Velocity Credit Union Mortgage Rates, Fees & Info
Austin, TXLEI: 5493001C1MX62NVN0U50
Tax ID: 74-1200165
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Mortgage Data
Review & Overview
Velocity Credit Union is a smaller credit union specializing in Home Improvement loans. Velocity Credit Union has a high proportion of conventional loans. Their top two markets are Austin and Killeen .Velocity Credit Union has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 1.21% | 12/16/24 |
| 30 Year Conventional Refi | 1.20% | 12/16/24 |
| 30 Year Cash-out Refi | 0.73% | 12/16/24 |
| 15 Year Conventional Purchase | 2.63% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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. | ||
Velocity Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
24Origination Dollar Volume (All Markets)
$1,450,000Top 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 |
|---|---|---|---|---|---|
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 23 | $1,415,000 | $61,522 | $346 | 5.83% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $387 | 4.49% |
Similar Lenders
We use machine learning to identify the top lenders compared against VELOCITY Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $1,450,000 | $60,417 | $348 | 5.78% |
For 2018, Velocity Credit Union's most frequently originated type of loan was Conventional, with 24 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 20 | $1,160,000 | $58,000 | $345 | 6.01% |
| Cash Out Refi | 3 | $265,000 | $88,333 | $359 | 4.74% |
| Other | 1 | $25,000 | $25,000 | $362 | 4.24% |
For 2018, Velocity Credit Union's most frequently cited loan purpose was Home Improvement, with 20 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 16 | $1,100,000 | $68,750 | $342 | 6.25% |
| 10 Year | 6 | $310,000 | $51,667 | $366 | 4.87% |
| 5 Year | 2 | $40,000 | $20,000 | $362 | 4.75% |
For 2018, Velocity Credit Union's most frequently cited loan duration was 15 Year, with 16 originations. The 2nd most popular length was 10 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 20 | $1,380,000 | $69,000 |
Velocity Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 12 | $790,000 | $65,833 |
| 4-5% | 8 | $510,000 | $63,750 |
| 5-6% | 4 | $150,000 | $37,500 |
During 2018, Velocity Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 20 | $1,030,000 | $51,500 | $348 | 5.86% |
| $100k-200k | 4 | $420,000 | $105,000 | $347 | 5.37% |
2018 saw Velocity Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,030,000 in origination value.
Applicant Income
Velocity Credit Union lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
Velocity Credit Union lent most frequently to those with DTI ratios of <20%, with 6 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 23 | $1,345,000 | $58,478 | $348 | 5.81% |
| Asian | 1 | $105,000 | $105,000 | $353 | 4.99% |
Approval Rates
Total approvals of all applications100.00%
Velocity Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 24 | $1,450,000 | $60,417 |