Advanced Financial Federal Credit Union Mortgage Rates, Fees & Info

New Providence, NJ

LEI: 549300WVV5REOCSC4A63

Tax ID: 22-6076829

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Advanced Financial Federal Credit Union is a smaller credit union specializing in Home Improvement, Other, and Refi loans. Advanced Financial Federal Credit Union has a high proportion of conventional loans. Their top two markets are New York and Allentown .

Advanced Financial Federal Credit Union has an above average approval rate when compared to the average across all lenders.

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Originations

Origination Dollar Volume (All Markets)

$1,940,000

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
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	16	$1,850,000	$115,625	$0	5.42%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA\|USDA\|VA)	2	$90,000	$45,000	$0	5.63%

Advanced Financial Federal Credit Union's top markets include New York and Allentown among others.

Their top states include:

New Jersey (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	17	$1,275,000	$75,000	$0	5.40%
HELOC	1	$665,000	$665,000	n/a	6.25%

For 2022, Advanced Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 17 originations. Their 2nd most popular type was HELOC, with 1 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	9	$685,000	$76,111	$0	5.47%
Other	5	$795,000	$159,000	$0	5.65%
Refi	4	$460,000	$115,000	$0	5.13%

For 2022, Advanced Financial Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 9 originations. The 2nd most popular reason was Other, with 5 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
10 Year	7	$385,000	$55,000	$0	6.46%
15 Year	5	$625,000	$125,000	$0	3.60%
5 Year	2	$50,000	$25,000	$0	5.25%
Other	2	$90,000	$45,000	$0	7.25%
1 Year	1	$665,000	$665,000	$0	6.25%
20 Year	1	$125,000	$125,000	$0	3.50%

For 2022, Advanced Financial Federal Credit Union's most frequently cited loan duration was 10 Year, with 7 originations. The 2nd most popular length was 15 Year, with 5 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	4	$350,000	$87,500
3-4%	4	$540,000	$135,000
5-6%	3	$115,000	$38,333
6-7%	3	$735,000	$245,000
7-8%	2	$100,000	$50,000
Over 8%	1	$45,000	$45,000
2.5-3%	1	$55,000	$55,000

During 2022, Advanced Financial Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 4 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	12	$510,000	$42,500	$0	5.98%
$100k-200k	4	$510,000	$127,500	$0	4.06%
$200k-400k	1	$255,000	$255,000	$0	3.75%
$600k-1MM	1	$665,000	$665,000	$0	6.25%

2022 saw Advanced Financial Federal Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $510,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	7	$835,000	$119,286	$0	4.54%
$100k-150k	4	$820,000	$205,000	$0	5.44%
$250k+	3	$145,000	$48,333	$0	8.33%
$75k-100k	3	$125,000	$41,667	$0	4.33%
$50k or less	1	$15,000	$15,000	$0	6.50%

Advanced Financial Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 7 originations. The second most popular income band? $100k-150k, with 4 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
<20%	5	$475,000	$95,000	$0	4.55%
30-36%	4	$290,000	$72,500	$0	5.13%
20-30%	3	$95,000	$31,667	$0	5.50%
50-60%	2	$270,000	$135,000	$0	5.13%
42%	2	$110,000	$55,000	$0	8.50%
40%	1	$665,000	$665,000	$0	6.25%
>60%	1	$35,000	$35,000	$0	4.75%

Advanced Financial Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 5 originations. The next most common DTI ratio? 30-36%, with 4 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	17	$1,885,000	$110,882	$0	5.38%
Black	1	$55,000	$55,000	$0	6.50%

Approval Rates

Total approvals of all applications
100.00%

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 origination

Points and Fees

Points	Originations	Total Value	Average Loan
NA	18	$1,940,000	$107,778

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	18	$1,940,000	$107,778

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	4	$1,010,000	$252,500	$0	5.75%
Under 20%	14	$930,000	$66,429	$0	5.36%