The Atlantic Federal Credit Union Mortgage Rates, Fees & Info

Kenilworth, NJ

LEI: 254900P44XJB3CPZ4V05

Tax ID: 22-1489896

5 stars - Updated: 3/3/24 - out of 5 stars, based on 5 reviews

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

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Mortgage Data

Review & Overview

The Atlantic Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. The Atlantic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, and Allentown among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Atlantic 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. The Atlantic 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 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 6.48% 3/3/24
30 Year Conventional Refi 6.27% 3/3/24
30 Year Cash-out Refi 6.13% 3/3/24
15 Year Conventional Purchase 5.68% 3/3/24
15 Year Conventional Refi 6.13% 3/3/24
15 Year Cash-out Refi 6.13% 3/3/24
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.

The Atlantic 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 The Atlantic 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

28

Origination Dollar Volume (All Markets)

$5,240,000

Awards

The Atlantic Federal Credit Union 30 Year Conventional Loans gold The Atlantic Federal Credit Union 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

The Atlantic Federal Credit Union's average 30 year fixed mortgage rate was 3.27%.

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

This yields a difference of -1.49%.

Relative Fees (Closing Costs)

The Atlantic Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,359.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 24 $4,270,000 $177,917 $1,441 4.57%
Outside of Metro Areas 2 $720,000 $360,000 $5,991 2.94%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $205,000 $205,000 $2,160 3.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.49%
The Atlantic Federal Credit Union's top markets include New York, Philadelphia, and Allentown among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Similar Lenders

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

    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 624
    Ridgewood Savings Bank
    Similarity Rank: 1062
    Poli Mortgage Group, Inc.
    Similarity Rank: 1073
    Columbia Bank
    Similarity Rank: 1183

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 28 $5,240,000 $187,143 $1,740 4.37%

    For 2022, The Atlantic Federal Credit Union's most frequently originated type of loan was Conventional, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 8 $1,030,000 $128,750 $34 5.74%
    Cash Out Refi 8 $1,780,000 $222,500 $2,861 3.28%
    Refi 7 $905,000 $129,286 $1,323 4.59%
    Home Purchase 4 $1,420,000 $355,000 $4,077 3.19%
    Other 1 $105,000 $105,000 $0 5.24%

    For 2022, The Atlantic Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 11 $2,975,000 $270,455 $3,359 3.27%
    15 Year 10 $1,360,000 $136,000 $926 5.21%
    10 Year 5 $635,000 $127,000 $54 5.54%
    20 Year 1 $225,000 $225,000 $2,248 3.00%
    5 Year 1 $45,000 $45,000 $0 3.49%

    For 2022, The Atlantic Federal Credit Union's most frequently cited loan duration was 30 Year, with 11 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 24 $4,350,000 $181,250
    $1k-2k 1 $85,000 $85,000
    $2k-3k 1 $285,000 $285,000
    $3k-4k 1 $285,000 $285,000
    $4k-5k 1 $235,000 $235,000

    The Atlantic Federal Credit Union's average total fees were $3,359, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 24 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 11 $1,375,000 $125,000
    3-4% 10 $2,650,000 $265,000
    2.5-3% 3 $595,000 $198,333
    <2.5% 2 $530,000 $265,000
    6-7% 2 $90,000 $45,000

    During 2022, The Atlantic Federal Credit Union's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 5-6%, with 11 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 11 $2,885,000 $262,273 $3,423 3.36%
    $100,000 or less 10 $580,000 $58,000 $392 5.36%
    $100k-200k 4 $530,000 $132,500 $500 5.06%
    $400k-600k 3 $1,245,000 $415,000 $1,715 3.83%

    2022 saw The Atlantic Federal Credit Union place emphasis on $200k-400k loans with 11 originations, totaling $2,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 11 $2,565,000 $233,182 $1,717 4.19%
    $75k-100k 7 $1,135,000 $162,143 $2,002 4.46%
    $150k-250k 4 $530,000 $132,500 $720 5.09%
    $50k-75k 4 $540,000 $135,000 $3,234 3.15%
    $250k+ 1 $405,000 $405,000 $0 5.24%
    $50k or less 1 $65,000 $65,000 $0 6.75%

    The Atlantic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $75k-100k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 5 $745,000 $149,000 $1,755 4.44%
    20-30% 5 $775,000 $155,000 $1,637 3.55%
    41% 4 $540,000 $135,000 $1,245 4.72%
    45% 3 $375,000 $125,000 $667 5.08%
    50-60% 2 $240,000 $120,000 $67 5.74%
    36% 2 $320,000 $160,000 $1,938 5.00%
    40% 2 $840,000 $420,000 $2,198 4.18%
    39% 1 $355,000 $355,000 $2,745 3.38%
    42% 1 $285,000 $285,000 $7,587 2.75%
    43% 1 $285,000 $285,000 $5,294 3.38%
    37% 1 $405,000 $405,000 $750 3.13%
    <20% 1 $75,000 $75,000 $0 5.74%

    The Atlantic Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 20-30%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 17 $3,115,000 $183,235 $1,756 4.33%
    Black 5 $1,495,000 $299,000 $3,152 3.15%
    Not provided 6 $630,000 $105,000 $520 5.47%

    Approval Rates

    Total approvals of all applications
    76.47%

    The Atlantic Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.43%

    The Atlantic Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 28 $5,240,000 $187,143

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    28 $5,240,000 $187,143

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,225,000 $175,000 $800 4.83%
    40-60% 5 $1,035,000 $207,000 $2,729 3.40%
    60-80% 4 $1,140,000 $285,000 $3,151 3.44%
    80-100% 4 $1,420,000 $355,000 $4,077 3.19%
    Under 20% 8 $420,000 $52,500 $71 5.62%