Newport News Shipbuilding Employees Mortgage Rates, Fees & Info

Newport News, VA

LEI: 5493000E527OH5Y8TR73

Tax ID: 54-0314180

5 stars - Updated: 5/20/24 - out of 5 stars, based on 37 reviews

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

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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.

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
Home Equity Line of Credit (HELOC) 6.11% 5/20/24
30 Year Conventional Purchase 6.45% 5/20/24
30 Year Conventional Refi 6.47% 5/20/24
30 Year Cash-out Refi 6.83% 5/20/24
30 Year FHA Purchase 6.27% 5/20/24
30 Year FHA Refi 6.27% 5/20/24
30 Year VA Purchase 5.78% 5/20/24
30 Year VA Refi 6.27% 5/20/24
15 Year Conventional Purchase 5.72% 5/20/24
15 Year Conventional Refi 6.34% 5/20/24
15 Year Cash-out Refi 6.34% 5/20/24
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






Your Estimates

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

This is not an official calculator from Newport News Shipbuilding Employees. 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

1,366

Origination Dollar Volume (All Markets)

$188,660,000
Show all (5) awards

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%
Newport News Shipbuilding Employees's top markets include and Virginia Beach among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • 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.

    ABNB Federal Credit Union
    Similarity Rank: 65
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 108
    Chesapeake Bank
    Similarity Rank: 288
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 290
    NewTowne Mortgage, LLC
    Similarity Rank: 672
    LANGLEY
    Similarity Rank: 754
    Virginia Credit Union, Inc.
    Similarity Rank: 1152
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 1175
    Southern Bank and Trust Company
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 498 $41,850,000 $84,036 $231 8.47%
    Other 374 $31,320,000 $83,743 $148 8.74%
    Home Purchase 231 $74,285,000 $321,580 $3,707 6.21%
    Cash Out Refi 171 $26,395,000 $154,357 $2,435 8.15%
    Refi 92 $14,810,000 $160,978 $2,273 8.06%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 771 $67,825,000 $87,970 $7,877 8.58%
    30 Year 289 $82,405,000 $285,138 $3,558 6.63%
    15 Year 147 $10,415,000 $70,850 $566 9.08%
    10 Year 107 $17,645,000 $164,907 $311 7.63%
    5 Year 38 $5,070,000 $133,421 $178 7.61%
    30+ year 9 $4,605,000 $511,667 $6,189 5.57%
    20 Year 3 $355,000 $118,333 $2,508 7.66%
    3 Year 1 $215,000 $215,000 $0 6.00%
    1 Year 1 $125,000 $125,000 $0 8.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 288 $71,160,000 $247,083
    $1k-2k 14 $5,740,000 $410,000
    $2k-3k 5 $1,345,000 $269,000
    $3k-4k 2 $400,000 $200,000
    $4k-5k 1 $305,000 $305,000

    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

    Loan Rate Originations Total Value Average Loan
    Over 8% 798 $71,740,000 $89,900
    7-8% 223 $23,365,000 $104,776
    6-7% 175 $32,955,000 $188,314
    5-6% 150 $53,170,000 $354,467
    4-5% 19 $6,945,000 $365,526
    2.5-3% 1 $485,000 $485,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 793 $42,515,000 $53,613 $598 8.62%
    $100k-200k 287 $38,345,000 $133,606 $2,279 8.12%
    $200k-400k 214 $60,560,000 $282,991 $3,500 6.72%
    $400k-600k 41 $19,975,000 $487,195 $4,096 6.17%
    $600k-1MM 23 $17,125,000 $744,565 $4,244 6.42%
    $1MM+ 8 $10,140,000 $1,267,500 $6,367 6.24%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 333 $43,555,000 $130,796 $2,748 8.12%
    $75k-100k 287 $29,095,000 $101,376 $2,453 8.23%
    $150k-250k 246 $39,320,000 $159,837 $2,591 8.19%
    $50k-75k 238 $18,830,000 $79,118 $2,445 8.22%
    $50k or less 103 $7,755,000 $75,291 $2,744 8.19%
    $250k+ 85 $29,115,000 $342,529 $3,681 7.64%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 229 $32,145,000 $140,371 $2,811 8.11%
    20-30% 222 $26,490,000 $119,324 $3,161 7.94%
    <20% 84 $12,080,000 $143,810 $3,804 7.84%
    49% 74 $8,930,000 $120,676 $2,752 8.33%
    44% 70 $10,180,000 $145,429 $2,727 8.46%
    45% 69 $7,695,000 $111,522 $2,053 8.59%
    42% 64 $9,310,000 $145,469 $3,001 8.03%
    43% 60 $8,530,000 $142,167 $2,123 8.14%
    47% 56 $7,250,000 $129,464 $2,641 8.10%
    41% 53 $6,565,000 $123,868 $2,334 8.41%
    48% 53 $6,345,000 $119,717 $2,609 8.34%
    40% 52 $4,660,000 $89,615 $2,268 8.30%
    39% 45 $5,725,000 $127,222 $2,343 8.45%
    36% 40 $3,780,000 $94,500 $1,760 8.48%
    46% 37 $5,335,000 $144,189 $2,837 8.11%
    38% 36 $4,080,000 $113,333 $2,708 8.04%
    37% 35 $4,965,000 $141,857 $2,610 7.95%
    >60% 18 $3,150,000 $175,000 $2,699 7.92%
    50-60% 16 $2,750,000 $171,875 $2,307 7.59%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 851 $114,345,000 $134,365 $2,696 8.08%
    Black 279 $29,905,000 $107,186 $2,658 8.32%
    Not provided 154 $22,720,000 $147,532 $2,678 8.20%
    Not applicable 50 $17,790,000 $355,800 $0 6.68%
    Asian 16 $2,660,000 $166,250 $3,199 7.57%
    American Indian 9 $475,000 $52,778 $62 8.84%
    Asian Indian 2 $290,000 $145,000 $2,547 7.50%
    Filipino 2 $250,000 $125,000 $0 8.25%
    Guamanian 1 $135,000 $135,000 $0 9.00%
    Native Hawaiian or Islander 2 $90,000 $45,000 $0 9.79%

    Approval Rates

    Total approvals of all applications
    85.38%

    Newport News Shipbuilding Employees has an average approval rate.

    Pick Rate

    Approvals leading to origination
    66.69%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,366 $188,660,000 $138,111

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 415 $43,805,000 $105,554 $914 8.56%
    40-60% 116 $23,190,000 $199,914 $2,755 7.85%
    60-80% 80 $28,430,000 $355,375 $3,633 6.75%
    80-100% 167 $59,945,000 $358,952 $3,704 6.03%
    Over 100% 1 $175,000 $175,000 $3,341 6.88%
    Under 20% 586 $32,960,000 $56,246 $279 8.58%