Lafayette Federal Credit Union Mortgage Rates, Fees & Info
Rockville, MDLEI: 549300SY0ZRUCS4CSY07
Tax ID: 53-0197895
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Mortgage Data
Review & Overview
Lafayette Federal Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Lafayette Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, New York, Easton, and Miami among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)Lafayette 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. Lafayette Federal Credit Union is typically a high 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.29% | 4/21/24 |
| 30 Year Conventional Refi | 6.10% | 4/21/24 |
| 30 Year Cash-out Refi | 6.43% | 4/21/24 |
| 15 Year Conventional Purchase | 5.88% | 4/21/24 |
| 15 Year Conventional Refi | 5.85% | 4/21/24 |
| 15 Year Cash-out Refi | 5.85% | 4/21/24 |
| 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. | ||
Lafayette 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
171Origination Dollar Volume (All Markets)
$63,475,000Awards
LAFAYETTE FEDERAL CREDIT UNION - 2019
LAFAYETTE FEDERAL CREDIT UNION is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 100 | $39,920,000 | $399,200 | $8,550 | 4.26% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 23 | $8,815,000 | $383,261 | $5,481 | 4.54% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $2,655,000 | $885,000 | $15,760 | 3.29% |
| Easton, MD (FHA|USDA|VA) | 2 | $1,330,000 | $665,000 | $7,969 | 3.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $1,230,000 | $307,500 | $3,139 | 5.03% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $21,758 | 3.38% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $11,058 | 5.25% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,096 | 4.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $4,759 | 3.63% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $8,790 | 2.75% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,602 | 4.13% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $16,281 | 3.63% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,196 | 3.88% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 3.88% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,535 | 2.88% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,026 | 4.13% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 4.88% |
| Outside of Metro Areas | 2 | $370,000 | $185,000 | $3,945 | 2.94% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $370,000 | $92,500 | $2,268 | 5.25% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $9,747 | 2.88% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,206 | 5.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,692 | 2.75% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $46,302 | 3.25% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,251 | 4.25% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $949 | 6.44% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,914 | 3.38% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,974 | 3.63% |
| Jacksonville, IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,414 | 3.50% |
| RENO, NV (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,626 | 5.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $43,849 | 3.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,837 | 4.75% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $874 | 6.25% |
| Cortland, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,507 | 3.75% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $13,145 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against LAFAYETTE 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 |
|---|---|---|---|---|---|
| Conventional | 171 | $63,475,000 | $371,199 | $8,149 | 4.28% |
For 2019, Lafayette Federal Credit Union's most frequently originated type of loan was Conventional, with 171 originations.
Loan Reason
For 2019, Lafayette Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 71 originations. The 2nd most popular reason was Refi, with 50 originations.
Loan Duration/Length
For 2019, Lafayette Federal Credit Union's most frequently cited loan duration was 30 Year, with 110 originations. The 2nd most popular length was 20 Year, with 39 originations.
Origination Fees/Closing Costs
Lafayette Federal Credit Union's average total fees were $10,453, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 114 originations.
Interest Rates
During 2019, Lafayette Federal Credit Union's average interest rate for loans was 3.78%, while their most frequently originated rate bucket for loans was 3-4%, with 71 originations.
Loan Sizing
2019 saw Lafayette Federal Credit Union place emphasis on $200k-400k loans with 57 originations, totaling $16,955,000 in origination value.
Applicant Income
Lafayette Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 70 originations. The second most popular income band? $150k-250k, with 45 originations.
Applicant Debt to Income Ratio
Lafayette Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 31 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.85%
Lafayette Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination76.02%
Lafayette Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 171 | $63,475,000 | $371,199 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 171 | $63,475,000 | $371,199 |