Inova Federal Credit Union Mortgage Rates, Fees & Info
Elkhart, INLEI: 549300SQH6MBVMMRRA85
Tax ID: 35-0887540
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Mortgage Data
Review & Overview
Inova Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase 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 by origination volume include: South Bend, Elkhart, Michigan City, Indianapolis, and Raleigh among others. We have data for 55 markets. (Some data included below & more in-depth data is available with an active subscription.)Inova 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. Inova 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.56% | 3/31/23 |
| 30 Year Conventional Refi | 6.12% | 3/31/23 |
| 30 Year Cash-out Refi | 6.50% | 3/31/23 |
| 30 Year FHA Purchase | 7.58% | 3/31/23 |
| 15 Year Conventional Purchase | 6.07% | 3/31/23 |
| 15 Year Conventional Refi | 6.34% | 3/31/23 |
| 15 Year Cash-out Refi | 6.34% | 3/31/23 |
| 15 Year FHA Purchase | 5.68% | 3/31/23 |
| 15 Year FHA Refi | 6.89% | 3/31/23 |
| 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. | ||
Originations
548Origination Dollar Volume (All Markets)
$52,180,000Awards
INOVA FEDERAL CREDIT UNION - 2022
INOVA FEDERAL CREDIT UNION is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Inova Federal Credit Union's average 30 year fixed mortgage rate was
4.75%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.01%.
Relative Fees (Closing Costs)
Inova Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,160.
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 $4,750.
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 |
|---|---|---|---|---|---|
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 193 | $18,125,000 | $93,912 | $2,387 | 3.40% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 182 | $16,230,000 | $89,176 | $1,447 | 3.39% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 25 | $1,895,000 | $75,800 | $1,290 | 3.57% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 14 | $1,200,000 | $85,714 | $2,694 | 3.01% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 9 | $1,165,000 | $129,444 | $3,190 | 3.38% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 12 | $1,010,000 | $84,167 | $2,777 | 2.84% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 6 | $940,000 | $156,667 | $5,335 | 3.33% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 7 | $855,000 | $122,143 | $2,801 | 3.85% |
| Outside of Metro Areas | 9 | $735,000 | $81,667 | $2,055 | 3.79% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 5 | $705,000 | $141,000 | $0 | 4.49% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 4 | $650,000 | $162,500 | $3,917 | 2.53% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 5 | $645,000 | $129,000 | $1,377 | 2.90% |
| NILES, MI (FHA|USDA|VA) | 8 | $640,000 | $80,000 | $2,534 | 2.68% |
| Plymouth, IN (FHA|USDA|VA) | 5 | $575,000 | $115,000 | $1,709 | 4.10% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $4,845 | 3.66% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $7,470 | 2.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $5,310 | 2.12% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,472 | 3.25% |
| STOCKTON, CA (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $0 | 3.99% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,286 | 2.25% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $0 | 3.49% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,040 | 4.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $4,762 | 3.24% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,146 | 5.88% |
| COLUMBIA, SC (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $2,974 | 3.16% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,615 | 5.25% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 2.74% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 4.49% |
| Seymour, IN (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $2,247 | 4.75% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $0 | 2.74% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,717 | 3.50% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 1.49% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 3.99% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 1.75% |
| Sturgis, MI (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 4.49% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 3.82% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 3.24% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 1.49% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.99% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 4.49% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 4.49% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 2.99% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 2.99% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.99% |
| Kendallville, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,977 | 5.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.99% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,132 | 4.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 1.49% |
| Shelby, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.99% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.99% |
| Fernley, NV (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.99% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.99% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 2.99% |
| REDDING, CA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 1.49% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 1.49% |
Similar Lenders
We use machine learning to identify the top lenders compared against INOVA 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 |
|---|---|---|---|---|---|
| HELOC | 344 | $21,900,000 | $63,663 | n/a | 2.98% |
| Conventional | 199 | $29,495,000 | $148,216 | $2,052 | 4.07% |
| FHA | 5 | $785,000 | $157,000 | $4,025 | 5.38% |
For 2022, Inova Federal Credit Union's most frequently originated type of loan was HELOC, with 344 originations. Their 2nd most popular type was Conventional, with 199 originations.
Loan Reason
For 2022, Inova Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 156 originations. The 2nd most popular reason was Other, with 151 originations.
Loan Duration/Length
For 2022, Inova Federal Credit Union's most frequently cited loan duration was 15 Year, with 378 originations. The 2nd most popular length was 30 Year, with 108 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 193 | $28,235,000 | $146,295 |
| $1k-2k | 4 | $850,000 | $212,500 |
| $2k-3k | 4 | $710,000 | $177,500 |
| $3k-4k | 1 | $255,000 | $255,000 |
Inova Federal Credit Union's average total fees were $3,160, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 193 originations.
Interest Rates
During 2022, Inova Federal Credit Union's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was <2.5%, with 167 originations.
Loan Sizing
2022 saw Inova Federal Credit Union place emphasis on $100,000 or less loans with 349 originations, totaling $16,345,000 in origination value.
Applicant Income
Inova Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 132 originations. The second most popular income band? $75k-100k, with 122 originations.
Applicant Debt to Income Ratio
Inova Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? 30-36%, with 129 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.39%
Inova Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination79.38%
Inova Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 548 | $52,180,000 | $95,219 |