360 Federal Credit Union Mortgage Rates, Fees & Info

Windsor Locks, CT

LEI: 549300ZOKUKS0Z7C3X31

Tax ID: 06-0674541

5 stars - Updated: 11/21/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    360 Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. 360 Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, New Haven, Springfield, Torrington, and Worcester among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    360 Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 360 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 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.

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    Originations

    194

    Origination Dollar Volume (All Markets)

    $19,750,000

    Awards

    360 Federal Credit Union 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    360 Federal Credit Union's average 30 year fixed mortgage rate was 6.3%.

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

    This yields a difference of -0.18%.

    Relative Fees (Closing Costs)

    360 Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,604.

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 159 $14,285,000 $89,843 $857 7.44%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 6 $2,590,000 $431,667 $3,320 7.25%
    SPRINGFIELD, MA (FHA|USDA|VA) 20 $1,490,000 $74,500 $697 7.19%
    Torrington, CT (FHA|USDA|VA) 6 $770,000 $128,333 $1,076 7.27%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $525,000 $525,000 $3,958 5.75%
    ROCKFORD, IL (FHA|USDA|VA) 1 $55,000 $55,000 $477 6.25%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $35,000 $35,000 $477 7.00%
    360 Federal Credit Union's top markets include Hartford, New Haven, Springfield, Torrington, and Worcester among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 129 $13,565,000 $105,155 $943 6.94%
    HELOC 65 $6,185,000 $95,154 n/a 8.28%

    For 2023, 360 Federal Credit Union's most frequently originated type of loan was Conventional, with 129 originations. Their 2nd most popular type was HELOC, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 68 $3,890,000 $57,206 $478 7.48%
    Cash Out Refi 58 $5,290,000 $91,207 $557 7.53%
    Other 40 $2,270,000 $56,750 $478 7.58%
    Home Purchase 17 $6,865,000 $403,824 $3,705 6.22%
    Refi 11 $1,435,000 $130,455 $853 7.19%

    For 2023, 360 Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 68 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
    15 Year 109 $10,765,000 $98,761 $650 7.95%
    5 Year 27 $875,000 $32,407 $481 6.39%
    10 Year 24 $1,270,000 $52,917 $477 7.23%
    Other 17 $635,000 $37,353 $481 6.74%
    30 Year 14 $5,540,000 $395,714 $3,604 6.30%
    20 Year 3 $665,000 $221,667 $3,188 6.08%

    For 2023, 360 Federal Credit Union's most frequently cited loan duration was 15 Year, with 109 originations. The 2nd most popular length was 5 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 127 $13,405,000 $105,551
    $1k-2k 1 $135,000 $135,000

    360 Federal Credit Union's average total fees were $3,604, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 127 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 58 $7,190,000 $123,966
    Over 8% 56 $4,950,000 $88,393
    7-8% 49 $4,045,000 $82,551
    5-6% 31 $3,565,000 $115,000

    During 2023, 360 Federal Credit Union's average interest rate for loans was 6.30%, while their most frequently originated rate bucket for loans was 6-7%, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 138 $6,530,000 $47,319 $480 7.39%
    $100k-200k 34 $4,370,000 $128,529 $1,005 7.78%
    $200k-400k 16 $4,260,000 $266,250 $3,023 6.89%
    $600k-1MM 3 $2,125,000 $708,333 $4,769 6.79%
    $400k-600k 2 $1,100,000 $550,000 $4,138 6.00%
    $1MM+ 1 $1,365,000 $1,365,000 $6,475 6.75%

    2023 saw 360 Federal Credit Union place emphasis on $100,000 or less loans with 138 originations, totaling $6,530,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 61 $5,415,000 $88,770 $878 7.42%
    $150k-250k 41 $4,155,000 $101,341 $942 7.25%
    $75k-100k 35 $2,855,000 $81,571 $1,105 7.32%
    $50k-75k 24 $1,110,000 $46,250 $587 7.29%
    $250k+ 17 $5,065,000 $297,941 $1,938 7.40%
    $50k or less 9 $625,000 $69,444 $477 7.64%

    360 Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 61 originations. The second most popular income band? $150k-250k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 68 $7,470,000 $109,853 $920 7.46%
    30-36% 34 $4,090,000 $120,294 $1,330 7.36%
    <20% 26 $2,270,000 $87,308 $481 7.38%
    44% 8 $860,000 $107,500 $1,133 6.97%
    48% 6 $250,000 $41,667 $477 6.96%
    37% 6 $1,430,000 $238,333 $2,041 7.13%
    50-60% 6 $430,000 $71,667 $481 7.08%
    49% 5 $165,000 $33,000 $477 8.25%
    36% 5 $195,000 $39,000 $477 7.75%
    41% 4 $250,000 $62,500 $477 7.19%
    40% 4 $280,000 $70,000 $485 6.75%
    45% 4 $380,000 $95,000 $1,148 7.34%
    43% 3 $155,000 $51,667 $485 7.29%
    39% 3 $335,000 $111,667 $1,405 6.92%
    42% 2 $50,000 $25,000 $477 6.63%
    38% 2 $180,000 $90,000 $0 8.38%
    47% 1 $375,000 $375,000 $3,705 6.00%
    46% 1 $55,000 $55,000 $502 5.75%
    >60% 1 $85,000 $85,000 $477 6.75%

    360 Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 149 $12,105,000 $81,242 $759 7.35%
    Not provided 27 $5,755,000 $213,148 $2,045 7.26%
    Vietnamese 1 $625,000 $625,000 $4,466 5.63%
    Not applicable 6 $500,000 $83,333 $477 8.67%
    Black 8 $480,000 $60,000 $483 7.56%
    Asian 2 $160,000 $80,000 $477 7.50%
    American Indian 1 $125,000 $125,000 $477 8.25%

    Approval Rates

    Total approvals of all applications
    75.96%

    360 Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.84%

    360 Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 194 $19,750,000 $101,804

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    194 $19,750,000 $101,804

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $4,105,000 $83,776 $567 7.76%
    40-60% 15 $2,675,000 $178,333 $477 8.08%
    60-80% 10 $2,860,000 $286,000 $3,023 6.98%
    80-100% 13 $5,565,000 $428,077 $3,512 6.32%
    Under 20% 107 $4,545,000 $42,477 $480 7.29%