Princeton Federal Credit Union Mortgage Rates, Fees & Info
Princeton, NJLEI: 549300J1354ZHZC8JP58
Tax ID: 22-2011545
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Mortgage Data
Review & Overview
Princeton Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Princeton Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Trenton, New York, Philadelphia, Greensboro, and Kansas City among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Princeton 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. Princeton 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.53% | 4/21/24 |
| 30 Year Conventional Refi | 6.69% | 4/21/24 |
| 30 Year Cash-out Refi | 6.78% | 4/21/24 |
| 15 Year Conventional Purchase | 1.61% | 4/21/24 |
| 15 Year Conventional Refi | 6.11% | 4/21/24 |
| 15 Year Cash-out Refi | 6.11% | 4/21/24 |
| 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. | ||
Princeton Federal Credit Union Mortgage Calculator
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This is not an official calculator from Princeton 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
111Origination Dollar Volume (All Markets)
$21,835,000Top 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 |
|---|---|---|---|---|---|
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 49 | $11,105,000 | $226,633 | $3,744 | 3.36% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 31 | $5,735,000 | $185,000 | $4,091 | 4.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 25 | $4,175,000 | $167,000 | $4,202 | 3.74% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,869 | 2.88% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,266 | 4.25% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,509 | 3.63% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 2.99% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 2.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against Princeton 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 | 83 | $19,245,000 | $231,867 | $3,999 | 3.86% |
| HELOC | 28 | $2,590,000 | $92,500 | n/a | 2.99% |
For 2020, Princeton Federal Credit Union's most frequently originated type of loan was Conventional, with 83 originations. Their 2nd most popular type was HELOC, with 28 originations.
Loan Reason
For 2020, Princeton Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 30 originations. The 2nd most popular reason was Refi, with 29 originations.
Loan Duration/Length
For 2020, Princeton Federal Credit Union's most frequently cited loan duration was 30 Year, with 36 originations. The 2nd most popular length was 20 Year, with 33 originations.
Origination Fees/Closing Costs
Princeton Federal Credit Union's average total fees were $4,183, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.
Interest Rates
During 2020, Princeton Federal Credit Union's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 2.5-3%, with 51 originations.
Loan Sizing
2020 saw Princeton Federal Credit Union place emphasis on $200k-400k loans with 48 originations, totaling $13,230,000 in origination value.
Applicant Income
Princeton Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $150k-250k, with 24 originations.
Applicant Debt to Income Ratio
Princeton Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 16 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.36%
Princeton 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 origination46.85%
Princeton 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 |
|---|---|---|---|
| 199.0 | 43 | $3,905,000 | $90,814 |
| NA | 68 | $17,930,000 | $263,676 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 111 | $21,835,000 | $196,712 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Prime Choice Funding Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 50.0% |
| Prime Choice Funding Inc. | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
| Prime Choice Funding Inc. | VA mortgage | Closing on a mortgage | 1 | 16.7% |
| Prime Choice Funding Inc. | VA mortgage | Trouble during payment process | 1 | 16.7% |