Chesapeake Bank Mortgage Rates, Fees & Info

Kilmarnock, VA

LEI: 254900YJPIZ3RCMEM452

Tax ID: 54-0276760

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, and Charlottesville among others. We have data for 4 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 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.

    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% 12/16/24
    30 Year Conventional Refi 6.91% 12/16/24
    30 Year Cash-out Refi 6.86% 12/16/24
    15 Year Conventional Purchase 6.58% 12/16/24
    15 Year Conventional Refi 6.18% 12/16/24
    15 Year Cash-out Refi 6.18% 12/16/24
    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

    289

    Origination Dollar Volume (All Markets)

    $77,835,000

    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

    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) 140 $36,400,000 $260,000 $3,010 4.88%
    RICHMOND, VA (FHA|USDA|VA) 70 $23,270,000 $332,429 $3,138 4.79%
    Outside of Metro Areas 78 $18,010,000 $230,897 $2,902 5.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $155,000 $155,000 $3,008 5.25%
    Chesapeake Bank's top markets include Virginia Beach, Richmond, and Charlottesville among others.

    Their top states include:
  • Virginia (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.

    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 4
    HENRICO Federal Credit Union
    Similarity Rank: 16
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 105
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 160
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 245
    ABNB Federal Credit Union
    Similarity Rank: 738
    Chesapeake Bank
    Similarity Rank: 744
    Bronco Federal Credit Union
    Similarity Rank: 834
    C&F Select LLC
    Similarity Rank: 1040
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 1053

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 289 $77,835,000 $269,325 $2,999 4.89%

    For 2022, Chesapeake Bank's most frequently originated type of loan was Conventional, with 289 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 167 $47,645,000 $285,299 $3,296 4.98%
    Cash Out Refi 80 $19,160,000 $239,500 $2,672 4.82%
    Refi 28 $8,670,000 $309,643 $2,705 4.29%
    Home Improvement 12 $1,680,000 $140,000 $2,051 5.40%
    Other 2 $680,000 $340,000 $2,322 5.62%

    For 2022, Chesapeake Bank's most frequently cited loan purpose was Home Purchase, with 167 originations. The 2nd most popular reason was Cash Out Refi, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 166 $49,060,000 $295,542 $3,233 5.05%
    20 Year 49 $13,645,000 $278,469 $2,457 4.59%
    15 Year 48 $8,750,000 $182,292 $2,527 4.76%
    Other 16 $5,430,000 $339,375 $1,853 4.78%
    10 Year 9 $835,000 $92,778 $1,841 4.50%
    5 Year 1 $115,000 $115,000 $0 5.50%

    For 2022, Chesapeake Bank's most frequently cited loan duration was 30 Year, with 166 originations. The 2nd most popular length was 20 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 175 $44,695,000 $255,400
    $1k-2k 29 $7,185,000 $247,759
    $2k-3k 12 $2,520,000 $210,000
    $3k-4k 8 $2,420,000 $302,500
    $5k+ 8 $3,660,000 $457,500
    $4k-5k 7 $2,335,000 $333,571

    Chesapeake Bank's average total fees were $3,233, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 175 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 106 $27,680,000 $261,132
    4-5% 77 $23,555,000 $305,909
    3-4% 75 $19,065,000 $254,200
    6-7% 22 $4,720,000 $214,545
    2.5-3% 7 $2,545,000 $363,571
    7-8% 2 $270,000 $135,000

    During 2022, Chesapeake Bank's average interest rate for loans was 5.05%, while their most frequently originated rate bucket for loans was 5-6%, with 106 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 117 $34,055,000 $291,068 $3,293 4.86%
    $100k-200k 95 $13,695,000 $144,158 $2,730 4.87%
    $100,000 or less 34 $2,350,000 $69,118 $1,871 5.28%
    $400k-600k 28 $13,570,000 $484,643 $3,961 4.71%
    $600k-1MM 11 $8,085,000 $735,000 $3,313 4.65%
    $1MM+ 4 $6,080,000 $1,520,000 $4,246 5.15%

    2022 saw Chesapeake Bank place emphasis on $200k-400k loans with 117 originations, totaling $34,055,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 53 $14,095,000 $265,943 $3,274 4.96%
    $150k-250k 50 $15,770,000 $315,400 $3,241 4.91%
    $50k-75k 43 $8,225,000 $191,279 $2,987 5.04%
    $250k+ 30 $13,240,000 $441,333 $2,857 4.72%
    $50k or less 30 $3,700,000 $123,333 $2,653 4.97%
    $75k-100k 28 $5,490,000 $196,071 $2,605 5.16%

    Chesapeake Bank lent most frequently to those with incomes in the $100k-150k range, with 53 originations. The second most popular income band? $150k-250k, with 50 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 81 $17,875,000 $220,679 $2,872 4.97%
    20-30% 63 $18,045,000 $286,429 $3,185 5.03%
    <20% 19 $5,455,000 $287,105 $3,033 4.57%
    36% 11 $2,225,000 $202,273 $3,306 5.07%
    46% 8 $2,070,000 $258,750 $2,699 4.94%
    45% 8 $2,970,000 $371,250 $3,367 5.02%
    44% 6 $2,310,000 $385,000 $2,544 4.33%
    38% 5 $965,000 $193,000 $2,767 4.63%
    37% 5 $2,265,000 $453,000 $3,825 6.00%
    42% 4 $930,000 $232,500 $4,091 4.66%
    47% 4 $910,000 $227,500 $3,178 4.47%
    49% 4 $1,190,000 $297,500 $2,668 5.69%
    39% 3 $185,000 $61,667 $1,337 5.41%
    50-60% 3 $605,000 $201,667 $1,875 4.50%
    43% 3 $645,000 $215,000 $2,353 4.58%
    41% 3 $1,225,000 $408,333 $3,169 5.79%
    40% 1 $95,000 $95,000 $2,755 4.99%
    48% 1 $285,000 $285,000 $3,144 5.63%

    Chesapeake Bank lent most frequently to those with DTI ratios of 30-36%, with 81 originations. The next most common DTI ratio? 20-30%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 188 $50,700,000 $269,681 $3,046 4.98%
    Not applicable 54 $15,930,000 $295,000 $2,880 4.57%
    Not provided 33 $7,345,000 $222,576 $2,846 4.95%
    Asian 6 $2,370,000 $395,000 $3,006 5.06%
    Black 6 $980,000 $163,333 $2,326 4.41%
    American Indian 1 $255,000 $255,000 $4,116 5.75%
    Asian Indian 1 $255,000 $255,000 $2,338 4.75%

    Approval Rates

    Total approvals of all applications
    88.83%

    Chesapeake Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.36%

    Chesapeake Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 289 $77,835,000 $269,325

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    289 $77,835,000 $269,325

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $5,535,000 $205,000 $2,159 5.18%
    40-60% 52 $11,960,000 $230,000 $2,981 4.66%
    60-80% 136 $43,380,000 $318,971 $3,342 4.84%
    80-100% 56 $15,480,000 $276,429 $3,242 4.92%
    Under 20% 17 $1,155,000 $67,941 $1,541 5.43%