Virginia Credit Union Mortgage Rates, Fees & Info
Richmond, VALEI: 5493009LKZIV63KY6458
Tax ID: 54-0578719
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Mortgage Data
Review & Overview
Virginia Credit Union is a smaller credit union specializing in Home Purchase 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, Virginia Beach, Charlottesville, and Harrisonburg 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/17/24 |
| 30 Year Conventional Purchase | 6.55% | 11/17/24 |
| 30 Year Conventional Refi | 6.45% | 11/17/24 |
| 30 Year Cash-out Refi | 6.85% | 11/17/24 |
| 30 Year FHA Purchase | 7.19% | 11/17/24 |
| 30 Year FHA Refi | 7.13% | 11/17/24 |
| 30 Year VA Purchase | 6.04% | 11/17/24 |
| 30 Year USDA Purchase | 6.38% | 11/17/24 |
| 15 Year Conventional Purchase | 6.13% | 11/17/24 |
| 15 Year Conventional Refi | 6.06% | 11/17/24 |
| 15 Year Cash-out Refi | 6.06% | 11/17/24 |
| 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. | ||
Virginia Credit Union Mortgage Calculator
Your Estimates
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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
2,568Origination Dollar Volume (All Markets)
$488,540,000Awards
Virginia Credit Union - 2023
Virginia Credit Union is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Virginia Credit Union's average 30 year fixed mortgage rate was
6.47%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.01%.
Relative Fees (Closing Costs)
Virginia Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,546.
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 |
|---|---|---|---|---|---|
| RICHMOND, VA (FHA|USDA|VA) | 1,862 | $336,430,000 | $180,682 | $5,286 | 7.61% |
| Outside of Metro Areas | 265 | $43,815,000 | $165,340 | $6,021 | 7.29% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 184 | $34,370,000 | $186,793 | $6,682 | 7.70% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 89 | $34,325,000 | $385,674 | $6,105 | 7.21% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 64 | $16,360,000 | $255,625 | $5,917 | 6.94% |
| HARRISONBURG, VA (FHA|USDA|VA) | 17 | $6,735,000 | $396,176 | $5,036 | 7.06% |
| LYNCHBURG, VA (FHA|USDA|VA) | 24 | $5,110,000 | $212,917 | $4,114 | 7.66% |
| ROANOKE, VA (FHA|USDA|VA) | 15 | $2,895,000 | $193,000 | $4,365 | 7.06% |
| STAUNTON, VA (FHA|USDA|VA) | 10 | $2,140,000 | $214,000 | $4,541 | 7.09% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 8 | $1,470,000 | $183,750 | $5,428 | 6.73% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 6 | $1,310,000 | $218,333 | $7,066 | 7.42% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 3 | $1,305,000 | $435,000 | $5,672 | 7.54% |
| Danville, VA (FHA|USDA|VA) | 10 | $1,160,000 | $116,000 | $4,951 | 7.46% |
| Bluefield, WV-VA (FHA|USDA|VA) | 4 | $470,000 | $117,500 | $3,934 | 6.13% |
| Big Stone Gap, VA (FHA|USDA|VA) | 5 | $435,000 | $87,000 | $3,454 | 7.38% |
| Martinsville, VA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $4,056 | 5.56% |
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.
Similarity Rank: 18
Similarity Rank: 33
Similarity Rank: 40
Similarity Rank: 65
Similarity Rank: 108
Similarity Rank: 260
Similarity Rank: 290
Similarity Rank: 384
Similarity Rank: 416
Similarity Rank: 616
Product Mix
For 2023, Virginia Credit Union's most frequently originated type of loan was Conventional, with 1,554 originations. Their 2nd most popular type was HELOC, with 770 originations.
Loan Reason
For 2023, Virginia Credit Union's most frequently cited loan purpose was Home Purchase, with 933 originations. The 2nd most popular reason was Home Improvement, with 835 originations.
Loan Duration/Length
For 2023, Virginia Credit Union's most frequently cited loan duration was 30 Year, with 1,033 originations. The 2nd most popular length was 10 Year, with 1,009 originations.
Origination Fees/Closing Costs
Virginia Credit Union's average total fees were $5,546, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 411 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 872 | $73,870,000 | $84,713 |
| 6-7% | 715 | $210,005,000 | $293,713 |
| 7-8% | 664 | $85,030,000 | $128,057 |
| 5-6% | 309 | $116,945,000 | $378,463 |
| 4-5% | 8 | $2,690,000 | $336,250 |
During 2023, Virginia Credit Union's average interest rate for loans was 6.47%, while their most frequently originated rate bucket for loans was Over 8%, with 872 originations.
Loan Sizing
2023 saw Virginia Credit Union place emphasis on $100,000 or less loans with 1,244 originations, totaling $67,040,000 in origination value.
Applicant Income
Virginia Credit Union lent most frequently to those with incomes in the $100k-150k range, with 709 originations. The second most popular income band? $150k-250k, with 535 originations.
Applicant Debt to Income Ratio
Virginia Credit Union lent most frequently to those with DTI ratios of 20-30%, with 471 originations. The next most common DTI ratio? 30-36%, with 430 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications60.85%
Virginia Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination79.09%
Virginia Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,568 | $488,540,000 | $190,241 |