Henrico Federal Credit Union Mortgage Rates, Fees & Info
Richmond, VALEI: 549300ELQB8TS88JEE06
Tax ID: 54-0884518
Latest/2024 | 2023 Data | 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 two markets are Richmond and Virginia Beach .Henrico 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. Henrico 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 relatively high rates.
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Originations
175Origination Dollar Volume (All Markets)
$12,535,000Relative Rate
Henrico Federal Credit Union's average 30 year fixed mortgage rate was
7.24%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.69%.
Relative Fees (Closing Costs)
Henrico Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,894.
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 $8,356.
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) | 171 | $12,195,000 | $71,316 | $947 | 7.16% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $1,344 | 6.99% |
| Outside of Metro Areas | 2 | $170,000 | $85,000 | $1,050 | 6.99% |
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.
Similarity Rank: 66
Similarity Rank: 460
Similarity Rank: 552
Similarity Rank: 588
Similarity Rank: 1125
Similarity Rank: 1476
Similarity Rank: 1944
Similarity Rank: 2208
Similarity Rank: 2408
Similarity Rank: 3841
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 175 | $12,535,000 | $71,629 | $953 | 7.15% |
For 2024, Henrico Federal Credit Union's most frequently originated type of loan was Conventional, with 175 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 174 | $12,350,000 | $70,977 | $951 | 7.16% |
| Refi | 1 | $185,000 | $185,000 | $1,223 | 5.24% |
For 2024, Henrico Federal Credit Union's most frequently cited loan purpose was Other, with 174 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
For 2024, Henrico Federal Credit Union's most frequently cited loan duration was 15 Year, with 102 originations. The 2nd most popular length was 10 Year, with 71 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 94 | $7,660,000 | $81,489 |
| 6-7% | 72 | $4,060,000 | $56,389 |
| Over 8% | 7 | $505,000 | $72,143 |
| 5-6% | 2 | $310,000 | $155,000 |
During 2024, Henrico Federal Credit Union's average interest rate for loans was 7.24%, while their most frequently originated rate bucket for loans was 7-8%, with 94 originations.
Loan Sizing
2024 saw Henrico Federal Credit Union place emphasis on $100,000 or less loans with 145 originations, totaling $7,785,000 in origination value.
Applicant Income
Henrico Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $50k-75k, with 36 originations.
Applicant Debt to Income Ratio
Henrico Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 26 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.25%
Henrico Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.00%
Henrico Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 175 | $12,535,000 | $71,629 |