Democracy Federal Credit Union Mortgage Rates, Fees & Info
Alexandria, VALEI: 25490008Z6OW7HHL6478
Tax ID: 53-0197027
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Mortgage Data
Review & Overview
Democracy Federal Credit Union is a smaller credit union specializing in Other loans. Democracy Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Philadelphia, and Baltimore 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 an average approval rate when compared to the average across all lenders. They have an 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% | 12/4/24 |
| 15 Year Conventional Refi | 5.40% | 12/4/24 |
| 15 Year Cash-out Refi | 5.40% | 12/4/24 |
| 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
35Origination Dollar Volume (All Markets)
$2,615,000Top 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 | $2,300,000 | $82,143 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $190,000 | $47,500 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 0.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 35 | $2,615,000 | $74,714 | $0 | 0.00% |
For 2019, Democracy Federal Credit Union's most frequently originated type of loan was Conventional, with 35 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 33 | $2,545,000 | $77,121 | $0 | 0.00% |
| Refi | 2 | $70,000 | $35,000 | $0 | 0.00% |
For 2019, Democracy Federal Credit Union's most frequently cited loan purpose was Other, with 33 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 35 | $2,615,000 | $74,714 | $0 | 0.00% |
For 2019, Democracy Federal Credit Union's most frequently cited loan duration was Other, with 35 originations.
Loan Sizing
2019 saw Democracy Federal Credit Union place emphasis on $100,000 or less loans with 26 originations, totaling $1,350,000 in origination value.
Applicant Income
Democracy Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 7 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 35 | $2,615,000 | $74,714 | $0 | 0.00% |
Democracy Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 35 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not provided | 30 | $2,210,000 | $73,667 | $0 | 0.00% |
| Black | 5 | $405,000 | $81,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications80.43%
Democracy Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination94.29%
Democracy Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 35 | $2,615,000 | $74,714 |