Beach Municipal Federal Credit Union Mortgage Rates, Fees & Info

Virginia Beach, VA

LEI: 549300BKDQB6JNNHRH94

Tax ID: 54-0899884

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Beach Municipal Federal Credit Union is a smaller credit union specializing in Refi loans. Beach Municipal Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Virginia Beach, Charlottesville, Charlotte, and Elizabeth City among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Beach Municipal Federal Credit Union 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. 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.54% 12/16/24
    30 Year Cash-out Refi 6.58% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 12/16/24
    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

    49

    Origination Dollar Volume (All Markets)

    $6,075,000

    Awards

    BEACH MUNICIPAL FEDERAL CREDIT UNION 30 Year Conventional Loans bronze BEACH MUNICIPAL FEDERAL CREDIT UNION 30 Year Conventional Loans bronze
    Show all (2) 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
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 46 $5,750,000 $125,000 $1,556 5.66%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $185,000 $185,000 $2,853 4.25%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $95,000 $95,000 $450 8.50%
    Elizabeth City, NC (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.75%
    Beach Municipal Federal Credit Union's top markets include Virginia Beach, Charlottesville, Charlotte, and Elizabeth City 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.

    ABNB Federal Credit Union
    Similarity Rank: 75
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 160
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 517
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 530
    LANGLEY
    Similarity Rank: 600
    Southern Bank and Trust Company
    Similarity Rank: 825
    Virginia Credit Union, Inc.
    Similarity Rank: 832
    1ST ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 861
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 888
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 1456

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 49 $6,075,000 $123,980 $1,528 5.71%

    For 2019, Beach Municipal Federal Credit Union's most frequently originated type of loan was Conventional, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 32 $4,230,000 $132,188 $1,593 5.80%
    Cash Out Refi 8 $510,000 $63,750 $705 6.16%
    Home Purchase 5 $1,135,000 $227,000 $3,654 3.77%
    Home Improvement 4 $200,000 $50,000 $0 6.57%

    For 2019, Beach Municipal Federal Credit Union's most frequently cited loan purpose was Refi, with 32 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 23 $2,205,000 $95,870 $980 6.57%
    30 Year 14 $2,810,000 $200,714 $3,126 4.01%
    10 Year 8 $340,000 $42,500 $113 6.19%
    20 Year 3 $685,000 $228,333 $2,557 6.08%
    5 Year 1 $35,000 $35,000 $0 5.00%

    For 2019, Beach Municipal Federal Credit Union's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 30 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 31 $1,755,000 $56,613
    $1k-2k 15 $2,985,000 $199,000
    $2k-3k 2 $760,000 $380,000
    $3k-4k 1 $575,000 $575,000

    Beach Municipal Federal Credit Union's average total fees were $3,126, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 31 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 14 $2,770,000 $197,857
    Over 8% 10 $570,000 $57,000
    4-5% 8 $1,410,000 $176,250
    6-7% 8 $380,000 $47,500
    5-6% 6 $630,000 $105,000
    % 1 $35,000 $35,000
    7-8% 1 $105,000 $105,000
    2.5-3% 1 $175,000 $175,000

    During 2019, Beach Municipal Federal Credit Union's average interest rate for loans was 4.01%, while their most frequently originated rate bucket for loans was 3-4%, with 14 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 29 $1,545,000 $53,276 $422 6.85%
    $100k-200k 12 $1,820,000 $151,667 $2,477 4.11%
    $200k-400k 6 $1,700,000 $283,333 $3,799 3.62%
    $400k-600k 2 $1,010,000 $505,000 $5,055 5.06%

    2019 saw Beach Municipal Federal Credit Union place emphasis on $100,000 or less loans with 29 originations, totaling $1,545,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 13 $1,165,000 $89,615 $1,022 6.46%
    $50k or less 11 $995,000 $90,455 $1,307 5.57%
    $100k-150k 9 $1,415,000 $157,222 $1,647 5.67%
    $75k-100k 9 $695,000 $77,222 $1,137 6.22%
    $150k-250k 5 $1,045,000 $209,000 $2,760 3.77%
    $250k+ 2 $760,000 $380,000 $4,180 4.44%

    Beach Municipal Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 13 originations. The second most popular income band? $50k or less, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 9 $1,555,000 $172,778 $2,231 4.77%
    20-30% 6 $1,070,000 $178,333 $2,667 4.50%
    <20% 4 $630,000 $157,500 $2,166 3.84%
    44% 3 $405,000 $135,000 $2,389 4.96%
    50-60% 3 $155,000 $51,667 $150 8.67%
    38% 3 $125,000 $41,667 $676 4.67%
    39% 3 $265,000 $88,333 $840 7.66%
    43% 3 $395,000 $131,667 $2,431 4.04%
    >60% 2 $490,000 $245,000 $2,527 7.63%
    36% 2 $100,000 $50,000 $0 6.13%
    37% 2 $110,000 $55,000 $450 6.63%
    42% 2 $430,000 $215,000 $1,906 5.25%
    46% 2 $150,000 $75,000 $0 9.00%
    48% 2 $90,000 $45,000 $225 6.63%
    49% 1 $25,000 $25,000 $450 5.75%
    47% 1 $45,000 $45,000 $0 6.75%
    40% 1 $35,000 $35,000 $0 9.75%

    Beach Municipal Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 9 originations. The next most common DTI ratio? 20-30%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $5,195,000 $140,405 $1,799 5.45%
    Black 11 $845,000 $76,818 $714 6.48%
    Asian 1 $35,000 $35,000 $450 7.01%

    Approval Rates

    Total approvals of all applications
    87.80%

    Beach Municipal Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    53.06%

    Beach Municipal Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 49 $6,075,000 $123,980

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 48 $6,040,000 $125,833

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $605,000 $67,222 $850 5.95%
    40-60% 6 $540,000 $90,000 $1,242 5.83%
    60-80% 9 $1,575,000 $175,000 $2,338 4.98%
    80-100% 11 $2,765,000 $251,364 $3,275 4.26%
    Under 20% 14 $590,000 $42,143 $193 7.13%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    BOGMAN, INC Conventional home mortgage Struggling to pay mortgage 1 33.3%
    BOGMAN, INC FHA mortgage Trouble during payment process 1 33.3%
    BOGMAN, INC Other type of mortgage Trouble during payment process 1 33.3%