Inova Federal Credit Union Mortgage Rates, Fees & Info

Elkhart, IN

LEI: 549300SQH6MBVMMRRA85

Tax ID: 35-0887540

5 stars - Updated: 2/25/24 - out of 5 stars, based on 23 reviews

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

Jump to:

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.56% 2/25/24
30 Year Conventional Refi 6.12% 2/25/24
30 Year Cash-out Refi 6.50% 2/25/24
30 Year FHA Purchase 7.58% 2/25/24
15 Year Conventional Purchase 6.07% 2/25/24
15 Year Conventional Refi 6.34% 2/25/24
15 Year Cash-out Refi 6.34% 2/25/24
15 Year FHA Purchase 5.68% 2/25/24
15 Year FHA Refi 6.89% 2/25/24
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.

Inova 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 Inova 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

548

Origination Dollar Volume (All Markets)

$52,180,000

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

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

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • 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.

    Chiphone Federal Credit Union
    Similarity Rank: 74
    Circle Federal Credit Union
    Similarity Rank: 504
    Farmers State Bank
    Similarity Rank: 680
    First State Bank of Middlebury
    Similarity Rank: 837
    OAK MORTGAGE, LLC
    Similarity Rank: 1080
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 1980
    CONSUMERS
    Similarity Rank: 1980
    INTERRA CREDIT UNION
    Similarity Rank: 2140
    Lake City Bank
    Similarity Rank: 2242
    EVERENCE FEDERAL CREDIT UNION
    Similarity Rank: 2279

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 156 $9,910,000 $63,526 $0 2.95%
    Other 151 $9,245,000 $61,225 $0 3.00%
    Cash Out Refi 92 $10,730,000 $116,630 $1,470 3.94%
    Home Purchase 75 $14,975,000 $199,667 $3,415 4.91%
    Refi 74 $7,320,000 $98,919 $1,062 2.95%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 378 $26,390,000 $69,815 $2,049 3.04%
    30 Year 108 $19,860,000 $183,889 $3,160 4.75%
    10 Year 45 $4,035,000 $89,667 $144 3.06%
    5 Year 9 $765,000 $85,000 $1 2.67%
    20 Year 6 $800,000 $133,333 $1,321 4.90%
    30+ year 1 $195,000 $195,000 $4,300 5.25%
    Other 1 $135,000 $135,000 $0 3.25%

    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

    Loan Rate Originations Total Value Average Loan
    <2.5% 167 $13,085,000 $78,353
    3-4% 124 $11,080,000 $89,355
    2.5-3% 109 $10,015,000 $91,881
    4-5% 79 $6,575,000 $83,228
    5-6% 51 $8,795,000 $172,451
    6-7% 17 $2,515,000 $147,941
    7-8% 1 $115,000 $115,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 349 $16,345,000 $46,834 $755 3.17%
    $100k-200k 131 $17,905,000 $136,679 $2,253 3.77%
    $200k-400k 66 $17,030,000 $258,030 $3,631 3.84%
    $400k-600k 2 $900,000 $450,000 $5,405 4.13%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 132 $9,720,000 $73,636 $1,666 3.48%
    $75k-100k 122 $10,720,000 $87,869 $2,365 3.46%
    $100k-150k 113 $12,025,000 $106,416 $2,890 3.21%
    $50k or less 99 $6,655,000 $67,222 $1,597 3.50%
    $150k-250k 52 $9,110,000 $175,192 $3,080 3.38%
    $250k+ 14 $2,040,000 $145,714 $0 2.60%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 149 $12,645,000 $84,866 $2,091 3.08%
    30-36% 129 $10,845,000 $84,070 $2,544 3.22%
    <20% 105 $10,115,000 $96,333 $1,268 3.21%
    36% 21 $2,285,000 $108,810 $2,496 3.24%
    38% 21 $2,345,000 $111,667 $2,587 4.44%
    39% 20 $1,760,000 $88,000 $2,413 3.41%
    44% 16 $1,950,000 $121,875 $2,768 4.39%
    41% 16 $2,040,000 $127,500 $1,997 3.45%
    45% 12 $1,470,000 $122,500 $1,606 3.95%
    37% 12 $2,190,000 $182,500 $3,222 4.61%
    40% 12 $760,000 $63,333 $797 3.48%
    43% 11 $1,085,000 $98,636 $1,644 4.53%
    42% 8 $860,000 $107,500 $2,909 3.95%
    46% 5 $765,000 $153,000 $3,080 3.94%
    48% 3 $295,000 $98,333 $2,983 4.99%
    50-60% 3 $405,000 $135,000 $1,257 4.41%
    47% 2 $220,000 $110,000 $2,811 4.25%
    49% 2 $60,000 $30,000 $0 4.49%
    >60% 1 $85,000 $85,000 $0 3.99%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 502 $46,450,000 $92,530 $2,039 3.39%
    Not provided 12 $1,900,000 $158,333 $2,454 2.94%
    Black 23 $1,885,000 $81,957 $2,340 3.80%
    Asian 8 $1,500,000 $187,500 $3,735 3.02%
    American Indian 1 $195,000 $195,000 $5,465 3.75%
    Korean 1 $165,000 $165,000 $2,162 6.00%
    Native Hawaiian or Islander 1 $85,000 $85,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    90.39%

    Inova Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.38%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    548 $52,180,000 $95,219

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 146 $11,360,000 $77,808 $762 2.79%
    40-60% 75 $8,505,000 $113,400 $1,225 3.53%
    60-80% 75 $13,055,000 $174,067 $2,430 3.99%
    80-100% 58 $11,140,000 $192,069 $3,302 4.81%
    Under 20% 194 $8,120,000 $41,856 $694 3.15%