Lanco Federal Credit Union Mortgage Rates, Fees & Info

Lancaster, PA

LEI: 549300FK7ZHTO2G1RM11

Tax ID: 23-1733157

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

    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, Harrisburg, York, and Reading among others. We have data for 4 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. Lanco Federal Credit Union is typically a low 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.

    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
    30 Year Conventional Purchase 6.27% 4/28/24
    30 Year Cash-out Refi 5.14% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    15 Year Conventional Refi 7.14% 4/28/24
    15 Year Cash-out Refi 7.14% 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.

    Lanco 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 Lanco 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

    82

    Origination Dollar Volume (All Markets)

    $7,430,000

    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
    LANCASTER, PA (FHA|USDA|VA) 75 $6,815,000 $90,867 $2,843 5.51%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 5 $365,000 $73,000 $0 5.34%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $225,000 $225,000 $0 5.60%
    READING, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.60%
    Lanco Federal Credit Union's top markets include Lancaster, Harrisburg, York, and Reading among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 69 $6,855,000 $99,348 $2,843 5.47%
    HELOC 12 $560,000 $46,667 n/a 5.65%
    HELOC 1 $15,000 $15,000 n/a 6.50%

    For 2019, Lanco Federal Credit Union's most frequently originated type of loan was Conventional, with 69 originations. Their 2nd most popular type was HELOC, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 42 $4,710,000 $112,143 $3,511 5.57%
    Home Improvement 19 $645,000 $33,947 $0 5.59%
    Refi 13 $1,205,000 $92,692 $2,627 5.56%
    Home Purchase 5 $555,000 $111,000 $2,617 4.49%
    NA 3 $315,000 $105,000 $0 5.58%

    For 2019, Lanco Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 42 originations. The 2nd most popular reason was Home Improvement, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 57 $5,775,000 $101,316 $2,627 5.57%
    Other 14 $800,000 $57,143 $0 5.70%
    10 Year 4 $100,000 $25,000 $0 5.87%
    5 Year 4 $180,000 $45,000 $0 4.87%
    30 Year 3 $575,000 $191,667 $2,915 3.67%

    For 2019, Lanco Federal Credit Union's most frequently cited loan duration was 15 Year, with 57 originations. The 2nd most popular length was Other, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 4 $740,000 $185,000

    Lanco Federal Credit Union's average total fees were $2,915, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 66 $5,690,000 $86,212
    4-5% 8 $920,000 $115,000
    3-4% 5 $775,000 $155,000
    6-7% 1 $15,000 $15,000
    7-8% 1 $15,000 $15,000
    Over 8% 1 $15,000 $15,000

    During 2019, Lanco Federal Credit Union's average interest rate for loans was 3.67%, while their most frequently originated rate bucket for loans was 5-6%, with 66 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 56 $3,230,000 $57,679 $2,416 5.61%
    $100k-200k 20 $2,610,000 $130,500 $2,723 5.33%
    $200k-400k 6 $1,590,000 $265,000 $3,511 5.06%

    2019 saw Lanco Federal Credit Union place emphasis on $100,000 or less loans with 56 originations, totaling $3,230,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 22 $1,980,000 $90,000 $0 5.71%
    $150k-250k 13 $1,495,000 $115,000 $3,511 5.30%
    $75k-100k 11 $675,000 $61,364 $0 5.38%
    $100k-150k 7 $525,000 $75,000 $2,723 4.77%
    $50k or less 6 $310,000 $51,667 $2,416 5.64%
    $50k-75k 4 $90,000 $22,500 $0 6.15%

    Lanco Federal Credit Union lent most frequently to those with incomes in the $250k+ range, with 22 originations. The second most popular income band? $150k-250k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $455,000 $50,556 $2,627 5.18%
    <20% 6 $450,000 $75,000 $2,818 5.01%
    37% 2 $40,000 $20,000 $0 4.87%
    30-36% 2 $380,000 $190,000 $3,511 4.63%
    42% 1 $75,000 $75,000 $2,416 3.75%
    43% 1 $35,000 $35,000 $0 5.24%
    >60% 1 $75,000 $75,000 $0 5.50%

    Lanco Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? <20%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $3,365,000 $101,970 $2,843 5.46%
    Not applicable 18 $2,090,000 $116,111 $0 5.54%
    Not provided 28 $1,660,000 $59,286 $0 5.53%
    Black 3 $315,000 $105,000 $0 5.57%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 82 $7,430,000 $90,610

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $340,000 $170,000
    Single Family (1-4 Units):Site-Built 80 $7,090,000 $88,625

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $525,000 $105,000 $0 5.24%
    40-60% 6 $550,000 $91,667 $2,416 5.20%
    60-80% 41 $4,525,000 $110,366 $3,069 5.52%
    80-100% 14 $1,260,000 $90,000 $2,818 5.50%
    Over 100% 1 $85,000 $85,000 $0 5.85%
    Under 20% 15 $485,000 $32,333 $0 5.65%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Lenox Financial Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%