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 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, Philadelphia, Winchester, Miami, and Baltimore among others. We have data for 6 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. Fedchoice 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) | 4.56% | 11/21/24 |
| 30 Year Conventional Purchase | 6.67% | 11/21/24 |
| 30 Year Conventional Refi | 6.73% | 11/21/24 |
| 30 Year Cash-out Refi | 6.53% | 11/21/24 |
| 30 Year FHA Purchase | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.34% | 11/21/24 |
| 15 Year Conventional Refi | 6.18% | 11/21/24 |
| 15 Year Cash-out Refi | 6.18% | 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. | ||
Fedchoice Federal Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
25Origination Dollar Volume (All Markets)
$2,695,000Top 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) | 13 | $1,265,000 | $97,308 | $667 | 4.96% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 6 | $770,000 | $128,333 | $1,791 | 4.71% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,882 | 4.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,161 | 4.88% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 3 | $145,000 | $48,333 | $345 | 4.93% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,128 | 4.75% |
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 | 18 | $2,160,000 | $120,000 | $1,440 | 4.95% |
| HELOC | 7 | $535,000 | $76,429 | n/a | 4.71% |
For 2018, Fedchoice Federal Credit Union's most frequently originated type of loan was Conventional, with 18 originations. Their 2nd most popular type was HELOC, with 7 originations.
Loan Reason
For 2018, Fedchoice Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 9 originations. The 2nd most popular reason was Home Purchase, with 5 originations.
Loan Duration/Length
For 2018, Fedchoice Federal Credit Union's most frequently cited loan duration was Other, with 7 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 15 | $1,695,000 | $113,000 |
| $1k-2k | 1 | $165,000 | $165,000 |
| $2k-3k | 1 | $275,000 | $275,000 |
Fedchoice Federal Credit Union's average total fees were $3,422, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 14 | $1,610,000 | $115,000 |
| 5-6% | 8 | $950,000 | $118,750 |
| 3-4% | 2 | $80,000 | $40,000 |
| 6-7% | 1 | $55,000 | $55,000 |
During 2018, Fedchoice Federal Credit Union's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 4-5%, with 14 originations.
Loan Sizing
2018 saw Fedchoice Federal Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $560,000 in origination value.
Applicant Income
Fedchoice Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 7 originations.
Applicant Debt to Income Ratio
Fedchoice Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 14 | $1,870,000 | $133,571 | $1,930 | 4.85% |
| Black | 11 | $825,000 | $75,000 | $889 | 4.93% |
Approval Rates
Total approvals of all applications80.00%
Fedchoice Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination-4.00%
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 |
|---|---|---|---|
| 0.0 | 1 | $25,000 | $25,000 |
| NA | 24 | $2,670,000 | $111,250 |