Chesapeake Bank Mortgage Rates, Fees & Info

Kilmarnock, VA

LEI: 254900YJPIZ3RCMEM452

Tax ID: 54-0276760

5 stars - Updated: 6/9/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Chesapeake Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Chesapeake Bank has a high proportion of conventional loans. Their top markets by origination volume include: Virginia Beach, Richmond, Washington, Charlottesville, and Kill Devil Hills among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Chesapeake Bank 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. Chesapeake Bank 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 6.82% 6/9/24
30 Year Conventional Refi 6.91% 6/9/24
30 Year Cash-out Refi 6.86% 6/9/24
15 Year Conventional Purchase 6.58% 6/9/24
15 Year Conventional Refi 6.18% 6/9/24
15 Year Cash-out Refi 6.18% 6/9/24
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.

Chesapeake Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Chesapeake Bank. 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

186

Origination Dollar Volume (All Markets)

$47,460,000

Awards

Chesapeake Bank 30 Year Conventional Loans gold Chesapeake Bank 30 Year Conventional Loans gold Chesapeake Bank 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Chesapeake Bank's average 30 year fixed mortgage rate was 6.75%.

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

This yields a difference of 0.27%.

Relative Fees (Closing Costs)

Chesapeake Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,372.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 78 $16,970,000 $217,564 $2,846 7.01%
RICHMOND, VA (FHA|USDA|VA) 53 $15,965,000 $301,226 $3,219 6.94%
Outside of Metro Areas 49 $11,165,000 $227,857 $2,775 7.07%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $2,210,000 $1,105,000 $3,290 6.87%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $790,000 $395,000 $3,741 6.92%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $360,000 $180,000 $0 7.75%
Chesapeake Bank's top markets include Virginia Beach, Richmond, Washington, Charlottesville, and Kill Devil Hills among others.

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

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

    ABNB Federal Credit Union
    Similarity Rank: 65
    JOHNSON MORTGAGE COMPANY, L.L.C.
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    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 290
    NewTowne Mortgage, LLC
    Similarity Rank: 672
    Chesapeake Bank
    Similarity Rank: 684
    C&F Select LLC
    Similarity Rank: 750
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1134
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 1175
    LANGLEY
    Similarity Rank: 1196

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 186 $47,460,000 $255,161 $2,935 7.01%

    For 2023, Chesapeake Bank's most frequently originated type of loan was Conventional, with 186 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 99 $31,905,000 $322,273 $3,467 6.92%
    Cash Out Refi 56 $10,570,000 $188,750 $2,488 7.19%
    Refi 17 $3,475,000 $204,412 $2,815 6.67%
    Home Improvement 12 $1,400,000 $116,667 $2,072 7.28%
    Other 2 $110,000 $55,000 $1,893 7.75%

    For 2023, Chesapeake Bank's most frequently cited loan purpose was Home Purchase, with 99 originations. The 2nd most popular reason was Cash Out Refi, with 56 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 90 $30,110,000 $334,556 $3,372 6.75%
    15 Year 40 $3,330,000 $83,250 $1,891 7.43%
    20 Year 31 $9,245,000 $298,226 $2,647 7.14%
    Other 11 $1,725,000 $156,818 $2,591 7.14%
    1 Year 9 $2,675,000 $297,222 $5,218 7.05%
    10 Year 4 $320,000 $80,000 $1,379 7.37%
    5 Year 1 $55,000 $55,000 $1,631 6.59%

    For 2023, Chesapeake Bank's most frequently cited loan duration was 30 Year, with 90 originations. The 2nd most popular length was 15 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 83 $17,695,000 $213,193
    $<1k 47 $13,595,000 $289,255
    $2k-3k 9 $1,975,000 $219,444
    $3k-4k 8 $2,640,000 $330,000
    $5k+ 2 $760,000 $380,000
    $4k-5k 1 $505,000 $505,000

    Chesapeake Bank's average total fees were $3,372, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 88 $25,760,000 $292,727
    7-8% 80 $15,540,000 $194,250
    5-6% 14 $5,320,000 $380,000
    4-5% 2 $560,000 $280,000
    Over 8% 2 $280,000 $140,000

    During 2023, Chesapeake Bank's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 6-7%, with 88 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 55 $7,595,000 $138,091 $2,716 7.07%
    $200k-400k 52 $14,410,000 $277,115 $3,380 6.83%
    $100,000 or less 47 $2,725,000 $57,979 $1,834 7.37%
    $400k-600k 18 $8,530,000 $473,889 $4,434 6.54%
    $600k-1MM 8 $5,740,000 $717,500 $3,463 6.87%
    $1MM+ 6 $8,460,000 $1,410,000 $4,452 6.82%

    2023 saw Chesapeake Bank place emphasis on $100k-200k loans with 55 originations, totaling $7,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 37 $17,385,000 $469,865 $3,465 6.72%
    $100k-150k 34 $7,610,000 $223,824 $3,167 6.93%
    $150k-250k 26 $6,300,000 $242,308 $2,990 7.04%
    $50k-75k 22 $3,060,000 $139,091 $2,711 6.92%
    $50k or less 19 $1,465,000 $77,105 $1,734 7.14%
    $75k-100k 15 $2,085,000 $139,000 $2,892 7.23%

    Chesapeake Bank lent most frequently to those with incomes in the $250k+ range, with 37 originations. The second most popular income band? $100k-150k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 40 $10,060,000 $251,500 $2,790 6.96%
    30-36% 36 $7,200,000 $200,000 $2,753 7.14%
    <20% 25 $8,135,000 $325,400 $3,371 6.58%
    38% 7 $2,125,000 $303,571 $4,019 6.80%
    40% 6 $1,290,000 $215,000 $3,195 7.05%
    41% 5 $875,000 $175,000 $3,340 6.80%
    36% 5 $2,385,000 $477,000 $3,280 7.27%
    42% 5 $1,005,000 $201,000 $3,576 6.54%
    43% 4 $690,000 $172,500 $2,957 7.25%
    37% 4 $320,000 $80,000 $1,970 7.56%
    44% 2 $480,000 $240,000 $2,580 6.79%
    39% 2 $460,000 $230,000 $3,747 6.12%
    >60% 2 $390,000 $195,000 $1,660 7.07%
    48% 1 $45,000 $45,000 $1,518 6.59%
    49% 1 $1,205,000 $1,205,000 $3,676 6.59%
    50-60% 1 $105,000 $105,000 $1,402 5.75%
    47% 1 $125,000 $125,000 $3,271 6.99%

    Chesapeake Bank lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 121 $27,705,000 $228,967 $2,910 6.92%
    Not applicable 30 $9,270,000 $309,000 $0 7.31%
    Not provided 27 $6,635,000 $245,741 $2,864 7.07%
    Black 6 $1,950,000 $325,000 $3,014 7.08%
    Asian 2 $1,900,000 $950,000 $5,092 7.18%

    Approval Rates

    Total approvals of all applications
    82.66%

    Chesapeake Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.57%

    Chesapeake Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 186 $47,460,000 $255,161

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    186 $47,460,000 $255,161

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $6,045,000 $183,182 $2,620 7.07%
    40-60% 28 $7,130,000 $254,643 $3,185 6.97%
    60-80% 60 $21,830,000 $363,833 $3,273 6.99%
    80-100% 32 $10,460,000 $326,875 $3,822 6.71%
    Under 20% 32 $1,940,000 $60,625 $1,839 7.32%