Fedchoice Federal Credit Union Mortgage Rates, Fees & Info

Lanham, MD

LEI: 549300AN5V81GRYDJ823

Tax ID: 53-0196968

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Fedchoice Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Fedchoice Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, San Diego, Baltimore, Philadelphia, and Charlotte among others. We have data for 15 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.

    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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 4.56% 11/22/24
    30 Year Conventional Purchase 6.67% 11/22/24
    30 Year Conventional Refi 6.73% 11/22/24
    30 Year Cash-out Refi 6.53% 11/22/24
    30 Year FHA Purchase 6.27% 11/22/24
    15 Year Conventional Purchase 5.34% 11/22/24
    15 Year Conventional Refi 6.18% 11/22/24
    15 Year Cash-out Refi 6.18% 11/22/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    141

    Origination Dollar Volume (All Markets)

    $17,185,000

    Awards

    FEDCHOICE Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    Top 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) 104 $11,430,000 $109,904 $965 5.31%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $1,560,000 $780,000 $4,418 4.13%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 14 $1,230,000 $87,857 $334 5.19%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 10 $820,000 $82,000 $1,072 5.29%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $725,000 $725,000 $3,938 4.00%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $285,000 $285,000 $3,098 3.25%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $235,000 $235,000 $8,517 3.88%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,398 4.50%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $205,000 $205,000 $2,391 3.50%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $155,000 $155,000 $2,921 4.25%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.13%
    Outside of Metro Areas 1 $75,000 $75,000 $2,416 4.25%
    Easton, MD (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.00%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.75%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.50%
    Fedchoice Federal Credit Union's top markets include Washington, San Diego, Baltimore, Philadelphia, and Charlotte among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • 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.

    UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION,INC.
    Similarity Rank: 636
    NYMEO FEDERAL CREDIT UNION
    Similarity Rank: 697
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 828
    EDUCATIONAL SYSTEMS
    Similarity Rank: 1134
    IDB Global Federal Credit Union
    Similarity Rank: 1182
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1323
    LANGLEY
    Similarity Rank: 1728
    Philadelphia Mortgage Advisors, Inc.
    Similarity Rank: 1798
    PIKE CREEK MORTGAGE SERVICES, INC.
    Similarity Rank: 1995
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED
    Similarity Rank: 2016

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 109 $15,225,000 $139,679 $1,169 5.32%
    HELOC 32 $1,960,000 $61,250 n/a 4.85%

    For 2019, Fedchoice Federal Credit Union's most frequently originated type of loan was Conventional, with 109 originations. Their 2nd most popular type was HELOC, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 53 $2,715,000 $51,226 $51 5.47%
    Other 33 $1,515,000 $45,909 $56 5.72%
    Cash Out Refi 24 $5,050,000 $210,417 $3,283 4.49%
    Home Purchase 16 $5,310,000 $331,875 $2,912 4.41%
    Refi 15 $2,595,000 $173,000 $1,101 5.18%

    For 2019, Fedchoice Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 53 originations. The 2nd most popular reason was Other, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 34 $2,190,000 $64,412 $863 4.88%
    15 Year 32 $4,050,000 $126,563 $844 5.43%
    30 Year 29 $9,115,000 $314,310 $3,382 4.41%
    10 Year 28 $1,110,000 $39,643 $44 6.11%
    5 Year 17 $495,000 $29,118 $18 5.40%
    20 Year 1 $225,000 $225,000 $3,162 4.50%

    For 2019, Fedchoice Federal Credit Union's most frequently cited loan duration was Other, with 34 originations. The 2nd most popular length was 15 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 103 $14,035,000 $136,262
    $1k-2k 1 $345,000 $345,000
    $3k-4k 1 $405,000 $405,000
    $5k+ 1 $235,000 $235,000

    Fedchoice Federal Credit Union's average total fees were $3,382, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 60 $8,640,000 $144,000
    5-6% 44 $3,160,000 $71,818
    6-7% 17 $1,015,000 $59,706
    3-4% 16 $4,250,000 $265,625
    Over 8% 3 $75,000 $25,000
    7-8% 1 $45,000 $45,000

    During 2019, Fedchoice Federal Credit Union's average interest rate for loans was 4.41%, while their most frequently originated rate bucket for loans was 4-5%, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 93 $4,125,000 $44,355 $121 5.50%
    $200k-400k 24 $6,270,000 $261,250 $2,973 4.45%
    $100k-200k 16 $2,220,000 $138,750 $1,324 5.15%
    $400k-600k 6 $2,850,000 $475,000 $3,559 4.29%
    $600k-1MM 2 $1,720,000 $860,000 $4,959 4.25%

    2019 saw Fedchoice Federal Credit Union place emphasis on $100,000 or less loans with 93 originations, totaling $4,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $4,050,000 $96,429 $783 5.42%
    $150k-250k 37 $6,235,000 $168,514 $1,898 4.88%
    $75k-100k 23 $1,865,000 $81,087 $702 5.49%
    $50k-75k 16 $1,510,000 $94,375 $974 5.55%
    $250k+ 12 $2,850,000 $237,500 $1,855 4.75%
    $50k or less 11 $675,000 $61,364 $1,034 4.94%

    Fedchoice Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $150k-250k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 32 $4,840,000 $151,250 $1,686 4.82%
    20-30% 31 $3,705,000 $119,516 $1,224 4.90%
    <20% 13 $1,275,000 $98,077 $1,051 4.93%
    44% 8 $1,060,000 $132,500 $1,216 5.47%
    43% 7 $1,705,000 $243,571 $2,046 4.79%
    38% 6 $250,000 $41,667 $563 6.04%
    48% 6 $430,000 $71,667 $422 5.58%
    49% 5 $825,000 $165,000 $2,365 6.48%
    36% 5 $275,000 $55,000 $102 5.55%
    45% 5 $295,000 $59,000 $0 6.75%
    41% 5 $475,000 $95,000 $133 5.25%
    50-60% 4 $370,000 $92,500 $0 5.94%
    42% 3 $65,000 $21,667 $0 6.08%
    47% 3 $465,000 $155,000 $1,550 4.67%
    40% 2 $90,000 $45,000 $153 5.75%
    39% 2 $290,000 $145,000 $425 5.50%
    37% 2 $410,000 $205,000 $1,821 5.25%
    >60% 1 $55,000 $55,000 $0 4.00%
    46% 1 $305,000 $305,000 $3,081 4.38%

    Fedchoice Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 32 originations. The next most common DTI ratio? 20-30%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 55 $8,885,000 $161,545 $1,702 4.87%
    Black 68 $5,790,000 $85,147 $561 5.49%
    Not provided 12 $2,170,000 $180,833 $3,034 4.64%
    American Indian 2 $200,000 $100,000 $153 5.25%
    Asian 4 $140,000 $35,000 $0 6.94%

    Approval Rates

    Total approvals of all applications
    75.75%

    Fedchoice Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    46.10%

    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 $65,000 $65,000
    NA 140 $17,120,000 $122,286

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 141 $17,185,000 $121,879

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $2,805,000 $112,200 $374 5.38%
    40-60% 10 $2,020,000 $202,000 $2,524 4.21%
    60-80% 14 $3,400,000 $242,857 $3,422 4.60%
    80-100% 16 $5,700,000 $356,250 $3,080 4.40%
    Under 20% 76 $3,260,000 $42,895 $68 5.57%