Commonwealth One Federal Credit Union Mortgage Rates, Fees & Info

Alexandria, VA

LEI: 549300YMV5FVP7DXOG44

Tax ID: 53-0197031

5 stars - Updated: 10/29/24 - out of 5 stars, based on 16 reviews

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

Jump to:

Mortgage Data

Review & Overview

Commonwealth One Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Commonwealth One Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Harrisonburg, Richmond, Staunton, and Baltimore among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

Commonwealth One 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. Commonwealth One Federal 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.

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.


Originations

262

Origination Dollar Volume (All Markets)

$49,020,000

Awards

COMMONWEALTH ONE FEDERAL CREDIT UNION 30 Year Conventional Loans silver COMMONWEALTH ONE FEDERAL CREDIT UNION 30 Year Conventional Loans gold COMMONWEALTH ONE FEDERAL CREDIT UNION 30 Year Conventional Loans gold COMMONWEALTH ONE FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Commonwealth One Federal Credit Union's average 30 year fixed mortgage rate was 5.69%.

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

This yields a difference of -0.79%.

Relative Fees (Closing Costs)

Commonwealth One Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,922.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 154 $29,920,000 $194,286 $1,791 6.13%
HARRISONBURG, VA (FHA|USDA|VA) 37 $5,535,000 $149,595 $2,198 5.97%
RICHMOND, VA (FHA|USDA|VA) 8 $2,080,000 $260,000 $2,630 6.15%
Outside of Metro Areas 9 $1,845,000 $205,000 $2,335 5.55%
STAUNTON, VA (FHA|USDA|VA) 10 $1,790,000 $179,000 $2,503 5.96%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 8 $1,510,000 $188,750 $2,614 6.41%
WINCHESTER, VA-WV (FHA|USDA|VA) 4 $840,000 $210,000 $1,741 6.56%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 3 $735,000 $245,000 $2,132 6.02%
ROANOKE, VA (FHA|USDA|VA) 3 $685,000 $228,333 $2,059 6.21%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $560,000 $280,000 $4,968 6.06%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $430,000 $215,000 $4,411 6.18%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $405,000 $405,000 $4,950 6.00%
GREENVILLE, NC (FHA|USDA|VA) 1 $355,000 $355,000 $6,487 4.63%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $355,000 $118,333 $999 7.16%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $275,000 $275,000 $5,593 5.63%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 2 $260,000 $130,000 $737 7.63%
PITTSBURGH, PA (FHA|USDA|VA) 1 $235,000 $235,000 $4,728 6.38%
GAINESVILLE, GA (FHA|USDA|VA) 1 $215,000 $215,000 $4,695 5.38%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $215,000 $71,667 $700 7.21%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $190,000 $95,000 $713 4.51%
Morehead City, NC (FHA|USDA|VA) 1 $105,000 $105,000 $1,025 7.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $105,000 $105,000 $1,006 7.74%
CHARLESTON, WV (FHA|USDA|VA) 1 $105,000 $105,000 $1,020 8.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $95,000 $95,000 $3,902 7.38%
LYNCHBURG, VA (FHA|USDA|VA) 1 $85,000 $85,000 $834 5.75%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $55,000 $55,000 $1,000 7.00%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $35,000 $35,000 $716 4.99%
Commonwealth One Federal Credit Union's top markets include Washington, Harrisonburg, Richmond, Staunton, and Baltimore among others.

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

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

    PARK VIEW FEDERAL CREDIT UNION
    Similarity Rank: 12
    DUPONT COMMUNITY
    Similarity Rank: 44
    F & M BANK CORP.
    Similarity Rank: 320
    IDB Global Federal Credit Union
    Similarity Rank: 416
    Member Options, LLC
    Similarity Rank: 576
    EagleBank
    Similarity Rank: 1131
    CNB Bank Inc.
    Similarity Rank: 1152
    NATIONAL COOPERATIVE BANK, N.A.
    Similarity Rank: 1620
    City National Bank of West Virginia
    Similarity Rank: 1628

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 262 $49,020,000 $187,099 $2,018 6.13%

    For 2023, Commonwealth One Federal Credit Union's most frequently originated type of loan was Conventional, with 262 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 73 $7,785,000 $106,644 $1,221 6.35%
    Home Purchase 72 $27,220,000 $378,056 $4,619 5.65%
    Home Improvement 65 $6,615,000 $101,769 $719 6.02%
    Refi 45 $5,925,000 $131,667 $659 6.65%
    Cash Out Refi 7 $1,475,000 $210,714 $3,985 6.54%

    For 2023, Commonwealth One Federal Credit Union's most frequently cited loan purpose was Other, with 73 originations. The 2nd most popular reason was Home Purchase, with 72 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 79 $30,615,000 $387,532 $4,922 5.69%
    15 Year 61 $6,865,000 $112,541 $745 6.18%
    20 Year 61 $7,505,000 $123,033 $811 6.97%
    10 Year 49 $3,365,000 $68,673 $747 5.94%
    5 Year 11 $625,000 $56,818 $475 5.42%
    Other 1 $45,000 $45,000 $508 3.37%

    For 2023, Commonwealth One Federal Credit Union's most frequently cited loan duration was 30 Year, with 79 originations. The 2nd most popular length was 15 Year, with 61 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 173 $16,525,000 $95,520
    $1k-2k 77 $28,735,000 $373,182
    $2k-3k 3 $765,000 $255,000
    $3k-4k 3 $1,105,000 $368,333
    $4k-5k 2 $760,000 $380,000
    $5k+ 2 $700,000 $350,000

    Commonwealth One Federal Credit Union's average total fees were $4,922, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 173 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 112 $21,700,000 $193,750
    6-7% 80 $14,320,000 $179,000
    4-5% 28 $7,760,000 $277,143
    7-8% 24 $2,540,000 $105,833
    Over 8% 15 $1,405,000 $93,667
    3-4% 3 $1,295,000 $431,667

    During 2023, Commonwealth One Federal Credit Union's average interest rate for loans was 5.69%, while their most frequently originated rate bucket for loans was 5-6%, with 112 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 112 $6,390,000 $57,054 $655 6.27%
    $100k-200k 68 $9,570,000 $140,735 $1,324 6.42%
    $200k-400k 50 $13,780,000 $275,600 $3,684 5.80%
    $400k-600k 16 $7,260,000 $453,750 $5,732 5.59%
    $600k-1MM 16 $12,020,000 $751,250 $5,646 5.47%

    2023 saw Commonwealth One Federal Credit Union place emphasis on $100,000 or less loans with 112 originations, totaling $6,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 88 $22,970,000 $261,023 $2,516 6.03%
    $100k-150k 72 $9,590,000 $133,194 $1,682 6.13%
    $75k-100k 45 $5,455,000 $121,222 $1,623 6.29%
    $250k+ 28 $7,400,000 $264,286 $1,991 5.98%
    $50k-75k 22 $2,760,000 $125,455 $1,712 6.31%
    $50k or less 7 $845,000 $120,714 $2,807 6.39%

    Commonwealth One Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 88 originations. The second most popular income band? $100k-150k, with 72 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 47 $7,285,000 $155,000 $1,626 6.06%
    20-30% 36 $4,870,000 $135,278 $1,463 6.09%
    50-60% 25 $5,255,000 $210,200 $1,766 6.01%
    48% 14 $1,960,000 $140,000 $1,394 5.86%
    44% 14 $3,680,000 $262,857 $2,153 6.27%
    49% 13 $1,755,000 $135,000 $1,331 6.79%
    45% 12 $2,370,000 $197,500 $1,434 6.59%
    40% 12 $2,020,000 $168,333 $2,383 6.72%
    <20% 11 $2,215,000 $201,364 $2,609 5.44%
    41% 11 $1,895,000 $172,273 $1,859 6.98%
    42% 11 $2,975,000 $270,455 $3,439 5.52%
    43% 11 $2,455,000 $223,182 $4,152 5.93%
    46% 9 $3,005,000 $333,889 $2,925 5.66%
    37% 9 $2,045,000 $227,222 $3,449 5.82%
    39% 8 $1,420,000 $177,500 $1,920 6.05%
    38% 8 $1,240,000 $155,000 $1,812 6.59%
    47% 8 $2,200,000 $275,000 $2,102 6.22%
    36% 2 $230,000 $115,000 $2,512 5.87%
    >60% 1 $145,000 $145,000 $918 5.64%

    Commonwealth One Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 47 originations. The next most common DTI ratio? 20-30%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 133 $24,295,000 $182,669 $2,030 6.08%
    Not provided 48 $8,420,000 $175,417 $1,990 5.88%
    Asian 23 $8,195,000 $356,304 $3,234 5.82%
    Black 55 $7,915,000 $143,909 $1,585 6.63%
    Filipino 1 $115,000 $115,000 $644 5.12%
    Asian Indian 1 $45,000 $45,000 $445 4.99%
    Native Hawaiian or Islander 1 $35,000 $35,000 $463 5.74%

    Approval Rates

    Total approvals of all applications
    81.30%

    Commonwealth One Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.50%

    Commonwealth One Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 262 $49,020,000 $187,099

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    262 $49,020,000 $187,099

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $11,130,000 $163,676 $1,055 6.47%
    40-60% 14 $2,190,000 $156,429 $2,803 6.01%
    60-80% 24 $8,540,000 $355,833 $4,332 5.86%
    80-100% 46 $19,670,000 $427,609 $5,366 5.68%
    Under 20% 110 $7,490,000 $68,091 $586 6.18%