Henrico Federal Credit Union Mortgage Rates, Fees & Info
Richmond, VALEI: 549300ELQB8TS88JEE06
Tax ID: 54-0884518
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 5.74% | 12/16/24 |
| 15 Year Conventional Refi | 4.88% | 12/16/24 |
| 15 Year Cash-out Refi | 4.88% | 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. | ||
Henrico Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
165Origination Dollar Volume (All Markets)
$10,035,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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.
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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
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
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
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
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
Approval Rates
Total approvals of all applications88.83%
Henrico Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination90.91%
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 |