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 and Home Purchase loans. Velocity Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Austin, Dallas, and Athens among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Velocity Credit Union has an above average approval rate when compared to the average across all lenders. 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 |
|---|---|---|
| 30 Year Conventional Purchase | 1.21% | 4/28/24 |
| 30 Year Conventional Refi | 1.20% | 4/28/24 |
| 30 Year Cash-out Refi | 0.73% | 4/28/24 |
| 15 Year Conventional Purchase | 2.63% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
115Origination Dollar Volume (All Markets)
$10,765,000Top 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) | 109 | $9,655,000 | $88,578 | $356 | 5.30% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $363 | 4.31% |
| Outside of Metro Areas | 3 | $325,000 | $108,333 | $413 | 4.54% |
| Athens, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 3.63% |
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 | 115 | $10,765,000 | $93,609 | $358 | 5.25% |
For 2019, Velocity Credit Union's most frequently originated type of loan was Conventional, with 115 originations.
Loan Reason
For 2019, Velocity Credit Union's most frequently cited loan purpose was Home Improvement, with 49 originations. The 2nd most popular reason was Other, with 29 originations.
Loan Duration/Length
For 2019, Velocity Credit Union's most frequently cited loan duration was 15 Year, with 47 originations. The 2nd most popular length was 10 Year, with 30 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 111 | $10,665,000 | $96,081 |
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 111 originations.
Interest Rates
During 2019, Velocity Credit Union's average interest rate for loans was 4.16%, while their most frequently originated rate bucket for loans was 4-5%, with 47 originations.
Loan Sizing
2019 saw Velocity Credit Union place emphasis on $100,000 or less loans with 86 originations, totaling $4,570,000 in origination value.
Applicant Income
Velocity Credit Union lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $100k-150k, with 28 originations.
Applicant Debt to Income Ratio
Velocity Credit Union lent most frequently to those with DTI ratios of <20%, with 30 originations. The next most common DTI ratio? 20-30%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.70%
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 |
|---|---|---|---|
| 0.0 | 1 | $25,000 | $25,000 |
| NA | 114 | $10,740,000 | $94,211 |