Dover Federal Credit Union Mortgage Rates, Fees & Info

Dover, DE

LEI: 2549006MX2M0D119SZ27

Tax ID: 51-0083276

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
  • Similar Lenders
  • 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

    Dover Federal Credit Union is a smaller credit union specializing in Refi loans. Dover Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Dover, Philadelphia, Salisbury, Baltimore, and Cape Coral among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Dover 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. Dover Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.06% 4/28/24
    30 Year Conventional Refi 6.10% 4/28/24
    30 Year Cash-out Refi 6.52% 4/28/24
    30 Year VA Purchase 6.27% 4/28/24
    30 Year USDA Purchase 7.46% 4/28/24
    15 Year Conventional Refi 5.39% 4/28/24
    15 Year Cash-out Refi 5.39% 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.

    Dover 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 Dover 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

    334

    Origination Dollar Volume (All Markets)

    $54,500,000

    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
    DOVER, DE (FHA|USDA|VA) 189 $25,645,000 $135,688 $2,075 3.72%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 100 $20,160,000 $201,600 $2,959 3.40%
    SALISBURY, MD-DE (FHA|USDA|VA) 32 $6,370,000 $199,063 $2,926 3.45%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 3 $625,000 $208,333 $3,457 3.04%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $370,000 $185,000 $3,454 2.94%
    ROANOKE, VA (FHA|USDA|VA) 1 $295,000 $295,000 $4,126 2.88%
    Outside of Metro Areas 2 $260,000 $130,000 $2,589 3.25%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $215,000 $215,000 $4,157 3.13%
    PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 1 $185,000 $185,000 $3,523 2.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,810 3.25%
    Danville, VA (FHA|USDA|VA) 1 $155,000 $155,000 $3,449 2.38%
    LAWTON, OK (FHA|USDA|VA) 1 $45,000 $45,000 $3,803 3.75%
    Dover Federal Credit Union's top markets include Dover, Philadelphia, Salisbury, Baltimore, and Cape Coral among others.

    Their top states include:
  • Delaware (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Dover Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Citizens Community Bank
    Similarity Rank: 589
    BHCU
    Similarity Rank: 625
    Prudential Bank
    Similarity Rank: 640
    Unity Bank
    Similarity Rank: 1258
    GLENDENNING MORTGAGE CORPORATION
    Similarity Rank: 1340
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 1585
    FEDERATED LENDING CORPORATION
    Similarity Rank: 1932
    Penn Community Bank
    Similarity Rank: 1950
    Columbia Bank
    Similarity Rank: 1971
    PINNACLE MORTGAGE, INC.
    Similarity Rank: 1978

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 328 $53,400,000 $162,805 $2,421 3.58%
    HELOC 3 $155,000 $51,667 n/a 0.00%
    VA 2 $650,000 $325,000 $4,971 2.94%
    USDA 1 $295,000 $295,000 $7,749 2.88%

    For 2020, Dover Federal Credit Union's most frequently originated type of loan was Conventional, with 328 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 206 $39,220,000 $190,388 $2,862 3.11%
    Home Purchase 35 $7,655,000 $218,714 $4,377 3.20%
    Home Improvement 35 $1,645,000 $47,000 $143 4.91%
    Other 35 $1,955,000 $55,857 $121 5.27%
    Cash Out Refi 23 $4,025,000 $175,000 $3,828 3.52%

    For 2020, Dover Federal Credit Union's most frequently cited loan purpose was Refi, with 206 originations. The 2nd most popular reason was Home Purchase, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 93 $21,515,000 $231,344 $4,206 3.24%
    Other 74 $11,930,000 $161,216 $172 2.83%
    15 Year 59 $10,725,000 $181,780 $3,474 3.06%
    10 Year 48 $3,350,000 $69,792 $561 4.55%
    20 Year 40 $6,320,000 $158,000 $2,579 4.42%
    5 Year 20 $660,000 $33,000 $122 4.40%

    For 2020, Dover Federal Credit Union's most frequently cited loan duration was 30 Year, with 93 originations. The 2nd most popular length was Other, with 74 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 131 $12,455,000 $95,076
    $1k-2k 124 $24,880,000 $200,645
    $2k-3k 28 $8,310,000 $296,786
    $3k-4k 6 $2,010,000 $335,000
    $4k-5k 2 $560,000 $280,000
    $5k+ 2 $520,000 $260,000

    Dover Federal Credit Union's average total fees were $4,206, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 131 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 114 $21,630,000 $189,737
    3-4% 106 $19,770,000 $186,509
    <2.5% 27 $5,025,000 $186,111
    4-5% 21 $1,865,000 $88,810
    6-7% 15 $815,000 $54,333
    5-6% 11 $375,000 $34,091
    7-8% 10 $430,000 $43,000
    Over 8% 3 $165,000 $55,000

    During 2020, Dover Federal Credit Union's average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was 2.5-3%, with 114 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 125 $18,825,000 $150,600 $2,646 3.07%
    $100,000 or less 104 $5,490,000 $52,788 $528 4.80%
    $200k-400k 98 $26,980,000 $275,306 $3,966 3.01%
    $400k-600k 7 $3,205,000 $457,857 $4,383 2.98%

    2020 saw Dover Federal Credit Union place emphasis on $100k-200k loans with 125 originations, totaling $18,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 80 $14,910,000 $186,375 $2,614 3.62%
    $75k-100k 75 $10,575,000 $141,000 $2,275 3.66%
    $50k-75k 69 $10,045,000 $145,580 $2,653 3.60%
    $150k-250k 40 $8,150,000 $203,750 $2,342 3.65%
    $50k or less 29 $3,325,000 $114,655 $2,112 3.42%
    $250k+ 9 $2,425,000 $269,444 $3,427 3.07%

    Dover Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 80 originations. The second most popular income band? $75k-100k, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 92 $16,110,000 $175,109 $2,674 3.30%
    30-36% 62 $9,660,000 $155,806 $1,975 3.66%
    <20% 42 $6,380,000 $151,905 $2,329 3.12%
    41% 14 $2,350,000 $167,857 $2,359 3.78%
    42% 13 $1,945,000 $149,615 $2,917 4.04%
    40% 13 $2,365,000 $181,923 $2,771 4.38%
    38% 10 $1,020,000 $102,000 $1,918 4.97%
    39% 9 $1,135,000 $126,111 $1,935 4.06%
    36% 9 $1,125,000 $125,000 $1,748 4.00%
    43% 8 $2,000,000 $250,000 $3,076 3.25%
    37% 7 $1,265,000 $180,714 $3,437 2.88%
    46% 6 $1,090,000 $181,667 $3,116 3.80%
    44% 6 $870,000 $145,000 $2,150 3.77%
    49% 5 $835,000 $167,000 $3,024 3.45%
    47% 4 $790,000 $197,500 $4,111 3.44%
    50-60% 2 $490,000 $245,000 $2,616 4.51%
    48% 1 $215,000 $215,000 $2,876 3.63%
    45% 1 $265,000 $265,000 $5,083 2.38%

    Dover Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 92 originations. The next most common DTI ratio? 30-36%, with 62 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 225 $35,885,000 $159,489 $2,304 3.55%
    Not provided 37 $6,365,000 $172,027 $2,366 3.83%
    Black 32 $5,030,000 $157,188 $3,171 3.63%
    Not applicable 29 $4,735,000 $163,276 $0 2.75%
    Asian 8 $1,790,000 $223,750 $3,794 3.31%
    Asian Indian 3 $695,000 $231,667 $3,796 3.29%

    Approval Rates

    Total approvals of all applications
    80.06%

    Dover Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    67.07%

    Dover 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 334 $54,500,000 $163,174

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 6 $850,000 $141,667
    Single Family (1-4 Units):Site-Built 328 $53,650,000 $163,567

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $3,025,000 $86,429 $730 4.09%
    40-60% 64 $10,470,000 $163,594 $2,634 2.90%
    60-80% 116 $24,890,000 $214,569 $3,382 3.18%
    80-100% 35 $9,515,000 $271,857 $4,254 3.08%
    Under 20% 57 $2,175,000 $38,158 $129 5.15%