Luso-american Credit Union Mortgage Rates, Fees & InfoPeabody, MA
Tax ID: 04-6066641
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewLuso-american Credit Union is a smaller credit union specializing in Other, Cash Out Refi, and Refi loans. Luso-american Credit Union has an average proportion of conventional loans. Their top two markets are Boston and Barnstable Town .
Luso-american Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Luso-american 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Refi||6.27%||5/28/23|
|30 Year Cash-out Refi||6.27%||5/28/23|
|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.|
Luso-american Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$9,640,000
LUSO-AMERICAN CREDIT UNION - 2022
LUSO-AMERICAN CREDIT UNION is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Luso-american Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.3%.
Relative Fees (Closing Costs)
Luso-american Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,453.
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.
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)||41||$9,535,000||$232,561||$1,339||3.92%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||1||$105,000||$105,000||$0||2.75%|
Their top states include:
We use machine learning to identify the top lenders compared against LUSO-AMERICAN CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Luso-american Credit Union's most frequently originated type of loan was HELOC, with 33 originations. Their 2nd most popular type was Conventional, with 9 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||14||$3,900,000||$278,571||$1,136||4.22%|
For 2022, Luso-american Credit Union's most frequently cited loan purpose was Other, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.
For 2022, Luso-american Credit Union's most frequently cited loan duration was Other, with 27 originations. The 2nd most popular length was 15 Year, with 8 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Luso-american Credit Union's average total fees were $2,453, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, Luso-american Credit Union's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 2.5-3%, with 19 originations.
2022 saw Luso-american Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $740,000 in origination value.
Luso-american Credit Union lent most frequently to those with incomes in the $150k-250k range, with 14 originations. The second most popular income band? $100k-150k, with 11 originations.
Applicant Debt to Income Ratio
Luso-american Credit Union lent most frequently to those with DTI ratios of <20%, with 11 originations. The next most common DTI ratio? 20-30%, with 10 originations.
|Applicant Ethnicity||Originations||Total Value||Average Loan||Average Fees||Average Rate|
Approval RatesTotal approvals of all applications
Luso-american Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Luso-american Credit Union has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|