Democracy Federal Credit Union Mortgage Rates, Fees & Info
Alexandria, VALEI: 25490008Z6OW7HHL6478
Tax ID: 53-0197027
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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% | 12/2/24 |
| 15 Year Conventional Refi | 5.40% | 12/2/24 |
| 15 Year Cash-out Refi | 5.40% | 12/2/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
32Origination Dollar Volume (All Markets)
$3,180,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
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
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
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
Approval Rates
Total approvals of all applications64.71%
Democracy Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination62.50%
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 |