Central Virginia Mortgage Rates, Fees & Info
Lynchburg, VALEI: 5493005JH30JPUGSG495
Tax ID: 54-1011258
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Mortgage Data
Review & Overview
Central Virginia is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Central Virginia has a high proportion of conventional loans. Their top two markets are Lynchburg and Danville .Central Virginia has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. They typically have relatively high rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 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. | ||
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
32Origination Dollar Volume (All Markets)
$3,210,000Top 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 |
|---|---|---|---|---|---|
| LYNCHBURG, VA (FHA|USDA|VA) | 30 | $3,060,000 | $102,000 | $0 | 5.13% |
| Danville, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.38% |
| Outside of Metro Areas | 1 | $75,000 | $75,000 | $0 | 4.88% |
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.
Similarity Rank: 1008
Similarity Rank: 1189
Similarity Rank: 1550
Similarity Rank: 1812
Similarity Rank: 2010
Similarity Rank: 4318
Similarity Rank: 4360
Similarity Rank: 4797
Similarity Rank: 4851
Similarity Rank: 5450
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 32 | $3,210,000 | $100,313 | $0 | 5.13% |
For 2018, Central Virginia's most frequently originated type of loan was Conventional, with 32 originations.
Loan Reason
For 2018, Central Virginia's most frequently cited loan purpose was Cash Out Refi, with 19 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
For 2018, Central Virginia's most frequently cited loan duration was 30 Year, with 17 originations. The 2nd most popular length was 10 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 13 | $765,000 | $58,846 |
| $1k-2k | 12 | $1,620,000 | $135,000 |
| $3k-4k | 1 | $365,000 | $365,000 |
Central Virginia's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 14 | $1,120,000 | $80,000 |
| 5-6% | 14 | $1,820,000 | $130,000 |
| 3-4% | 2 | $200,000 | $100,000 |
| 6-7% | 1 | $45,000 | $45,000 |
| 7-8% | 1 | $25,000 | $25,000 |
During 2018, Central Virginia's average interest rate for loans was 5.28%, while their most frequently originated rate bucket for loans was 4-5%, with 14 originations.
Loan Sizing
2018 saw Central Virginia place emphasis on $100,000 or less loans with 18 originations, totaling $1,020,000 in origination value.
Applicant Income
Central Virginia lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $50k-75k, with 8 originations.
Applicant Debt to Income Ratio
Central Virginia lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? <20%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 20 | $2,010,000 | $100,500 | $0 | 4.89% |
| Black | 12 | $1,200,000 | $100,000 | $0 | 5.54% |
Approval Rates
Total approvals of all applications97.50%
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 origination78.13%
Central Virginia has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 32 | $3,210,000 | $100,313 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 32 | $3,210,000 | $100,313 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTRAL BANC MORTGAGE CORPORATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |