Benchmark Federal Credit Union Mortgage Rates, Fees & Info

West Chester, PA

LEI: 549300DO51DW0RG07O39

Tax ID: 23-6257323

5 stars - Updated: 6/16/24 - out of 5 stars, based on 7 reviews

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

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Mortgage Data

Review & Overview

Benchmark Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Benchmark Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Baltimore, Allentown, Ocean City, and Salisbury among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Benchmark Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Benchmark Federal Credit Union is typically an average 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 relatively high 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
30 Year Conventional Purchase 5.31% 6/16/24
30 Year Conventional Refi 5.80% 6/16/24
30 Year Cash-out Refi 5.56% 6/16/24
15 Year Conventional Purchase 4.62% 6/16/24
15 Year Conventional Refi 4.73% 6/16/24
15 Year Cash-out Refi 4.73% 6/16/24
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.

Benchmark 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 Benchmark 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

53

Origination Dollar Volume (All Markets)

$10,865,000

Awards

BENCHMARK Federal Credit Union 30 Year Conventional Loans gold BENCHMARK Federal Credit Union 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Benchmark Federal Credit Union's average 30 year fixed mortgage rate was 5.99%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.49%.

Relative Fees (Closing Costs)

Benchmark Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,669.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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) 44 $9,330,000 $212,045 $7,583 7.65%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $625,000 $625,000 $10,958 6.38%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $395,000 $395,000 $8,780 5.74%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $135,000 $135,000 $5,079 6.25%
Outside of Metro Areas 1 $105,000 $105,000 $0 9.82%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $95,000 $95,000 $0 9.24%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $85,000 $85,000 $4,402 7.25%
READING, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.74%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.74%
LANCASTER, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.37%
Benchmark Federal Credit Union's top markets include Philadelphia, Baltimore, Allentown, Ocean City, and Salisbury among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against BENCHMARK Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Republic Bank
    Similarity Rank: 21
    County Savings Bank
    Similarity Rank: 135
    Columbia Bank
    Similarity Rank: 156
    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 438
    Dover Federal Credit Union
    Similarity Rank: 506
    Financial Freedom Mortgage, LLC
    Similarity Rank: 549
    FRANKLIN MINT
    Similarity Rank: 570
    FREEDOM CREDIT UNION
    Similarity Rank: 900
    FEDERATED LENDING CORPORATION
    Similarity Rank: 910

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 53 $10,865,000 $205,000 $7,524 7.66%

    For 2023, Benchmark Federal Credit Union's most frequently originated type of loan was Conventional, with 53 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 16 $850,000 $53,125 $0 8.99%
    Home Purchase 15 $7,895,000 $526,333 $8,509 6.14%
    Home Improvement 14 $700,000 $50,000 $0 8.32%
    Cash Out Refi 6 $1,270,000 $211,667 $5,453 6.71%
    Refi 2 $150,000 $75,000 $5,079 6.75%

    For 2023, Benchmark Federal Credit Union's most frequently cited loan purpose was Other, with 16 originations. The 2nd most popular reason was Home Purchase, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 18 $8,590,000 $477,222 $7,669 5.99%
    15 Year 14 $1,110,000 $79,286 $6,298 9.04%
    10 Year 11 $825,000 $75,000 $0 8.35%
    5 Year 8 $310,000 $38,750 $0 8.10%
    3 Year 2 $30,000 $15,000 $0 7.49%

    For 2023, Benchmark Federal Credit Union's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 5 $1,525,000 $305,000
    $4k-5k 4 $2,060,000 $515,000
    $5k+ 4 $2,750,000 $687,500
    $2k-3k 3 $585,000 $195,000
    $3k-4k 3 $1,965,000 $655,000

    Benchmark Federal Credit Union's average total fees were $7,669, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 5 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 25 $1,595,000 $63,800
    7-8% 10 $1,110,000 $111,000
    6-7% 8 $2,270,000 $283,750
    5-6% 6 $3,790,000 $631,667
    4-5% 2 $1,280,000 $640,000
    <2.5% 1 $105,000 $105,000
    3-4% 1 $715,000 $715,000

    During 2023, Benchmark Federal Credit Union's average interest rate for loans was 5.99%, while their most frequently originated rate bucket for loans was Over 8%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 30 $1,360,000 $45,333 $4,402 8.79%
    $200k-400k 8 $2,550,000 $318,750 $6,357 6.69%
    $100k-200k 7 $915,000 $130,714 $5,105 6.54%
    $400k-600k 3 $1,555,000 $518,333 $7,720 5.58%
    $600k-1MM 3 $2,055,000 $685,000 $10,868 5.04%
    $1MM+ 2 $2,430,000 $1,215,000 $11,490 5.62%

    2023 saw Benchmark Federal Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $1,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 16 $2,960,000 $185,000 $8,102 8.14%
    $100k-150k 12 $2,040,000 $170,000 $6,000 7.05%
    $250k+ 8 $4,260,000 $532,500 $10,446 6.89%
    $50k-75k 8 $810,000 $101,250 $4,885 7.60%
    $75k-100k 6 $600,000 $100,000 $8,780 8.72%
    $50k or less 3 $195,000 $65,000 $0 7.66%

    Benchmark Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 16 originations. The second most popular income band? $100k-150k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 4 $2,930,000 $732,500 $9,024 5.69%
    30-36% 3 $1,125,000 $375,000 $6,153 6.21%
    46% 2 $500,000 $250,000 $4,921 6.38%
    <20% 2 $630,000 $315,000 $7,838 5.75%
    42% 1 $565,000 $565,000 $9,780 4.38%
    44% 1 $375,000 $375,000 $5,603 7.63%
    47% 1 $395,000 $395,000 $8,780 5.74%
    48% 1 $85,000 $85,000 $4,402 7.25%
    49% 1 $715,000 $715,000 $10,836 4.75%
    50-60% 1 $195,000 $195,000 $5,773 7.00%
    39% 1 $1,165,000 $1,165,000 $13,486 5.25%
    40% 1 $205,000 $205,000 $4,226 6.25%
    41% 1 $115,000 $115,000 $0 6.50%

    Benchmark Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4 originations. The next most common DTI ratio? 30-36%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 19 $8,215,000 $432,368 $7,646 6.08%
    White 25 $1,805,000 $72,200 $8,193 8.51%
    Asian Indian 1 $485,000 $485,000 $4,788 7.25%
    Black 8 $360,000 $45,000 $0 8.79%

    Approval Rates

    Total approvals of all applications
    93.10%

    Benchmark Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    54.72%

    Benchmark 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 53 $10,865,000 $205,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    53 $10,865,000 $205,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,220,000 $152,500 $5,450 6.81%
    40-60% 2 $400,000 $200,000 $4,999 6.63%
    60-80% 5 $2,425,000 $485,000 $8,824 5.67%
    80-100% 8 $5,400,000 $675,000 $8,427 5.84%
    Under 20% 30 $1,420,000 $47,333 $5,079 8.77%