Inova Federal Credit Union Mortgage Rates, Fees & Info

Elkhart, IN

LEI: 549300SQH6MBVMMRRA85

Tax ID: 35-0887540

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Inova Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Inova Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include South Bend, Elkhart, Raleigh, Michigan City, and Chicago among others. Inova Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Inova Federal Credit Union is typically a low fee lendor.


Originations

920

Origination Dollar Volume (All Markets)

$117,520,000

Awards

INOVA FEDERAL CREDIT UNION 30 Year Conventional Loans bronze INOVA FEDERAL CREDIT UNION 30 Year Conventional Loans gold INOVA FEDERAL CREDIT UNION 30 Year Conventional Loans silver INOVA FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Inova Federal Credit Union's average 30 year fixed rate mortgage of loans were 2.96%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.19%.

Relative Fees

Inova Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $2,702.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 348 $41,960,000 $120,575 $1,845 2.32%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 305 $38,415,000 $125,951 $1,692 2.43%
RALEIGH-CARY, NC (FHA|USDA|VA) 30 $4,770,000 $159,000 $2,451 2.21%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 35 $3,925,000 $112,143 $1,433 2.40%
Outside of Metro Areas 32 $3,220,000 $100,625 $1,808 1.88%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 19 $2,565,000 $135,000 $1,879 2.49%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 14 $2,250,000 $160,714 $3,504 2.41%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 8 $1,820,000 $227,500 $1,519 2.11%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 6 $1,200,000 $200,000 $3,443 2.14%
NILES, MI (FHA|USDA|VA) 13 $1,115,000 $85,769 $1,785 2.70%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 5 $1,115,000 $223,000 $1,841 2.68%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $945,000 $315,000 $2,241 2.12%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $840,000 $210,000 $1,596 2.12%
Sturgis, MI (FHA|USDA|VA) 4 $690,000 $172,500 $2,187 2.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $675,000 $225,000 $4,845 2.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 5 $655,000 $131,000 $3,371 1.74%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $635,000 $211,667 $4,176 2.16%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $590,000 $295,000 $3,009 2.56%
BLOOMINGTON, IN (FHA|USDA|VA) 3 $535,000 $178,333 $1,841 2.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $525,000 $175,000 $3,508 2.41%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $525,000 $175,000 $0 2.04%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $470,000 $117,500 $1,105 2.28%
VALLEJO, CA (FHA|USDA|VA) 2 $470,000 $235,000 $3,286 2.18%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $410,000 $205,000 $2,853 2.12%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $405,000 $135,000 $113 2.46%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $400,000 $200,000 $3,080 2.31%
NAPA, CA (FHA|USDA|VA) 1 $385,000 $385,000 $0 2.50%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $375,000 $125,000 $3,900 2.25%
GOLDSBORO, NC (FHA|USDA|VA) 3 $365,000 $121,667 $4,605 2.21%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $355,000 $118,333 $999 2.54%
Williston, ND (FHA|USDA|VA) 1 $325,000 $325,000 $8,967 2.88%
Angola, IN (FHA|USDA|VA) 2 $320,000 $160,000 $4,317 2.18%
Wilson, NC (FHA|USDA|VA) 1 $315,000 $315,000 $0 2.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $295,000 $98,333 $75 2.04%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $255,000 $255,000 $0 2.00%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $255,000 $255,000 $0 1.49%
Plymouth, IN (FHA|USDA|VA) 3 $225,000 $75,000 $2,117 1.74%
Pahrump, NV (FHA|USDA|VA) 1 $215,000 $215,000 $3,592 2.88%
North Vernon, IN (FHA|USDA|VA) 1 $195,000 $195,000 $3,000 2.88%
FORT WAYNE, IN (FHA|USDA|VA) 2 $190,000 $95,000 $1,245 2.44%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $190,000 $95,000 $100 2.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $185,000 $185,000 $900 3.00%
Torrington, CT (FHA|USDA|VA) 1 $175,000 $175,000 $0 2.25%
Roanoke Rapids, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,602 2.50%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 1.99%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $105,000 $105,000 $0 1.49%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.00%
WILMINGTON, NC (FHA|USDA|VA) 1 $105,000 $105,000 $250 2.13%
ROCKFORD, IL (FHA|USDA|VA) 1 $105,000 $105,000 $3,055 3.25%
Cadillac, MI (FHA|USDA|VA) 1 $105,000 $105,000 $675 2.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $95,000 $95,000 $1,669 2.50%
Traverse City, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,367 2.25%
Bluffton, IN (FHA|USDA|VA) 1 $75,000 $75,000 $0 2.00%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,810 2.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $65,000 $65,000 $0 2.00%
SPRINGFIELD, IL (FHA|USDA|VA) 1 $55,000 $55,000 $575 1.75%
RENO, NV (FHA|USDA|VA) 1 $55,000 $55,000 $0 1.49%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $55,000 $55,000 $0 1.49%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.00%
MUNCIE, IN (FHA|USDA|VA) 1 $55,000 $55,000 $2,811 2.50%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $50,000 $25,000 $0 1.49%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $45,000 $45,000 $2,309 2.38%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.49%
PUEBLO, CO (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.13%
COLUMBIA, SC (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.49%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.49%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 1.99%
Forest City, NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 1.75%
Big Rapids, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.49%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.49%
AKRON, OH (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.49%

Inova Federal Credit Union's top markets include South Bend, Elkhart, Raleigh, Michigan City, and Chicago among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 907 $115,465,000 $127,304 $1,786 2.33%
FHA 10 $1,630,000 $163,000 $4,115 2.88%
VA 3 $425,000 $141,667 $3,348 2.67%

For the 2021 period, Inova Federal Credit Union's most frequently originated loan type of loans were Conventional, with 907 originations. Their 2nd most popular type is FHA, with 10 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 320 $46,890,000 $146,531 $1,525 2.46%
Cash Out Refi 263 $36,655,000 $139,373 $1,802 2.54%
Other 128 $9,240,000 $72,188 $1,623 1.74%
Home Improvement 105 $6,345,000 $60,429 $0 1.58%
Home Purchase 104 $18,390,000 $176,827 $2,761 2.92%

For the 2021, Inova Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 320 originations. The 2nd most popular reason of loans were Cash Out Refi, with 263 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 425 $39,975,000 $94,059 $1,815 1.97%
30 Year 276 $49,960,000 $181,014 $2,702 2.96%
10 Year 133 $14,565,000 $109,511 $202 2.08%
20 Year 55 $9,925,000 $180,455 $2,143 2.73%
5 Year 20 $1,230,000 $61,500 $51 1.90%
Other 11 $1,865,000 $169,545 $1,382 2.52%

For the 2021, Inova Federal Credit Union's most frequently cited loan length of loans were 15 Year, with 425 originations. The 2nd most popular length of loans were 30 Year, with 276 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 645 $97,065,000 $150,488
$1k-2k 16 $3,300,000 $206,250
$2k-3k 6 $1,040,000 $173,333
$3k-4k 2 $490,000 $245,000
$5k+ 1 $315,000 $315,000

$2,702 of loans were Inova Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 645 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 559 $56,565,000 $101,190
2.5-3% 285 $51,315,000 $180,053
3-4% 68 $9,030,000 $132,794
4-5% 8 $610,000 $76,250

During 2021, Inova Federal Credit Union's average interest rate of loans were 2.96%, while their most frequently originated rate bucket of loans were <2.5%, with 559 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 439 $24,645,000 $56,139 $934 2.07%
$100k-200k 312 $44,110,000 $141,378 $1,897 2.55%
$200k-400k 158 $42,820,000 $271,013 $3,051 2.62%
$400k-600k 7 $3,105,000 $443,571 $2,657 2.55%
$600k-1MM 4 $2,840,000 $710,000 $2,881 2.56%

2021 saw Inova Federal Credit Union place emphasis on $100,000 or less loans with 439 originations, totaling $24,645,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 225 $26,465,000 $117,622 $1,699 2.35%
$50k or less 187 $14,335,000 $76,658 $1,462 2.39%
$100k-150k 138 $19,980,000 $144,783 $2,379 2.18%
$75k-100k 138 $17,680,000 $128,116 $2,295 2.30%
$150k-250k 74 $13,670,000 $184,730 $2,263 2.07%
$250k+ 18 $4,360,000 $242,222 $2,365 2.12%

Inova Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 225 originations. The second most popular income band? $50k or less, with 187 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 307 $38,115,000 $124,153 $1,754 2.32%
30-36% 181 $21,995,000 $121,519 $1,762 2.26%
<20% 178 $20,990,000 $117,921 $1,577 2.25%
39% 29 $3,715,000 $128,103 $1,967 2.23%
36% 26 $3,160,000 $121,538 $2,638 2.35%
38% 26 $3,620,000 $139,231 $1,721 2.51%
37% 25 $3,525,000 $141,000 $2,712 2.30%
44% 24 $4,070,000 $169,583 $2,487 2.57%
41% 21 $2,585,000 $123,095 $2,088 2.42%
42% 19 $3,145,000 $165,526 $2,677 2.57%
43% 18 $2,550,000 $141,667 $1,971 2.48%
40% 15 $1,845,000 $123,000 $1,358 2.36%
45% 11 $1,345,000 $122,273 $1,512 2.63%
47% 10 $1,390,000 $139,000 $1,769 2.49%
46% 7 $1,325,000 $189,286 $2,332 2.41%
49% 7 $1,025,000 $146,429 $856 2.45%
48% 6 $1,590,000 $265,000 $3,291 2.52%
>60% 4 $1,210,000 $302,500 $1,056 2.56%
50-60% 1 $15,000 $15,000 $0 1.49%

Inova Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 307 originations. The next most common DTI ratio? 30-36%, with 181 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 820 $102,760,000 $125,317 $1,837 2.33%
Not provided 33 $5,375,000 $162,879 $1,530 2.23%
Black 38 $5,370,000 $141,316 $2,051 2.44%
Asian 14 $2,070,000 $147,857 $1,876 1.93%
Asian Indian 3 $675,000 $225,000 $1,145 2.12%
Vietnamese 4 $550,000 $137,500 $1,348 2.37%
Not applicable 5 $305,000 $61,000 $0 4.20%
Chinese 1 $255,000 $255,000 $0 2.50%
Native Hawaiian 1 $125,000 $125,000 $3,539 2.25%
American Indian 1 $35,000 $35,000 $0 2.00%

Approval Rates

Total approvals of all applications
89.50%

Inova Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
77.82%

Inova Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 920 $117,520,000 $127,739

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
920 $117,520,000 $127,739

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 176 $15,980,000 $90,795 $652 1.95%
40-60% 216 $28,840,000 $133,519 $1,440 2.40%
60-80% 289 $48,745,000 $168,668 $2,122 2.66%
80-100% 102 $19,180,000 $188,039 $2,967 2.89%
Under 20% 137 $4,775,000 $34,854 $135 1.61%