Cedar Point Federal Credit Union Mortgage Rates, Fees & Info

Lexington Park, MD

LEI: 254900SEH2UUXVW21S97

Tax ID: 52-0621263

5 stars - Updated: 11/17/24 - out of 5 stars, based on 12 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Cedar Point Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Cedar Point Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top two markets are California and Washington .

    Cedar Point Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Cedar Point 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.76% 11/17/24
    30 Year Conventional Refi 9.37% 11/17/24
    30 Year Cash-out Refi 8.10% 11/17/24
    30 Year VA Purchase 10.61% 11/17/24
    30 Year USDA Purchase 11.33% 11/17/24
    15 Year Conventional Purchase 13.37% 11/17/24
    15 Year Conventional Refi 7.79% 11/17/24
    15 Year Cash-out Refi 7.79% 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.

    Cedar Point 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 Cedar Point 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

    135

    Origination Dollar Volume (All Markets)

    $20,235,000

    Awards

    Cedar Point Federal Credit Union 30 Year Conventional Loans gold Cedar Point Federal Credit Union 30 Year Conventional Loans gold Cedar Point Federal Credit Union 30 Year Conventional Loans silver
    Show all (3) awards

    Relative Rate

    Cedar Point Federal Credit Union's average 30 year fixed mortgage rate was 6.15%.

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

    This yields a difference of -0.33%.

    Relative Fees (Closing Costs)

    Cedar Point Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,520.

    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
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 105 $17,345,000 $165,190 $4,447 8.17%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 30 $2,890,000 $96,333 $3,556 8.47%
    Cedar Point Federal Credit Union's top markets include California and Washington among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Cedar Point 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: 6
    IDB Global Federal Credit Union
    Similarity Rank: 416
    Member Options, LLC
    Similarity Rank: 576
    COMMONWEALTH ONE FEDERAL CREDIT UNION
    Similarity Rank: 864
    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 66 $6,540,000 $99,091 n/a 9.33%
    Conventional 66 $12,890,000 $195,303 $4,159 7.20%
    USDA 2 $440,000 $220,000 $7,447 7.25%
    VA 1 $365,000 $365,000 $5,895 5.63%

    For 2023, Cedar Point Federal Credit Union's most frequently originated type of loan was HELOC, with 66 originations. Their 2nd most popular type was Conventional, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 104 $12,440,000 $119,615 $3,285 8.70%
    Home Purchase 23 $6,325,000 $275,000 $5,970 6.51%
    Other 5 $1,025,000 $205,000 $4,511 7.70%
    Refi 3 $445,000 $148,333 $3,531 6.13%

    For 2023, Cedar Point Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 104 originations. The 2nd most popular reason was Home Purchase, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 70 $7,280,000 $104,000 $4,069 9.16%
    15 Year 31 $3,145,000 $101,452 $2,935 8.28%
    30 Year 31 $8,935,000 $288,226 $5,520 6.15%
    1 Year 2 $830,000 $415,000 $7,632 7.25%
    10 Year 1 $45,000 $45,000 $1,654 8.75%

    For 2023, Cedar Point Federal Credit Union's most frequently cited loan duration was 20 Year, with 70 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 27 $2,175,000 $80,556
    $1k-2k 13 $2,065,000 $158,846
    $3k-4k 13 $4,645,000 $357,308
    $2k-3k 10 $2,220,000 $222,000
    $4k-5k 4 $1,750,000 $437,500
    $5k+ 2 $840,000 $420,000

    Cedar Point Federal Credit Union's average total fees were $5,520, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 27 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 86 $7,890,000 $91,744
    5-6% 26 $7,300,000 $280,769
    7-8% 12 $2,320,000 $193,333
    6-7% 11 $2,725,000 $247,727

    During 2023, Cedar Point Federal Credit Union's average interest rate for loans was 6.15%, while their most frequently originated rate bucket for loans was Over 8%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 73 $4,415,000 $60,479 $2,085 9.13%
    $100k-200k 27 $3,835,000 $142,037 $3,905 7.69%
    $200k-400k 26 $7,960,000 $306,154 $6,111 6.79%
    $400k-600k 9 $4,025,000 $447,222 $7,035 6.76%

    2023 saw Cedar Point Federal Credit Union place emphasis on $100,000 or less loans with 73 originations, totaling $4,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 37 $5,965,000 $161,216 $4,559 8.31%
    $100k-150k 35 $5,415,000 $154,714 $4,461 8.28%
    $75k-100k 32 $4,140,000 $129,375 $3,707 8.23%
    $250k+ 13 $2,695,000 $207,308 $6,535 7.77%
    $50k-75k 12 $1,180,000 $98,333 $3,422 8.53%
    $50k or less 2 $240,000 $120,000 $3,164 6.69%

    Cedar Point Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $100k-150k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 24 $3,870,000 $161,250 $3,809 8.47%
    <20% 23 $4,465,000 $194,130 $4,852 7.46%
    20-30% 20 $4,270,000 $213,500 $5,947 7.49%
    39% 9 $1,005,000 $111,667 $2,952 8.79%
    40% 8 $910,000 $113,750 $4,986 8.81%
    38% 8 $970,000 $121,250 $3,944 8.53%
    36% 7 $425,000 $60,714 $1,804 9.36%
    44% 6 $780,000 $130,000 $5,094 8.56%
    41% 5 $575,000 $115,000 $4,698 8.25%
    42% 4 $330,000 $82,500 $1,759 9.13%
    49% 4 $450,000 $112,500 $2,618 8.00%
    43% 3 $205,000 $68,333 $1,934 9.42%
    48% 2 $180,000 $90,000 $3,504 8.13%
    46% 2 $450,000 $225,000 $3,900 7.81%
    37% 2 $380,000 $190,000 $6,118 7.63%
    47% 1 $35,000 $35,000 $1,609 8.25%
    45% 1 $55,000 $55,000 $0 9.50%
    50-60% 1 $105,000 $105,000 $0 9.50%

    Cedar Point Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 24 originations. The next most common DTI ratio? <20%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 100 $15,490,000 $154,900 $4,216 8.14%
    Not provided 16 $2,980,000 $186,250 $5,205 8.47%
    Black 16 $1,580,000 $98,750 $3,901 8.36%
    Asian 2 $130,000 $65,000 $0 9.63%
    American Indian 1 $55,000 $55,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    96.07%

    Cedar Point Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    80.00%

    Cedar Point Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 135 $20,235,000 $149,889

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    135 $20,235,000 $149,889

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $3,940,000 $115,882 $3,191 8.56%
    40-60% 11 $3,185,000 $289,545 $5,050 7.18%
    60-80% 16 $4,230,000 $264,375 $5,229 6.99%
    80-100% 15 $4,915,000 $327,667 $6,715 6.49%
    Over 100% 1 $465,000 $465,000 $8,285 7.25%
    Under 20% 56 $3,260,000 $58,214 $1,852 9.10%