3-4% 132 $55,190,000 $418,106
    4-5% 15 $1,695,000 $113,000

    During 2021, Harvard University Employees's average interest rate for loans was 2.82%, while their most frequently originated rate bucket for loans was 2.5-3%, with 526 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 305 $91,295,000 $299,328 $2,160 2.72%
    $400k-600k 257 $125,085,000 $486,712 $3,052 2.76%
    $600k-1MM 173 $124,405,000 $719,104 $3,821 2.80%
    $100,000 or less 86 $4,900,000 $56,977 $67 2.95%
    $100k-200k 69 $10,435,000 $151,232 $1,434 2.74%
    $1MM+ 42 $55,320,000 $1,317,143 $4,820 2.69%

    2021 saw Harvard University Employees place emphasis on $200k-400k loans with 305 originations, totaling $91,295,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 308 $145,010,000 $470,812 $2,772 2.79%
    $100k-150k 272 $99,220,000 $364,779 $2,377 2.72%
    $250k+ 184 $121,650,000 $661,141 $3,077 2.79%
    $75k-100k 98 $29,700,000 $303,061 $2,041 2.81%
    $50k-75k 64 $14,900,000 $232,813 $2,056 2.77%
    $50k or less 6 $960,000 $160,000 $2,156 2.67%

    Harvard University Employees lent most frequently to those with incomes in the $150k-250k range, with 308 originations. The second most popular income band? $100k-150k, with 272 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 306 $133,970,000 $437,810 $2,677 2.76%
    30-36% 227 $112,685,000 $496,410 $2,718 2.78%
    <20% 114 $46,560,000 $408,421 $2,373 2.69%
    38% 39 $17,275,000 $442,949 $2,651 2.78%
    41% 39 $15,235,000 $390,641 $2,597 2.85%
    42% 26 $8,130,000 $312,692 $1,510 2.75%
    36% 26 $9,490,000 $365,000 $2,542 2.81%
    37% 25 $10,655,000 $426,200 $2,345 2.77%
    39% 22 $10,760,000 $489,091 $2,584 2.65%
    40% 21 $10,465,000 $498,333 $2,709 2.91%
    43% 21 $8,205,000 $390,714 $1,962 2.83%
    44% 19 $8,305,000 $437,105 $2,987 2.80%
    46% 10 $3,540,000 $354,000 $2,558 2.95%
    45% 9 $3,645,000 $405,000 $2,883 2.79%
    47% 9 $3,695,000 $410,556 $2,317 2.71%
    48% 9 $4,105,000 $456,111 $3,546 2.69%
    49% 8 $4,530,000 $566,250 $2,418 2.92%
    50-60% 1 $85,000 $85,000 $0 4.25%
    >60% 1 $105,000 $105,000 $0 3.13%

    Harvard University Employees lent most frequently to those with DTI ratios of 20-30%, with 306 originations. The next most common DTI ratio? 30-36%, with 227 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 614 $269,340,000 $438,664 $2,584 2.78%
    Not provided 111 $50,455,000 $454,550 $2,535 2.82%
    Asian 105 $49,565,000 $472,048 $2,636 2.72%
    Black 61 $23,815,000 $390,410 $2,768 2.76%
    Asian Indian 13 $6,235,000 $479,615 $2,684 2.67%
    Chinese 13 $5,455,000 $419,615 $2,249 2.62%
    Other Asian 4 $2,380,000 $595,000 $2,964 3.00%
    Korean 4 $2,170,000 $542,500 $2,026 2.63%
    American Indian 2 $790,000 $395,000 $1,907 2.56%
    Filipino 2 $590,000 $295,000 $1,859 2.75%
    Vietnamese 2 $480,000 $240,000 $1,914 2.69%
    Japanese 1 $165,000 $165,000 $1,822 2.38%

    Approval Rates

    Total approvals of all applications
    96.42%

    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
    84.76%

    Harvard University Employees has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 932 $411,440,000 $441,459

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    932 $411,440,000 $441,459

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 110 $35,600,000 $323,636 $2,231 2.62%
    40-60% 161 $65,935,000 $409,534 $2,690 2.68%
    60-80% 342 $180,870,000 $528,860 $2,930 2.75%
    80-100% 188 $111,960,000 $595,532 $3,531 2.83%
    Under 20% 115 $10,695,000 $93,000 $253 2.97%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    HARBORONE MORTGAGE, LLC Conventional home mortgage Closing on a mortgage 1 33.3%
    HARBORONE MORTGAGE, LLC Other type of mortgage Trouble during payment process 1 33.3%
    HARBORONE MORTGAGE, LLC VA mortgage Trouble during payment process 1 33.3%