Inova Federal Credit Union Mortgage Rates, Fees & Info
Elkhart, INLEI: 549300SQH6MBVMMRRA85
Tax ID: 35-0887540
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
920Origination Dollar Volume (All Markets)
$117,520,000Awards
INOVA FEDERAL CREDIT UNION - 2021
INOVA FEDERAL CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications89.50%
Inova Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination77.82%
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% |
