Apple Federal Credit Union Mortgage Rates, Fees & Info

Fairfax, VA

LEI: 254900NZCGMT6517BA94

Tax ID: 54-0629628

2.8 stars - Updated: 6/17/24 - out of 5 stars, based on 33 reviews

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

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Mortgage Data

Review & Overview

Apple Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Apple Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Winchester, Richmond, Hagerstown, and Virginia Beach among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

Apple 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. Apple 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.

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

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.45% 6/17/24
30 Year Conventional Refi 6.13% 6/17/24
30 Year Cash-out Refi 6.36% 6/17/24
15 Year Conventional Purchase 6.02% 6/17/24
15 Year Conventional Refi 5.67% 6/17/24
15 Year Cash-out Refi 5.67% 6/17/24
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.

Apple 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 Apple 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

1,089

Origination Dollar Volume (All Markets)

$174,195,000

Relative Rate

Apple Federal Credit Union's average 30 year fixed mortgage rate was 8.08%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 1.6%.

Relative Fees (Closing Costs)

Apple Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,479.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 873 $143,675,000 $164,576 $6,357 8.11%
WINCHESTER, VA-WV (FHA|USDA|VA) 91 $9,685,000 $106,429 $5,200 8.05%
Outside of Metro Areas 33 $4,285,000 $129,848 $4,657 7.84%
RICHMOND, VA (FHA|USDA|VA) 17 $2,925,000 $172,059 $7,093 7.65%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 22 $2,490,000 $113,182 $9,247 8.17%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 6 $2,060,000 $343,333 $4,961 5.96%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 6 $1,640,000 $273,333 $6,657 7.06%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 9 $1,455,000 $161,667 $5,432 8.15%
RALEIGH-CARY, NC (FHA|USDA|VA) 6 $1,390,000 $231,667 $0 7.43%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $780,000 $195,000 $7,101 7.87%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 5 $605,000 $121,000 $3,238 7.90%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $475,000 $475,000 $0 5.75%
ROANOKE, VA (FHA|USDA|VA) 1 $465,000 $465,000 $0 7.63%
GOLDSBORO, NC (FHA|USDA|VA) 2 $410,000 $205,000 $7,583 6.81%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $350,000 $175,000 $0 7.12%
Morehead City, NC (FHA|USDA|VA) 1 $265,000 $265,000 $8,747 6.88%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $255,000 $255,000 $0 9.24%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $205,000 $205,000 $3,451 6.13%
STAUNTON, VA (FHA|USDA|VA) 1 $205,000 $205,000 $3,682 6.13%
Martinsville, VA (FHA|USDA|VA) 1 $175,000 $175,000 $0 8.49%
CHARLESTON, WV (FHA|USDA|VA) 1 $115,000 $115,000 $5,675 6.13%
Fairmont, WV (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.13%
WILMINGTON, NC (FHA|USDA|VA) 1 $75,000 $75,000 $0 9.24%
Forest City, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.49%
Easton, MD (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.99%
Apple Federal Credit Union's top markets include Washington, Winchester, Richmond, Hagerstown, and Virginia Beach among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Similar Lenders

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

    Shea Mortgage Inc.
    Similarity Rank: 228
    IDB Global Federal Credit Union
    Similarity Rank: 416
    Member Options, LLC
    Similarity Rank: 576
    EagleBank
    Similarity Rank: 1131
    CNB Bank Inc.
    Similarity Rank: 1152
    NATIONAL COOPERATIVE BANK, N.A.
    Similarity Rank: 1620
    City National Bank of West Virginia
    Similarity Rank: 1628
    Virginia Credit Union, Inc.
    Similarity Rank: 1712
    LIBRARY OF CONGRESS
    Similarity Rank: 1792

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 571 $58,785,000 $102,951 n/a 8.68%
    Conventional 518 $115,410,000 $222,799 $6,170 7.37%

    For 2023, Apple Federal Credit Union's most frequently originated type of loan was HELOC, with 571 originations. Their 2nd most popular type was Conventional, with 518 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 575 $53,165,000 $92,461 $0 8.52%
    Other 294 $29,060,000 $98,844 $0 8.44%
    Home Purchase 185 $78,145,000 $422,405 $6,349 6.38%
    Cash Out Refi 28 $12,620,000 $450,714 $6,516 6.12%
    Refi 7 $1,205,000 $172,143 $3,209 6.41%

    For 2023, Apple Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 575 originations. The 2nd most popular reason was Other, with 294 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 774 $145,620,000 $188,140 $6,479 8.08%
    15 Year 135 $12,025,000 $89,074 $3,931 8.74%
    10 Year 125 $8,625,000 $69,000 $3,130 7.80%
    5 Year 50 $3,150,000 $63,000 $0 6.81%
    20 Year 4 $950,000 $237,500 $5,194 5.84%
    Other 1 $3,825,000 $3,825,000 $0 6.13%

    For 2023, Apple Federal Credit Union's most frequently cited loan duration was 30 Year, with 774 originations. The 2nd most popular length was 15 Year, with 135 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 320 $30,380,000 $94,938
    $1k-2k 105 $38,855,000 $370,048
    $5k+ 35 $20,855,000 $595,857
    $2k-3k 25 $10,275,000 $411,000
    $3k-4k 18 $6,490,000 $360,556
    $4k-5k 13 $4,415,000 $339,615

    Apple Federal Credit Union's average total fees were $6,479, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 320 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 637 $62,705,000 $98,438
    7-8% 213 $24,505,000 $115,047
    6-7% 162 $52,550,000 $324,383
    5-6% 77 $34,435,000 $447,208

    During 2023, Apple Federal Credit Union's average interest rate for loans was 8.08%, while their most frequently originated rate bucket for loans was Over 8%, with 637 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 544 $29,710,000 $54,614 $3,166 8.37%
    $100k-200k 270 $35,170,000 $130,259 $3,719 8.48%
    $200k-400k 183 $49,845,000 $272,377 $5,885 7.39%
    $400k-600k 62 $29,960,000 $483,226 $7,080 6.36%
    $600k-1MM 22 $15,660,000 $711,818 $13,709 6.24%
    $1MM+ 8 $13,850,000 $1,731,250 $0 6.11%

    2023 saw Apple Federal Credit Union place emphasis on $100,000 or less loans with 544 originations, totaling $29,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 347 $62,295,000 $179,524 $7,364 8.08%
    $100k-150k 342 $42,920,000 $125,497 $5,761 8.16%
    $75k-100k 160 $19,470,000 $121,688 $5,564 8.03%
    $250k+ 125 $35,165,000 $281,320 $8,396 7.94%
    $50k-75k 94 $7,860,000 $83,617 $3,629 7.95%
    $50k or less 20 $2,660,000 $133,000 $4,699 7.68%

    Apple Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 347 originations. The second most popular income band? $100k-150k, with 342 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 217 $38,495,000 $177,396 $6,575 7.86%
    20-30% 205 $37,665,000 $183,732 $6,304 7.83%
    44% 113 $12,985,000 $114,912 $5,401 8.62%
    43% 80 $9,790,000 $122,375 $8,385 8.26%
    42% 58 $7,230,000 $124,655 $4,974 8.29%
    <20% 57 $9,625,000 $168,860 $5,331 7.46%
    40% 49 $6,245,000 $127,449 $5,716 8.18%
    37% 43 $7,445,000 $173,140 $5,339 7.71%
    41% 42 $5,190,000 $123,571 $0 8.37%
    39% 40 $7,480,000 $187,000 $6,958 8.04%
    38% 38 $5,860,000 $154,211 $5,883 7.93%
    36% 35 $5,615,000 $160,429 $0 8.13%
    45% 29 $4,795,000 $165,345 $4,335 8.35%
    50-60% 21 $2,085,000 $99,286 $0 8.78%
    46% 16 $2,710,000 $169,375 $4,837 8.00%
    47% 15 $2,865,000 $191,000 $10,808 8.20%
    48% 13 $1,035,000 $79,615 $0 8.68%
    49% 8 $1,280,000 $160,000 $7,445 7.92%
    >60% 7 $825,000 $117,857 $6,098 8.39%

    Apple Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 217 originations. The next most common DTI ratio? 20-30%, with 205 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 655 $94,895,000 $144,878 $6,165 8.06%
    Not provided 221 $33,695,000 $152,466 $6,054 8.04%
    Black 111 $18,105,000 $163,108 $3,669 8.24%
    Asian 53 $11,675,000 $220,283 $7,380 8.06%
    Asian Indian 18 $5,450,000 $302,778 $3,786 7.85%
    Not applicable 3 $4,975,000 $1,658,333 $6,375 6.54%
    American Indian 14 $3,570,000 $255,000 $12,951 7.58%
    Other Asian 8 $1,010,000 $126,250 $6,601 7.99%
    Vietnamese 3 $585,000 $195,000 $3,353 8.12%
    Native Hawaiian or Islander 1 $135,000 $135,000 $0 8.00%
    Other Pacific Islander 1 $65,000 $65,000 $0 8.50%
    Korean 1 $35,000 $35,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    69.51%

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

    Pick Rate

    Approvals leading to origination
    73.74%

    Apple Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,089 $174,195,000 $159,959

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,089 $174,195,000 $159,959

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 193 $29,785,000 $154,326 $3,409 8.50%
    40-60% 36 $9,130,000 $253,611 $4,559 7.23%
    60-80% 68 $32,030,000 $471,029 $6,562 6.46%
    80-100% 122 $54,210,000 $444,344 $7,287 6.41%
    Under 20% 670 $49,040,000 $73,194 $3,033 8.44%