Luso-american Credit Union Mortgage Rates, Fees & Info
Peabody, MALEI: 98450052F6ADED36DC76
Tax ID: 04-6066641
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 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
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.
Similarity Rank: 50
Similarity Rank: 115
Similarity Rank: 168
Similarity Rank: 195
Similarity Rank: 200
Similarity Rank: 200
Similarity Rank: 348
Similarity Rank: 357
Similarity Rank: 360
Similarity Rank: 364
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 |