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 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 by origination volume include: South Bend, Elkhart, Raleigh, Michigan City, and Chicago among others. We have data for 71 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% | 4/18/24 |
| 30 Year Conventional Refi | 6.12% | 4/18/24 |
| 30 Year Cash-out Refi | 6.50% | 4/18/24 |
| 30 Year FHA Purchase | 7.58% | 4/18/24 |
| 15 Year Conventional Purchase | 6.07% | 4/18/24 |
| 15 Year Conventional Refi | 6.34% | 4/18/24 |
| 15 Year Cash-out Refi | 6.34% | 4/18/24 |
| 15 Year FHA Purchase | 5.68% | 4/18/24 |
| 15 Year FHA Refi | 6.89% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
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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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) | 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, KY (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% |
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Product Mix
For 2021, Inova Federal Credit Union's most frequently originated type of loan was Conventional, with 666 originations. Their 2nd most popular type was HELOC, with 241 originations.
Loan Reason
For 2021, Inova Federal Credit Union's most frequently cited loan purpose was Refi, with 320 originations. The 2nd most popular reason was Cash Out Refi, with 263 originations.
Loan Duration/Length
For 2021, Inova Federal Credit Union's most frequently cited loan duration was 15 Year, with 425 originations. The 2nd most popular length was 30 Year, with 276 originations.
Origination Fees/Closing Costs
Inova Federal Credit Union's average total fees were $2,702, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.96%, while their most frequently originated rate bucket for loans was <2.5%, with 559 originations.
Loan Sizing
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
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
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
Approval Rates
Total approvals of all applications90.73%
Inova Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination77.17%
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 |