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

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  • 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 markets by origination volume include: Virginia Beach, Richmond, Kill Devil Hills, and Elizabeth City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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% 4/19/24
    30 Year Conventional Purchase 6.45% 4/19/24
    30 Year Conventional Refi 6.47% 4/19/24
    30 Year Cash-out Refi 6.83% 4/19/24
    30 Year FHA Purchase 6.27% 4/19/24
    30 Year FHA Refi 6.27% 4/19/24
    30 Year VA Purchase 5.78% 4/19/24
    30 Year VA Refi 6.27% 4/19/24
    15 Year Conventional Purchase 5.72% 4/19/24
    15 Year Conventional Refi 6.34% 4/19/24
    15 Year Cash-out Refi 6.34% 4/19/24
    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

    419

    Origination Dollar Volume (All Markets)

    $61,205,000
    Show all (5) 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) 365 $50,275,000 $137,740 $2,071 4.40%
    Outside of Metro Areas 44 $9,230,000 $209,773 $3,685 3.94%
    RICHMOND, VA (FHA|USDA|VA) 7 $945,000 $135,000 $1,225 4.46%
    Kill Devil Hills, NC (FHA|USDA|VA) 2 $700,000 $350,000 $2,432 4.00%
    Elizabeth City, NC (FHA|USDA|VA) 1 $55,000 $55,000 $1,653 3.88%
    Newport News Shipbuilding Employees's top markets include Virginia Beach, Richmond, Kill Devil Hills, and Elizabeth City among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Alabama (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: 75
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 160
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 517
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 530
    LANGLEY
    Similarity Rank: 600
    Southern Bank and Trust Company
    Similarity Rank: 825
    Virginia Credit Union, Inc.
    Similarity Rank: 832
    1ST ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 861
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 888
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 1456

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 404 $57,960,000 $143,465 $2,159 4.36%
    VA 13 $3,085,000 $237,308 $4,565 3.63%
    HELOC 2 $160,000 $80,000 n/a 6.75%

    For 2019, Newport News Shipbuilding Employees's most frequently originated type of loan was Conventional, with 404 originations. Their 2nd most popular type was VA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 186 $22,970,000 $123,495 $1,789 4.49%
    Home Purchase 143 $27,475,000 $192,133 $3,370 4.10%
    Home Improvement 50 $3,950,000 $79,000 $1,082 4.70%
    Refi 40 $6,810,000 $170,250 $2,729 4.14%

    For 2019, Newport News Shipbuilding Employees's most frequently cited loan purpose was Cash Out Refi, with 186 originations. The 2nd most popular reason was Home Purchase, with 143 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 156 $36,000,000 $230,769 $3,799 3.89%
    15 Year 134 $13,550,000 $101,119 $1,214 4.53%
    10 Year 101 $9,825,000 $97,277 $586 4.77%
    5 Year 21 $865,000 $41,190 $76 4.77%
    Other 4 $380,000 $95,000 $1,468 4.00%
    20 Year 3 $585,000 $195,000 $3,047 3.92%

    For 2019, Newport News Shipbuilding Employees's most frequently cited loan duration was 30 Year, with 156 originations. The 2nd most popular length was 15 Year, with 134 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 267 $31,825,000 $119,195
    $1k-2k 38 $6,140,000 $161,579
    $2k-3k 31 $7,265,000 $234,355
    $3k-4k 6 $2,140,000 $356,667
    $5k+ 6 $4,630,000 $771,667
    $4k-5k 4 $1,510,000 $377,500

    Newport News Shipbuilding Employees's average total fees were $3,799, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 267 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 197 $38,795,000 $196,929
    4-5% 132 $16,280,000 $123,333
    5-6% 69 $4,245,000 $61,522
    2.5-3% 9 $1,265,000 $140,556
    7-8% 8 $510,000 $63,750
    6-7% 4 $110,000 $27,500

    During 2019, Newport News Shipbuilding Employees's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 197 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 197 $10,705,000 $54,340 $766 4.83%
    $100k-200k 118 $17,160,000 $145,424 $2,534 4.11%
    $200k-400k 87 $23,315,000 $267,989 $3,793 3.72%
    $400k-600k 11 $5,065,000 $460,455 $5,747 3.97%
    $600k-1MM 5 $3,935,000 $787,000 $10,345 3.30%
    $1MM+ 1 $1,025,000 $1,025,000 $13,677 3.25%

    2019 saw Newport News Shipbuilding Employees place emphasis on $100,000 or less loans with 197 originations, totaling $10,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 77 $13,845,000 $179,805 $2,358 4.29%
    $50k or less 73 $5,975,000 $81,849 $1,670 4.28%
    $50k-75k 72 $8,740,000 $121,389 $2,186 4.34%
    $75k-100k 56 $7,090,000 $126,607 $1,936 4.25%
    $150k-250k 51 $10,525,000 $206,373 $2,566 4.38%
    $250k+ 14 $5,270,000 $376,429 $5,546 3.60%

    Newport News Shipbuilding Employees lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $50k or less, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 91 $14,425,000 $158,516 $2,112 4.07%
    30-36% 69 $10,675,000 $154,710 $2,650 4.11%
    <20% 43 $7,285,000 $169,419 $2,752 3.91%
    37% 17 $2,305,000 $135,588 $1,607 4.56%
    44% 16 $2,180,000 $136,250 $1,683 4.75%
    42% 15 $1,485,000 $99,000 $1,421 5.01%
    36% 15 $1,585,000 $105,667 $1,993 4.18%
    41% 15 $1,335,000 $89,000 $960 5.09%
    40% 14 $2,110,000 $150,714 $1,852 4.47%
    43% 13 $1,405,000 $108,077 $1,654 4.31%
    39% 11 $1,675,000 $152,273 $2,527 4.66%
    38% 7 $725,000 $103,571 $1,477 4.64%
    45% 7 $2,655,000 $379,286 $4,181 3.84%
    50-60% 6 $1,150,000 $191,667 $3,969 4.04%
    >60% 5 $685,000 $137,000 $1,217 4.50%
    48% 3 $1,095,000 $365,000 $7,065 4.38%
    47% 3 $615,000 $205,000 $3,038 4.38%
    46% 1 $35,000 $35,000 $3,021 6.13%

    Newport News Shipbuilding Employees lent most frequently to those with DTI ratios of 20-30%, with 91 originations. The next most common DTI ratio? 30-36%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 246 $40,100,000 $163,008 $2,429 4.17%
    Not applicable 68 $7,780,000 $114,412 $0 4.78%
    Black 54 $6,770,000 $125,370 $2,271 4.32%
    Not provided 44 $5,240,000 $119,091 $1,187 4.70%
    Asian 4 $960,000 $240,000 $3,316 4.47%
    American Indian 2 $330,000 $165,000 $2,794 3.63%
    Native Hawaiian or Islander 1 $25,000 $25,000 $75 7.00%

    Approval Rates

    Total approvals of all applications
    89.17%

    Newport News Shipbuilding Employees has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.13%

    Newport News Shipbuilding Employees has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 8 $1,140,000 $142,500
    NA 411 $60,065,000 $146,144

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $1,595,000 $319,000
    Single Family (1-4 Units):Manufactured 6 $850,000 $141,667
    Single Family (1-4 Units):Site-Built 408 $58,760,000 $144,020

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $4,110,000 $70,862 $876 4.53%
    40-60% 55 $6,655,000 $121,000 $1,540 4.31%
    60-80% 130 $22,750,000 $175,000 $3,056 4.18%
    80-100% 102 $23,220,000 $227,647 $3,723 3.77%
    Over 100% 2 $460,000 $230,000 $7,900 4.13%
    Under 20% 68 $2,520,000 $37,059 $115 5.43%