Skypoint Federal Credit Union Mortgage Rates, Fees & Info
Germantown, MDLEI: 549300029HOKG1DFPD77
Tax ID: 23-7074578
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Skypoint Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Skypoint Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Hagerstown, and York among others. We have data for 4 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.
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.
Originations
24Origination Dollar Volume (All Markets)
$1,340,000Top 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) | 18 | $1,100,000 | $61,111 | $337 | 6.18% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 4 | $160,000 | $40,000 | $296 | 5.94% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $635 | 7.50% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $135 | 6.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $1,340,000 | $55,833 | $334 | 6.21% |
For 2019, Skypoint Federal Credit Union's most frequently originated type of loan was Conventional, with 24 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 12 | $610,000 | $50,833 | $292 | 5.83% |
| Other | 10 | $520,000 | $52,000 | $362 | 6.73% |
| Refi | 2 | $210,000 | $105,000 | $448 | 5.88% |
For 2019, Skypoint Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 12 originations. The 2nd most popular reason was Other, with 10 originations.
Loan Duration/Length
For 2019, Skypoint Federal Credit Union's most frequently cited loan duration was 15 Year, with 14 originations. The 2nd most popular length was 10 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 24 | $1,340,000 | $55,833 |
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 24 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 11 | $815,000 | $74,091 |
| 6-7% | 5 | $205,000 | $41,000 |
| 4-5% | 3 | $85,000 | $28,333 |
| 7-8% | 3 | $155,000 | $51,667 |
| Over 8% | 2 | $80,000 | $40,000 |
During 2019, Skypoint Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 11 originations.
Loan Sizing
2019 saw Skypoint Federal Credit Union place emphasis on $100,000 or less loans with 22 originations, totaling $980,000 in origination value.
Applicant Income
Skypoint Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $100k-150k, with 9 originations.
Applicant Debt to Income Ratio
Skypoint Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.68%
Skypoint Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination4.17%
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 | 24 | $1,340,000 | $55,833 |