The Bank Of Charlotte County Mortgage Rates, Fees & Info
Phenix, VALEI: 54930064WT3GIUWM7H79
Tax ID: 54-0132880
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Mortgage Data
Review & Overview
The Bank Of Charlotte County is a smaller bank specializing in Home Purchase loans. The Bank Of Charlotte County has a high proportion of conventional loans. Their top markets by origination volume include: Lynchburg, Danville, Richmond, and Charlottesville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)The Bank Of Charlotte 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. The Bank Of Charlotte 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.
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Originations
52Origination Dollar Volume (All Markets)
$10,970,000Relative Rate
The Bank Of Charlotte County's average 30 year fixed mortgage rate was
7.44%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.96%.
Relative Fees (Closing Costs)
The Bank Of Charlotte County's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,882.
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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 36 | $8,190,000 | $227,500 | $4,386 | 7.48% |
| LYNCHBURG, VA (FHA|USDA|VA) | 9 | $1,675,000 | $186,111 | $3,706 | 7.81% |
| Danville, VA (FHA|USDA|VA) | 5 | $845,000 | $169,000 | $3,462 | 7.79% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.69% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,351 | 8.79% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 52 | $10,970,000 | $210,962 | $4,092 | 7.60% |
For 2023, The Bank Of Charlotte County's most frequently originated type of loan was Conventional, with 52 originations.
Loan Reason
For 2023, The Bank Of Charlotte County's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.
Loan Duration/Length
For 2023, The Bank Of Charlotte County's most frequently cited loan duration was 20 Year, with 16 originations. The 2nd most popular length was 30 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 8 | $800,000 | $100,000 |
| $1k-2k | 7 | $2,015,000 | $287,857 |
| $2k-3k | 1 | $505,000 | $505,000 |
| $5k+ | 1 | $1,615,000 | $1,615,000 |
The Bank Of Charlotte County's average total fees were $4,882, 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 |
|---|---|---|---|
| 7-8% | 26 | $6,650,000 | $255,769 |
| 6-7% | 12 | $2,580,000 | $215,000 |
| Over 8% | 11 | $1,275,000 | $115,909 |
| 5-6% | 3 | $465,000 | $155,000 |
During 2023, The Bank Of Charlotte County's average interest rate for loans was 7.44%, while their most frequently originated rate bucket for loans was 7-8%, with 26 originations.
Loan Sizing
2023 saw The Bank Of Charlotte County place emphasis on $100k-200k loans with 18 originations, totaling $2,400,000 in origination value.
Applicant Income
The Bank Of Charlotte County lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $250k+, with 6 originations.
Applicant Debt to Income Ratio
The Bank Of Charlotte County lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 38%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.33%
The Bank Of Charlotte County has a below average approval rate.
Pick Rate
Approvals leading to origination82.69%
The Bank Of Charlotte County has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 52 | $10,970,000 | $210,962 |