Mid-atlantic Federal Credit Union Mortgage Rates, Fees & Info
Germantown, MDLEI: 549300XRGNVNCISU8Q79
Tax ID: 52-0896021
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Mortgage Data
Review & Overview
Mid-atlantic Federal Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Mid-atlantic Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Washington, Baltimore, Houston, Salisbury, and Richmond among others. We have data for 6 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 an 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 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.68% | 4/18/24 |
| 30 Year Conventional Refi | 6.23% | 4/18/24 |
| 30 Year Cash-out Refi | 6.29% | 4/18/24 |
| 15 Year Conventional Refi | 6.00% | 4/18/24 |
| 15 Year Cash-out Refi | 6.00% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
136Origination Dollar Volume (All Markets)
$27,210,000Awards
Mid-Atlantic Federal Credit Union - 2019
Mid-Atlantic 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) | 125 | $24,035,000 | $192,280 | $3,681 | 5.19% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 6 | $1,210,000 | $201,667 | $2,617 | 5.50% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $1,055,000 | $1,055,000 | $8,554 | 4.50% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $3,292 | 4.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.00% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 5.88% |
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.
Similarity Rank: 218
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 102 | $12,470,000 | $122,255 | n/a | 5.62% |
| Conventional | 30 | $13,820,000 | $460,667 | $3,246 | 4.01% |
| FHA | 4 | $920,000 | $230,000 | $7,423 | 3.59% |
For 2019, Mid-atlantic Federal Credit Union's most frequently originated type of loan was HELOC, with 102 originations. Their 2nd most popular type was Conventional, with 30 originations.
Loan Reason
For 2019, Mid-atlantic Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.
Loan Duration/Length
For 2019, Mid-atlantic Federal Credit Union's most frequently cited loan duration was Other, with 67 originations. The 2nd most popular length was 30 Year, with 37 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 28 | $12,530,000 | $447,500 |
| $1k-2k | 3 | $585,000 | $195,000 |
| $2k-3k | 2 | $1,080,000 | $540,000 |
| $3k-4k | 1 | $545,000 | $545,000 |
Mid-atlantic Federal Credit Union's average total fees were $3,779, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 93 | $11,355,000 | $122,097 |
| 4-5% | 23 | $6,525,000 | $283,696 |
| 3-4% | 20 | $9,330,000 | $466,500 |
During 2019, Mid-atlantic Federal Credit Union's average interest rate for loans was 4.17%, while their most frequently originated rate bucket for loans was 5-6%, with 93 originations.
Loan Sizing
2019 saw Mid-atlantic Federal Credit Union place emphasis on $100,000 or less loans with 58 originations, totaling $3,150,000 in origination value.
Applicant Income
Mid-atlantic Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 34 originations. The second most popular income band? $50k or less, with 28 originations.
Applicant Debt to Income Ratio
Mid-atlantic Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 50-60%, with 22 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.22%
Mid-atlantic Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination92.65%
Mid-atlantic Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 136 | $27,210,000 | $200,074 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 136 | $27,210,000 | $200,074 |