Central Virginia Mortgage Rates, Fees & Info

Lynchburg, VA

LEI: 5493005JH30JPUGSG495

Tax ID: 54-1011258

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Central Virginia is a smaller mortgage company specializing in Cash Out Refi and Refi 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.

    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 6.27% 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






    Your Estimates

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

    This is not an official calculator from Central Virginia. 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

    51

    Origination Dollar Volume (All Markets)

    $5,745,000

    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) 51 $5,745,000 $112,647 $0 3.79%
    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.

    Virginia Credit Union, Inc.
    Similarity Rank: 192
    C & F Mortgage Corporation
    Similarity Rank: 384
    FREEDOM FIRST
    Similarity Rank: 539
    FIRST BANCORP
    Similarity Rank: 570
    American National Bank and Trust Company
    Similarity Rank: 1020
    MIDLAND MORTGAGE CORPORATION
    Similarity Rank: 1106
    MEMBER ONE
    Similarity Rank: 1134
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 2064
    First Heritage Mortgage, LLC
    Similarity Rank: 3256
    First Reliance Bank
    Similarity Rank: 3933

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 51 $5,745,000 $112,647 $0 3.79%

    For 2020, Central Virginia's most frequently originated type of loan was Conventional, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 21 $3,195,000 $152,143 $0 3.74%
    Refi 14 $1,320,000 $94,286 $0 3.35%
    Home Purchase 11 $1,025,000 $93,182 $0 3.93%
    Other 5 $205,000 $41,000 $0 4.90%

    For 2020, Central Virginia's most frequently cited loan purpose was Cash Out Refi, with 21 originations. The 2nd most popular reason was Refi, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 24 $3,600,000 $150,000 $0 4.03%
    15 Year 19 $1,705,000 $89,737 $0 3.41%
    10 Year 5 $205,000 $41,000 $0 4.28%
    20 Year 2 $190,000 $95,000 $0 3.12%
    5 Year 1 $45,000 $45,000 $0 3.99%

    For 2020, Central Virginia's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 26 $2,520,000 $96,923
    4-5% 16 $2,470,000 $154,375
    2.5-3% 8 $750,000 $93,750
    6-7% 1 $5,000 $5,000

    During 2020, Central Virginia's average interest rate for loans was 4.03%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 26 $1,560,000 $60,000 $0 3.79%
    $100k-200k 20 $2,810,000 $140,500 $0 3.66%
    $200k-400k 4 $970,000 $242,500 $0 4.25%
    $400k-600k 1 $405,000 $405,000 $0 4.25%

    2020 saw Central Virginia place emphasis on $100,000 or less loans with 26 originations, totaling $1,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 16 $1,540,000 $96,250 $0 3.74%
    $50k-75k 14 $1,370,000 $97,857 $0 3.57%
    $100k-150k 9 $1,215,000 $135,000 $0 3.82%
    $150k-250k 6 $770,000 $128,333 $0 3.79%
    $75k-100k 6 $850,000 $141,667 $0 4.35%

    Central Virginia lent most frequently to those with incomes in the $50k or less range, with 16 originations. The second most popular income band? $50k-75k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $1,030,000 $85,833 $0 3.63%
    <20% 10 $940,000 $94,000 $0 3.31%
    37% 5 $475,000 $95,000 $0 3.93%
    50-60% 5 $585,000 $117,000 $0 3.93%
    30-36% 5 $605,000 $121,000 $0 3.65%
    43% 3 $485,000 $161,667 $0 4.16%
    44% 2 $350,000 $175,000 $0 4.38%
    39% 2 $410,000 $205,000 $0 3.81%
    36% 2 $310,000 $155,000 $0 3.94%
    46% 1 $5,000 $5,000 $0 6.50%
    47% 1 $235,000 $235,000 $0 4.13%
    48% 1 $75,000 $75,000 $0 3.13%
    49% 1 $155,000 $155,000 $0 4.13%
    45% 1 $85,000 $85,000 $0 4.25%

    Central Virginia lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? <20%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $4,120,000 $121,176 $0 3.76%
    Black 17 $1,625,000 $95,588 $0 3.83%

    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
    92.16%

    Central Virginia has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 51 $5,745,000 $112,647

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 51 $5,745,000 $112,647

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $590,000 $59,000 $0 3.66%
    40-60% 9 $905,000 $100,556 $0 3.21%
    60-80% 8 $1,040,000 $130,000 $0 3.36%
    80-100% 18 $2,950,000 $163,889 $0 4.20%
    Under 20% 6 $260,000 $43,333 $0 4.19%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    CENTERSTATE BANK CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    CENTERSTATE BANK CORPORATION Conventional home mortgage Trouble during payment process 2 50.0%
    CENTERSTATE BANK CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%