Benchmark Federal Credit Union Mortgage Rates, Fees & Info
West Chester, PALEI: 549300DO51DW0RG07O39
Tax ID: 23-6257323
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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, Ocean City, Miami, Salisbury, and New York among others. We have data for 17 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.31% | 12/16/24 |
| 30 Year Conventional Refi | 5.80% | 12/16/24 |
| 30 Year Cash-out Refi | 5.56% | 12/16/24 |
| 15 Year Conventional Purchase | 4.62% | 12/16/24 |
| 15 Year Conventional Refi | 4.73% | 12/16/24 |
| 15 Year Cash-out Refi | 4.73% | 12/16/24 |
| 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
354Origination Dollar Volume (All Markets)
$77,060,000Awards
BENCHMARK Federal Credit Union - 2022
BENCHMARK Federal Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 318 | $69,080,000 | $217,233 | $5,309 | 2.59% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 3 | $1,885,000 | $628,333 | $10,684 | 3.63% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $1,115,000 | $371,667 | $4,495 | 3.33% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $5,080 | 3.25% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 6 | $900,000 | $150,000 | $5,240 | 3.62% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $3,082 | 3.56% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $6,074 | 4.38% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,995 | 4.25% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,565 | 3.31% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,136 | 3.38% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,522 | 2.50% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $0 | 3.94% |
| Outside of Metro Areas | 4 | $200,000 | $50,000 | $0 | 3.15% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 3.50% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 2.24% |
| READING, PA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 1.37% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 1.49% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 354 | $77,060,000 | $217,684 | $5,266 | 2.66% |
For 2022, Benchmark Federal Credit Union's most frequently originated type of loan was Conventional, with 354 originations.
Loan Reason
For 2022, Benchmark Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 114 originations. The 2nd most popular reason was Home Purchase, with 107 originations.
Loan Duration/Length
For 2022, Benchmark Federal Credit Union's most frequently cited loan duration was 30 Year, with 109 originations. The 2nd most popular length was 10 Year, with 104 originations.
Origination Fees/Closing Costs
Benchmark Federal Credit Union's average total fees were $5,473, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 51 originations.
Interest Rates
During 2022, Benchmark Federal Credit Union's average interest rate for loans was 3.98%, while their most frequently originated rate bucket for loans was <2.5%, with 199 originations.
Loan Sizing
2022 saw Benchmark Federal Credit Union place emphasis on $100,000 or less loans with 138 originations, totaling $7,130,000 in origination value.
Applicant Income
Benchmark Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 109 originations. The second most popular income band? $150k-250k, with 109 originations.
Applicant Debt to Income Ratio
Benchmark Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 25 originations. The next most common DTI ratio? 20-30%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.53%
Benchmark Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination85.59%
Benchmark Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 354 | $77,060,000 | $217,684 |