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 Home Improvement, Cash Out Refi, and Refi loans. Fedchoice Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Philadelphia, Myrtle Beach, and North Port 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. 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

    240

    Origination Dollar Volume (All Markets)

    $38,230,000

    Awards

    FEDCHOICE Federal Credit Union 30 Year Conventional Loans gold FEDCHOICE Federal Credit Union 30 Year Conventional Loans bronze
    Show all (2) 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) 175 $27,415,000 $156,657 $1,520 3.58%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 27 $5,145,000 $190,556 $1,592 3.62%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 18 $2,700,000 $150,000 $2,330 3.84%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $595,000 $198,333 $2,445 2.75%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,444 3.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $320,000 $160,000 $0 3.50%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,335 3.25%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $300,000 $150,000 $0 3.50%
    Easton, MD (FHA|USDA|VA) 1 $275,000 $275,000 $2,291 2.50%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,088 2.25%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $165,000 $165,000 $2,313 3.00%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $135,000 $135,000 $3,097 3.63%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.24%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.50%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.24%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.49%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.49%
    JACKSON, MS (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.49%
    Fedchoice Federal Credit Union's top markets include Washington, Baltimore, Philadelphia, Myrtle Beach, and North Port among others.

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

    Cedar Point Federal Credit Union
    Similarity Rank: 546
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1300
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1680
    Credence Funding Corporation
    Similarity Rank: 2020
    Woodsboro Bank
    Similarity Rank: 2455
    IDB Global Federal Credit Union
    Similarity Rank: 2740
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 2772
    ACNB Bank
    Similarity Rank: 2850
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 3485
    CNB Bank Inc.
    Similarity Rank: 3660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 144 $27,410,000 $190,347 $1,572 3.88%
    HELOC 95 $10,435,000 $109,842 n/a 3.23%
    VA 1 $385,000 $385,000 $13,914 2.75%

    For 2021, Fedchoice Federal Credit Union's most frequently originated type of loan was Conventional, with 144 originations. Their 2nd most popular type was HELOC, with 95 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 108 $10,530,000 $97,500 $124 3.70%
    Other 45 $5,855,000 $130,111 $988 4.19%
    Cash Out Refi 37 $9,735,000 $263,108 $2,413 3.18%
    Refi 34 $8,640,000 $254,118 $1,843 3.22%
    Home Purchase 16 $3,470,000 $216,875 $4,521 3.32%

    For 2021, Fedchoice Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 108 originations. The 2nd most popular reason was Other, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 96 $10,560,000 $110,000 $0 3.24%
    15 Year 51 $7,725,000 $151,471 $1,088 4.08%
    30 Year 47 $14,335,000 $305,000 $2,987 3.35%
    10 Year 26 $2,220,000 $85,385 $478 4.38%
    20 Year 11 $3,105,000 $282,273 $2,300 2.98%
    5 Year 9 $285,000 $31,667 $0 5.10%

    For 2021, Fedchoice Federal Credit Union's most frequently cited loan duration was Other, with 96 originations. The 2nd most popular length was 15 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 128 $25,000,000 $195,313
    $1k-2k 4 $1,290,000 $322,500
    $2k-3k 1 $305,000 $305,000
    $3k-4k 1 $325,000 $325,000
    $4k-5k 1 $75,000 $75,000

    Fedchoice Federal Credit Union's average total fees were $2,987, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 128 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 116 $21,200,000 $182,759
    <2.5% 39 $7,055,000 $180,897
    4-5% 30 $2,070,000 $69,000
    5-6% 27 $1,875,000 $69,444
    2.5-3% 23 $5,685,000 $247,174
    6-7% 5 $345,000 $69,000

    During 2021, Fedchoice Federal Credit Union's average interest rate for loans was 3.35%, while their most frequently originated rate bucket for loans was 3-4%, with 116 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 101 $4,835,000 $47,871 $259 4.05%
    $100k-200k 63 $8,915,000 $141,508 $1,831 3.50%
    $200k-400k 63 $17,465,000 $277,222 $2,665 3.13%
    $400k-600k 10 $4,530,000 $453,000 $2,443 3.07%
    $600k-1MM 2 $1,380,000 $690,000 $2,895 3.31%
    $1MM+ 1 $1,105,000 $1,105,000 $2,311 3.38%

    2021 saw Fedchoice Federal Credit Union place emphasis on $100,000 or less loans with 101 originations, totaling $4,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 80 $12,820,000 $160,250 $1,811 3.42%
    $100k-150k 63 $9,945,000 $157,857 $2,424 3.61%
    $250k+ 39 $9,285,000 $238,077 $1,113 3.62%
    $75k-100k 26 $2,780,000 $106,923 $1,032 4.07%
    $50k-75k 21 $2,445,000 $116,429 $1,246 3.67%
    $50k or less 8 $490,000 $61,250 $910 4.65%

    Fedchoice Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 80 originations. The second most popular income band? $100k-150k, with 63 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 72 $11,740,000 $163,056 $1,945 3.81%
    20-30% 60 $9,470,000 $157,833 $1,416 3.49%
    <20% 31 $5,955,000 $192,097 $1,917 3.25%
    38% 8 $1,130,000 $141,250 $1,697 3.97%
    40% 8 $1,460,000 $182,500 $2,722 3.26%
    42% 7 $885,000 $126,429 $1,123 3.08%
    36% 7 $845,000 $120,714 $1,663 4.16%
    41% 7 $945,000 $135,000 $2,239 4.00%
    50-60% 5 $535,000 $107,000 $1,130 3.45%
    49% 5 $445,000 $89,000 $559 3.67%
    39% 5 $1,135,000 $227,000 $1,454 3.42%
    45% 4 $960,000 $240,000 $1,973 3.65%
    37% 4 $650,000 $162,500 $1,884 3.47%
    43% 4 $550,000 $137,500 $1,196 3.44%
    48% 3 $105,000 $35,000 $0 3.74%
    47% 3 $435,000 $145,000 $1,143 4.45%
    46% 3 $465,000 $155,000 $0 2.91%
    44% 3 $375,000 $125,000 $0 5.41%

    Fedchoice Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 72 originations. The next most common DTI ratio? 20-30%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 103 $14,895,000 $144,612 $1,586 3.79%
    White 87 $13,935,000 $160,172 $1,890 3.45%
    Not provided 38 $6,930,000 $182,368 $1,409 3.58%
    Asian 8 $2,120,000 $265,000 $3,225 3.41%
    Asian Indian 2 $190,000 $95,000 $0 3.87%
    American Indian 2 $160,000 $80,000 $0 3.50%

    Approval Rates

    Total approvals of all applications
    85.96%

    Fedchoice Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    11.67%

    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 10 $800,000 $80,000
    NA 230 $37,430,000 $162,739

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    240 $38,230,000 $159,292

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $6,660,000 $158,571 $842 3.77%
    40-60% 25 $5,795,000 $231,800 $2,227 2.94%
    60-80% 38 $12,740,000 $335,263 $2,517 3.06%
    80-100% 14 $4,110,000 $293,571 $3,283 3.25%
    Over 100% 1 $385,000 $385,000 $13,914 2.75%
    Under 20% 119 $8,395,000 $70,546 $101 3.95%