Lanco Federal Credit Union Mortgage Rates, Fees & Info
Lancaster, PALEI: 549300FK7ZHTO2G1RM11
Tax ID: 23-1733157
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Mortgage Data
Review & Overview
Lanco Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Lanco Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lancaster, York, Lebanon, Harrisburg, and Philadelphia among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Lanco Federal Credit Union has an above average approval rate when compared to the average across all 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 5.14% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 7.14% | 11/17/24 |
| 15 Year Cash-out Refi | 7.14% | 11/17/24 |
| 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. | ||
Lanco 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
114Origination Dollar Volume (All Markets)
$15,520,000Top 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 |
|---|---|---|---|---|---|
| LANCASTER, PA (FHA|USDA|VA) | 102 | $11,890,000 | $116,569 | $0 | 7.28% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 5 | $2,355,000 | $471,000 | $0 | 7.55% |
| LEBANON, PA (FHA|USDA|VA) | 4 | $650,000 | $162,500 | $0 | 8.13% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $0 | 7.63% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 8.50% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 84 | $12,820,000 | $152,619 | $0 | 6.96% |
| HELOC | 30 | $2,700,000 | $90,000 | n/a | 8.38% |
For 2023, Lanco Federal Credit Union's most frequently originated type of loan was Conventional, with 84 originations. Their 2nd most popular type was HELOC, with 30 originations.
Loan Reason
For 2023, Lanco Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 41 originations. The 2nd most popular reason was Home Improvement, with 33 originations.
Loan Duration/Length
For 2023, Lanco Federal Credit Union's most frequently cited loan duration was 15 Year, with 61 originations. The 2nd most popular length was Other, with 29 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 37 | $4,855,000 | $131,216 |
| Over 8% | 37 | $3,535,000 | $95,541 |
| 7-8% | 23 | $6,185,000 | $268,913 |
| 5-6% | 15 | $885,000 | $59,000 |
| 4-5% | 2 | $60,000 | $30,000 |
During 2023, Lanco Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 37 originations.
Loan Sizing
2023 saw Lanco Federal Credit Union place emphasis on $100,000 or less loans with 57 originations, totaling $3,105,000 in origination value.
Applicant Income
Lanco Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $75k-100k, with 14 originations.
Applicant Debt to Income Ratio
Lanco Federal Credit Union lent most frequently to those with DTI ratios of >60%, with 21 originations. The next most common DTI ratio? 30-36%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Lanco 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 4 | $310,000 | $77,500 |
| 418.0 | 1 | $45,000 | $45,000 |
| 425.0 | 2 | $50,000 | $25,000 |
| 433.0 | 24 | $1,070,000 | $44,583 |
| 555.0 | 1 | $195,000 | $195,000 |
| 573.0 | 1 | $135,000 | $135,000 |
| 748.0 | 3 | $255,000 | $85,000 |
| 820.0 | 1 | $35,000 | $35,000 |
| NA | 77 | $13,425,000 | $174,351 |