Mid-atlantic Federal Credit Union Mortgage Rates, Fees & Info

Germantown, MD

LEI: 549300XRGNVNCISU8Q79

Tax ID: 52-0896021

5 stars - Updated: 3/27/24 - out of 5 stars, based on 7 reviews

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

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Mortgage Data

Review & Overview

Mid-atlantic Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Mid-atlantic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Charlotte, Hagerstown, Chicago, and Baltimore among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mid-atlantic 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. Mid-atlantic 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 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.68% 3/27/24
30 Year Conventional Refi 6.23% 3/27/24
30 Year Cash-out Refi 6.29% 3/27/24
15 Year Conventional Refi 6.00% 3/27/24
15 Year Cash-out Refi 6.00% 3/27/24
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.

Mid-atlantic Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mid-atlantic Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

53

Origination Dollar Volume (All Markets)

$9,395,000

Awards

Mid-Atlantic Federal Credit Union 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Mid-atlantic Federal Credit Union's average 30 year fixed mortgage rate was 6.42%.

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

This yields a difference of -0.06%.

Relative Fees (Closing Costs)

Mid-atlantic Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,251.

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 $4,750.

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) 45 $8,355,000 $185,667 $3,430 8.45%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $385,000 $385,000 $2,715 6.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 2 $200,000 $100,000 $2,833 6.94%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $185,000 $185,000 $2,589 6.50%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $160,000 $80,000 $0 9.25%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $85,000 $85,000 $0 9.25%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.50%
Mid-atlantic Federal Credit Union's top markets include Washington, Charlotte, Hagerstown, Chicago, and Baltimore among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Mid-Atlantic Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 117
    POINT BREEZE
    Similarity Rank: 160
    IDB Global Federal Credit Union
    Similarity Rank: 416
    Member Options, LLC
    Similarity Rank: 576
    EagleBank
    Similarity Rank: 1131
    CNB Bank Inc.
    Similarity Rank: 1152

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 41 $5,685,000 $138,659 n/a 8.93%
    Conventional 12 $3,710,000 $309,167 $3,251 6.42%

    For 2023, Mid-atlantic Federal Credit Union's most frequently originated type of loan was HELOC, with 41 originations. Their 2nd most popular type was Conventional, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 40 $5,610,000 $140,250 $0 8.91%
    Home Purchase 8 $2,640,000 $330,000 $3,431 6.38%
    Cash Out Refi 3 $775,000 $258,333 $2,965 6.08%
    Home Improvement 1 $75,000 $75,000 $0 9.50%
    Refi 1 $295,000 $295,000 $2,663 7.75%

    For 2023, Mid-atlantic Federal Credit Union's most frequently cited loan purpose was Other, with 40 originations. The 2nd most popular reason was Home Purchase, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 39 $5,535,000 $141,923 $0 8.95%
    30 Year 12 $3,710,000 $309,167 $3,251 6.42%
    Other 2 $150,000 $75,000 $0 8.50%

    For 2023, Mid-atlantic Federal Credit Union's most frequently cited loan duration was 15 Year, with 39 originations. The 2nd most popular length was 30 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 9 $2,205,000 $245,000
    $1k-2k 3 $1,505,000 $501,667

    Mid-atlantic Federal Credit Union's average total fees were $3,251, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 39 $5,105,000 $130,897
    6-7% 6 $2,000,000 $333,333
    5-6% 4 $1,270,000 $317,500
    7-8% 4 $1,020,000 $255,000

    During 2023, Mid-atlantic Federal Credit Union's average interest rate for loans was 6.42%, while their most frequently originated rate bucket for loans was Over 8%, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 21 $1,205,000 $57,381 $0 8.96%
    $100k-200k 15 $1,915,000 $127,667 $2,693 8.18%
    $200k-400k 11 $3,055,000 $277,727 $3,362 7.99%
    $400k-600k 5 $2,315,000 $463,000 $3,491 7.60%
    $600k-1MM 1 $905,000 $905,000 $5,114 6.13%

    2023 saw Mid-atlantic Federal Credit Union place emphasis on $100,000 or less loans with 21 originations, totaling $1,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $2,275,000 $133,824 $3,194 8.54%
    $150k-250k 15 $2,385,000 $159,000 $2,965 8.25%
    $250k+ 9 $3,495,000 $388,333 $3,973 8.14%
    $75k-100k 9 $1,025,000 $113,889 $2,711 8.71%
    $50k-75k 3 $215,000 $71,667 $3,192 7.46%

    Mid-atlantic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $150k-250k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 13 $2,245,000 $172,692 $0 9.06%
    30-36% 13 $1,695,000 $130,385 $3,250 8.19%
    20-30% 6 $1,270,000 $211,667 $2,949 8.23%
    <20% 3 $555,000 $185,000 $3,056 6.71%
    40% 3 $555,000 $185,000 $3,868 8.04%
    41% 3 $605,000 $201,667 $2,626 7.58%
    48% 2 $450,000 $225,000 $2,715 7.38%
    47% 2 $990,000 $495,000 $5,114 7.69%
    39% 2 $130,000 $65,000 $0 9.13%
    45% 1 $75,000 $75,000 $0 9.50%
    42% 1 $105,000 $105,000 $0 9.25%
    49% 1 $205,000 $205,000 $0 8.75%
    46% 1 $65,000 $65,000 $0 9.25%
    43% 1 $75,000 $75,000 $0 7.50%
    44% 1 $375,000 $375,000 $0 9.75%

    Mid-atlantic Federal Credit Union lent most frequently to those with DTI ratios of 50-60%, with 13 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 31 $5,815,000 $187,581 $3,042 8.40%
    Black 13 $1,945,000 $149,615 $3,135 8.35%
    Asian 7 $1,455,000 $207,857 $4,153 8.04%
    Other Asian 1 $105,000 $105,000 $0 9.00%
    Native Hawaiian or Islander 1 $75,000 $75,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    72.50%

    Mid-atlantic Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    35.85%

    Mid-atlantic Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 53 $9,395,000 $177,264

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    53 $9,395,000 $177,264

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $2,760,000 $230,000 $2,663 8.88%
    40-60% 4 $1,270,000 $317,500 $0 8.75%
    60-80% 4 $1,170,000 $292,500 $3,181 6.22%
    80-100% 6 $2,140,000 $356,667 $3,590 6.44%
    Under 20% 27 $2,055,000 $76,111 $2,079 8.81%