Democracy Federal Credit Union Mortgage Rates, Fees & Info

Alexandria, VA

LEI: 25490008Z6OW7HHL6478

Tax ID: 53-0197027

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Mortgage Data

Review & Overview

Democracy Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Democracy Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Philadelphia, and Salisbury among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Democracy Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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
15 Year Conventional Purchase 5.68% 3/28/24
15 Year Conventional Refi 5.40% 3/28/24
15 Year Cash-out Refi 5.40% 3/28/24
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.

Democracy Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Democracy Federal 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

32

Origination Dollar Volume (All Markets)

$3,180,000

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 28 $2,600,000 $92,857 $0 5.25%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $300,000 $150,000 $0 4.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.00%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.00%
Democracy Federal Credit Union's top markets include Washington, Baltimore, Philadelphia, and Salisbury among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 28 $2,860,000 $102,143 $0 4.77%
    HELOC 4 $320,000 $80,000 n/a 8.25%

    For 2023, Democracy Federal Credit Union's most frequently originated type of loan was Conventional, with 28 originations. Their 2nd most popular type was HELOC, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 15 $1,435,000 $95,667 $0 5.43%
    Other 15 $1,465,000 $97,667 $0 5.00%
    Home Purchase 1 $195,000 $195,000 $0 5.00%
    Refi 1 $85,000 $85,000 $0 5.00%

    For 2023, Democracy Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 15 originations. The 2nd most popular reason was Other, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 17 $1,435,000 $84,412 $0 4.62%
    15 Year 9 $1,195,000 $132,778 $0 5.00%
    Other 6 $550,000 $91,667 $0 7.17%

    For 2023, Democracy Federal Credit Union's most frequently cited loan duration was 10 Year, with 17 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 16 $1,500,000 $93,750

    Democracy Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 16 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 26 $2,740,000 $105,385
    Over 8% 3 $245,000 $81,667
    5-6% 2 $120,000 $60,000
    7-8% 1 $75,000 $75,000

    During 2023, Democracy Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 19 $1,255,000 $66,053 $0 5.47%
    $100k-200k 12 $1,700,000 $141,667 $0 4.79%
    $200k-400k 1 $225,000 $225,000 $0 5.00%

    2023 saw Democracy Federal Credit Union place emphasis on $100,000 or less loans with 19 originations, totaling $1,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 18 $1,840,000 $102,222 $0 5.11%
    $100k-150k 7 $635,000 $90,714 $0 5.25%
    $75k-100k 3 $265,000 $88,333 $0 5.00%
    $250k+ 2 $280,000 $140,000 $0 4.75%
    $50k or less 2 $160,000 $80,000 $0 6.63%

    Democracy Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 18 originations. The second most popular income band? $100k-150k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $960,000 $96,000 $0 4.65%
    30-36% 6 $820,000 $136,667 $0 5.42%
    42% 5 $445,000 $89,000 $0 5.65%
    40% 3 $295,000 $98,333 $0 4.83%
    41% 2 $100,000 $50,000 $0 5.25%
    <20% 2 $130,000 $65,000 $0 6.25%
    43% 1 $95,000 $95,000 $0 8.25%
    36% 1 $105,000 $105,000 $0 4.50%
    37% 1 $155,000 $155,000 $0 4.50%
    38% 1 $75,000 $75,000 $0 4.50%

    Democracy Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 25 $2,585,000 $103,400 $0 5.30%
    Black 6 $440,000 $73,333 $0 4.83%
    Other Asian 1 $155,000 $155,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    64.71%

    Democracy Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    62.50%

    Democracy Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 32 $3,180,000 $99,375

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    32 $3,180,000 $99,375

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $1,265,000 $140,556 $0 5.25%
    60-80% 1 $155,000 $155,000 $0 5.00%
    Under 20% 22 $1,760,000 $80,000 $0 5.19%