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 Cash Out Refi and Home Purchase loans. Velocity Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Austin, Dallas, Houston, Killeen, and San Antonio among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Velocity Credit Union 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. Velocity Credit Union 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 |
|---|---|---|
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
178Origination Dollar Volume (All Markets)
$19,720,000Top 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) | 154 | $16,800,000 | $109,091 | $740 | 4.93% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 8 | $1,040,000 | $130,000 | $0 | 5.09% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 7 | $1,025,000 | $146,429 | $699 | 5.64% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $4,387 | 5.69% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $470 | 5.17% |
| Outside of Metro Areas | 3 | $135,000 | $45,000 | $397 | 5.08% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 5.50% |
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 | 178 | $19,720,000 | $110,787 | $732 | 4.98% |
For 2022, Velocity Credit Union's most frequently originated type of loan was Conventional, with 178 originations.
Loan Reason
For 2022, Velocity Credit Union's most frequently cited loan purpose was Cash Out Refi, with 112 originations. The 2nd most popular reason was Home Purchase, with 37 originations.
Loan Duration/Length
For 2022, Velocity Credit Union's most frequently cited loan duration was 15 Year, with 98 originations. The 2nd most popular length was 10 Year, with 41 originations.
Origination Fees/Closing Costs
Velocity Credit Union's average total fees were $3,211, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 168 originations.
Interest Rates
During 2022, Velocity Credit Union's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 5-6%, with 52 originations.
Loan Sizing
2022 saw Velocity Credit Union place emphasis on $100,000 or less loans with 97 originations, totaling $5,625,000 in origination value.
Applicant Income
Velocity Credit Union lent most frequently to those with incomes in the $150k-250k range, with 57 originations. The second most popular income band? $100k-150k, with 39 originations.
Applicant Debt to Income Ratio
Velocity Credit Union lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? <20%, with 22 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications75.52%
Velocity Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination73.03%
Velocity Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 178 | $19,720,000 | $110,787 |