Orlando Credit Union Mortgage Rates, Fees & Info

Orlando, FL

LEI: 549300ULZJK0NFBI8J68

Tax ID: 59-1517872

5 stars - Updated: 6/9/24 - out of 5 stars, based on 11 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Orlando Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Orlando Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Orlando, Deltona, Miami, Palm Bay, and Key West among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Orlando Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Orlando Credit Union is typically an average 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 relatively high 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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Originations

119

Origination Dollar Volume (All Markets)

$22,685,000

Awards

ORLANDO CREDIT UNION 30 Year Conventional Loans gold ORLANDO CREDIT UNION 30 Year Conventional Loans bronze ORLANDO CREDIT UNION 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Orlando Credit Union's average 30 year fixed mortgage rate was 6.33%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.15%.

Relative Fees (Closing Costs)

Orlando Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,060.

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 $9,089.

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
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 101 $18,105,000 $179,257 $1,964 7.72%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 5 $835,000 $167,000 $2,635 7.58%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $825,000 $825,000 $0 6.45%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $740,000 $370,000 $1,205 7.75%
Key West, FL (FHA|USDA|VA) 1 $605,000 $605,000 $0 6.25%
OCALA, FL (FHA|USDA|VA) 3 $475,000 $158,333 $6,609 6.29%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $470,000 $235,000 $4,680 6.10%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $365,000 $121,667 $829 7.33%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,375 6.00%
Orlando Credit Union's top markets include Orlando, Deltona, Miami, Palm Bay, and Key West among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against ORLANDO CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ORLANDO CREDIT UNION
    Similarity Rank: 459
    Suncoast Credit Union
    Similarity Rank: 570
    Terrabank
    Similarity Rank: 660
    TrustCo Bank
    Similarity Rank: 672
    ADDITION FINANCIAL
    Similarity Rank: 804
    PARK SQUARE HOME MORTGAGE, LLC
    Similarity Rank: 845
    SPACE COAST Credit Union
    Similarity Rank: 1040
    MIDFLORIDA
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    Citizens First Bank
    Similarity Rank: 1176
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 1364

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 119 $22,685,000 $190,630 $2,132 7.61%

    For 2023, Orlando Credit Union's most frequently originated type of loan was Conventional, with 119 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 39 $2,645,000 $67,821 $19 8.73%
    Home Purchase 37 $13,065,000 $353,108 $5,122 6.40%
    Home Improvement 25 $2,275,000 $91,000 $0 8.62%
    Refi 18 $4,700,000 $261,111 $3,739 6.24%

    For 2023, Orlando Credit Union's most frequently cited loan purpose was Other, with 39 originations. The 2nd most popular reason was Home Purchase, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 48 $4,790,000 $99,792 $415 8.48%
    30 Year 43 $14,405,000 $335,000 $5,060 6.33%
    10 Year 17 $1,025,000 $60,294 $0 8.69%
    5 Year 5 $335,000 $67,000 $0 8.10%
    Other 4 $1,780,000 $445,000 $3,457 6.68%
    20 Year 2 $350,000 $175,000 $3,177 5.79%

    For 2023, Orlando Credit Union's most frequently cited loan duration was 15 Year, with 48 originations. The 2nd most popular length was 30 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 83 $10,045,000 $121,024
    $1k-2k 22 $7,430,000 $337,727
    $2k-3k 5 $1,255,000 $251,000
    $5k+ 4 $1,800,000 $450,000
    $3k-4k 1 $335,000 $335,000
    $4k-5k 1 $145,000 $145,000

    Orlando Credit Union's average total fees were $5,060, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 51 $3,525,000 $69,118
    6-7% 29 $8,265,000 $285,000
    5-6% 22 $7,680,000 $349,091
    7-8% 16 $2,880,000 $180,000
    4-5% 1 $335,000 $335,000

    During 2023, Orlando Credit Union's average interest rate for loans was 6.33%, while their most frequently originated rate bucket for loans was Over 8%, with 51 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 50 $2,810,000 $56,200 $15 8.76%
    $100k-200k 31 $4,305,000 $138,871 $2,066 7.28%
    $200k-400k 25 $7,415,000 $296,600 $4,702 6.35%
    $400k-600k 7 $3,395,000 $485,000 $6,245 6.61%
    $600k-1MM 5 $3,685,000 $737,000 $5,756 6.16%
    $1MM+ 1 $1,075,000 $1,075,000 $8,710 6.00%

    2023 saw Orlando Credit Union place emphasis on $100,000 or less loans with 50 originations, totaling $2,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 27 $4,925,000 $182,407 $2,600 7.38%
    $100k-150k 25 $4,415,000 $176,600 $1,828 7.90%
    $50k-75k 25 $2,645,000 $105,800 $1,353 7.85%
    $150k-250k 16 $4,220,000 $263,750 $2,283 7.62%
    $50k or less 16 $1,600,000 $100,000 $1,777 7.79%
    $250k+ 6 $2,940,000 $490,000 $4,812 6.60%

    Orlando Credit Union lent most frequently to those with incomes in the $75k-100k range, with 27 originations. The second most popular income band? $100k-150k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $3,505,000 $206,176 $2,047 7.83%
    30-36% 13 $2,875,000 $221,154 $3,009 6.99%
    44% 8 $1,160,000 $145,000 $2,751 7.13%
    38% 8 $1,730,000 $216,250 $1,698 7.84%
    45% 7 $905,000 $129,286 $1,446 7.86%
    43% 6 $620,000 $103,333 $755 8.29%
    37% 5 $615,000 $123,000 $1,336 8.14%
    48% 5 $265,000 $53,000 $0 8.85%
    42% 5 $705,000 $141,000 $1,068 8.68%
    <20% 4 $1,020,000 $255,000 $2,559 6.53%
    41% 4 $270,000 $67,500 $92 9.25%
    46% 4 $350,000 $87,500 $0 8.69%
    49% 4 $600,000 $150,000 $4,973 7.47%
    47% 3 $765,000 $255,000 $3,110 6.25%
    36% 3 $505,000 $168,333 $1,456 7.87%
    50-60% 2 $260,000 $130,000 $0 8.38%
    >60% 1 $85,000 $85,000 $0 9.50%
    40% 1 $25,000 $25,000 $0 8.74%
    39% 1 $105,000 $105,000 $0 9.50%

    Orlando Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 61 $12,505,000 $205,000 $2,281 7.55%
    Black 37 $4,855,000 $131,216 $1,599 7.71%
    Not provided 14 $2,120,000 $151,429 $2,003 8.04%
    Not applicable 3 $1,675,000 $558,333 $0 6.40%
    Asian 4 $1,530,000 $382,500 $5,245 6.94%

    Approval Rates

    Total approvals of all applications
    60.40%

    Orlando Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    97.48%

    Orlando Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 119 $22,685,000 $190,630

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    119 $22,685,000 $190,630

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $3,355,000 $134,200 $757 8.01%
    40-60% 11 $2,305,000 $209,545 $2,927 7.02%
    60-80% 19 $7,275,000 $382,895 $5,008 6.41%
    80-100% 9 $3,005,000 $333,889 $5,423 6.25%
    Under 20% 41 $2,125,000 $51,829 $18 8.88%