Dade County Federal Credit Union Mortgage Rates, Fees & Info
Sweetwater, FLLEI: 254900EL5N0NK8M96118
Tax ID: 59-0684192
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Mortgage Data
Review & Overview
Dade County Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and NA loans. Dade County Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Miami.Dade County Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Dade County 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 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 | 6.53% | 11/17/24 |
| 30 Year Conventional Refi | 6.57% | 11/17/24 |
| 15 Year Conventional Refi | 6.03% | 11/17/24 |
| 15 Year Cash-out Refi | 6.03% | 11/17/24 |
| 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. | ||
Dade County 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
13Origination Dollar Volume (All Markets)
$6,665,000Relative Rate
Dade County Federal Credit Union's average 30 year fixed mortgage rate was
7.3%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.82%.
Relative Fees (Closing Costs)
Dade County Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,336.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 13 | $6,665,000 | $512,692 | $3,336 | 7.57% |
Similar Lenders
We use machine learning to identify the top lenders compared against DADE COUNTY FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 280
Similarity Rank: 476
Similarity Rank: 588
Similarity Rank: 852
Similarity Rank: 855
Similarity Rank: 1128
Similarity Rank: 1280
Similarity Rank: 1300
Similarity Rank: 1410
Similarity Rank: 1770
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $2,420,000 | $302,500 | $3,336 | 7.30% |
| HELOC | 5 | $4,245,000 | $849,000 | n/a | 8.00% |
For 2023, Dade County Federal Credit Union's most frequently originated type of loan was Conventional, with 8 originations. Their 2nd most popular type was HELOC, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 5 | $2,225,000 | $445,000 | $4,710 | 7.60% |
| Home Purchase | 4 | $1,700,000 | $425,000 | $2,648 | 7.22% |
| NA | 4 | $2,740,000 | $685,000 | $0 | 7.87% |
For 2023, Dade County Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 5 originations. The 2nd most popular reason was Home Purchase, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 8 | $2,420,000 | $302,500 | $3,336 | 7.30% |
| 3 Year | 5 | $4,245,000 | $849,000 | $0 | 8.00% |
For 2023, Dade County Federal Credit Union's most frequently cited loan duration was 30 Year, with 8 originations. The 2nd most popular length was 3 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $1,695,000 | $242,143 |
| $5k+ | 1 | $725,000 | $725,000 |
Dade County Federal Credit Union's average total fees were $3,336, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 5 | $1,545,000 | $309,000 |
| 6-7% | 4 | $1,630,000 | $407,500 |
| Over 8% | 4 | $3,490,000 | $872,500 |
During 2023, Dade County Federal Credit Union's average interest rate for loans was 7.30%, while their most frequently originated rate bucket for loans was 7-8%, with 5 originations.
Loan Sizing
2023 saw Dade County Federal Credit Union place emphasis on $200k-400k loans with 3 originations, totaling $815,000 in origination value.
Applicant Income
Dade County Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 3 originations. The second most popular income band? $50k-75k, with 2 originations.
Applicant Debt to Income Ratio
Dade County Federal Credit Union lent most frequently to those with DTI ratios of 44%, with 2 originations. The next most common DTI ratio? 38%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.35%
Dade County Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination92.31%
Dade County Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 800.0 | 1 | $85,000 | $85,000 |
| 900.0 | 1 | $95,000 | $95,000 |
| NA | 11 | $6,485,000 | $589,545 |