Virginia Credit Union Mortgage Rates, Fees & Info

Richmond, VA

LEI: 5493009LKZIV63KY6458

Tax ID: 54-0578719

5 stars - Updated: 9/18/23 - out of 5 stars, based on 56 reviews

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

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Mortgage Data

Review & Overview

Virginia Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Virginia Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Richmond, Washington, Charlottesville, Virginia Beach, and Lynchburg among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Virginia Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Virginia Credit Union 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
Home Equity Line of Credit (HELOC) 6.27% 9/18/23
30 Year Conventional Purchase 6.55% 9/18/23
30 Year Conventional Refi 6.45% 9/18/23
30 Year Cash-out Refi 6.85% 9/18/23
30 Year FHA Purchase 7.19% 9/18/23
30 Year FHA Refi 7.13% 9/18/23
30 Year VA Purchase 6.04% 9/18/23
30 Year USDA Purchase 6.38% 9/18/23
15 Year Conventional Purchase 6.13% 9/18/23
15 Year Conventional Refi 6.06% 9/18/23
15 Year Cash-out Refi 6.06% 9/18/23
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.

Virginia Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Virginia Credit Union. 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

3,177

Origination Dollar Volume (All Markets)

$524,135,000
Show all (10) awards

Relative Rate

Virginia Credit Union's average 30 year fixed mortgage rate was 4.69%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.07%.

Relative Fees (Closing Costs)

Virginia Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,897.

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 $4,750.

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
RICHMOND, VA (FHA|USDA|VA) 2,406 $398,630,000 $165,682 $4,584 5.12%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 247 $40,085,000 $162,287 $4,957 5.44%
Outside of Metro Areas 294 $39,680,000 $134,966 $4,302 4.98%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 64 $16,640,000 $260,000 $6,088 4.87%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 67 $13,865,000 $206,940 $4,574 4.86%
LYNCHBURG, VA (FHA|USDA|VA) 23 $3,965,000 $172,391 $4,521 5.23%
STAUNTON, VA (FHA|USDA|VA) 16 $3,040,000 $190,000 $3,765 5.35%
HARRISONBURG, VA (FHA|USDA|VA) 16 $2,220,000 $138,750 $2,761 4.88%
ROANOKE, VA (FHA|USDA|VA) 13 $2,015,000 $155,000 $3,299 4.28%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 5 $915,000 $183,000 $4,460 4.38%
WINCHESTER, VA-WV (FHA|USDA|VA) 4 $820,000 $205,000 $3,757 6.78%
Danville, VA (FHA|USDA|VA) 5 $725,000 $145,000 $4,214 5.15%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 7 $605,000 $86,429 $3,241 4.68%
Martinsville, VA (FHA|USDA|VA) 3 $415,000 $138,333 $5,789 5.33%
Bluefield, WV-VA (FHA|USDA|VA) 5 $335,000 $67,000 $3,274 4.80%
Big Stone Gap, VA (FHA|USDA|VA) 2 $180,000 $90,000 $4,067 5.31%
Virginia Credit Union's top markets include Richmond, Washington, Charlottesville, Virginia Beach, 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 Virginia Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Member Options, LLC
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,862 $381,990,000 $205,150 $3,954 5.02%
    HELOC 1,061 $78,795,000 $74,265 n/a 5.40%
    FHA 208 $50,180,000 $241,250 $7,686 4.72%
    VA 38 $11,150,000 $293,421 $8,219 4.50%
    USDA 8 $2,020,000 $252,500 $5,713 4.19%

    For 2022, Virginia Credit Union's most frequently originated type of loan was Conventional, with 1,862 originations. Their 2nd most popular type was HELOC, with 1,061 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,009 $285,875,000 $283,325 $5,088 4.87%
    Home Improvement 1,002 $67,680,000 $67,545 $0 5.72%
    Cash Out Refi 712 $112,560,000 $158,090 $3,975 4.63%
    Other 253 $15,365,000 $60,731 $0 6.21%
    Refi 200 $42,500,000 $212,500 $3,238 3.74%
    NA 1 $155,000 $155,000 $4,473 5.00%

    For 2022, Virginia Credit Union's most frequently cited loan purpose was Home Purchase, with 1,009 originations. The 2nd most popular reason was Home Improvement, with 1,002 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,301 $347,305,000 $266,952 $4,897 4.69%
    10 Year 1,262 $105,010,000 $83,209 $2,733 5.40%
    15 Year 296 $39,190,000 $132,399 $3,277 4.67%
    20 Year 261 $24,575,000 $94,157 $3,094 6.33%
    5 Year 42 $2,390,000 $56,905 $0 5.67%
    Other 13 $5,225,000 $401,923 $2,348 4.66%
    1 Year 1 $105,000 $105,000 $0 6.50%
    3 Year 1 $335,000 $335,000 $0 5.53%

    For 2022, Virginia Credit Union's most frequently cited loan duration was 30 Year, with 1,301 originations. The 2nd most popular length was 10 Year, with 1,262 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 645 $151,385,000 $234,705
    $1k-2k 447 $99,175,000 $221,868
    $2k-3k 205 $54,735,000 $267,000
    $3k-4k 99 $30,155,000 $304,596
    $5k+ 74 $31,460,000 $425,135
    $4k-5k 55 $18,285,000 $332,455

    Virginia Credit Union's average total fees were $4,897, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 645 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 826 $138,730,000 $167,954
    3-4% 785 $141,545,000 $180,312
    4-5% 668 $141,150,000 $211,302
    6-7% 486 $52,090,000 $107,181
    7-8% 190 $15,260,000 $80,316
    2.5-3% 110 $23,880,000 $217,091
    Over 8% 72 $4,380,000 $60,833
    <2.5% 40 $7,100,000 $177,500

    During 2022, Virginia Credit Union's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 5-6%, with 826 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,396 $74,240,000 $53,181 $2,238 5.65%
    $100k-200k 789 $113,025,000 $143,251 $3,670 4.84%
    $200k-400k 765 $208,755,000 $272,882 $5,111 4.59%
    $400k-600k 158 $73,840,000 $467,342 $6,120 4.65%
    $600k-1MM 59 $40,335,000 $683,644 $7,515 4.52%
    $1MM+ 10 $13,940,000 $1,394,000 $11,264 4.74%

    2022 saw Virginia Credit Union place emphasis on $100,000 or less loans with 1,396 originations, totaling $74,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 832 $140,160,000 $168,462 $4,829 5.27%
    $50k-75k 725 $99,055,000 $136,628 $4,121 4.99%
    $75k-100k 590 $81,880,000 $138,780 $4,346 5.14%
    $150k-250k 494 $99,890,000 $202,206 $6,107 5.35%
    $50k or less 315 $35,375,000 $112,302 $3,855 4.65%
    $250k+ 131 $39,915,000 $304,695 $5,831 5.13%

    Virginia Credit Union lent most frequently to those with incomes in the $100k-150k range, with 832 originations. The second most popular income band? $50k-75k, with 725 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 618 $104,660,000 $169,353 $4,104 4.87%
    30-36% 556 $93,580,000 $168,309 $4,215 5.01%
    <20% 225 $35,835,000 $159,267 $3,707 4.68%
    49% 178 $18,560,000 $104,270 $4,888 5.65%
    42% 149 $25,755,000 $172,852 $4,636 5.19%
    43% 134 $24,380,000 $181,940 $4,572 5.07%
    44% 133 $20,465,000 $153,872 $5,240 5.38%
    36% 126 $22,070,000 $175,159 $4,162 5.14%
    41% 115 $17,715,000 $154,043 $4,808 5.05%
    39% 111 $20,265,000 $182,568 $4,437 5.26%
    37% 108 $17,610,000 $163,056 $4,863 5.12%
    40% 99 $18,095,000 $182,778 $4,834 5.02%
    45% 97 $14,575,000 $150,258 $5,620 5.63%
    46% 97 $12,985,000 $133,866 $5,604 5.57%
    48% 97 $10,195,000 $105,103 $5,005 5.69%
    38% 95 $16,605,000 $174,789 $4,696 4.94%
    47% 93 $10,965,000 $117,903 $5,016 5.54%
    50-60% 88 $16,340,000 $185,682 $8,881 5.37%
    >60% 2 $80,000 $40,000 $200 6.19%

    Virginia Credit Union lent most frequently to those with DTI ratios of 20-30%, with 618 originations. The next most common DTI ratio? 30-36%, with 556 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,081 $331,245,000 $159,176 $4,569 5.18%
    Black 655 $93,165,000 $142,237 $4,635 5.12%
    Not provided 275 $56,015,000 $203,691 $4,373 4.75%
    Not applicable 50 $21,010,000 $420,200 $0 4.86%
    Asian 71 $17,545,000 $247,113 $4,810 4.69%
    American Indian 18 $2,760,000 $153,333 $6,387 5.33%
    Asian Indian 13 $1,295,000 $99,615 $0 5.35%
    Native Hawaiian or Islander 4 $410,000 $102,500 $2,960 5.81%
    Filipino 3 $245,000 $81,667 $0 6.83%
    Korean 3 $235,000 $78,333 $0 7.08%
    Chinese 3 $185,000 $61,667 $0 5.25%
    Other Asian 1 $25,000 $25,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    66.89%

    Virginia Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    80.20%

    Virginia Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,177 $524,135,000 $164,978

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,177 $524,135,000 $164,978

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 514 $53,210,000 $103,521 $3,292 5.44%
    40-60% 273 $53,265,000 $195,110 $3,537 4.24%
    60-80% 534 $140,970,000 $263,989 $4,287 4.39%
    80-100% 691 $206,085,000 $298,242 $5,520 4.80%
    Over 100% 22 $8,980,000 $408,182 $17,301 4.75%
    Under 20% 1,143 $61,625,000 $53,915 $480 5.73%