Cedar Point Federal Credit Union Mortgage Rates, Fees & Info

Lexington Park, MD

LEI: 254900SEH2UUXVW21S97

Tax ID: 52-0621263

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

Review & Overview

Cedar Point Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Cedar Point Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA 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. 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 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.

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	7.76%	12/16/24
30 Year Conventional Refi	9.37%	12/16/24
30 Year Cash-out Refi	8.10%	12/16/24
30 Year VA Purchase	10.61%	12/16/24
30 Year USDA Purchase	11.33%	12/16/24
15 Year Conventional Purchase	13.37%	12/16/24
15 Year Conventional Refi	7.79%	12/16/24
15 Year Cash-out Refi	7.79%	12/16/24
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

288

Origination Dollar Volume (All Markets)

$50,040,000

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)	229	$41,245,000	$180,109	$4,616	3.53%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	59	$8,795,000	$149,068	$4,014	3.41%

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: 632

LOANFLIGHT LENDING, LLC
Similarity Rank: 1300

U S WIDE FINANCIAL LLC
Similarity Rank: 1680

Credence Funding Corporation
Similarity Rank: 2020

Woodsboro Bank
Similarity Rank: 2455

IDB Global Federal Credit Union
Similarity Rank: 2740

OCEANSIDE MORTGAGE COMPANY
Similarity Rank: 2772

ACNB Bank
Similarity Rank: 2850

Mid-Atlantic Federal Credit Union
Similarity Rank: 3485

CNB Bank Inc.
Similarity Rank: 3660

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	185	$40,915,000	$221,162	$4,349	3.02%
HELOC	93	$6,745,000	$72,527	n/a	4.48%
USDA	9	$2,295,000	$255,000	$7,558	3.25%
FHA	1	$85,000	$85,000	$0	4.49%

For 2021, Cedar Point Federal Credit Union's most frequently originated type of loan was Conventional, with 185 originations. Their 2nd most popular type was HELOC, with 93 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	187	$27,475,000	$146,925	$4,163	3.71%
Refi	55	$11,935,000	$217,000	$4,367	2.91%
Home Purchase	42	$9,860,000	$234,762	$5,442	3.34%
Other	4	$770,000	$192,500	$4,332	3.87%

For 2021, Cedar Point Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 187 originations. The 2nd most popular reason was Refi, with 55 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
20 Year	117	$12,365,000	$105,684	$4,469	4.17%
30 Year	101	$26,145,000	$258,861	$5,086	3.06%
15 Year	53	$9,595,000	$181,038	$3,827	2.91%
10 Year	17	$1,935,000	$113,824	$3,055	3.44%

For 2021, Cedar Point Federal Credit Union's most frequently cited loan duration was 20 Year, with 117 originations. The 2nd most popular length was 30 Year, with 101 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	65	$10,465,000	$161,000
$2k-3k	56	$13,730,000	$245,179
$<1k	30	$2,980,000	$99,333
$3k-4k	27	$9,115,000	$337,593
$4k-5k	10	$3,780,000	$378,000
$5k+	6	$3,140,000	$523,333

Cedar Point Federal Credit Union's average total fees were $5,086, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 65 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	107	$25,725,000	$240,421
4-5%	70	$4,640,000	$66,286
<2.5%	55	$10,255,000	$186,455
3-4%	45	$8,865,000	$197,000
5-6%	9	$465,000	$51,667
7-8%	2	$90,000	$45,000

During 2021, Cedar Point Federal Credit Union's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 107 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	102	$5,930,000	$58,137	$2,399	4.35%
$200k-400k	96	$25,890,000	$269,688	$5,294	2.97%
$100k-200k	77	$11,565,000	$150,195	$3,582	3.12%
$400k-600k	11	$4,875,000	$443,182	$6,149	2.95%
$1MM+	1	$1,035,000	$1,035,000	$13,746	4.00%
$600k-1MM	1	$745,000	$745,000	$11,581	4.00%

2021 saw Cedar Point Federal Credit Union place emphasis on $100,000 or less loans with 102 originations, totaling $5,930,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	38	$7,260,000	$191,053	$4,111	3.07%
$100k-150k	30	$7,450,000	$248,333	$4,956	2.90%
$150k-250k	26	$7,400,000	$284,615	$5,246	3.02%
$75k-100k	19	$3,775,000	$198,684	$4,530	3.08%
$50k or less	13	$1,955,000	$150,385	$3,261	3.40%
$250k+	9	$2,825,000	$313,889	$5,298	2.75%

Cedar Point Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 38 originations. The second most popular income band? $100k-150k, with 30 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	37	$8,935,000	$241,486	$4,752	3.03%
<20%	32	$5,810,000	$181,563	$3,958	3.15%
30-36%	16	$3,170,000	$198,125	$4,335	3.11%
43%	6	$1,350,000	$225,000	$4,388	3.00%
36%	6	$1,270,000	$211,667	$3,960	2.67%
37%	6	$1,650,000	$275,000	$4,277	2.88%
42%	6	$1,560,000	$260,000	$4,816	2.96%
38%	5	$1,285,000	$257,000	$4,785	2.90%
47%	5	$1,375,000	$275,000	$4,424	2.90%
45%	4	$1,090,000	$272,500	$4,959	3.00%
39%	4	$1,040,000	$260,000	$6,845	3.13%
50-60%	2	$890,000	$445,000	$7,463	3.38%
40%	2	$580,000	$290,000	$7,071	3.13%
44%	2	$360,000	$180,000	$4,873	3.13%
48%	2	$450,000	$225,000	$4,351	3.00%
41%	1	$175,000	$175,000	$3,694	3.00%
46%	1	$155,000	$155,000	$3,356	3.00%

Cedar Point Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? <20%, with 32 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	232	$40,070,000	$172,716	$4,455	3.52%
Not provided	29	$5,125,000	$176,724	$5,468	3.69%
Black	20	$3,550,000	$177,500	$4,182	3.21%
Asian	6	$1,110,000	$185,000	$4,156	3.17%
American Indian	1	$185,000	$185,000	$3,767	3.00%

Approval Rates

Total approvals of all applications
96.70%

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
89.58%

Cedar Point Federal Credit Union has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	288	$50,040,000	$173,750

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	288	$50,040,000	$173,750

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	16	$2,110,000	$131,875	$3,129	2.66%
40-60%	24	$5,770,000	$240,417	$4,216	2.81%
60-80%	48	$11,930,000	$248,542	$4,464	3.07%
80-100%	20	$5,480,000	$274,000	$5,326	3.01%
Under 20%	6	$340,000	$56,667	$2,365	3.50%