Central Virginia Mortgage Rates, Fees & Info

Lynchburg, VA

LEI: 5493005JH30JPUGSG495

Tax ID: 54-1011258

5 stars - Updated: 5/19/24 - out of 5 stars, based on 6 reviews

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

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Mortgage Data

Review & Overview

Central Virginia is a smaller mortgage company specializing in Cash Out Refi, Home Improvement, and Home Purchase loans. Central Virginia has a high proportion of conventional loans. Their top (well, only) market is Lynchburg.

Central Virginia has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Central Virginia 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.27% 5/19/24
30 Year Conventional Refi 6.27% 5/19/24
30 Year Cash-out Refi 6.27% 5/19/24
15 Year Conventional Purchase 5.68% 5/19/24
15 Year Conventional Refi 5.68% 5/19/24
15 Year Cash-out Refi 5.68% 5/19/24
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.

Central Virginia Mortgage Calculator






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The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

42

Origination Dollar Volume (All Markets)

$5,180,000

Awards

CENTRAL VIRGINIA 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Central Virginia's average 30 year fixed mortgage rate was 7.19%.

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

This yields a difference of 0.71%.

Relative Fees (Closing Costs)

Central Virginia's average total fees/closing costs for a 30 year fixed rate mortgage were $4,442.

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
LYNCHBURG, VA (FHA|USDA|VA) 42 $5,180,000 $123,333 $2,663 6.26%
Central Virginia's top markets include and Lynchburg among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

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

    CENTRAL VIRGINIA
    Similarity Rank: 40
    CNB Bank
    Similarity Rank: 154
    FREEDOM FIRST
    Similarity Rank: 437
    NVR Mortgage Finance, Inc.
    Similarity Rank: 1452
    First-Citizens Bank & Trust Company
    Similarity Rank: 1530
    First Reliance Bank
    Similarity Rank: 1980
    FIRST BANCORP
    Similarity Rank: 2156
    NATION ONE MORTGAGE CORPORATION
    Similarity Rank: 2750
    Atlantic Union Bank
    Similarity Rank: 3080
    PROVIDENT FUNDING ASSOCIATES, L.P.
    Similarity Rank: 3570

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 42 $5,180,000 $123,333 $2,663 6.26%

    For 2023, Central Virginia's most frequently originated type of loan was Conventional, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 19 $2,535,000 $133,421 $3,599 6.82%
    Home Improvement 16 $1,170,000 $73,125 $730 5.49%
    Home Purchase 7 $1,475,000 $210,714 $4,545 6.50%

    For 2023, Central Virginia's most frequently cited loan purpose was Cash Out Refi, with 19 originations. The 2nd most popular reason was Home Improvement, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 17 $3,285,000 $193,235 $4,442 7.19%
    15 Year 16 $1,350,000 $84,375 $1,489 5.85%
    10 Year 7 $405,000 $57,857 $1,190 4.96%
    20 Year 1 $125,000 $125,000 $3,506 6.88%
    5 Year 1 $15,000 $15,000 $701 5.49%

    For 2023, Central Virginia's most frequently cited loan duration was 30 Year, with 17 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 8 $400,000 $50,000
    $1k-2k 8 $1,070,000 $133,750
    $2k-3k 6 $1,370,000 $228,333
    $3k-4k 4 $1,170,000 $292,500

    Central Virginia's average total fees were $4,442, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 14 $1,750,000 $125,000
    7-8% 9 $1,685,000 $187,222
    4-5% 7 $395,000 $56,429
    5-6% 6 $930,000 $155,000
    3-4% 3 $165,000 $55,000
    Over 8% 3 $255,000 $85,000

    During 2023, Central Virginia's average interest rate for loans was 7.19%, while their most frequently originated rate bucket for loans was 6-7%, with 14 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 21 $1,115,000 $53,095 $1,418 5.66%
    $100k-200k 12 $1,700,000 $141,667 $2,810 6.79%
    $200k-400k 9 $2,365,000 $262,778 $5,373 6.94%

    2023 saw Central Virginia place emphasis on $100,000 or less loans with 21 originations, totaling $1,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 12 $810,000 $67,500 $2,001 6.35%
    $100k-150k 10 $1,420,000 $142,000 $2,504 6.32%
    $75k-100k 9 $1,255,000 $139,444 $3,258 6.03%
    $50k-75k 6 $910,000 $151,667 $3,423 6.54%
    $150k-250k 4 $540,000 $135,000 $2,012 6.09%
    $250k+ 1 $245,000 $245,000 $4,908 5.63%

    Central Virginia lent most frequently to those with incomes in the $50k or less range, with 12 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $1,140,000 $114,000 $1,849 6.29%
    30-36% 8 $950,000 $118,750 $2,903 7.03%
    <20% 5 $405,000 $81,000 $2,976 5.68%
    50-60% 5 $395,000 $79,000 $1,663 5.22%
    46% 3 $425,000 $141,667 $3,205 5.75%
    48% 2 $370,000 $185,000 $3,369 5.44%
    36% 2 $370,000 $185,000 $3,001 6.75%
    40% 1 $135,000 $135,000 $3,422 7.13%
    42% 1 $295,000 $295,000 $6,001 7.63%
    37% 1 $125,000 $125,000 $3,506 6.88%
    47% 1 $5,000 $5,000 $571 8.49%
    45% 1 $245,000 $245,000 $4,908 5.63%
    38% 1 $275,000 $275,000 $5,459 6.88%
    39% 1 $45,000 $45,000 $726 4.99%

    Central Virginia lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $3,995,000 $121,061 $2,654 6.19%
    Black 7 $975,000 $139,286 $3,249 6.68%
    Not provided 2 $210,000 $105,000 $762 5.99%

    Approval Rates

    Total approvals of all applications
    100.00%

    Central Virginia has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.48%

    Central Virginia has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 42 $5,180,000 $123,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    42 $5,180,000 $123,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $880,000 $73,333 $1,369 5.42%
    40-60% 6 $700,000 $116,667 $2,838 6.54%
    60-80% 7 $1,435,000 $205,000 $4,497 6.84%
    80-100% 7 $1,635,000 $233,571 $5,103 7.27%
    Under 20% 10 $530,000 $53,000 $1,119 5.98%