Abco Federal Credit Union Mortgage Rates, Fees & Info
Willingboro, NJLEI: 549300CGVVMPTCK0QG77
Tax ID: 21-0744759
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Mortgage Data
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, Trenton, Ocean City, 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 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) | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
184Origination Dollar Volume (All Markets)
$11,320,000Top 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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 135 | $8,675,000 | $64,259 | $176 | 4.41% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 37 | $1,775,000 | $47,973 | $191 | 4.73% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $183 | 4.83% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 5 | $285,000 | $57,000 | $182 | 4.59% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $179 | 5.51% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $89 | 4.49% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 148 | $7,940,000 | $53,649 | $179 | 4.61% |
| HELOC | 36 | $3,380,000 | $93,889 | n/a | 4.09% |
For 2022, Abco Federal Credit Union's most frequently originated type of loan was Conventional, with 148 originations. Their 2nd most popular type was HELOC, with 36 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 105 | $6,135,000 | $58,429 | $186 | 4.37% |
| Other | 71 | $4,505,000 | $63,451 | $168 | 4.77% |
| Refi | 8 | $680,000 | $85,000 | $179 | 3.99% |
For 2022, Abco Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 105 originations. The 2nd most popular reason was Other, with 71 originations.
Loan Duration/Length
For 2022, Abco Federal Credit Union's most frequently cited loan duration was 15 Year, with 90 originations. The 2nd most popular length was 5 Year, with 46 originations.
Interest Rates
During 2022, 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 72 originations.
Loan Sizing
2022 saw Abco Federal Credit Union place emphasis on $100,000 or less loans with 152 originations, totaling $6,750,000 in origination value.
Applicant Income
Abco Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 60 originations. The second most popular income band? $150k-250k, with 44 originations.
Applicant Debt to Income Ratio
Abco Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.31%
Abco Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination56.52%
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 | 184 | $11,320,000 | $61,522 |