Dade County Federal Credit Union Mortgage Rates, Fees & Info

Sweetwater, FL

LEI: 254900EL5N0NK8M96118

Tax ID: 59-0684192

5 stars - out of 5 stars, based on 9 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Dade County Federal Credit Union is a smaller credit union specializing in 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 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. Dade County 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 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 7.00% 12/4/22
    30 Year Conventional Refi 6.74% 12/4/22
    15 Year Conventional Purchase 5.76% 12/4/22
    15 Year Conventional Refi 6.15% 12/4/22
    15 Year Cash-out Refi 6.15% 12/4/22
    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.


    Originations

    90

    Origination Dollar Volume (All Markets)

    $28,190,000

    Awards

    DADE COUNTY FEDERAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Dade County Federal Credit Union's average 30 year fixed mortgage rate was 3.01%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.14%.

    Relative Fees (Closing Costs)

    Dade County Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,244.

    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 $4,750.

    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) 90 $28,190,000 $313,222 $4,056 2.89%
    Dade County Federal Credit Union's top markets include and Miami among others.

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

    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    POWER FINANCIAL
    Similarity Rank: 768
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 1584
    We Florida Financial
    Similarity Rank: 1770
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1950
    AMERANT BANK, NATIONAL ASSOCIATION
    Similarity Rank: 2134
    MIAMI FIREFIGHTERS FCU
    Similarity Rank: 2205
    Suncoast Credit Union
    Similarity Rank: 2730
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 3054
    TrustCo Bank
    Similarity Rank: 3808

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 90 $28,190,000 $313,222 $4,056 2.89%

    For 2021, Dade County Federal Credit Union's most frequently originated type of loan was Conventional, with 90 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 84 $26,740,000 $318,333 $4,117 2.87%
    Home Purchase 6 $1,450,000 $241,667 $3,219 3.17%

    For 2021, Dade County Federal Credit Union's most frequently cited loan purpose was Refi, with 84 originations. The 2nd most popular reason was Home Purchase, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 49 $12,705,000 $259,286 $4,244 3.01%
    20 Year 25 $5,815,000 $232,600 $3,950 2.74%
    15 Year 8 $1,350,000 $168,750 $3,079 2.58%
    10 Year 4 $7,170,000 $1,792,500 $3,704 2.63%
    Other 3 $905,000 $301,667 $4,811 2.92%
    5 Year 1 $245,000 $245,000 $0 4.50%

    For 2021, Dade County Federal Credit Union's most frequently cited loan duration was 30 Year, with 49 originations. The 2nd most popular length was 20 Year, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 30 $4,910,000 $163,667
    $2k-3k 29 $7,305,000 $251,897
    $3k-4k 14 $4,650,000 $332,143
    $<1k 11 $2,255,000 $205,000
    $4k-5k 2 $900,000 $450,000
    $5k+ 2 $1,220,000 $610,000

    Dade County Federal Credit Union's average total fees were $4,244, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 30 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 63 $14,635,000 $232,302
    3-4% 18 $11,930,000 $662,778
    <2.5% 8 $1,380,000 $172,500
    4-5% 1 $245,000 $245,000

    During 2021, Dade County Federal Credit Union's average interest rate for loans was 3.01%, while their most frequently originated rate bucket for loans was 2.5-3%, with 63 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 49 $13,485,000 $275,204 $4,436 2.94%
    $100k-200k 32 $5,230,000 $163,438 $3,162 2.75%
    $400k-600k 4 $1,830,000 $457,500 $6,929 3.09%
    $100,000 or less 3 $245,000 $81,667 $1,548 2.75%
    $1MM+ 1 $6,705,000 $6,705,000 $0 4.00%
    $600k-1MM 1 $695,000 $695,000 $10,439 3.50%

    2021 saw Dade County Federal Credit Union place emphasis on $200k-400k loans with 49 originations, totaling $13,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 26 $5,180,000 $199,231 $3,596 2.81%
    $75k-100k 25 $5,855,000 $234,200 $3,867 2.81%
    $100k-150k 17 $4,815,000 $283,235 $4,404 2.96%
    $50k or less 10 $1,620,000 $162,000 $3,124 2.98%
    $150k-250k 9 $3,475,000 $386,111 $6,235 2.88%
    $250k+ 1 $295,000 $295,000 $4,490 2.63%

    Dade County Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 26 originations. The second most popular income band? $75k-100k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $4,620,000 $231,000 $3,882 3.01%
    30-36% 19 $5,305,000 $279,211 $4,657 2.83%
    37% 8 $2,350,000 $293,750 $4,492 3.13%
    39% 7 $1,495,000 $213,571 $3,757 2.71%
    43% 6 $1,300,000 $216,667 $4,011 2.83%
    45% 6 $1,540,000 $256,667 $4,176 2.69%
    44% 5 $1,195,000 $239,000 $3,994 2.80%
    36% 3 $685,000 $228,333 $3,679 2.79%
    47% 3 $445,000 $148,333 $2,813 2.92%
    49% 2 $440,000 $220,000 $3,280 2.56%
    38% 2 $420,000 $210,000 $3,706 2.63%
    40% 2 $510,000 $255,000 $4,664 2.69%
    41% 2 $330,000 $165,000 $2,829 2.75%
    42% 2 $410,000 $205,000 $3,983 2.94%
    46% 1 $195,000 $195,000 $3,055 2.63%

    Dade County Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 52 $12,690,000 $244,038 $4,122 2.86%
    Black 36 $8,550,000 $237,500 $3,960 2.87%
    Not applicable 2 $6,950,000 $3,475,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    69.02%

    Dade County Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    58.89%

    Dade County 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 90 $28,190,000 $313,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    90 $28,190,000 $313,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $2,215,000 $147,667 $2,631 2.70%
    40-60% 23 $4,395,000 $191,087 $3,698 2.92%
    60-80% 38 $17,700,000 $465,789 $4,920 2.90%
    80-100% 13 $3,735,000 $287,308 $3,934 3.07%
    Under 20% 1 $145,000 $145,000 $2,906 2.50%