Advanz Federal Credit Union Mortgage Rates, Fees & Info
Louisville, KYLEI: 5493007ZG5EVEXW01J70
Tax ID: 61-0721062
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Mortgage Data
Review & Overview
Advanz Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Advanz Federal Credit Union has a high proportion of conventional loans. Their top two markets are Louisville and Frankfort .Advanz 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. Advanz Federal Credit Union is typically a low 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/21/24 |
| 30 Year Conventional Purchase | 6.27% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 15 Year Conventional Refi | 7.92% | 11/21/24 |
| 15 Year Cash-out Refi | 7.92% | 11/21/24 |
| 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. | ||
Advanz 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
133Origination Dollar Volume (All Markets)
$13,665,000Top 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 |
|---|---|---|---|---|---|
| LOUISVILLE, KY (FHA|USDA|VA) | 129 | $13,415,000 | $103,992 | $1,533 | 3.69% |
| Outside of Metro Areas | 3 | $145,000 | $48,333 | $0 | 3.35% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Advanz 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 114 | $12,800,000 | $112,281 | $1,533 | 3.65% |
| HELOC | 19 | $865,000 | $45,526 | n/a | 3.86% |
For 2020, Advanz Federal Credit Union's most frequently originated type of loan was Conventional, with 114 originations. Their 2nd most popular type was HELOC, with 19 originations.
Loan Reason
For 2020, Advanz Federal Credit Union's most frequently cited loan purpose was Refi, with 58 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.
Loan Duration/Length
For 2020, Advanz Federal Credit Union's most frequently cited loan duration was 15 Year, with 35 originations. The 2nd most popular length was 20 Year, with 35 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 61 | $7,255,000 | $118,934 |
| 2.5-3% | 36 | $3,680,000 | $102,222 |
| 4-5% | 30 | $2,470,000 | $82,333 |
| 5-6% | 5 | $255,000 | $51,000 |
| 6-7% | 1 | $5,000 | $5,000 |
During 2020, Advanz Federal Credit Union's average interest rate for loans was 4.00%, while their most frequently originated rate bucket for loans was 3-4%, with 61 originations.
Loan Sizing
2020 saw Advanz Federal Credit Union place emphasis on $100,000 or less loans with 76 originations, totaling $4,390,000 in origination value.
Applicant Income
Advanz Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 33 originations. The second most popular income band? $50k-75k, with 31 originations.
Applicant Debt to Income Ratio
Advanz Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? <20%, with 37 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 107 | $11,345,000 | $106,028 | $1,533 | 3.56% |
| Black | 25 | $2,215,000 | $88,600 | $0 | 4.21% |
| Asian | 1 | $105,000 | $105,000 | $0 | 2.85% |
Approval Rates
Total approvals of all applications94.27%
Advanz Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination66.92%
Advanz 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 | 133 | $13,665,000 | $102,744 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $105,000 | $105,000 |
| Single Family (1-4 Units):Site-Built | 132 | $13,560,000 | $102,727 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Advantage Credit, Inc. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |