Fedchoice Federal Credit Union Mortgage Rates, Fees & Info
Lanham, MDLEI: 549300AN5V81GRYDJ823
Tax ID: 53-0196968
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Mortgage Data
Review & Overview
Fedchoice Federal Credit Union is a smaller credit union specializing in Other, Home Improvement, and Home Purchase loans. Fedchoice Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Charlotte, Baltimore, Philadelphia, and Riverside among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)Fedchoice 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.56% | 4/21/24 |
| 30 Year Conventional Purchase | 6.67% | 4/21/24 |
| 30 Year Conventional Refi | 6.73% | 4/21/24 |
| 30 Year Cash-out Refi | 6.53% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.34% | 4/21/24 |
| 15 Year Conventional Refi | 6.18% | 4/21/24 |
| 15 Year Cash-out Refi | 6.18% | 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. | ||
Fedchoice Federal Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Fedchoice Federal Credit Union. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
91Origination Dollar Volume (All Markets)
$8,905,000Top 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) | 51 | $4,275,000 | $83,824 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $1,080,000 | $270,000 | $0 | 0.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 8 | $910,000 | $113,750 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 12 | $750,000 | $62,500 | $0 | 0.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $0 | 0.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $65,000 | $65,000 | $0 | 0.00% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against FEDCHOICE 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 | 91 | $8,905,000 | $97,857 | $0 | 0.00% |
For 2023, Fedchoice Federal Credit Union's most frequently originated type of loan was Conventional, with 91 originations.
Loan Reason
For 2023, Fedchoice Federal Credit Union's most frequently cited loan purpose was Other, with 58 originations. The 2nd most popular reason was Home Improvement, with 26 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 91 | $8,905,000 | $97,857 | $0 | 0.00% |
For 2023, Fedchoice Federal Credit Union's most frequently cited loan duration was Other, with 91 originations.
Loan Sizing
2023 saw Fedchoice Federal Credit Union place emphasis on $100,000 or less loans with 66 originations, totaling $3,340,000 in origination value.
Applicant Income
Fedchoice Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 29 originations. The second most popular income band? $100k-150k, with 24 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 91 | $8,905,000 | $97,857 | $0 | 0.00% |
Fedchoice Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 91 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.87%
Fedchoice Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination64.84%
Fedchoice 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 |
|---|---|---|---|
| Exempt | 91 | $8,905,000 | $97,857 |