Abco Federal Credit Union Mortgage Rates, Fees & Info

Willingboro, NJ

LEI: 549300CGVVMPTCK0QG77

Tax ID: 21-0744759

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
  • Complaints
  • 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

    Abco Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Abco Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Atlantic City, Vineland, Trenton, and New York among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Abco Federal Credit Union has a below 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 4/28/24
    15 Year Conventional Refi 5.68% 4/28/24
    15 Year Cash-out Refi 5.68% 4/28/24
    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.

    Abco 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 Abco 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

    160

    Origination Dollar Volume (All Markets)

    $8,750,000

    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
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 107 $5,955,000 $55,654 $179 3.50%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 37 $1,815,000 $49,054 $0 3.52%
    Outside of Metro Areas 11 $815,000 $74,091 $0 0.00%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $100,000 $50,000 $0 0.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $50,000 $25,000 $0 0.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
    Abco Federal Credit Union's top markets include Philadelphia, Atlantic City, Vineland, Trenton, and New York among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 151 $7,645,000 $50,629 $179 3.79%
    HELOC 9 $1,105,000 $122,778 n/a 3.31%

    For 2020, Abco Federal Credit Union's most frequently originated type of loan was Conventional, with 151 originations. Their 2nd most popular type was HELOC, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 97 $5,005,000 $51,598 $179 3.55%
    Other 53 $3,115,000 $58,774 $179 3.52%
    Home Purchase 5 $305,000 $61,000 $0 3.25%
    NA 2 $50,000 $25,000 $0 0.00%
    Refi 2 $230,000 $115,000 $0 3.25%
    Cash Out Refi 1 $45,000 $45,000 $0 0.00%

    For 2020, Abco Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 97 originations. The 2nd most popular reason was Other, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 65 $3,015,000 $46,385 $179 3.79%
    15 Year 58 $4,110,000 $70,862 $0 3.31%
    5 Year 20 $680,000 $34,000 $179 3.79%
    10 Year 15 $905,000 $60,333 $0 0.00%
    3 Year 2 $40,000 $20,000 $0 0.00%

    For 2020, Abco Federal Credit Union's most frequently cited loan duration was Other, with 65 originations. The 2nd most popular length was 15 Year, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 15 $1,255,000 $83,667

    During 2020, Abco Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 15 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 136 $5,680,000 $41,765 $179 3.67%
    $100k-200k 21 $2,365,000 $112,619 $0 3.25%
    $200k-400k 3 $705,000 $235,000 $0 3.25%

    2020 saw Abco Federal Credit Union place emphasis on $100,000 or less loans with 136 originations, totaling $5,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $2,310,000 $55,000 $0 3.25%
    $150k-250k 40 $2,550,000 $63,750 $0 3.25%
    $75k-100k 33 $1,575,000 $47,727 $180 3.60%
    $50k-75k 24 $1,080,000 $45,000 $179 3.61%
    $50k or less 15 $595,000 $39,667 $179 3.79%
    $250k+ 5 $525,000 $105,000 $0 3.25%

    Abco 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 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 39 $2,305,000 $59,103 $179 3.52%
    30-36% 34 $1,710,000 $50,294 $179 3.79%
    <20% 21 $1,265,000 $60,238 $180 3.43%
    50-60% 8 $380,000 $47,500 $0 3.25%
    42% 8 $440,000 $55,000 $0 0.00%
    39% 7 $395,000 $56,429 $0 0.00%
    40% 7 $405,000 $57,857 $0 3.25%
    41% 6 $240,000 $40,000 $179 3.79%
    37% 5 $205,000 $41,000 $0 3.25%
    36% 5 $185,000 $37,000 $0 3.79%
    43% 5 $435,000 $87,000 $0 3.75%
    44% 3 $125,000 $41,667 $0 0.00%
    38% 3 $235,000 $78,333 $0 0.00%
    49% 3 $165,000 $55,000 $0 0.00%
    46% 2 $90,000 $45,000 $0 0.00%
    48% 1 $15,000 $15,000 $0 0.00%
    45% 1 $35,000 $35,000 $0 0.00%

    Abco Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 128 $7,310,000 $57,109 $179 3.50%
    Black 28 $1,240,000 $44,286 $0 0.00%
    Asian 4 $200,000 $50,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    67.49%

    Abco Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    63.75%

    Abco 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 160 $8,750,000 $54,688

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 160 $8,750,000 $54,688

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 50 $3,530,000 $70,600 $0 3.43%
    40-60% 13 $1,315,000 $101,154 $0 3.25%
    60-80% 7 $635,000 $90,714 $0 0.00%
    80-100% 2 $450,000 $225,000 $0 3.25%
    Under 20% 87 $2,735,000 $31,437 $179 3.65%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    ABC First Inc Other type of mortgage Closing on a mortgage 1 100.0%