Bank Of Clarke County Mortgage Rates, Fees & Info

Berryville, VA

LEI: 5493002Z2Z7DV758IU60

Tax ID: 54-0132450

5 stars - Updated: 11/17/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Bank Of Clarke County is a smaller bank specializing in Home Purchase loans. Bank Of Clarke County has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Winchester, Baltimore, Charlottesville, and Hagerstown among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Of Clarke County 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. Bank Of Clarke County is typically an average 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 relatively high 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.38% 11/17/24
    30 Year Conventional Refi 6.52% 11/17/24
    30 Year Cash-out Refi 6.60% 11/17/24
    15 Year Conventional Purchase 6.37% 11/17/24
    15 Year Conventional Refi 6.27% 11/17/24
    15 Year Cash-out Refi 6.27% 11/17/24
    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.

    Bank Of Clarke County Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Bank Of Clarke County. 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

    266

    Origination Dollar Volume (All Markets)

    $123,460,000

    Awards

    Bank of Clarke County 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Bank Of Clarke County's average 30 year fixed mortgage rate was 6.4%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.08%.

    Relative Fees (Closing Costs)

    Bank Of Clarke County's average total fees/closing costs for a 30 year fixed rate mortgage were $6,579.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 148 $91,380,000 $617,432 $6,570 6.42%
    WINCHESTER, VA-WV (FHA|USDA|VA) 80 $18,950,000 $236,875 $4,279 7.15%
    Outside of Metro Areas 8 $2,270,000 $283,750 $6,365 6.94%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $1,800,000 $900,000 $0 6.38%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $1,450,000 $725,000 $10,661 6.75%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 6 $1,080,000 $180,000 $3,122 6.98%
    WHEELING, WV-OH (FHA|USDA|VA) 2 $920,000 $460,000 $0 6.75%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $770,000 $385,000 $6,078 7.00%
    GAINESVILLE, GA (FHA|USDA|VA) 1 $705,000 $705,000 $9,649 6.63%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $525,000 $525,000 $5,983 6.13%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $515,000 $515,000 $0 6.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $430,000 $215,000 $3,645 6.88%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 7.25%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $375,000 $375,000 $5,804 5.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $355,000 $355,000 $3,629 6.88%
    Georgetown, SC (FHA|USDA|VA) 1 $335,000 $335,000 $4,394 7.13%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $315,000 $315,000 $3,831 7.75%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $295,000 $295,000 $3,698 6.88%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,518 6.50%
    CUMBERLAND, MD-WV (FHA|USDA|VA) 2 $180,000 $90,000 $0 7.38%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $125,000 $125,000 $2,616 6.75%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $55,000 $55,000 $672 8.13%
    Bank Of Clarke County's top markets include Washington, Winchester, Baltimore, Charlottesville, and Hagerstown among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Bank of Clarke County based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Shea Mortgage Inc.
    Similarity Rank: 228
    IDB Global Federal Credit Union
    Similarity Rank: 416
    Member Options, LLC
    Similarity Rank: 576
    COMMONWEALTH ONE FEDERAL CREDIT UNION
    Similarity Rank: 864
    EagleBank
    Similarity Rank: 1131
    CNB Bank Inc.
    Similarity Rank: 1152
    NATIONAL COOPERATIVE BANK, N.A.
    Similarity Rank: 1620
    City National Bank of West Virginia
    Similarity Rank: 1628
    Virginia Credit Union, Inc.
    Similarity Rank: 1712
    LIBRARY OF CONGRESS
    Similarity Rank: 1792

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 266 $123,460,000 $464,135 $5,668 6.71%

    For 2023, Bank Of Clarke County's most frequently originated type of loan was Conventional, with 266 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 186 $107,530,000 $578,118 $7,078 6.46%
    Cash Out Refi 31 $7,475,000 $241,129 $3,245 6.95%
    Other 24 $2,910,000 $121,250 $1,623 7.89%
    Refi 13 $3,695,000 $284,231 $4,334 6.73%
    Home Improvement 12 $1,850,000 $154,167 $1,119 7.49%

    For 2023, Bank Of Clarke County's most frequently cited loan purpose was Home Purchase, with 186 originations. The 2nd most popular reason was Cash Out Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 185 $104,845,000 $566,730 $6,579 6.40%
    5 Year 29 $8,575,000 $295,690 $619 7.01%
    20 Year 23 $2,095,000 $91,087 $965 8.09%
    15 Year 10 $1,600,000 $160,000 $2,874 7.65%
    10 Year 7 $1,885,000 $269,286 $678 7.32%
    1 Year 5 $1,155,000 $231,000 $6,329 6.10%
    Other 4 $2,680,000 $670,000 $0 7.69%
    3 Year 3 $625,000 $208,333 $0 7.25%

    For 2023, Bank Of Clarke County's most frequently cited loan duration was 30 Year, with 185 originations. The 2nd most popular length was 5 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 110 $50,930,000 $463,000
    $<1k 41 $4,275,000 $104,268
    $5k+ 32 $25,370,000 $792,813
    $2k-3k 17 $7,875,000 $463,235
    $4k-5k 14 $9,990,000 $713,571
    $3k-4k 11 $9,045,000 $822,273

    Bank Of Clarke County's average total fees were $6,579, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 110 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 112 $47,500,000 $424,107
    7-8% 66 $21,670,000 $328,333
    5-6% 42 $28,170,000 $670,714
    4-5% 23 $22,595,000 $982,391
    Over 8% 23 $3,525,000 $153,261

    During 2023, Bank Of Clarke County's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 6-7%, with 112 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 68 $19,720,000 $290,000 $4,753 6.90%
    $400k-600k 48 $23,260,000 $484,583 $5,594 6.69%
    $600k-1MM 47 $36,725,000 $781,383 $9,285 5.91%
    $100k-200k 43 $6,365,000 $148,023 $2,658 7.05%
    $100,000 or less 34 $1,900,000 $55,882 $1,097 7.70%
    $1MM+ 26 $35,490,000 $1,365,000 $11,237 5.82%

    2023 saw Bank Of Clarke County place emphasis on $200k-400k loans with 68 originations, totaling $19,720,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 59 $54,385,000 $921,780 $9,081 6.12%
    $150k-250k 51 $24,955,000 $489,314 $6,558 6.60%
    $100k-150k 49 $16,135,000 $329,286 $4,266 6.98%
    $75k-100k 35 $8,935,000 $255,286 $3,880 7.11%
    $50k-75k 33 $5,795,000 $175,606 $3,145 6.76%
    $50k or less 7 $565,000 $80,714 $2,285 6.96%

    Bank Of Clarke County lent most frequently to those with incomes in the $250k+ range, with 59 originations. The second most popular income band? $150k-250k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 35 $18,905,000 $540,143 $7,175 6.40%
    20-30% 34 $14,160,000 $416,471 $4,493 6.58%
    41% 15 $6,245,000 $416,333 $4,689 7.05%
    37% 15 $6,815,000 $454,333 $5,942 6.81%
    43% 14 $6,310,000 $450,714 $5,520 6.88%
    42% 13 $4,525,000 $348,077 $3,280 7.12%
    38% 13 $5,035,000 $387,308 $4,491 7.12%
    48% 12 $4,900,000 $408,333 $4,260 6.81%
    44% 11 $4,765,000 $433,182 $5,524 6.61%
    49% 10 $4,690,000 $469,000 $5,899 6.82%
    40% 10 $5,400,000 $540,000 $8,059 6.25%
    39% 9 $4,555,000 $506,111 $5,240 6.54%
    45% 8 $5,500,000 $687,500 $7,756 6.27%
    36% 8 $5,810,000 $726,250 $6,893 6.44%
    <20% 7 $6,275,000 $896,429 $9,398 5.83%
    46% 6 $2,790,000 $465,000 $5,298 6.60%
    47% 5 $1,855,000 $371,000 $5,303 7.18%
    50-60% 2 $950,000 $475,000 $4,094 6.62%
    >60% 1 $455,000 $455,000 $4,242 6.50%

    Bank Of Clarke County lent most frequently to those with DTI ratios of 30-36%, with 35 originations. The next most common DTI ratio? 20-30%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 127 $47,795,000 $376,339 $5,286 6.82%
    Asian 74 $37,120,000 $501,622 $5,760 6.68%
    Not provided 23 $19,065,000 $828,913 $7,039 6.01%
    Not applicable 30 $11,080,000 $369,333 $0 7.09%
    Asian Indian 4 $3,630,000 $907,500 $8,792 5.94%
    Filipino 1 $1,675,000 $1,675,000 $6,042 4.88%
    Other Asian 2 $1,280,000 $640,000 $4,998 5.94%
    Black 4 $1,070,000 $267,500 $5,537 6.75%
    Korean 1 $745,000 $745,000 $5,111 5.50%

    Approval Rates

    Total approvals of all applications
    80.20%

    Bank Of Clarke County has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.70%

    Bank Of Clarke County has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 266 $123,460,000 $464,135

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    266 $123,460,000 $464,135

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $5,180,000 $185,000 $2,665 7.01%
    40-60% 31 $16,095,000 $519,194 $6,642 5.96%
    60-80% 82 $46,670,000 $569,146 $6,864 6.69%
    80-100% 96 $53,620,000 $558,542 $6,937 6.51%
    Under 20% 29 $1,895,000 $65,345 $853 7.91%