Beach Municipal Federal Credit Union Mortgage Rates, Fees & Info
Virginia Beach, VALEI: 549300BKDQB6JNNHRH94
Tax ID: 54-0899884
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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 an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.54% | 4/21/24 |
| 30 Year Cash-out Refi | 6.58% | 4/21/24 |
| 15 Year Conventional Refi | 5.68% | 4/21/24 |
| 15 Year Cash-out Refi | 5.68% | 4/21/24 |
| 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
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Originations
107Origination Dollar Volume (All Markets)
$7,635,000Top 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) | 107 | $7,635,000 | $71,355 | $301 | 6.72% |
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.
Similarity Rank: 18
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 107 | $7,635,000 | $71,355 | $301 | 6.72% |
For 2023, Beach Municipal Federal Credit Union's most frequently originated type of loan was Conventional, with 107 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 98 | $7,300,000 | $74,490 | $308 | 6.78% |
| Refi | 6 | $240,000 | $40,000 | $205 | 5.79% |
| Home Improvement | 3 | $95,000 | $31,667 | $205 | 6.33% |
For 2023, Beach Municipal Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 98 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 52 | $4,600,000 | $88,462 | $319 | 7.35% |
| 10 Year | 36 | $2,000,000 | $55,556 | $289 | 6.35% |
| 5 Year | 19 | $1,035,000 | $54,474 | $272 | 5.67% |
For 2023, Beach Municipal Federal Credit Union's most frequently cited loan duration was 15 Year, with 52 originations. The 2nd most popular length was 10 Year, with 36 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 47 | $3,405,000 | $72,447 |
| 5-6% | 31 | $1,855,000 | $59,839 |
| 7-8% | 19 | $1,635,000 | $86,053 |
| Over 8% | 7 | $505,000 | $72,143 |
| % | 3 | $235,000 | $78,333 |
During 2023, Beach Municipal Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 47 originations.
Loan Sizing
2023 saw Beach Municipal Federal Credit Union place emphasis on $100,000 or less loans with 87 originations, totaling $4,875,000 in origination value.
Applicant Income
Beach Municipal Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $50k-75k, with 26 originations.
Applicant Debt to Income Ratio
Beach Municipal Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 50-60%, with 20 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 88 | $6,620,000 | $75,227 | $302 | 6.65% |
| Black | 19 | $1,015,000 | $53,421 | $295 | 7.00% |
Approval Rates
Total approvals of all applications95.04%
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 origination92.52%
Beach Municipal Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 107 | $7,635,000 | $71,355 |