Discovery Federal Credit Union Mortgage Rates, Fees & Info
Wyomissing, PALEI: 254900DBXH1D6Z0HXT15
Tax ID: 23-1600048
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Mortgage Data
Review & Overview
Discovery Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Discovery Federal Credit Union has a high proportion of conventional loans. Discovery Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Reading, Lancaster, Philadelphia, Pottsville, and Lebanon among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Discovery Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Discovery Federal Credit Union is typically an average 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.11% | 11/22/24 |
| 30 Year Cash-out Refi | 6.27% | 11/22/24 |
| 15 Year Conventional Refi | 5.93% | 11/22/24 |
| 15 Year Cash-out Refi | 5.93% | 11/22/24 |
| 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. | ||
Discovery Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
186Origination Dollar Volume (All Markets)
$15,180,000Top 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 |
|---|---|---|---|---|---|
| READING, PA (FHA|USDA|VA) | 174 | $14,150,000 | $81,322 | $4,302 | 4.56% |
| LANCASTER, PA (FHA|USDA|VA) | 6 | $450,000 | $75,000 | $2,612 | 3.30% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $3,665 | 4.23% |
| Pottsville, PA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 0.00% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 178 | $13,080,000 | $73,483 | $3,969 | 4.11% |
| Conventional | 8 | $2,100,000 | $262,500 | $0 | 4.76% |
For 2022, Discovery Federal Credit Union's most frequently originated type of loan was Conventional, with 178 originations. Their 2nd most popular type was Conventional, with 8 originations.
Loan Reason
For 2022, Discovery Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 99 originations. The 2nd most popular reason was Refi, with 47 originations.
Loan Duration/Length
For 2022, Discovery Federal Credit Union's most frequently cited loan duration was Other, with 179 originations. The 2nd most popular length was 30 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 5 | $685,000 | $137,000 |
| $2k-3k | 1 | $175,000 | $175,000 |
| $4k-5k | 1 | $155,000 | $155,000 |
Discovery Federal Credit Union's average total fees were $5,273, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 5 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 6 | $1,630,000 | $271,667 |
| 3-4% | 4 | $450,000 | $112,500 |
| 5-6% | 2 | $220,000 | $110,000 |
| 6-7% | 2 | $600,000 | $300,000 |
| 2.5-3% | 1 | $215,000 | $215,000 |
During 2022, Discovery Federal Credit Union's average interest rate for loans was 5.51%, while their most frequently originated rate bucket for loans was 4-5%, with 6 originations.
Loan Sizing
2022 saw Discovery Federal Credit Union place emphasis on $100,000 or less loans with 137 originations, totaling $6,725,000 in origination value.
Applicant Income
Discovery Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 45 originations. The second most popular income band? $150k-250k, with 38 originations.
Applicant Debt to Income Ratio
Discovery Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 171 originations. The next most common DTI ratio? 30-36%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.73%
Discovery Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination98.92%
Discovery Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 171 | $12,065,000 | $70,556 |
| NA | 15 | $3,115,000 | $207,667 |