Inova Federal Credit Union Mortgage Rates, Fees & Info

Elkhart, IN

LEI: 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, Home Purchase, and 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 by origination volume include: Elkhart, South Bend, San Francisco, Michigan City, and Chicago among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)

Inova Federal Credit Union has an 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.56% 3/28/24
30 Year Conventional Refi 6.12% 3/28/24
30 Year Cash-out Refi 6.50% 3/28/24
30 Year FHA Purchase 7.58% 3/28/24
15 Year Conventional Purchase 6.07% 3/28/24
15 Year Conventional Refi 6.34% 3/28/24
15 Year Cash-out Refi 6.34% 3/28/24
15 Year FHA Purchase 5.68% 3/28/24
15 Year FHA Refi 6.89% 3/28/24
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

604

Origination Dollar Volume (All Markets)

$61,800,000
Show all (5) awards

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
ELKHART-GOSHEN, IN (FHA|USDA|VA) 238 $21,690,000 $91,134 $1,948 3.37%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 206 $19,840,000 $96,311 $1,912 3.24%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 10 $2,400,000 $240,000 $4,959 3.04%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 27 $2,235,000 $82,778 $1,239 3.46%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 20 $1,880,000 $94,000 $1,569 3.23%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 9 $1,585,000 $176,111 $3,364 3.80%
NILES, MI (FHA|USDA|VA) 8 $1,310,000 $163,750 $3,123 3.48%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $860,000 $215,000 $2,964 3.25%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $850,000 $425,000 $3,345 3.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 9 $795,000 $88,333 $1,874 3.23%
Outside of Metro Areas 7 $755,000 $107,857 $1,898 3.68%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $560,000 $280,000 $2,415 3.88%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $510,000 $255,000 $511 3.63%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $495,000 $495,000 $2,653 3.38%
RENO, NV (FHA|USDA|VA) 2 $400,000 $200,000 $4,483 3.50%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $365,000 $121,667 $1,462 3.04%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $355,000 $118,333 $2,410 3.08%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $345,000 $345,000 $6,488 3.75%
VALLEJO, CA (FHA|USDA|VA) 3 $325,000 $108,333 $0 2.82%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $315,000 $315,000 $3,423 3.63%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $310,000 $77,500 $4,148 2.65%
Warsaw, IN (FHA|USDA|VA) 4 $300,000 $75,000 $2,376 3.75%
COLUMBUS, IN (FHA|USDA|VA) 1 $255,000 $255,000 $1,766 3.63%
WILMINGTON, NC (FHA|USDA|VA) 1 $245,000 $245,000 $4,258 3.63%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $240,000 $120,000 $5,060 2.93%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $230,000 $115,000 $0 2.99%
Plymouth, IN (FHA|USDA|VA) 4 $210,000 $52,500 $1 3.34%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $185,000 $185,000 $883 4.25%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $170,000 $85,000 $2,680 3.25%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $165,000 $165,000 $3,812 3.75%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $155,000 $155,000 $0 1.99%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $150,000 $75,000 $832 3.56%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,098 4.50%
Seymour, IN (FHA|USDA|VA) 1 $145,000 $145,000 $2,308 3.63%
Sturgis, MI (FHA|USDA|VA) 2 $140,000 $70,000 $400 3.00%
Bedford, IN (FHA|USDA|VA) 1 $115,000 $115,000 $3,317 3.50%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.99%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $100,000 $50,000 $0 3.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $100,000 $50,000 $0 2.99%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $90,000 $45,000 $0 2.74%
Angola, IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 2.99%
FRESNO, CA (FHA|USDA|VA) 1 $65,000 $65,000 $0 2.99%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $45,000 $45,000 $1 3.13%
Peru, IN (FHA|USDA|VA) 1 $45,000 $45,000 $1 4.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $35,000 $35,000 $0 2.99%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.99%
SPRINGFIELD, IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 2.99%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 1.99%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $15,000 $15,000 $0 2.99%
Inova Federal Credit Union's top markets include Elkhart, South Bend, San Francisco, Michigan City, and Chicago among others.

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

    Circle Federal Credit Union
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    INOVA FEDERAL CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 302 $43,740,000 $144,834 $1,982 3.78%
    HELOC 283 $15,365,000 $54,293 n/a 2.77%
    FHA 15 $1,845,000 $123,000 $2,784 4.04%
    VA 4 $850,000 $212,500 $1,854 3.69%

    For 2019, Inova Federal Credit Union's most frequently originated type of loan was Conventional, with 302 originations. Their 2nd most popular type was HELOC, with 283 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 182 $10,260,000 $56,374 $0 2.74%
    Cash Out Refi 126 $15,470,000 $122,778 $1,620 3.63%
    Home Purchase 116 $17,120,000 $147,586 $2,336 3.98%
    Refi 90 $14,570,000 $161,889 $2,167 3.47%
    Home Improvement 84 $3,870,000 $46,071 $0 2.81%
    NA 6 $510,000 $85,000 $0 5.88%

    For 2019, Inova Federal Credit Union's most frequently cited loan purpose was Other, with 182 originations. The 2nd most popular reason was Cash Out Refi, with 126 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 348 $24,320,000 $69,885 $2,380 2.91%
    30 Year 177 $29,655,000 $167,542 $2,400 3.95%
    10 Year 52 $4,420,000 $85,000 $288 3.40%
    20 Year 12 $2,070,000 $172,500 $2,239 3.85%
    Other 9 $775,000 $86,111 $879 5.32%
    5 Year 6 $560,000 $93,333 $1 3.17%

    For 2019, Inova Federal Credit Union's most frequently cited loan duration was 15 Year, with 348 originations. The 2nd most popular length was 30 Year, with 177 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 261 $36,285,000 $139,023

    Inova Federal Credit Union's average total fees were $2,400, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 261 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 229 $15,315,000 $66,878
    3-4% 210 $33,160,000 $157,905
    <2.5% 92 $5,220,000 $56,739
    4-5% 62 $7,340,000 $118,387
    5-6% 10 $510,000 $51,000
    6-7% 1 $255,000 $255,000

    During 2019, Inova Federal Credit Union's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 2.5-3%, with 229 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 373 $17,755,000 $47,601 $1,278 3.13%
    $100k-200k 155 $21,795,000 $140,613 $2,024 3.59%
    $200k-400k 69 $18,255,000 $264,565 $3,000 3.69%
    $400k-600k 5 $2,515,000 $503,000 $4,862 3.40%
    $600k-1MM 2 $1,480,000 $740,000 $7,817 3.25%

    2019 saw Inova Federal Credit Union place emphasis on $100,000 or less loans with 373 originations, totaling $17,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 156 $12,500,000 $80,128 $1,901 3.30%
    $50k or less 147 $9,725,000 $66,156 $1,446 3.46%
    $100k-150k 105 $14,385,000 $137,000 $2,610 3.22%
    $75k-100k 104 $10,390,000 $99,904 $2,202 3.24%
    $150k-250k 52 $8,320,000 $160,000 $3,221 3.09%
    $250k+ 10 $2,560,000 $256,000 $4,532 2.77%

    Inova Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 156 originations. The second most popular income band? $50k or less, with 147 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 188 $17,460,000 $92,872 $2,266 3.21%
    30-36% 111 $12,085,000 $108,874 $2,129 3.33%
    <20% 103 $10,335,000 $100,340 $1,597 3.20%
    37% 24 $1,480,000 $61,667 $1,471 3.17%
    38% 21 $1,785,000 $85,000 $1,985 3.34%
    40% 18 $1,400,000 $77,778 $2,348 3.52%
    36% 17 $2,595,000 $152,647 $2,666 3.44%
    39% 16 $1,690,000 $105,625 $2,587 3.21%
    43% 14 $1,540,000 $110,000 $973 3.47%
    44% 14 $1,820,000 $130,000 $2,125 3.40%
    42% 10 $670,000 $67,000 $1,989 3.28%
    41% 10 $1,110,000 $111,000 $2,104 3.32%
    45% 7 $985,000 $140,714 $1,588 3.84%
    47% 7 $645,000 $92,143 $1,585 3.07%
    49% 4 $680,000 $170,000 $2,053 3.56%
    46% 2 $320,000 $160,000 $1,166 3.12%
    48% 2 $600,000 $300,000 $4,770 3.81%
    >60% 1 $15,000 $15,000 $0 2.49%

    Inova Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 188 originations. The next most common DTI ratio? 30-36%, with 111 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 550 $54,600,000 $99,273 $2,007 3.30%
    Black 22 $3,120,000 $141,818 $2,617 3.49%
    Asian 16 $2,770,000 $173,125 $2,004 2.95%
    Not applicable 5 $495,000 $99,000 $0 5.90%
    Not provided 4 $460,000 $115,000 $2,403 3.12%
    Native Hawaiian or Islander 3 $145,000 $48,333 $1 3.37%
    American Indian 3 $115,000 $38,333 $0 2.82%
    Other Asian 1 $95,000 $95,000 $832 4.13%

    Approval Rates

    Total approvals of all applications
    88.98%

    Inova Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.66%

    Inova Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 604 $61,800,000 $102,318

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $785,000 $87,222
    Single Family (1-4 Units):Site-Built 595 $61,015,000 $102,546

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 129 $7,865,000 $60,969 $405 2.96%
    40-60% 71 $8,435,000 $118,803 $1,410 3.38%
    60-80% 127 $19,245,000 $151,535 $2,227 3.68%
    80-100% 112 $18,040,000 $161,071 $2,382 3.87%
    Under 20% 143 $4,905,000 $34,301 $1,761 2.80%