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 (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. They typically have about average 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
48Origination Dollar Volume (All Markets)
$4,630,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| LYNCHBURG, VA (FHA|USDA|VA) | 48 | $4,630,000 | $96,458 | $0 | 4.99% |
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: 240
Similarity Rank: 896
Similarity Rank: 2176
Similarity Rank: 2537
Similarity Rank: 2975
Similarity Rank: 3111
Similarity Rank: 3276
Similarity Rank: 3807
Similarity Rank: 4429
Similarity Rank: 4503
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 48 | $4,630,000 | $96,458 | $0 | 4.99% |
For 2019, Central Virginia's most frequently originated type of loan was Conventional, with 48 originations.
Loan Reason
For 2019, Central Virginia's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2019, Central Virginia's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was 15 Year, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 24 | $2,380,000 | $99,167 |
| 3-4% | 9 | $715,000 | $79,444 |
| 5-6% | 9 | $1,245,000 | $138,333 |
| 6-7% | 3 | $195,000 | $65,000 |
| Over 8% | 2 | $70,000 | $35,000 |
| 7-8% | 1 | $25,000 | $25,000 |
During 2019, Central Virginia's average interest rate for loans was 4.96%, while their most frequently originated rate bucket for loans was 4-5%, with 24 originations.
Loan Sizing
2019 saw Central Virginia place emphasis on $100,000 or less loans with 25 originations, totaling $1,275,000 in origination value.
Applicant Income
Central Virginia lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $50k or less, with 15 originations.
Applicant Debt to Income Ratio
Central Virginia lent most frequently to those with DTI ratios of 20-30%, with 18 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 38 | $3,750,000 | $98,684 | $0 | 4.99% |
| Black | 10 | $880,000 | $88,000 | $0 | 4.96% |
Approval Rates
Total approvals of all applications100.00%
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 origination95.83%
Central Virginia has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 48 | $4,630,000 | $96,458 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $405,000 | $135,000 |
| Single Family (1-4 Units):Site-Built | 45 | $4,225,000 | $93,889 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| CENTERSTATE BANK CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |