Democracy Federal Credit Union Mortgage Rates, Fees & Info
Alexandria, VALEI: 25490008Z6OW7HHL6478
Tax ID: 53-0197027
Latest/2024 | 2023 Data | 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, Other, and Refi loans. Democracy Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Washington.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.
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Originations
18Origination Dollar Volume (All Markets)
$1,950,000Top 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) | 18 | $1,950,000 | $108,333 | $0 | 4.88% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $1,695,000 | $99,706 | $0 | 4.97% |
| HELOC | 1 | $255,000 | $255,000 | n/a | 3.25% |
For 2022, Democracy Federal Credit Union's most frequently originated type of loan was Conventional, with 17 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 10 | $850,000 | $85,000 | $0 | 4.85% |
| Other | 6 | $590,000 | $98,333 | $0 | 5.17% |
| Refi | 2 | $510,000 | $255,000 | $0 | 4.13% |
For 2022, Democracy Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 10 originations. The 2nd most popular reason was Other, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 8 | $560,000 | $70,000 | $0 | 4.88% |
| 15 Year | 7 | $1,015,000 | $145,000 | $0 | 5.07% |
| Other | 3 | $375,000 | $125,000 | $0 | 4.42% |
For 2022, Democracy Federal Credit Union's most frequently cited loan duration was 10 Year, with 8 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 12 | $1,330,000 | $110,833 |
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 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 12 | $1,180,000 | $98,333 |
| 5-6% | 3 | $205,000 | $68,333 |
| 3-4% | 2 | $360,000 | $180,000 |
| 6-7% | 1 | $205,000 | $205,000 |
During 2022, 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 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 10 | $680,000 | $68,000 | $0 | 4.90% |
| $100k-200k | 5 | $555,000 | $111,000 | $0 | 4.80% |
| $200k-400k | 3 | $715,000 | $238,333 | $0 | 4.92% |
2022 saw Democracy Federal Credit Union place emphasis on $100,000 or less loans with 10 originations, totaling $680,000 in origination value.
Applicant Income
Democracy Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $150k-250k, with 3 originations.
Applicant Debt to Income Ratio
Democracy Federal Credit Union lent most frequently to those with DTI ratios of 41%, with 3 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications57.78%
Democracy Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination55.56%
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 | 18 | $1,950,000 | $108,333 |