Abnb Federal Credit Union Mortgage Rates, Fees & Info

Chesapeake, VA

LEI: 549300OOBQV34V3WL383

Tax ID: 54-0699296

5 stars - Updated: 5/20/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Abnb Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Abnb Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Virginia Beach, Kill Devil Hills, Elizabeth City, and Richmond among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Abnb Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Abnb 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 5/20/24
30 Year Conventional Purchase 5.76% 5/20/24
30 Year Conventional Refi 6.36% 5/20/24
15 Year Conventional Purchase 5.85% 5/20/24
15 Year Conventional Refi 6.00% 5/20/24
15 Year Cash-out Refi 6.00% 5/20/24
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.

Abnb 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 Abnb 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

351

Origination Dollar Volume (All Markets)

$30,585,000

Awards

ABNB Federal Credit Union 30 Year Conventional Loans gold ABNB Federal Credit Union 30 Year Conventional Loans silver ABNB Federal Credit Union 30 Year Conventional Loans silver ABNB Federal Credit Union 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Abnb Federal Credit Union's average 30 year fixed mortgage rate was 6.24%.

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

This yields a difference of -0.24%.

Relative Fees (Closing Costs)

Abnb Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,168.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 333 $28,645,000 $86,021 $3,156 7.86%
Kill Devil Hills, NC (FHA|USDA|VA) 5 $885,000 $177,000 $3,460 7.29%
Outside of Metro Areas 3 $525,000 $175,000 $3,249 7.37%
Elizabeth City, NC (FHA|USDA|VA) 9 $495,000 $55,000 $0 7.71%
RICHMOND, VA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.75%
Abnb Federal Credit Union's top markets include Virginia Beach, Kill Devil Hills, Elizabeth City, and Richmond among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    ABNB Federal Credit Union
    Similarity Rank: 65
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 108
    Chesapeake Bank
    Similarity Rank: 288
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 290
    NewTowne Mortgage, LLC
    Similarity Rank: 672
    LANGLEY
    Similarity Rank: 754
    Virginia Credit Union, Inc.
    Similarity Rank: 1152
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 1175
    Southern Bank and Trust Company
    Similarity Rank: 1512

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 324 $21,320,000 $65,802 n/a 7.98%
    Conventional 27 $9,265,000 $343,148 $3,171 6.23%

    For 2023, Abnb Federal Credit Union's most frequently originated type of loan was HELOC, with 324 originations. Their 2nd most popular type was Conventional, with 27 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 230 $15,680,000 $68,174 $0 7.92%
    Other 73 $4,405,000 $60,342 $0 8.11%
    Home Purchase 27 $7,105,000 $263,148 $3,256 6.68%
    Refi 12 $1,500,000 $125,000 $2,974 7.84%
    Cash Out Refi 9 $1,895,000 $210,556 $2,965 7.12%

    For 2023, Abnb Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 230 originations. The 2nd most popular reason was Other, with 73 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 307 $20,145,000 $65,619 $0 7.95%
    30 Year 26 $8,890,000 $341,923 $3,168 6.24%
    30+ year 17 $1,175,000 $69,118 $0 8.54%
    15 Year 1 $375,000 $375,000 $3,249 5.88%

    For 2023, Abnb Federal Credit Union's most frequently cited loan duration was Other, with 307 originations. The 2nd most popular length was 30 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 27 $9,265,000 $343,148

    Abnb Federal Credit Union's average total fees were $3,168, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 27 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 146 $10,220,000 $70,000
    7-8% 102 $6,540,000 $64,118
    6-7% 90 $8,840,000 $98,222
    5-6% 13 $4,985,000 $383,462

    During 2023, Abnb Federal Credit Union's average interest rate for loans was 6.24%, while their most frequently originated rate bucket for loans was Over 8%, with 146 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 268 $13,610,000 $50,784 $0 7.98%
    $100k-200k 54 $6,730,000 $124,630 $2,555 7.73%
    $200k-400k 22 $6,160,000 $280,000 $3,191 7.15%
    $400k-600k 5 $2,465,000 $493,000 $3,348 5.78%
    $600k-1MM 2 $1,620,000 $810,000 $4,756 6.13%

    2023 saw Abnb Federal Credit Union place emphasis on $100,000 or less loans with 268 originations, totaling $13,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 108 $9,740,000 $90,185 $3,161 7.90%
    $150k-250k 71 $7,425,000 $104,577 $3,185 7.82%
    $75k-100k 70 $4,540,000 $64,857 $2,957 7.95%
    $50k-75k 58 $3,350,000 $57,759 $2,773 7.83%
    $250k+ 23 $4,545,000 $197,609 $4,124 7.34%
    $50k or less 21 $985,000 $46,905 $2,246 7.87%

    Abnb Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 108 originations. The second most popular income band? $150k-250k, with 71 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 73 $6,965,000 $95,411 $3,362 7.81%
    30-36% 61 $5,625,000 $92,213 $3,150 8.01%
    <20% 34 $2,690,000 $79,118 $3,046 7.25%
    42% 22 $2,260,000 $102,727 $3,333 7.72%
    50-60% 21 $1,565,000 $74,524 $0 8.13%
    40% 21 $1,345,000 $64,048 $0 8.24%
    41% 18 $1,260,000 $70,000 $2,917 7.71%
    39% 17 $1,205,000 $70,882 $0 8.08%
    43% 14 $1,200,000 $85,714 $2,832 7.86%
    >60% 13 $1,305,000 $100,385 $2,615 8.16%
    37% 12 $1,150,000 $95,833 $3,500 7.75%
    38% 12 $1,500,000 $125,000 $3,371 7.91%
    36% 9 $895,000 $99,444 $2,815 7.65%
    44% 6 $240,000 $40,000 $0 7.59%
    46% 6 $310,000 $51,667 $0 8.11%
    48% 4 $270,000 $67,500 $0 8.09%
    47% 4 $420,000 $105,000 $0 7.33%
    49% 3 $345,000 $115,000 $0 7.22%
    45% 1 $35,000 $35,000 $0 7.59%

    Abnb Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 73 originations. The next most common DTI ratio? 30-36%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 241 $22,055,000 $91,515 $3,121 7.70%
    Black 80 $5,370,000 $67,125 $3,508 8.24%
    Asian 19 $1,465,000 $77,105 $3,254 8.27%
    Not provided 5 $785,000 $157,000 $3,684 7.54%
    Asian Indian 1 $525,000 $525,000 $2,997 6.63%
    Native Hawaiian or Islander 4 $340,000 $85,000 $0 7.58%
    American Indian 1 $45,000 $45,000 $0 6.49%

    Approval Rates

    Total approvals of all applications
    66.17%

    Abnb Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    85.75%

    Abnb Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 324 $21,320,000 $65,802
    NA 27 $9,265,000 $343,148

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    351 $30,585,000 $87,137

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 99 $9,145,000 $92,374 $2,318 8.26%
    40-60% 12 $1,850,000 $154,167 $2,745 7.56%
    60-80% 7 $2,765,000 $395,000 $3,443 6.14%
    80-100% 15 $5,495,000 $366,333 $3,279 6.23%
    Under 20% 218 $11,330,000 $51,972 $0 7.84%