Advanced Financial Federal Credit Union Mortgage Rates, Fees & Info
New Providence, NJLEI: 549300WVV5REOCSC4A63
Tax ID: 22-6076829
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Mortgage Data
Review & Overview
Advanced Financial Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Advanced Financial Federal Credit Union has an average proportion of conventional loans. Their top (well, only) market is New York.Advanced Financial Federal Credit Union has an above average approval rate when compared to the average across all lenders.
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Originations
22Origination Dollar Volume (All Markets)
$2,000,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 22 | $2,000,000 | $90,909 | $0 | 5.58% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 16 | $1,690,000 | $105,625 | n/a | 5.91% |
| Conventional | 6 | $310,000 | $51,667 | $0 | 4.71% |
For 2019, Advanced Financial Federal Credit Union's most frequently originated type of loan was HELOC, with 16 originations. Their 2nd most popular type was Conventional, with 6 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 12 | $380,000 | $31,667 | $0 | 5.75% |
| Home Purchase | 10 | $1,620,000 | $162,000 | $0 | 5.38% |
For 2019, Advanced Financial Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 12 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2019, Advanced Financial Federal Credit Union's most frequently cited loan duration was 15 Year, with 14 originations. The 2nd most popular length was 5 Year, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 7 | $935,000 | $133,571 |
| 4-5% | 5 | $445,000 | $89,000 |
| 6-7% | 4 | $300,000 | $75,000 |
| 3-4% | 3 | $185,000 | $61,667 |
| 7-8% | 3 | $135,000 | $45,000 |
During 2019, Advanced Financial Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 7 originations.
Loan Sizing
2019 saw Advanced Financial Federal Credit Union place emphasis on $100,000 or less loans with 13 originations, totaling $475,000 in origination value.
Applicant Income
Advanced Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Advanced Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 20 | $1,950,000 | $97,500 | $0 | 5.41% |
| Black | 2 | $50,000 | $25,000 | $0 | 7.25% |
Approval Rates
Total approvals of all applications100.00%
Advanced Financial Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 22 | $2,000,000 | $90,909 |