Skypoint Federal Credit Union Mortgage Rates, Fees & Info
Germantown, MDLEI: 549300029HOKG1DFPD77
Tax ID: 23-7074578
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Mortgage Data
Review & Overview
Skypoint Federal Credit Union is a smaller credit union specializing in Other, Home Improvement, and Refi loans. Skypoint Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Hagerstown, Gettysburg, and Chambersburg among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Skypoint 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.
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 |
|---|---|---|
| 15 Year Conventional Refi | 5.84% | 4/21/24 |
| 15 Year Cash-out Refi | 5.84% | 4/21/24 |
| 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. | ||
Skypoint Federal Credit Union Mortgage Calculator
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Originations
55Origination Dollar Volume (All Markets)
$3,365,000Top 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 46 | $2,880,000 | $62,609 | $293 | 7.05% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 6 | $330,000 | $55,000 | $287 | 6.13% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $232 | 5.25% |
| GETTYSBURG, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $237 | 10.00% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $144 | 5.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 55 | $3,365,000 | $61,182 | $287 | 6.94% |
For 2023, Skypoint Federal Credit Union's most frequently originated type of loan was Conventional, with 55 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 25 | $1,455,000 | $58,200 | $258 | 7.20% |
| Home Improvement | 18 | $1,060,000 | $58,889 | $301 | 6.50% |
| Refi | 12 | $850,000 | $70,833 | $326 | 7.04% |
For 2023, Skypoint Federal Credit Union's most frequently cited loan purpose was Other, with 25 originations. The 2nd most popular reason was Home Improvement, with 18 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 25 | $1,635,000 | $65,400 | $313 | 7.65% |
| 10 Year | 19 | $1,255,000 | $66,053 | $284 | 6.68% |
| 5 Year | 11 | $475,000 | $43,182 | $235 | 5.75% |
For 2023, Skypoint Federal Credit Union's most frequently cited loan duration was 15 Year, with 25 originations. The 2nd most popular length was 10 Year, with 19 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 55 | $3,365,000 | $61,182 |
Skypoint Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 55 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 27 | $1,695,000 | $62,778 |
| 7-8% | 12 | $630,000 | $52,500 |
| 5-6% | 9 | $455,000 | $50,556 |
| Over 8% | 7 | $585,000 | $83,571 |
During 2023, Skypoint Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 27 originations.
Loan Sizing
2023 saw Skypoint Federal Credit Union place emphasis on $100,000 or less loans with 50 originations, totaling $2,670,000 in origination value.
Applicant Income
Skypoint Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 23 originations. The second most popular income band? $100k-150k, with 17 originations.
Applicant Debt to Income Ratio
Skypoint Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 13 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.07%
Skypoint Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination27.27%
Skypoint Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 55 | $3,365,000 | $61,182 |