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.

    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 Refi 6.27% 4/30/24
    30 Year Cash-out Refi 6.27% 4/30/24
    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

    71

    Origination Dollar Volume (All Markets)

    $17,025,000

    Awards

    LUSO-AMERICAN CREDIT UNION 30 Year Conventional Loans gold LUSO-AMERICAN CREDIT UNION 30 Year Conventional Loans silver
    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) 70 $16,940,000 $242,000 $1,946 2.97%
    Outside of Metro Areas 1 $85,000 $85,000 $274 2.88%
    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.

    Sharon & Crescent United Credit Union
    Similarity Rank: 335
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Bridgewater Savings Bank
    Similarity Rank: 672
    Middlesex Savings Bank
    Similarity Rank: 672
    East Boston Savings Bank
    Similarity Rank: 755
    Piscataqua Savings Bank
    Similarity Rank: 789
    Norwood Co-operative Bank
    Similarity Rank: 820
    QUINCY CREDIT UNION
    Similarity Rank: 900
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 1001
    Walpole Co-operative Bank
    Similarity Rank: 1052

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 47 $12,635,000 $268,830 $1,910 3.02%
    HELOC 24 $4,390,000 $182,917 n/a 2.85%

    For 2021, Luso-american Credit Union's most frequently originated type of loan was Conventional, with 47 originations. Their 2nd most popular type was HELOC, with 24 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 30 $8,110,000 $270,333 $1,922 2.90%
    Cash Out Refi 22 $5,960,000 $270,909 $1,894 3.13%
    Other 16 $1,970,000 $123,125 $309 2.88%
    Home Purchase 3 $985,000 $328,333 $2,434 2.96%

    For 2021, Luso-american Credit Union's most frequently cited loan purpose was Refi, with 30 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 25 $6,115,000 $244,600 $1,675 2.93%
    Other 22 $3,980,000 $180,909 $2,027 2.77%
    30 Year 21 $6,575,000 $313,095 $2,374 3.14%
    20 Year 3 $355,000 $118,333 $347 3.46%

    For 2021, Luso-american Credit Union's most frequently cited loan duration was 15 Year, with 25 originations. The 2nd most popular length was Other, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 46 $12,350,000 $268,478

    Luso-american Credit Union's average total fees were $2,374, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 46 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 47 $10,015,000 $213,085
    3-4% 20 $6,030,000 $301,500
    <2.5% 3 $695,000 $231,667
    4-5% 1 $285,000 $285,000

    During 2021, Luso-american Credit Union's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 2.5-3%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 31 $8,565,000 $276,290 $2,103 2.96%
    $100k-200k 20 $3,010,000 $150,500 $1,515 2.88%
    $100,000 or less 10 $600,000 $60,000 $331 2.94%
    $400k-600k 10 $4,850,000 $485,000 $2,442 3.18%

    2021 saw Luso-american Credit Union place emphasis on $200k-400k loans with 31 originations, totaling $8,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 24 $4,820,000 $200,833 $1,842 2.91%
    $150k-250k 17 $3,985,000 $234,412 $1,603 2.99%
    $75k-100k 11 $2,875,000 $261,364 $1,772 2.95%
    $50k-75k 9 $2,275,000 $252,778 $2,002 2.83%
    $50k or less 6 $1,530,000 $255,000 $2,930 3.17%
    $250k+ 4 $1,540,000 $385,000 $1,873 3.19%

    Luso-american Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $150k-250k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $4,225,000 $222,368 $1,564 2.90%
    30-36% 19 $3,735,000 $196,579 $2,037 2.86%
    <20% 8 $2,110,000 $263,750 $2,733 3.16%
    >60% 4 $1,120,000 $280,000 $1,609 2.94%
    50-60% 4 $1,500,000 $375,000 $1,614 2.94%
    46% 3 $1,005,000 $335,000 $2,083 2.75%
    41% 2 $770,000 $385,000 $2,446 3.44%
    42% 2 $240,000 $120,000 $1,101 3.25%
    45% 2 $450,000 $225,000 $1,983 2.75%
    39% 2 $740,000 $370,000 $2,482 3.25%
    36% 2 $150,000 $75,000 $0 2.75%
    47% 1 $305,000 $305,000 $2,197 3.00%
    48% 1 $85,000 $85,000 $309 3.75%
    38% 1 $185,000 $185,000 $2,048 2.88%
    43% 1 $405,000 $405,000 $2,597 3.50%

    Luso-american Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 68 $16,560,000 $243,529 $1,981 2.96%
    Black 2 $300,000 $150,000 $1,106 3.25%
    Not provided 1 $165,000 $165,000 $410 2.88%

    Approval Rates

    Total approvals of all applications
    97.37%

    Luso-american 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
    95.77%

    Luso-american Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 24 $4,390,000 $182,917
    NA 47 $12,635,000 $268,830

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    71 $17,025,000 $239,789

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $4,345,000 $206,905 $1,604 2.88%
    40-60% 14 $4,380,000 $312,857 $2,515 2.91%
    60-80% 17 $6,165,000 $362,647 $2,178 3.21%
    80-100% 1 $565,000 $565,000 $0 2.75%
    Under 20% 18 $1,570,000 $87,222 $936 2.89%