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 Refi 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, Washington, and Elizabeth City among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Newport News Shipbuilding Employees has an above 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.11% | 4/22/24 |
| 30 Year Conventional Purchase | 6.45% | 4/22/24 |
| 30 Year Conventional Refi | 6.47% | 4/22/24 |
| 30 Year Cash-out Refi | 6.83% | 4/22/24 |
| 30 Year FHA Purchase | 6.27% | 4/22/24 |
| 30 Year FHA Refi | 6.27% | 4/22/24 |
| 30 Year VA Purchase | 5.78% | 4/22/24 |
| 30 Year VA Refi | 6.27% | 4/22/24 |
| 15 Year Conventional Purchase | 5.72% | 4/22/24 |
| 15 Year Conventional Refi | 6.34% | 4/22/24 |
| 15 Year Cash-out Refi | 6.34% | 4/22/24 |
| 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
694Origination Dollar Volume (All Markets)
$264,670,000Top 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) | 614 | $245,590,000 | $399,984 | $2,471 | 3.65% |
| Outside of Metro Areas | 57 | $12,985,000 | $227,807 | $3,816 | 3.18% |
| RICHMOND, VA (FHA|USDA|VA) | 13 | $3,495,000 | $268,846 | $3,003 | 3.38% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 5 | $1,575,000 | $315,000 | $5,325 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,569 | 3.25% |
| Elizabeth City, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,658 | 2.63% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,000 | 2.50% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.25% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,282 | 3.25% |
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: 90
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 672 | $258,000,000 | $383,929 | $2,530 | 3.62% |
| VA | 22 | $6,670,000 | $303,182 | $5,368 | 2.83% |
For 2020, Newport News Shipbuilding Employees's most frequently originated type of loan was Conventional, with 672 originations. Their 2nd most popular type was VA, with 22 originations.
Loan Reason
For 2020, Newport News Shipbuilding Employees's most frequently cited loan purpose was Cash Out Refi, with 213 originations. The 2nd most popular reason was Refi, with 191 originations.
Loan Duration/Length
For 2020, Newport News Shipbuilding Employees's most frequently cited loan duration was 15 Year, with 266 originations. The 2nd most popular length was 30 Year, with 252 originations.
Origination Fees/Closing Costs
Newport News Shipbuilding Employees's average total fees were $4,070, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 454 originations.
Interest Rates
During 2020, Newport News Shipbuilding Employees's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 259 originations.
Loan Sizing
2020 saw Newport News Shipbuilding Employees place emphasis on $100,000 or less loans with 224 originations, totaling $11,850,000 in origination value.
Applicant Income
Newport News Shipbuilding Employees lent most frequently to those with incomes in the $100k-150k range, with 176 originations. The second most popular income band? $50k-75k, with 130 originations.
Applicant Debt to Income Ratio
Newport News Shipbuilding Employees lent most frequently to those with DTI ratios of 20-30%, with 167 originations. The next most common DTI ratio? 30-36%, with 119 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.04%
Newport News Shipbuilding Employees has an average approval rate.
Pick Rate
Approvals leading to origination55.19%
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 | 694 | $264,670,000 | $381,369 |