Apple Federal Credit Union Mortgage Rates, Fees & Info

Fairfax, VA

LEI: 254900NZCGMT6517BA94

Tax ID: 54-0629628

3 stars

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 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, Hagerstown, Baltimore, and Richmond among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

Apple 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. 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 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	6.45%	3/31/23
30 Year Conventional Refi	6.13%	3/31/23
30 Year Cash-out Refi	6.36%	3/31/23
15 Year Conventional Purchase	6.02%	3/31/23
15 Year Conventional Refi	5.67%	3/31/23
15 Year Cash-out Refi	5.67%	3/31/23
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

1,646

Origination Dollar Volume (All Markets)

$273,590,000

Relative Rate

Apple Federal Credit Union's average 30 year fixed mortgage rate was 5.05%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.29%.

Relative Fees (Closing Costs)

Apple Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,667.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1,397	$235,915,000	$168,873	$7,270	5.13%
WINCHESTER, VA-WV (FHA\|USDA\|VA)	113	$14,685,000	$129,956	$6,186	5.11%
Outside of Metro Areas	26	$4,270,000	$164,231	$5,488	4.35%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA\|USDA\|VA)	30	$3,780,000	$126,000	$6,865	5.31%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	18	$2,620,000	$145,556	$6,433	5.64%
RICHMOND, VA (FHA\|USDA\|VA)	14	$2,370,000	$169,286	$4,053	5.78%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA\|USDA\|VA)	10	$2,060,000	$206,000	$4,562	5.34%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	6	$1,970,000	$328,333	$7,859	4.16%
CHARLOTTESVILLE, VA (FHA\|USDA\|VA)	3	$1,095,000	$365,000	$6,339	5.63%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	3	$775,000	$258,333	$5,640	5.86%
WILMINGTON, NC (FHA\|USDA\|VA)	4	$740,000	$185,000	$3,175	4.96%
Morehead City, NC (FHA\|USDA\|VA)	1	$435,000	$435,000	$0	5.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	3	$395,000	$131,667	$0	5.82%
Kill Devil Hills, NC (FHA\|USDA\|VA)	4	$390,000	$97,500	$8,308	4.52%
ROANOKE, VA (FHA\|USDA\|VA)	2	$270,000	$135,000	$2,865	5.06%
LYNCHBURG, VA (FHA\|USDA\|VA)	2	$270,000	$135,000	$8,734	5.43%
ROCKY MOUNT, NC (FHA\|USDA\|VA)	2	$230,000	$115,000	$5,216	3.50%
WINSTON-SALEM, NC (FHA\|USDA\|VA)	1	$225,000	$225,000	$8,859	4.75%
BLACKSBURG-CHRISTIANSBURG, VA (FHA\|USDA\|VA)	1	$205,000	$205,000	$4,324	4.63%
CHARLESTON, WV (FHA\|USDA\|VA)	1	$185,000	$185,000	$5,815	4.75%
STAUNTON, VA (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,429	6.75%
JACKSONVILLE, NC (FHA\|USDA\|VA)	1	$165,000	$165,000	$5,453	4.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	3.99%
HARRISONBURG, VA (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	3.99%
SALISBURY, MD-DE (FHA\|USDA\|VA)	1	$45,000	$45,000	$0	5.24%

Apple Federal Credit Union's top markets include Washington, Winchester, Hagerstown, Baltimore, and Richmond among others.

Their top states include:

Virginia (FHA|USDA|VA)

Maryland (FHA|USDA|VA)

West Virginia (FHA|USDA|VA)

North Carolina (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.

Cedar Point Federal Credit Union
Similarity Rank: 546

LOANFLIGHT LENDING, LLC
Similarity Rank: 780

U S WIDE FINANCIAL LLC
Similarity Rank: 960

OCEANSIDE MORTGAGE COMPANY
Similarity Rank: 980

Credence Funding Corporation
Similarity Rank: 1580

Mid-Atlantic Federal Credit Union
Similarity Rank: 1845

Cf Bank
Similarity Rank: 1998

IVY MORTGAGE, INC.
Similarity Rank: 2432

ACNB Bank
Similarity Rank: 2660

Aurora Financial, LLC
Similarity Rank: 2704

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
HELOC	862	$94,670,000	$109,826	n/a	5.35%
Conventional	784	$178,920,000	$228,214	$6,983	4.88%

For 2022, Apple Federal Credit Union's most frequently originated type of loan was HELOC, with 862 originations. Their 2nd most popular type was Conventional, with 784 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	802	$76,300,000	$95,137	$0	5.47%
Other	404	$43,750,000	$108,292	$0	5.60%
Home Purchase	208	$74,100,000	$356,250	$6,779	4.81%
Cash Out Refi	141	$53,165,000	$377,057	$8,452	3.61%
Refi	91	$26,275,000	$288,736	$5,326	3.08%

For 2022, Apple Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 802 originations. The 2nd most popular reason was Other, with 404 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	1,208	$225,920,000	$187,020	$7,667	5.05%
15 Year	229	$27,335,000	$119,367	$4,488	5.52%
10 Year	133	$9,575,000	$71,992	$3,498	5.50%
5 Year	44	$2,270,000	$51,591	$0	5.02%
20 Year	29	$7,465,000	$257,414	$6,001	3.74%
Other	3	$1,025,000	$341,667	$0	4.83%

For 2022, Apple Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,208 originations. The 2nd most popular length was 15 Year, with 229 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	404	$43,560,000	$107,822
$5k+	156	$68,480,000	$438,974
$2k-3k	60	$18,260,000	$304,333
$1k-2k	55	$12,415,000	$225,727
$3k-4k	55	$17,895,000	$325,364
$4k-5k	47	$16,735,000	$356,064

Apple Federal Credit Union's average total fees were $7,667, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 404 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	460	$71,770,000	$156,022
5-6%	391	$58,755,000	$150,269
3-4%	285	$54,985,000	$192,930
6-7%	271	$36,675,000	$135,332
2.5-3%	105	$34,155,000	$325,286
7-8%	78	$7,590,000	$97,308
Over 8%	28	$2,130,000	$76,071
<2.5%	28	$7,530,000	$268,929

During 2022, Apple Federal Credit Union's average interest rate for loans was 5.05%, while their most frequently originated rate bucket for loans was 4-5%, with 460 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	718	$39,850,000	$55,501	$3,355	5.45%
$100k-200k	427	$57,305,000	$134,204	$4,104	5.32%
$200k-400k	351	$95,665,000	$272,550	$6,459	4.57%
$400k-600k	117	$54,905,000	$469,274	$9,445	4.36%
$600k-1MM	29	$20,915,000	$721,207	$12,227	4.27%
$1MM+	4	$4,950,000	$1,237,500	$0	3.84%

2022 saw Apple Federal Credit Union place emphasis on $100,000 or less loans with 718 originations, totaling $39,850,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	512	$86,440,000	$168,828	$7,508	5.29%
$100k-150k	504	$79,410,000	$157,560	$7,203	5.11%
$75k-100k	245	$36,465,000	$148,837	$6,729	5.05%
$50k-75k	165	$21,855,000	$132,455	$5,073	4.83%
$250k+	160	$41,490,000	$259,313	$11,948	5.33%
$50k or less	55	$6,315,000	$114,818	$5,094	4.47%

Apple Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 512 originations. The second most popular income band? $100k-150k, with 504 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	378	$64,820,000	$171,481	$6,821	4.86%
30-36%	311	$50,395,000	$162,042	$7,071	5.09%
44%	187	$23,865,000	$127,620	$6,655	5.50%
43%	105	$13,635,000	$129,857	$7,547	5.33%
<20%	102	$20,600,000	$201,961	$6,023	4.49%
40%	83	$13,155,000	$158,494	$6,801	5.34%
41%	77	$13,155,000	$170,844	$6,875	5.48%
42%	76	$12,460,000	$163,947	$9,140	5.59%
39%	75	$13,825,000	$184,333	$8,943	4.98%
37%	59	$10,645,000	$180,424	$7,557	5.35%
36%	54	$9,250,000	$171,296	$8,111	5.20%
38%	53	$8,165,000	$154,057	$5,664	5.31%
45%	23	$5,935,000	$258,043	$6,767	5.10%
50-60%	13	$2,305,000	$177,308	$6,707	4.96%
46%	12	$2,120,000	$176,667	$5,189	4.97%
47%	11	$2,735,000	$248,636	$6,918	4.80%
48%	9	$2,365,000	$262,778	$8,242	4.87%
49%	5	$1,595,000	$319,000	$6,147	4.79%
>60%	5	$1,005,000	$201,000	$0	5.79%

Apple Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 378 originations. The next most common DTI ratio? 30-36%, with 311 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	979	$158,755,000	$162,160	$7,086	5.10%
Not provided	306	$49,850,000	$162,908	$6,588	5.16%
Black	185	$29,145,000	$157,541	$6,773	5.29%
Asian	103	$22,805,000	$221,408	$6,921	4.90%
Asian Indian	27	$5,015,000	$185,741	$6,268	5.37%
American Indian	13	$2,115,000	$162,692	$8,007	5.05%
Other Asian	11	$1,535,000	$139,545	$11,554	5.59%
Vietnamese	6	$1,170,000	$195,000	$7,459	4.63%
Other Pacific Islander	5	$1,085,000	$217,000	$9,425	5.55%
Not applicable	3	$1,025,000	$341,667	$0	4.83%
Filipino	3	$385,000	$128,333	$0	5.52%
Japanese	1	$305,000	$305,000	$0	4.88%
Native Hawaiian or Islander	2	$270,000	$135,000	$0	4.92%
Chinese	2	$130,000	$65,000	$0	5.02%

Approval Rates

Total approvals of all applications
72.63%

Apple Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
75.21%

Apple Federal Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,646	$273,590,000	$166,215

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	1,646	$273,590,000	$166,215

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	306	$50,580,000	$165,294	$3,845	5.45%
40-60%	92	$24,980,000	$271,522	$5,233	3.90%
60-80%	176	$63,910,000	$363,125	$7,917	3.86%
80-100%	165	$65,445,000	$396,636	$7,637	4.63%
Under 20%	907	$68,675,000	$75,717	$3,210	5.48%