Cedar Point Federal Credit Union Mortgage Rates, Fees & Info
Lexington Park, MDLEI: 254900SEH2UUXVW21S97
Tax ID: 52-0621263
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Mortgage Data
Review & Overview
Cedar Point Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Cedar Point Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.76% | 5/4/24 |
| 30 Year Conventional Refi | 9.37% | 5/4/24 |
| 30 Year Cash-out Refi | 8.10% | 5/4/24 |
| 30 Year VA Purchase | 10.61% | 5/4/24 |
| 30 Year USDA Purchase | 11.33% | 5/4/24 |
| 15 Year Conventional Purchase | 13.37% | 5/4/24 |
| 15 Year Conventional Refi | 7.79% | 5/4/24 |
| 15 Year Cash-out Refi | 7.79% | 5/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
61Origination Dollar Volume (All Markets)
$9,715,000Top 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) | 52 | $8,130,000 | $156,346 | $0 | 4.32% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 9 | $1,585,000 | $176,111 | $0 | 4.63% |
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.
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Product Mix
For 2018, Cedar Point Federal Credit Union's most frequently originated type of loan was Conventional, with 46 originations. Their 2nd most popular type was HELOC, with 6 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 38 | $5,010,000 | $131,842 | $0 | 4.39% |
| Home Purchase | 23 | $4,705,000 | $204,565 | $0 | 4.32% |
For 2018, Cedar Point Federal Credit Union's most frequently cited loan purpose was Refi, with 38 originations. The 2nd most popular reason was Home Purchase, with 23 originations.
Loan Duration/Length
For 2018, Cedar Point Federal Credit Union's most frequently cited loan duration was 30 Year, with 30 originations. The 2nd most popular length was 15 Year, with 19 originations.
Origination Fees/Closing Costs
Cedar Point Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 34 | $6,380,000 | $187,647 |
| 3-4% | 20 | $2,780,000 | $139,000 |
| 5-6% | 5 | $445,000 | $89,000 |
| 6-7% | 2 | $110,000 | $55,000 |
During 2018, Cedar Point Federal Credit Union's average interest rate for loans was 4.37%, while their most frequently originated rate bucket for loans was 4-5%, with 34 originations.
Loan Sizing
2018 saw Cedar Point Federal Credit Union place emphasis on $100k-200k loans with 21 originations, totaling $2,765,000 in origination value.
Applicant Income
Cedar Point Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 14 originations. The second most popular income band? $150k-250k, with 13 originations.
Applicant Debt to Income Ratio
Cedar Point Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 19 originations. The next most common DTI ratio? 20-30%, with 16 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 52 | $8,300,000 | $159,615 | $0 | 4.40% |
| Black | 7 | $1,035,000 | $147,857 | $0 | 4.14% |
| Asian | 2 | $380,000 | $190,000 | $0 | 4.38% |
Approval Rates
Total approvals of all applications93.51%
Cedar Point Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination83.61%
Cedar Point Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 10.0 | 1 | $105,000 | $105,000 |
| 1020.0 | 1 | $55,000 | $55,000 |
| 1092.64 | 1 | $65,000 | $65,000 |
| 1110.0 | 1 | $65,000 | $65,000 |
| 1113.0 | 1 | $65,000 | $65,000 |
| 1213.0 | 2 | $150,000 | $75,000 |
| 1292.64 | 1 | $85,000 | $85,000 |
| 1362.28 | 1 | $85,000 | $85,000 |
| 1373.0 | 1 | $95,000 | $95,000 |
| 1392.64 | 1 | $95,000 | $95,000 |
| 1458.0 | 1 | $105,000 | $105,000 |
| 1460.0 | 1 | $105,000 | $105,000 |
| 1463.0 | 1 | $105,000 | $105,000 |
| 1500.0 | 1 | $105,000 | $105,000 |
| 1653.0 | 1 | $115,000 | $115,000 |
| 1700.0 | 1 | $125,000 | $125,000 |
| 1706.64 | 1 | $125,000 | $125,000 |
| 1713.0 | 1 | $125,000 | $125,000 |
| 1743.0 | 1 | $125,000 | $125,000 |
| 1763.0 | 1 | $135,000 | $135,000 |
| 1862.28 | 1 | $145,000 | $145,000 |
| 2092.84 | 1 | $165,000 | $165,000 |
| 2097.0 | 1 | $165,000 | $165,000 |
| 2269.64 | 1 | $185,000 | $185,000 |
| 2343.0 | 1 | $185,000 | $185,000 |
| 2467.64 | 1 | $65,000 | $65,000 |
| 2533.0 | 1 | $205,000 | $205,000 |
| 2660.0 | 1 | $115,000 | $115,000 |
| 2760.0 | 1 | $85,000 | $85,000 |
| 2763.0 | 1 | $235,000 | $235,000 |
| 2798.0 | 1 | $235,000 | $235,000 |
| 2834.1 | 1 | $215,000 | $215,000 |
| 2912.28 | 1 | $245,000 | $245,000 |
| 2971.0 | 1 | $255,000 | $255,000 |
| 3118.5 | 1 | $255,000 | $255,000 |
| 3183.0 | 1 | $275,000 | $275,000 |
| 3193.0 | 1 | $275,000 | $275,000 |
| 3221.39 | 1 | $175,000 | $175,000 |
| 3263.0 | 1 | $285,000 | $285,000 |
| 3268.0 | 1 | $285,000 | $285,000 |
| 3408.0 | 1 | $285,000 | $285,000 |
| 3417.28 | 1 | $295,000 | $295,000 |
| 3713.0 | 1 | $135,000 | $135,000 |
| 3760.0 | 1 | $115,000 | $115,000 |
| 3930.5 | 1 | $255,000 | $255,000 |
| 4070.0 | 1 | $365,000 | $365,000 |
| 423.0 | 3 | $195,000 | $65,000 |
| 4513.0 | 1 | $405,000 | $405,000 |
| 460.0 | 2 | $330,000 | $165,000 |
| 4601.51 | 1 | $415,000 | $415,000 |
| 462.28 | 1 | $55,000 | $55,000 |
| 463.0 | 1 | $235,000 | $235,000 |
| 5660.0 | 1 | $205,000 | $205,000 |
| 5806.75 | 1 | $225,000 | $225,000 |
| 882.28 | 1 | $45,000 | $45,000 |
| 960.0 | 1 | $25,000 | $25,000 |
| 962.0 | 1 | $45,000 | $45,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $145,000 | $145,000 |
| Single Family (1-4 Units):Site-Built | 60 | $9,570,000 | $159,500 |