Downey Federal Credit Union Mortgage Rates, Fees & Info

Downey, CA

LEI: 25490010EMNKWA8L9813

Tax ID: 95-2036330

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Downey Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Downey Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, Bakersfield, and Oxnard among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Downey Federal Credit Union has an above 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
    Home Equity Line of Credit (HELOC) 3.78% 4/28/24
    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.

    Downey 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 Downey 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

    153

    Origination Dollar Volume (All Markets)

    $19,485,000

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 132 $17,250,000 $130,682 $984 4.24%
    Outside of Metro Areas 9 $1,075,000 $119,444 $885 4.51%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 7 $785,000 $112,143 $835 3.67%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $230,000 $115,000 $885 5.75%
    BAKERSFIELD, CA (FHA|USDA|VA) 2 $90,000 $45,000 $930 5.38%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.65%
    Downey Federal Credit Union's top markets include Los Angeles, Riverside, San Diego, Bakersfield, and Oxnard among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 120 $16,520,000 $137,667 n/a 4.00%
    Conventional 33 $2,965,000 $89,848 $972 5.17%

    For 2022, Downey Federal Credit Union's most frequently originated type of loan was HELOC, with 120 originations. Their 2nd most popular type was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 85 $11,685,000 $137,471 $933 4.28%
    Other 60 $6,400,000 $106,667 $1,026 4.32%
    Refi 4 $560,000 $140,000 $0 3.64%
    Home Purchase 3 $635,000 $211,667 $0 2.65%
    Cash Out Refi 1 $205,000 $205,000 $0 4.99%

    For 2022, Downey Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 85 originations. The 2nd most popular reason was Other, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 130 $18,060,000 $138,923 $1,031 4.13%
    10 Year 10 $700,000 $70,000 $914 5.03%
    5 Year 6 $270,000 $45,000 $979 4.17%
    15 Year 5 $365,000 $73,000 $960 5.50%
    Other 2 $90,000 $45,000 $930 5.38%

    For 2022, Downey Federal Credit Union's most frequently cited loan duration was 20 Year, with 130 originations. The 2nd most popular length was 10 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 33 $2,965,000 $89,848

    Downey 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 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 42 $5,900,000 $140,476
    3-4% 38 $5,290,000 $139,211
    4-5% 38 $4,590,000 $120,789
    5-6% 17 $2,295,000 $135,000
    6-7% 14 $1,240,000 $88,571
    7-8% 4 $170,000 $42,500

    During 2022, Downey Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 66 $3,620,000 $54,848 $918 4.52%
    $100k-200k 58 $7,450,000 $128,448 $1,008 4.15%
    $200k-400k 26 $7,180,000 $276,154 $1,410 3.92%
    $400k-600k 3 $1,235,000 $411,667 $0 3.22%

    2022 saw Downey Federal Credit Union place emphasis on $100,000 or less loans with 66 originations, totaling $3,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 55 $7,605,000 $138,273 $929 4.12%
    $100k-150k 42 $5,130,000 $122,143 $938 4.05%
    $75k-100k 23 $2,515,000 $109,348 $1,055 4.76%
    $250k+ 18 $3,010,000 $167,222 $933 4.33%
    $50k-75k 9 $685,000 $76,111 $1,010 4.76%
    $50k or less 6 $540,000 $90,000 $0 3.93%

    Downey Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 55 originations. The second most popular income band? $100k-150k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 29 $3,025,000 $104,310 $957 3.97%
    50-60% 20 $2,770,000 $138,500 $1,227 4.24%
    20-30% 20 $2,190,000 $109,500 $878 3.88%
    44% 15 $1,695,000 $113,000 $948 4.91%
    43% 9 $1,845,000 $205,000 $1,315 4.12%
    39% 8 $830,000 $103,750 $885 4.86%
    46% 8 $1,130,000 $141,250 $908 4.54%
    36% 6 $970,000 $161,667 $885 4.19%
    49% 6 $960,000 $160,000 $1,055 4.18%
    45% 6 $570,000 $95,000 $1,090 4.83%
    <20% 4 $350,000 $87,500 $1,090 4.16%
    38% 4 $800,000 $200,000 $0 3.29%
    47% 4 $370,000 $92,500 $0 4.03%
    48% 4 $300,000 $75,000 $1,085 3.73%
    42% 3 $835,000 $278,333 $885 5.33%
    41% 3 $385,000 $128,333 $790 4.50%
    40% 2 $370,000 $185,000 $0 3.82%
    37% 2 $90,000 $45,000 $860 5.13%

    Downey Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 29 originations. The next most common DTI ratio? 50-60%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 103 $13,555,000 $131,602 $1,009 4.12%
    Not provided 37 $4,015,000 $108,514 $869 4.74%
    Asian 7 $785,000 $112,143 $988 3.81%
    Other Asian 1 $355,000 $355,000 $0 2.65%
    Chinese 1 $355,000 $355,000 $0 2.65%
    American Indian 1 $155,000 $155,000 $0 4.25%
    Black 1 $125,000 $125,000 $885 6.00%
    Filipino 1 $105,000 $105,000 $0 2.65%
    Asian Indian 1 $35,000 $35,000 $1,090 6.25%

    Approval Rates

    Total approvals of all applications
    92.95%

    Downey Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    62.09%

    Downey 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 153 $19,485,000 $127,353

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    153 $19,485,000 $127,353

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $8,610,000 $239,167 $1,112 3.80%
    40-60% 2 $460,000 $230,000 $0 4.25%
    60-80% 1 $365,000 $365,000 $0 3.50%
    Under 20% 114 $10,050,000 $88,158 $958 4.40%