Newport News Shipbuilding Employees Mortgage Rates, Fees & Info

Newport News, VA

LEI: 5493000E527OH5Y8TR73

Tax ID: 54-0314180

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

    Newport News Shipbuilding Employees is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Newport News Shipbuilding Employees has a high proportion of conventional loans. Their top two markets are Virginia Beach and Richmond .

    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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.11% 5/4/24
    30 Year Conventional Purchase 6.45% 5/4/24
    30 Year Conventional Refi 6.47% 5/4/24
    30 Year Cash-out Refi 6.83% 5/4/24
    30 Year FHA Purchase 6.27% 5/4/24
    30 Year FHA Refi 6.27% 5/4/24
    30 Year VA Purchase 5.78% 5/4/24
    30 Year VA Refi 6.27% 5/4/24
    15 Year Conventional Purchase 5.72% 5/4/24
    15 Year Conventional Refi 6.34% 5/4/24
    15 Year Cash-out Refi 6.34% 5/4/24
    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

    344

    Origination Dollar Volume (All Markets)

    $50,780,000
    Show all (7) 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) 304 $44,310,000 $145,757 $2,076 4.12%
    Outside of Metro Areas 33 $5,465,000 $165,606 $2,749 3.99%
    RICHMOND, VA (FHA|USDA|VA) 7 $1,005,000 $143,571 $2,236 4.18%
    Newport News Shipbuilding Employees's top markets include Virginia Beach and Richmond 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: 40
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 123
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 147
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 666
    Virginia Credit Union, Inc.
    Similarity Rank: 750
    Virginia Commonwealth Bank
    Similarity Rank: 760
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1015
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 1352
    SimonTowne Mortgage, LLc
    Similarity Rank: 1362
    LANGLEY
    Similarity Rank: 1700

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 327 $47,205,000 $144,358 $2,003 4.09%
    VA 15 $3,295,000 $219,667 $5,059 4.27%
    HELOC 2 $280,000 $140,000 n/a 5.63%

    For 2018, Newport News Shipbuilding Employees's most frequently originated type of loan was Conventional, with 327 originations. Their 2nd most popular type was VA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 120 $13,880,000 $115,667 $1,398 4.18%
    Home Purchase 116 $22,840,000 $196,897 $3,448 4.23%
    Home Improvement 55 $5,185,000 $94,273 $1,167 3.97%
    Refi 52 $8,620,000 $165,769 $2,102 3.83%
    Other 1 $255,000 $255,000 $9,687 3.88%

    For 2018, Newport News Shipbuilding Employees's most frequently cited loan purpose was Cash Out Refi, with 120 originations. The 2nd most popular reason was Home Purchase, with 116 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 125 $25,145,000 $201,160 $3,739 4.21%
    15 Year 119 $16,515,000 $138,782 $1,416 3.94%
    10 Year 64 $5,190,000 $81,094 $662 4.17%
    5 Year 25 $2,365,000 $94,600 $32 4.06%
    20 Year 9 $1,205,000 $133,889 $2,451 4.38%
    Other 2 $360,000 $180,000 $0 5.13%

    For 2018, Newport News Shipbuilding Employees's most frequently cited loan duration was 30 Year, with 125 originations. The 2nd most popular length was 15 Year, with 119 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 254 $30,910,000 $121,693
    $1k-2k 32 $5,160,000 $161,250
    $2k-3k 16 $3,730,000 $233,125
    $3k-4k 12 $3,830,000 $319,167
    $5k+ 5 $2,165,000 $433,000
    $4k-5k 3 $1,125,000 $375,000

    Newport News Shipbuilding Employees's average total fees were $3,739, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 254 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 178 $28,490,000 $160,056
    4-5% 93 $14,295,000 $153,710
    5-6% 51 $4,965,000 $97,353
    2.5-3% 19 $2,905,000 $152,895
    6-7% 2 $100,000 $50,000
    7-8% 1 $25,000 $25,000

    During 2018, Newport News Shipbuilding Employees's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 3-4%, with 178 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 130 $6,750,000 $51,923 $678 4.35%
    $100k-200k 130 $19,410,000 $149,308 $2,385 3.99%
    $200k-400k 75 $20,425,000 $272,333 $4,120 3.96%
    $400k-600k 9 $4,195,000 $466,111 $4,604 3.42%

    2018 saw Newport News Shipbuilding Employees place emphasis on $100,000 or less loans with 130 originations, totaling $6,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 86 $10,370,000 $120,581 $2,224 4.20%
    $100k-150k 76 $11,370,000 $149,605 $1,872 3.98%
    $75k-100k 61 $9,005,000 $147,623 $2,255 4.06%
    $50k or less 50 $5,200,000 $104,000 $1,834 4.10%
    $150k-250k 34 $8,400,000 $247,059 $3,024 3.83%
    $250k+ 10 $1,960,000 $196,000 $1,858 4.18%

    Newport News Shipbuilding Employees lent most frequently to those with incomes in the $50k-75k range, with 86 originations. The second most popular income band? $100k-150k, with 76 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 76 $10,500,000 $138,158 $2,080 3.90%
    30-36% 71 $10,915,000 $153,732 $2,410 4.13%
    <20% 32 $4,310,000 $134,688 $1,853 3.71%
    37% 18 $3,100,000 $172,222 $2,819 3.81%
    40% 15 $2,375,000 $158,333 $2,041 4.43%
    38% 15 $1,285,000 $85,667 $666 4.49%
    42% 14 $2,640,000 $188,571 $3,134 3.98%
    41% 14 $2,310,000 $165,000 $2,136 4.19%
    39% 13 $1,845,000 $141,923 $2,024 4.07%
    36% 13 $1,505,000 $115,769 $1,647 4.04%
    44% 12 $1,760,000 $146,667 $2,073 4.29%
    43% 11 $1,265,000 $115,000 $1,106 4.52%
    45% 6 $1,070,000 $178,333 $3,333 4.52%
    >60% 5 $795,000 $159,000 $1,375 3.55%
    47% 2 $580,000 $290,000 $4,608 4.06%
    48% 2 $280,000 $140,000 $4,357 4.38%
    50-60% 2 $230,000 $115,000 $1,640 5.31%
    46% 2 $310,000 $155,000 $2,546 4.75%

    Newport News Shipbuilding Employees lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 231 $34,445,000 $149,113 $2,190 4.08%
    Black 49 $5,985,000 $122,143 $2,269 4.00%
    Not provided 39 $5,465,000 $140,128 $1,737 4.18%
    Not applicable 21 $3,705,000 $176,429 $0 4.76%
    Asian 2 $940,000 $470,000 $2,068 3.13%
    American Indian 2 $240,000 $120,000 $2,109 2.81%

    Approval Rates

    Total approvals of all applications
    84.39%

    Newport News Shipbuilding Employees has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    63.66%

    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 344 $50,780,000 $147,616

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $725,000 $241,667
    Single Family (1-4 Units):Manufactured 1 $125,000 $125,000
    Single Family (1-4 Units):Site-Built 340 $49,930,000 $146,853

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $3,300,000 $75,000 $787 4.25%
    40-60% 48 $6,640,000 $138,333 $1,788 3.90%
    60-80% 99 $18,635,000 $188,232 $2,413 3.89%
    80-100% 88 $18,280,000 $207,727 $3,810 4.06%
    Over 100% 1 $165,000 $165,000 $5,320 4.63%
    Under 20% 60 $2,660,000 $44,333 $167 4.61%