Beach Municipal Federal Credit Union Mortgage Rates, Fees & Info

Virginia Beach, VA

LEI: 549300BKDQB6JNNHRH94

Tax ID: 54-0899884

5 stars - Updated: 3/4/24 - out of 5 stars, based on 7 reviews

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

Jump to:

Mortgage Data

Review & Overview

Beach Municipal Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Beach Municipal Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Virginia Beach.

Beach Municipal Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Beach Municipal Federal Credit Union is typically a low 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% 3/4/24
30 Year Cash-out Refi 6.58% 3/4/24
15 Year Conventional Refi 5.68% 3/4/24
15 Year Cash-out Refi 5.68% 3/4/24
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.

Beach Municipal Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Beach Municipal Federal 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

44

Origination Dollar Volume (All Markets)

$4,860,000

Awards

BEACH MUNICIPAL FEDERAL CREDIT UNION 30 Year Conventional Loans gold BEACH MUNICIPAL FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Beach Municipal Federal Credit Union's average 30 year fixed mortgage rate was 3.59%.

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

This yields a difference of -1.17%.

Relative Fees (Closing Costs)

Beach Municipal Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,094.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 44 $4,860,000 $110,455 $1,371 5.57%
Beach Municipal Federal Credit Union's top markets include and Virginia Beach among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 361
    Aurora Financial, LLC
    Similarity Rank: 364
    ABNB Federal Credit Union
    Similarity Rank: 816
    Virginia Credit Union, Inc.
    Similarity Rank: 1440
    RESIDENTIAL MORTGAGE SERVICES, INC.
    Similarity Rank: 1650
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1737
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 2233
    ABSOLUTE HOME MORTGAGE CORPORATION
    Similarity Rank: 2320
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 2756

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $4,860,000 $110,455 $1,371 5.57%

    For 2022, Beach Municipal Federal Credit Union's most frequently originated type of loan was Conventional, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 36 $3,870,000 $107,500 $1,258 5.70%
    Home Purchase 4 $840,000 $210,000 $3,462 3.50%
    Home Improvement 3 $135,000 $45,000 $205 5.83%
    Refi 1 $15,000 $15,000 $350 8.25%

    For 2022, Beach Municipal Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 36 originations. The 2nd most popular reason was Home Purchase, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 13 $2,755,000 $211,923 $3,094 3.59%
    10 Year 12 $730,000 $60,833 $356 6.48%
    15 Year 12 $940,000 $78,333 $604 7.44%
    5 Year 6 $220,000 $36,667 $674 4.75%
    20 Year 1 $215,000 $215,000 $3,099 2.88%

    For 2022, Beach Municipal Federal Credit Union's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was 10 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 9 $1,885,000 $209,444
    $<1k 4 $440,000 $110,000
    $2k-3k 3 $875,000 $291,667

    Beach Municipal Federal Credit Union's average total fees were $3,094, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 10 $670,000 $67,000
    3-4% 8 $1,860,000 $232,500
    Over 8% 7 $385,000 $55,000
    4-5% 6 $680,000 $113,333
    2.5-3% 4 $680,000 $170,000
    6-7% 4 $240,000 $60,000
    7-8% 4 $280,000 $70,000
    <2.5% 1 $65,000 $65,000

    During 2022, Beach Municipal Federal Credit Union's average interest rate for loans was 3.59%, while their most frequently originated rate bucket for loans was 5-6%, with 10 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 28 $1,370,000 $48,929 $548 6.43%
    $200k-400k 9 $2,415,000 $268,333 $2,996 3.82%
    $100k-200k 7 $1,075,000 $153,571 $2,341 4.39%

    2022 saw Beach Municipal Federal Credit Union place emphasis on $100,000 or less loans with 28 originations, totaling $1,370,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 11 $1,235,000 $112,273 $1,596 5.16%
    $100k-150k 10 $1,050,000 $105,000 $1,216 5.66%
    $75k-100k 10 $1,400,000 $140,000 $1,764 5.21%
    $50k or less 6 $420,000 $70,000 $1,808 5.19%
    $150k-250k 4 $340,000 $85,000 $476 7.81%
    $250k+ 3 $415,000 $138,333 $352 5.75%

    Beach Municipal Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $1,395,000 $126,818 $1,523 4.51%
    30-36% 6 $630,000 $105,000 $1,240 5.67%
    50-60% 6 $710,000 $118,333 $1,209 6.38%
    36% 4 $460,000 $115,000 $1,254 6.72%
    <20% 3 $195,000 $65,000 $1,197 4.92%
    39% 3 $425,000 $141,667 $2,114 4.79%
    43% 3 $715,000 $238,333 $3,735 3.83%
    48% 2 $120,000 $60,000 $205 8.25%
    46% 2 $70,000 $35,000 $338 7.00%
    >60% 1 $25,000 $25,000 $205 5.25%
    37% 1 $15,000 $15,000 $205 6.00%
    42% 1 $25,000 $25,000 $450 8.25%
    45% 1 $75,000 $75,000 $450 5.75%

    Beach Municipal Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 35 $3,655,000 $104,429 $1,266 5.50%
    Black 9 $1,205,000 $133,889 $1,759 5.85%

    Approval Rates

    Total approvals of all applications
    96.36%

    Beach Municipal Federal Credit Union 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
    79.55%

    Beach Municipal Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 44 $4,860,000 $110,455

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    44 $4,860,000 $110,455

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $890,000 $111,250 $1,188 6.08%
    60-80% 8 $2,010,000 $251,250 $3,266 3.45%
    80-100% 4 $810,000 $202,500 $3,197 3.47%
    Under 20% 24 $1,150,000 $47,917 $417 6.46%