Bay Atlantic Federal Credit Union Mortgage Rates, Fees & Info
Vineland, NJLEI: 54930020CYU37Y05PR58
Tax ID: 21-0635246
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Mortgage Data
Review & Overview
Bay Atlantic Federal Credit Union is a smaller credit union specializing in Home Improvement loans. Bay Atlantic Federal Credit Union has a high proportion of conventional loans. Their top two markets are Vineland and Philadelphia .Bay Atlantic 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 6.87% | 4/17/25 |
| 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. | ||
Bay Atlantic 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
15Origination Dollar Volume (All Markets)
$655,000Top 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 |
|---|---|---|---|---|---|
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 12 | $520,000 | $43,333 | $0 | 4.88% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $0 | 5.17% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 15 | $655,000 | $43,667 | $0 | 4.93% |
For 2018, Bay Atlantic Federal Credit Union's most frequently originated type of loan was Conventional, with 15 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 15 | $655,000 | $43,667 | $0 | 4.93% |
For 2018, Bay Atlantic Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 6 | $250,000 | $41,667 | $0 | 5.00% |
| 5 Year | 5 | $105,000 | $21,000 | $0 | 4.40% |
| 15 Year | 4 | $300,000 | $75,000 | $0 | 5.50% |
For 2018, Bay Atlantic Federal Credit Union's most frequently cited loan duration was 10 Year, with 6 originations. The 2nd most popular length was 5 Year, with 5 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 10 | $330,000 | $33,000 |
| 5-6% | 4 | $300,000 | $75,000 |
| 3-4% | 1 | $25,000 | $25,000 |
During 2018, Bay Atlantic Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 10 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 14 | $550,000 | $39,286 | $0 | 4.89% |
| $100k-200k | 1 | $105,000 | $105,000 | $0 | 5.50% |
2018 saw Bay Atlantic Federal Credit Union place emphasis on $100,000 or less loans with 14 originations, totaling $550,000 in origination value.
Applicant Income
Bay Atlantic Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 5 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 11 | $445,000 | $40,455 | $0 | 4.91% |
| 20-30% | 1 | $105,000 | $105,000 | $0 | 5.50% |
| 43% | 1 | $65,000 | $65,000 | $0 | 5.50% |
Bay Atlantic Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 11 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 15 | $655,000 | $43,667 | $0 | 4.93% |
Approval Rates
Total approvals of all applications79.17%
Bay Atlantic Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination80.00%
Bay Atlantic Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 15 | $655,000 | $43,667 |