Luso-american Credit Union Mortgage Rates, Fees & Info

Peabody, MA

LEI: 98450052F6ADED36DC76

Tax ID: 04-6066641

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
  • 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

    Luso-american Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Luso-american Credit Union has a high proportion of conventional loans. Their top (well, only) market is Boston.

    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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.27% 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.

    Luso-american Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Luso-american 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

    102

    Origination Dollar Volume (All Markets)

    $23,270,000

    Awards

    LUSO-AMERICAN CREDIT UNION 30 Year Conventional Loans gold LUSO-AMERICAN CREDIT UNION 30 Year Conventional Loans gold
    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 101 $23,015,000 $227,871 $1,893 3.15%
    Outside of Metro Areas 1 $255,000 $255,000 $0 3.00%
    Luso-american Credit Union's top markets include and Boston among others.

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

    • Similar Lenders

    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.

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Bridgewater Savings Bank
    Similarity Rank: 600
    Triangle Credit Union
    Similarity Rank: 696
    NEW HAMPSHIRE
    Similarity Rank: 756
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798
    Sharon & Crescent United Credit Union
    Similarity Rank: 830
    QUINCY CREDIT UNION
    Similarity Rank: 876

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 72 $19,050,000 $264,583 $1,893 3.13%
    HELOC 30 $4,220,000 $140,667 n/a 3.21%

    For 2020, Luso-american Credit Union's most frequently originated type of loan was Conventional, with 72 originations. Their 2nd most popular type was HELOC, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 40 $10,140,000 $253,500 $1,940 3.08%
    Cash Out Refi 38 $10,090,000 $265,526 $1,959 3.16%
    Other 21 $2,095,000 $99,762 $309 3.25%
    Home Purchase 3 $945,000 $315,000 $2,246 3.17%

    For 2020, Luso-american Credit Union's most frequently cited loan purpose was Refi, with 40 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 46 $14,230,000 $309,348 $2,103 3.16%
    Other 27 $4,115,000 $152,407 $1,356 3.03%
    15 Year 19 $3,335,000 $175,526 $1,758 3.21%
    20 Year 8 $1,290,000 $161,250 $1,213 3.28%
    10 Year 2 $300,000 $150,000 $1,255 3.31%

    For 2020, Luso-american Credit Union's most frequently cited loan duration was 30 Year, with 46 originations. The 2nd most popular length was Other, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 67 $17,825,000 $266,045
    $1k-2k 3 $535,000 $178,333
    $2k-3k 1 $295,000 $295,000

    Luso-american Credit Union's average total fees were $2,103, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 67 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 60 $13,270,000 $221,167
    3-4% 35 $8,945,000 $255,571
    4-5% 6 $850,000 $141,667
    <2.5% 1 $205,000 $205,000

    During 2020, Luso-american Credit Union's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 2.5-3%, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 51 $14,105,000 $276,569 $2,032 3.12%
    $100k-200k 24 $3,290,000 $137,083 $1,597 3.19%
    $100,000 or less 16 $860,000 $53,750 $728 3.23%
    $400k-600k 11 $5,015,000 $455,909 $2,423 3.10%

    2020 saw Luso-american Credit Union place emphasis on $200k-400k loans with 51 originations, totaling $14,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 34 $8,320,000 $244,706 $2,153 3.05%
    $75k-100k 26 $5,870,000 $225,769 $1,787 3.19%
    $50k-75k 17 $3,225,000 $189,706 $1,896 3.07%
    $150k-250k 14 $3,770,000 $269,286 $1,909 3.37%
    $50k or less 10 $1,880,000 $188,000 $1,264 3.28%
    $250k+ 1 $205,000 $205,000 $3,666 2.50%

    Luso-american Credit Union lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $75k-100k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 21 $4,445,000 $211,667 $1,961 3.20%
    30-36% 18 $4,230,000 $235,000 $1,768 3.29%
    <20% 16 $3,420,000 $213,750 $2,020 2.91%
    43% 8 $2,070,000 $258,750 $2,383 3.39%
    44% 8 $1,730,000 $216,250 $2,453 2.86%
    42% 7 $2,075,000 $296,429 $1,904 3.07%
    41% 5 $1,135,000 $227,000 $2,166 3.20%
    45% 4 $940,000 $235,000 $1,581 2.94%
    50-60% 4 $800,000 $200,000 $2,129 3.28%
    47% 2 $660,000 $330,000 $2,070 3.06%
    37% 2 $710,000 $355,000 $1,934 3.38%
    36% 2 $290,000 $145,000 $308 3.25%
    >60% 2 $440,000 $220,000 $1,099 3.38%
    46% 2 $170,000 $85,000 $314 3.50%
    49% 1 $155,000 $155,000 $0 2.75%

    Luso-american Credit Union lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 94 $21,750,000 $231,383 $1,889 3.13%
    Black 6 $1,120,000 $186,667 $1,702 3.42%
    Not provided 2 $400,000 $200,000 $2,903 3.25%

    Approval Rates

    Total approvals of all applications
    94.07%

    Luso-american Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.16%

    Luso-american Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 30 $4,220,000 $140,667
    NA 72 $19,050,000 $264,583

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 102 $23,270,000 $228,137

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $3,960,000 $165,000 $1,647 3.23%
    40-60% 31 $8,375,000 $270,161 $1,924 3.06%
    60-80% 28 $9,350,000 $333,929 $2,217 3.10%
    80-100% 1 $485,000 $485,000 $2,747 3.63%
    Under 20% 18 $1,100,000 $61,111 $558 3.25%