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 Atlantic City 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 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% | 12/4/24 |
| 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
23Origination Dollar Volume (All Markets)
$2,265,000Top 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) | 19 | $1,825,000 | $96,053 | $0 | 4.30% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 6.50% |
| Outside of Metro Areas | 2 | $160,000 | $80,000 | $0 | 4.75% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 13 | $1,275,000 | $98,077 | $0 | 5.15% |
| HELOC | 10 | $990,000 | $99,000 | n/a | 3.40% |
For 2020, Democracy Federal Credit Union's most frequently originated type of loan was Conventional, with 13 originations. Their 2nd most popular type was HELOC, with 10 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 20 | $1,910,000 | $95,500 | $0 | 4.15% |
| Refi | 3 | $355,000 | $118,333 | $0 | 6.00% |
For 2020, Democracy Federal Credit Union's most frequently cited loan purpose was Other, with 20 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
For 2020, Democracy Federal Credit Union's most frequently cited loan duration was 15 Year, with 10 originations. The 2nd most popular length was Other, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 13 | $1,275,000 | $98,077 |
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 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 10 | $830,000 | $83,000 |
| 4-5% | 10 | $1,110,000 | $111,000 |
| 6-7% | 3 | $325,000 | $108,333 |
During 2020, Democracy Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 10 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 14 | $830,000 | $59,286 | $0 | 4.41% |
| $100k-200k | 6 | $760,000 | $126,667 | $0 | 3.83% |
| $200k-400k | 3 | $675,000 | $225,000 | $0 | 5.42% |
2020 saw Democracy Federal Credit Union place emphasis on $100,000 or less loans with 14 originations, totaling $830,000 in origination value.
Applicant Income
Democracy Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
Democracy Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not provided | 22 | $2,010,000 | $91,364 | $0 | 4.36% |
| White | 1 | $255,000 | $255,000 | $0 | 5.00% |
Approval Rates
Total approvals of all applications74.29%
Democracy Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination86.96%
Democracy Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 23 | $2,265,000 | $98,478 |