Henrico Federal Credit Union Mortgage Rates, Fees & Info

Richmond, VA

LEI: 549300ELQB8TS88JEE06

Tax ID: 54-0884518

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
  • 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

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

    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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Refi 5.74% 5/13/24
    15 Year Conventional Refi 4.88% 5/13/24
    15 Year Cash-out Refi 4.88% 5/13/24
    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

    154

    Origination Dollar Volume (All Markets)

    $14,080,000

    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) 148 $13,370,000 $90,338 $1,038 4.07%
    Outside of Metro Areas 4 $530,000 $132,500 $1,227 3.80%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $125,000 $125,000 $1,394 3.99%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $55,000 $55,000 $835 4.24%
    Henrico Federal Credit Union's top markets include Richmond, Virginia Beach, and Charlottesville 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.

    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 108
    LANGLEY
    Similarity Rank: 450
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    Virginia Commonwealth Bank
    Similarity Rank: 720
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1233
    Virginia Credit Union, Inc.
    Similarity Rank: 2025
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 2314
    CLEARPATH LENDING
    Similarity Rank: 3220
    Atlantic Coast Mortgage, LLC
    Similarity Rank: 3783
    Triumph Bank
    Similarity Rank: 4080

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 154 $14,080,000 $91,429 $1,044 4.07%

    For 2018, Henrico Federal Credit Union's most frequently originated type of loan was Conventional, with 154 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 46 $2,240,000 $48,696 $912 4.15%
    Refi 44 $7,700,000 $175,000 $1,361 3.83%
    Other 34 $2,120,000 $62,353 $956 4.21%
    Cash Out Refi 30 $2,020,000 $67,333 $882 4.12%

    For 2018, Henrico Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 46 originations. The 2nd most popular reason was Refi, with 44 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 71 $3,255,000 $45,845 $901 4.07%
    15 Year 51 $5,545,000 $108,725 $1,151 4.14%
    20 Year 25 $5,065,000 $202,600 $1,321 3.94%
    5 Year 4 $90,000 $22,500 $713 3.99%
    Other 3 $125,000 $41,667 $743 3.99%

    For 2018, Henrico Federal Credit Union's most frequently cited loan duration was 10 Year, with 71 originations. The 2nd most popular length was 15 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 34 $3,450,000 $101,471
    $5k+ 1 $225,000 $225,000

    Henrico Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 77 $8,985,000 $116,688
    4-5% 77 $5,095,000 $66,169

    During 2018, Henrico Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 77 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 101 $4,115,000 $40,743 $855 4.15%
    $100k-200k 39 $5,455,000 $139,872 $1,209 3.91%
    $200k-400k 10 $2,690,000 $269,000 $1,984 3.82%
    $400k-600k 4 $1,820,000 $455,000 $1,855 4.05%

    2018 saw Henrico Federal Credit Union place emphasis on $100,000 or less loans with 101 originations, totaling $4,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 38 $2,310,000 $60,789 $967 4.12%
    $100k-150k 33 $3,725,000 $112,879 $1,199 4.04%
    $75k-100k 30 $2,300,000 $76,667 $980 4.02%
    $50k or less 29 $1,905,000 $65,690 $944 4.14%
    $150k-250k 16 $1,770,000 $110,625 $1,026 4.04%
    $250k+ 8 $2,070,000 $258,750 $1,407 3.93%

    Henrico Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 38 originations. The second most popular income band? $100k-150k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $4,620,000 $100,435 $1,142 4.01%
    30-36% 34 $2,690,000 $79,118 $966 4.20%
    <20% 22 $2,060,000 $93,636 $993 3.99%
    42% 7 $345,000 $49,286 $922 4.20%
    46% 6 $410,000 $68,333 $1,020 4.03%
    37% 5 $495,000 $99,000 $1,308 4.04%
    50-60% 5 $465,000 $93,000 $1,105 3.99%
    41% 5 $475,000 $95,000 $947 3.99%
    40% 4 $300,000 $75,000 $946 4.30%
    >60% 3 $915,000 $305,000 $1,584 3.91%
    36% 3 $185,000 $61,667 $912 4.16%
    43% 3 $295,000 $98,333 $945 3.91%
    48% 3 $175,000 $58,333 $926 4.07%
    44% 2 $70,000 $35,000 $593 4.37%
    47% 2 $100,000 $50,000 $770 4.12%
    39% 2 $150,000 $75,000 $1,009 3.62%
    38% 1 $155,000 $155,000 $1,186 4.24%
    45% 1 $175,000 $175,000 $1,373 3.74%

    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 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 113 $10,805,000 $95,619 $1,075 4.04%
    Black 29 $2,075,000 $71,552 $910 4.16%
    Asian 7 $665,000 $95,000 $1,012 4.28%
    Not provided 3 $335,000 $111,667 $1,143 3.91%
    American Indian 2 $200,000 $100,000 $1,208 3.87%

    Approval Rates

    Total approvals of all applications
    81.73%

    Henrico Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    89.61%

    Henrico Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 154 $14,080,000 $91,429

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 154 $14,080,000 $91,429

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $2,585,000 $78,333 $993 4.15%
    40-60% 21 $3,195,000 $152,143 $1,204 4.07%
    60-80% 33 $6,135,000 $185,909 $1,420 3.91%
    80-100% 3 $345,000 $115,000 $933 3.74%
    Under 20% 64 $1,820,000 $28,438 $830 4.12%