Verabank Mortgage Rates, Fees & Info

Henderson, TX

LEI: 54930087FQP1S845Z665

Tax ID: 75-0187835

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Verabank is a smaller bank specializing in Home Purchase loans. Verabank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Austin, Longview, Tyler, College Station, and Athens among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Verabank 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. Verabank 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 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 6.54% 4/28/24
    30 Year Conventional Refi 6.52% 4/28/24
    30 Year Cash-out Refi 6.69% 4/28/24
    30 Year VA Purchase 6.29% 4/28/24
    30 Year USDA Purchase 7.03% 4/28/24
    15 Year Conventional Purchase 5.80% 4/28/24
    15 Year Conventional Refi 6.25% 4/28/24
    15 Year Cash-out Refi 6.25% 4/28/24
    15 Year FHA Purchase 5.68% 4/28/24
    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.

    Verabank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Verabank. 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

    892

    Origination Dollar Volume (All Markets)

    $339,380,000
    Show all (12) awards

    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
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 99 $118,305,000 $1,195,000 $7,479 4.56%
    LONGVIEW, TX (FHA|USDA|VA) 179 $39,255,000 $219,302 $3,482 4.74%
    TYLER, TX (FHA|USDA|VA) 118 $36,190,000 $306,695 $4,167 4.65%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 65 $27,705,000 $426,231 $5,088 4.79%
    Outside of Metro Areas 85 $24,475,000 $287,941 $4,608 4.83%
    Athens, TX (FHA|USDA|VA) 72 $16,230,000 $225,417 $4,040 5.02%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 26 $14,290,000 $549,615 $6,904 5.04%
    Corsicana, TX (FHA|USDA|VA) 57 $11,445,000 $200,789 $3,514 5.01%
    Palestine, TX (FHA|USDA|VA) 62 $10,230,000 $165,000 $3,443 4.93%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 26 $8,990,000 $345,769 $4,949 5.12%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 17 $7,105,000 $417,941 $5,227 4.86%
    Jacksonville, TX (FHA|USDA|VA) 17 $5,025,000 $295,588 $4,046 4.80%
    Glenwood Springs, CO (FHA|USDA|VA) 1 $3,255,000 $3,255,000 $0 6.30%
    Lufkin, TX (FHA|USDA|VA) 16 $2,750,000 $171,875 $3,529 5.10%
    Huntsville, TX (FHA|USDA|VA) 10 $2,700,000 $270,000 $2,750 4.66%
    Mount Pleasant, TX (FHA|USDA|VA) 17 $2,615,000 $153,824 $3,892 5.09%
    WACO, TX (FHA|USDA|VA) 3 $2,035,000 $678,333 $16,643 4.50%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $0 4.90%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $1,265,000 $421,667 $9,086 4.72%
    VICTORIA, TX (FHA|USDA|VA) 1 $825,000 $825,000 $7,674 3.50%
    Uvalde, TX (FHA|USDA|VA) 1 $565,000 $565,000 $3,867 3.38%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $465,000 $465,000 $0 4.13%
    Sulphur Springs, TX (FHA|USDA|VA) 4 $390,000 $97,500 $0 5.11%
    LUBBOCK, TX (FHA|USDA|VA) 2 $380,000 $190,000 $2,238 3.81%
    Kerrville, TX (FHA|USDA|VA) 1 $285,000 $285,000 $12,714 4.38%
    Stephenville, TX (FHA|USDA|VA) 1 $245,000 $245,000 $4,253 3.75%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $165,000 $165,000 $3,123 4.25%
    BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $165,000 $165,000 $0 5.47%
    MIDLAND, TX (FHA|USDA|VA) 1 $125,000 $125,000 $2,777 4.13%
    Nacogdoches, TX (FHA|USDA|VA) 1 $115,000 $115,000 $1,703 2.88%
    BECKLEY, WV (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.25%
    TEXARKANA, TX-AR (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.65%
    Alice, TX (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.75%
    Verabank's top markets include Austin, Longview, Tyler, College Station, and Athens among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)

    • Similar Lenders

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

    Telco Plus Credit Union
    Similarity Rank: 60
    EAST TEXAS PROFESSIONAL Credit Union
    Similarity Rank: 66
    KELLY COMMUNITY FEDERAL CREDIT UNION
    Similarity Rank: 180
    PRIMEWAY
    Similarity Rank: 249
    Citizens State Bank
    Similarity Rank: 322
    AMOCO
    Similarity Rank: 510
    Texas Health Credit Union
    Similarity Rank: 552
    TEXAS BAY
    Similarity Rank: 957
    American Momentum Bank
    Similarity Rank: 1012
    Austin Bank, Texas
    Similarity Rank: 1025

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 887 $338,395,000 $381,505 $4,542 4.80%
    VA 3 $705,000 $235,000 $6,629 5.40%
    USDA 2 $280,000 $140,000 $5,520 4.94%

    For 2022, Verabank's most frequently originated type of loan was Conventional, with 887 originations. Their 2nd most popular type was VA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 614 $268,620,000 $437,492 $5,272 4.80%
    Refi 159 $54,025,000 $339,780 $3,600 4.63%
    Home Improvement 77 $8,475,000 $110,065 $1,863 5.20%
    Other 27 $3,535,000 $130,926 $1,991 5.32%
    Cash Out Refi 15 $4,725,000 $315,000 $6,563 4.16%

    For 2022, Verabank's most frequently cited loan purpose was Home Purchase, with 614 originations. The 2nd most popular reason was Refi, with 159 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 314 $141,000,000 $449,045 $4,892 4.53%
    15 Year 182 $31,860,000 $175,055 $2,498 4.85%
    20 Year 167 $38,215,000 $228,832 $3,248 5.13%
    30+ year 72 $51,160,000 $710,556 $8,775 4.34%
    Other 69 $39,315,000 $569,783 $5,032 5.16%
    10 Year 57 $14,675,000 $257,456 $2,210 5.22%
    1 Year 18 $3,690,000 $205,000 $3,414 5.53%
    5 Year 12 $18,960,000 $1,580,000 $1,928 4.73%
    3 Year 1 $505,000 $505,000 $0 4.25%

    For 2022, Verabank's most frequently cited loan duration was 30 Year, with 314 originations. The 2nd most popular length was 15 Year, with 182 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 285 $106,925,000 $375,175
    $<1k 255 $78,865,000 $309,275
    $2k-3k 37 $17,245,000 $466,081
    $5k+ 11 $6,105,000 $555,000
    $3k-4k 8 $6,240,000 $780,000
    $4k-5k 8 $3,530,000 $441,250

    Verabank's average total fees were $4,892, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 285 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 293 $100,335,000 $342,440
    5-6% 241 $87,755,000 $364,129
    3-4% 208 $76,560,000 $368,077
    6-7% 83 $30,845,000 $371,627
    2.5-3% 39 $38,285,000 $981,667
    7-8% 15 $1,515,000 $101,000
    Over 8% 7 $835,000 $119,286
    <2.5% 4 $2,210,000 $552,500

    During 2022, Verabank's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 293 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 243 $68,375,000 $281,379 $4,470 4.71%
    $100k-200k 236 $34,700,000 $147,034 $3,234 4.96%
    $100,000 or less 185 $12,225,000 $66,081 $1,717 5.18%
    $400k-600k 92 $44,650,000 $485,326 $6,027 4.72%
    $600k-1MM 76 $56,280,000 $740,526 $7,011 4.36%
    $1MM+ 60 $123,150,000 $2,052,500 $10,566 4.09%

    2022 saw Verabank place emphasis on $200k-400k loans with 243 originations, totaling $68,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 166 $43,180,000 $260,120 $4,381 4.87%
    $150k-250k 134 $47,050,000 $351,119 $4,971 4.69%
    $250k+ 133 $113,415,000 $852,744 $6,982 4.27%
    $50k-75k 106 $15,870,000 $149,717 $3,146 4.81%
    $75k-100k 98 $21,670,000 $221,122 $3,606 4.79%
    $50k or less 70 $7,910,000 $113,000 $2,826 5.17%

    Verabank lent most frequently to those with incomes in the $100k-150k range, with 166 originations. The second most popular income band? $150k-250k, with 134 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 154 $52,910,000 $343,571 $4,399 4.56%
    30-36% 126 $39,820,000 $316,032 $4,568 4.57%
    <20% 57 $30,235,000 $530,439 $5,607 4.36%
    42% 37 $8,865,000 $239,595 $3,757 5.38%
    40% 33 $8,935,000 $270,758 $4,193 4.92%
    43% 30 $10,930,000 $364,333 $3,901 4.53%
    50-60% 28 $11,100,000 $396,429 $4,991 4.60%
    44% 26 $5,040,000 $193,846 $2,973 4.91%
    39% 25 $8,465,000 $338,600 $5,366 4.61%
    38% 25 $5,015,000 $200,600 $4,298 4.86%
    37% 23 $10,445,000 $454,130 $5,716 5.15%
    36% 23 $8,795,000 $382,391 $4,170 5.12%
    41% 19 $6,845,000 $360,263 $3,965 4.95%
    45% 18 $6,470,000 $359,444 $4,740 4.90%
    >60% 14 $17,380,000 $1,241,429 $7,934 3.66%
    46% 12 $2,440,000 $203,333 $3,879 4.29%
    48% 7 $1,765,000 $252,143 $4,792 4.58%
    47% 7 $1,925,000 $275,000 $5,691 4.73%
    49% 4 $3,320,000 $830,000 $4,494 4.53%

    Verabank lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 612 $211,470,000 $345,539 $4,489 4.76%
    Not applicable 156 $81,900,000 $525,000 $0 5.20%
    Not provided 91 $38,405,000 $422,033 $4,819 4.39%
    Asian 14 $4,170,000 $297,857 $5,804 4.79%
    Black 16 $2,450,000 $153,125 $4,451 5.28%
    American Indian 2 $800,000 $400,000 $3,129 3.63%
    Native Hawaiian or Islander 1 $185,000 $185,000 $0 6.15%

    Approval Rates

    Total approvals of all applications
    88.75%

    Verabank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.41%

    Verabank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1832.66 1 $225,000 $225,000
    NA 891 $339,155,000 $380,645

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    892 $339,380,000 $380,471

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 92 $18,750,000 $203,804 $2,444 4.93%
    40-60% 136 $54,680,000 $402,059 $4,494 4.62%
    60-80% 291 $145,865,000 $501,254 $5,348 4.81%
    80-100% 328 $114,230,000 $348,262 $5,190 4.83%
    Over 100% 2 $900,000 $450,000 $0 4.88%
    Under 20% 43 $4,955,000 $115,233 $1,535 4.93%