Luso-american Credit Union Mortgage Rates, Fees & Info
Peabody, MALEI: 98450052F6ADED36DC76
Tax ID: 04-6066641
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Mortgage Data
Review & Overview
Luso-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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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
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Originations
42Origination Dollar Volume (All Markets)
$9,640,000Top 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) | 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:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 33 | $6,795,000 | $205,909 | n/a | 3.67% |
| Conventional | 9 | $2,845,000 | $316,111 | $1,339 | 4.72% |
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
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 19 | $3,595,000 | $189,211 | $0 | 3.66% |
| Cash Out Refi | 14 | $3,900,000 | $278,571 | $1,136 | 4.22% |
| Refi | 9 | $2,145,000 | $238,333 | $2,051 | 3.88% |
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.
Loan Duration/Length
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 |
|---|---|---|---|
| $<1k | 9 | $2,845,000 | $316,111 |
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.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 19 | $2,955,000 | $155,526 |
| 5-6% | 9 | $1,385,000 | $153,889 |
| 3-4% | 8 | $3,330,000 | $416,250 |
| 4-5% | 4 | $1,570,000 | $392,500 |
| 6-7% | 2 | $400,000 | $200,000 |
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.
Loan Sizing
2022 saw Luso-american Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $740,000 in origination value.
Applicant Income
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.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.00%
Luso-american Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination90.48%
Luso-american Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 33 | $6,795,000 | $205,909 |
| NA | 9 | $2,845,000 | $316,111 |