Newport News Shipbuilding Employees Mortgage Rates, Fees & Info
Newport News, VALEI: 5493000E527OH5Y8TR73
Tax ID: 54-0314180
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Mortgage Data
Review & Overview
Newport News Shipbuilding Employees is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Newport News Shipbuilding Employees has a high proportion of conventional loans. Their top (well, only) market is Virginia Beach.Newport News Shipbuilding Employees 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. Newport News Shipbuilding Employees 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
Home Equity Line of Credit (HELOC) | 6.11% | 11/3/24 |
30 Year Conventional Purchase | 6.45% | 11/3/24 |
30 Year Conventional Refi | 6.47% | 11/3/24 |
30 Year Cash-out Refi | 6.83% | 11/3/24 |
30 Year FHA Purchase | 6.27% | 11/3/24 |
30 Year FHA Refi | 6.27% | 11/3/24 |
30 Year VA Purchase | 5.78% | 11/3/24 |
30 Year VA Refi | 6.27% | 11/3/24 |
15 Year Conventional Purchase | 5.72% | 11/3/24 |
15 Year Conventional Refi | 6.34% | 11/3/24 |
15 Year Cash-out Refi | 6.34% | 11/3/24 |
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. |
Newport News Shipbuilding Employees Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,366Origination Dollar Volume (All Markets)
$188,660,000NEWPORT NEWS SHIPBUILDING EMPLOYEES - 2023
NEWPORT NEWS SHIPBUILDING EMPLOYEES is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Newport News Shipbuilding Employees's average 30 year fixed mortgage rate was
6.63%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.15%.
Relative Fees (Closing Costs)
Newport News Shipbuilding Employees's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,558.
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) | 1,257 | $163,565,000 | $130,123 | $2,536 | 8.14% |
Outside of Metro Areas | 109 | $25,095,000 | $230,229 | $3,365 | 7.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against NEWPORT NEWS SHIPBUILDING EMPLOYEES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 18
Similarity Rank: 65
Similarity Rank: 108
Similarity Rank: 288
Similarity Rank: 290
Similarity Rank: 672
Similarity Rank: 754
Similarity Rank: 1152
Similarity Rank: 1175
Similarity Rank: 1512
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
HELOC | 862 | $86,070,000 | $99,849 | n/a | 8.55% |
Conventional | 504 | $102,590,000 | $203,552 | $2,687 | 7.31% |
For 2023, Newport News Shipbuilding Employees's most frequently originated type of loan was HELOC, with 862 originations. Their 2nd most popular type was Conventional, with 504 originations.
Loan Reason
For 2023, Newport News Shipbuilding Employees's most frequently cited loan purpose was Home Improvement, with 498 originations. The 2nd most popular reason was Other, with 374 originations.
Loan Duration/Length
For 2023, Newport News Shipbuilding Employees's most frequently cited loan duration was Other, with 771 originations. The 2nd most popular length was 30 Year, with 289 originations.
Origination Fees/Closing Costs
Newport News Shipbuilding Employees's average total fees were $3,558, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 288 originations.
Interest Rates
During 2023, Newport News Shipbuilding Employees's average interest rate for loans was 6.63%, while their most frequently originated rate bucket for loans was Over 8%, with 798 originations.
Loan Sizing
2023 saw Newport News Shipbuilding Employees place emphasis on $100,000 or less loans with 793 originations, totaling $42,515,000 in origination value.
Applicant Income
Newport News Shipbuilding Employees lent most frequently to those with incomes in the $100k-150k range, with 333 originations. The second most popular income band? $75k-100k, with 287 originations.
Applicant Debt to Income Ratio
Newport News Shipbuilding Employees lent most frequently to those with DTI ratios of 30-36%, with 229 originations. The next most common DTI ratio? 20-30%, with 222 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.38%
Newport News Shipbuilding Employees has an average approval rate.
Pick Rate
Approvals leading to origination66.69%
Newport News Shipbuilding Employees 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 | 1,366 | $188,660,000 | $138,111 |