Buffalo Metropolitan Federal Credit Union Mortgage Rates, Fees & Info

BUFFALO, NY

LEI: 549300ZLXTW0F4QMYG11

Tax ID: 16-0743537

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

    Buffalo Metropolitan Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Buffalo Metropolitan Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Buffalo.

    Buffalo Metropolitan Federal Credit Union has an above average approval rate when compared to the average across all lenders. Buffalo Metropolitan Federal Credit Union 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 6.71% 11/22/24
    30 Year Conventional Refi 6.67% 11/22/24
    30 Year Cash-out Refi 6.96% 11/22/24
    15 Year Conventional Purchase 5.68% 11/22/24
    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.

    Buffalo Metropolitan Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Buffalo Metropolitan Federal Credit Union. 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

    33

    Origination Dollar Volume (All Markets)

    $5,385,000

    Awards

    BUFFALO METROPOLITAN FEDERAL CREDIT UNION 30 Year Conventional Loans silver BUFFALO METROPOLITAN FEDERAL CREDIT UNION 30 Year Conventional Loans bronze
    Show all (2) 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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 33 $5,385,000 $163,182 $2,453 4.36%
    Buffalo Metropolitan Federal Credit Union's top markets include and Buffalo among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

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

    NIAGARA'S CHOICE
    Similarity Rank: 12
    BUFFALO METROPOLITAN FEDERAL CREDIT UNION
    Similarity Rank: 50
    ONTARIO SHORES
    Similarity Rank: 90
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 102
    Bank of Akron
    Similarity Rank: 144
    Moog Employees Federal Credit Union
    Similarity Rank: 153
    THE SUMMIT Federal Credit Union
    Similarity Rank: 364
    Five Star Bank
    Similarity Rank: 390
    SEFCU SERVICES, LLC
    Similarity Rank: 546
    Fairport Savings Bank
    Similarity Rank: 576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $5,385,000 $163,182 $2,453 4.36%

    For 2019, Buffalo Metropolitan Federal Credit Union's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 21 $3,605,000 $171,667 $2,294 4.21%
    Home Purchase 12 $1,780,000 $148,333 $2,730 4.61%

    For 2019, Buffalo Metropolitan Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 21 originations. The 2nd most popular reason was Home Purchase, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 16 $2,830,000 $176,875 $2,723 4.66%
    15 Year 12 $1,630,000 $135,833 $2,083 4.06%
    Other 3 $515,000 $171,667 $2,488 4.50%
    10 Year 1 $105,000 $105,000 $2,367 3.75%
    20 Year 1 $305,000 $305,000 $2,546 3.25%

    For 2019, Buffalo Metropolitan Federal Credit Union's most frequently cited loan duration was 30 Year, with 16 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 32 $5,300,000 $165,625
    $1k-2k 1 $85,000 $85,000

    Buffalo Metropolitan Federal Credit Union's average total fees were $2,723, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 32 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 12 $1,770,000 $147,500
    3-4% 11 $2,085,000 $189,545
    5-6% 9 $1,415,000 $157,222
    2.5-3% 1 $115,000 $115,000

    During 2019, Buffalo Metropolitan Federal Credit Union's average interest rate for loans was 4.66%, while their most frequently originated rate bucket for loans was 4-5%, with 12 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 14 $1,910,000 $136,429 $2,353 4.26%
    $100,000 or less 9 $675,000 $75,000 $2,155 4.65%
    $200k-400k 9 $2,375,000 $263,889 $2,880 4.33%
    $400k-600k 1 $425,000 $425,000 $2,677 3.38%

    2019 saw Buffalo Metropolitan Federal Credit Union place emphasis on $100k-200k loans with 14 originations, totaling $1,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 10 $1,120,000 $112,000 $2,468 3.99%
    $100k-150k 7 $1,385,000 $197,857 $2,216 4.45%
    $50k or less 7 $1,085,000 $155,000 $2,673 4.77%
    $75k-100k 6 $1,050,000 $175,000 $2,580 4.75%
    $150k-250k 3 $745,000 $248,333 $2,185 3.67%

    Buffalo Metropolitan Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $100k-150k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $1,025,000 $113,889 $2,269 3.76%
    50-60% 4 $540,000 $135,000 $2,560 4.97%
    47% 3 $605,000 $201,667 $2,960 3.88%
    >60% 3 $525,000 $175,000 $2,958 4.88%
    42% 2 $270,000 $135,000 $1,816 4.81%
    39% 2 $410,000 $205,000 $2,470 3.88%
    41% 2 $490,000 $245,000 $2,061 4.44%
    44% 2 $390,000 $195,000 $2,511 5.00%
    43% 1 $95,000 $95,000 $2,113 5.13%
    30-36% 1 $315,000 $315,000 $2,712 6.00%
    40% 1 $175,000 $175,000 $2,427 3.75%
    49% 1 $425,000 $425,000 $2,677 3.38%
    37% 1 $35,000 $35,000 $1,339 5.50%
    <20% 1 $85,000 $85,000 $3,544 3.88%

    Buffalo Metropolitan Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 50-60%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 29 $4,615,000 $159,138 $2,408 4.31%
    Black 2 $470,000 $235,000 $2,608 4.44%
    American Indian 1 $225,000 $225,000 $3,413 4.25%
    Not provided 1 $75,000 $75,000 $2,471 5.63%

    Approval Rates

    Total approvals of all applications
    100.00%

    Buffalo Metropolitan Federal Credit Union 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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 33 $5,385,000 $163,182

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 33 $5,385,000 $163,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $75,000 $75,000 $1,324 4.50%
    40-60% 4 $410,000 $102,500 $2,171 4.00%
    60-80% 11 $1,405,000 $127,727 $2,430 4.17%
    80-100% 15 $3,345,000 $223,000 $2,769 4.50%
    Under 20% 2 $150,000 $75,000 $1,331 5.00%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    BAY VALLEY MORTGAGE GROUP Conventional home mortgage Trouble during payment process 1 50.0%
    BAY VALLEY MORTGAGE GROUP VA mortgage Closing on a mortgage 1 50.0%