Henrico Federal Credit Union Mortgage Rates, Fees & Info

Richmond, VA

LEI: 549300ELQB8TS88JEE06

Tax ID: 54-0884518

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

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Mortgage Data

Review & Overview

Henrico Federal Credit Union is a smaller credit union specializing in Other loans. Henrico Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Richmond.

Henrico Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

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 Refi 5.74% 3/28/24
15 Year Conventional Refi 4.88% 3/28/24
15 Year Cash-out Refi 4.88% 3/28/24
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.

Henrico 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 Henrico 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

165

Origination Dollar Volume (All Markets)

$10,035,000

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) 159 $9,705,000 $61,038 $942 6.82%
Outside of Metro Areas 6 $330,000 $55,000 $1,065 6.82%
Henrico Federal Credit Union's top markets include and Richmond among others.

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

    We use machine learning to identify the top lenders compared against HENRICO Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Chesapeake Bank
    Similarity Rank: 396
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    Virginia Credit Union, Inc.
    Similarity Rank: 1408
    Towne First Mortgage, LLC
    Similarity Rank: 2000
    STATE EMPLOYEES'
    Similarity Rank: 2328
    FIDELITY DIRECT MORTGAGE, LLC
    Similarity Rank: 2820

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 165 $10,035,000 $60,818 $947 6.82%

    For 2023, Henrico Federal Credit Union's most frequently originated type of loan was Conventional, with 165 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 164 $9,940,000 $60,610 $947 6.83%
    Refi 1 $95,000 $95,000 $925 5.99%

    For 2023, Henrico Federal Credit Union's most frequently cited loan purpose was Other, with 164 originations. The 2nd most popular reason was Refi, with 1 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 62 $2,440,000 $39,355 $922 6.64%
    15 Year 54 $4,320,000 $80,000 $972 6.92%
    Other 47 $3,165,000 $67,340 $954 6.97%
    20 Year 1 $65,000 $65,000 $845 6.24%
    5 Year 1 $45,000 $45,000 $865 6.74%

    For 2023, Henrico Federal Credit Union's most frequently cited loan duration was 10 Year, with 62 originations. The 2nd most popular length was 15 Year, with 54 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 120 $6,740,000 $56,167
    7-8% 40 $2,820,000 $70,500
    5-6% 3 $215,000 $71,667
    Over 8% 2 $260,000 $130,000

    During 2023, Henrico 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 120 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 144 $6,860,000 $47,639 $920 6.80%
    $100k-200k 17 $2,145,000 $126,176 $1,066 6.92%
    $200k-400k 4 $1,030,000 $257,500 $1,419 7.29%

    2023 saw Henrico Federal Credit Union place emphasis on $100,000 or less loans with 144 originations, totaling $6,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 52 $3,710,000 $71,346 $976 6.88%
    $75k-100k 36 $2,010,000 $55,833 $927 6.83%
    $50k-75k 32 $1,350,000 $42,188 $909 6.83%
    $150k-250k 30 $2,170,000 $72,333 $994 6.69%
    $50k or less 12 $550,000 $45,833 $861 6.87%
    $250k+ 3 $245,000 $81,667 $954 6.91%

    Henrico Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 52 originations. The second most popular income band? $75k-100k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $2,795,000 $59,468 $943 6.81%
    <20% 35 $1,905,000 $54,429 $920 6.63%
    30-36% 32 $1,980,000 $61,875 $979 6.83%
    42% 10 $460,000 $46,000 $1,002 6.92%
    50-60% 6 $550,000 $91,667 $940 7.24%
    37% 6 $370,000 $61,667 $843 6.66%
    41% 4 $400,000 $100,000 $996 6.67%
    36% 4 $270,000 $67,500 $966 6.99%
    39% 3 $175,000 $58,333 $880 6.91%
    48% 3 $115,000 $38,333 $910 7.24%
    38% 3 $235,000 $78,333 $924 6.74%
    44% 2 $190,000 $95,000 $971 6.74%
    45% 2 $140,000 $70,000 $958 6.74%
    47% 2 $100,000 $50,000 $948 7.62%
    49% 2 $100,000 $50,000 $880 6.87%
    43% 1 $35,000 $35,000 $845 7.74%
    >60% 1 $35,000 $35,000 $1,475 6.49%
    46% 1 $25,000 $25,000 $925 7.24%
    40% 1 $155,000 $155,000 $900 7.74%

    Henrico Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? <20%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 106 $6,730,000 $63,491 $965 6.79%
    Black 55 $3,015,000 $54,818 $915 6.91%
    Not provided 3 $195,000 $65,000 $898 6.49%
    American Indian 1 $95,000 $95,000 $925 5.99%

    Approval Rates

    Total approvals of all applications
    88.83%

    Henrico Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.91%

    Henrico Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 165 $10,035,000 $60,818

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    165 $10,035,000 $60,818

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $4,025,000 $85,638 $945 6.88%
    40-60% 7 $1,285,000 $183,571 $1,217 6.91%
    Under 20% 111 $4,725,000 $42,568 $930 6.79%