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, Charlottesville, and Virginia Beach 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 an 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 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.

    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

    206

    Origination Dollar Volume (All Markets)

    $23,070,000

    Awards

    HENRICO Federal Credit Union 30 Year Conventional Loans gold HENRICO Federal Credit Union 30 Year Conventional Loans gold
    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
    RICHMOND, VA (FHA|USDA|VA) 192 $21,400,000 $111,458 $986 3.29%
    Outside of Metro Areas 11 $1,345,000 $122,273 $1,106 3.04%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $250,000 $125,000 $976 2.84%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $75,000 $75,000 $850 3.74%
    Henrico Federal Credit Union's top markets include Richmond, Charlottesville, and Virginia Beach 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.

    HENRICO Federal Credit Union
    Similarity Rank: 420
    Aurora Financial, LLC
    Similarity Rank: 1679
    JAMS-01, INC.
    Similarity Rank: 2040
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 2088
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 2755
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 2926
    C&F Select LLC
    Similarity Rank: 3024
    Call Federal Credit Union
    Similarity Rank: 3247
    Towne Mortgage, LLC
    Similarity Rank: 3492
    Virginia Credit Union, Inc.
    Similarity Rank: 3504

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 206 $23,070,000 $111,990 $992 3.28%

    For 2021, Henrico Federal Credit Union's most frequently originated type of loan was Conventional, with 206 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 123 $19,035,000 $154,756 $1,104 2.87%
    Other 80 $3,950,000 $49,375 $824 3.88%
    Cash Out Refi 3 $85,000 $28,333 $878 4.07%

    For 2021, Henrico Federal Credit Union's most frequently cited loan purpose was Refi, with 123 originations. The 2nd most popular reason was Other, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 65 $3,635,000 $55,923 $866 3.59%
    15 Year 65 $7,045,000 $108,385 $963 3.21%
    20 Year 29 $4,875,000 $168,103 $1,136 2.97%
    Other 29 $4,545,000 $156,724 $1,097 3.08%
    30 Year 17 $2,945,000 $173,235 $1,163 3.13%
    5 Year 1 $25,000 $25,000 $995 3.74%

    For 2021, Henrico Federal Credit Union's most frequently cited loan duration was 10 Year, with 65 originations. The 2nd most popular length was 15 Year, with 65 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 115 $10,795,000 $93,870
    2.5-3% 73 $10,605,000 $145,274
    <2.5% 11 $1,325,000 $120,455
    4-5% 7 $345,000 $49,286

    During 2021, Henrico Federal Credit Union's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 3-4%, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 100 $4,810,000 $48,100 $837 3.62%
    $100k-200k 78 $10,770,000 $138,077 $1,031 2.96%
    $200k-400k 24 $5,720,000 $238,333 $1,343 2.90%
    $400k-600k 4 $1,770,000 $442,500 $2,009 3.08%

    2021 saw Henrico Federal Credit Union place emphasis on $100,000 or less loans with 100 originations, totaling $4,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 53 $5,495,000 $103,679 $962 3.23%
    $75k-100k 53 $5,875,000 $110,849 $1,019 3.39%
    $50k or less 41 $3,675,000 $89,634 $925 3.25%
    $100k-150k 36 $4,600,000 $127,778 $1,029 3.22%
    $150k-250k 19 $2,895,000 $152,368 $1,092 3.25%
    $250k+ 4 $530,000 $132,500 $917 3.25%

    Henrico Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 53 originations. The second most popular income band? $75k-100k, with 53 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 68 $6,930,000 $101,912 $983 3.27%
    30-36% 33 $4,255,000 $128,939 $1,006 3.33%
    <20% 26 $2,830,000 $108,846 $944 3.11%
    50-60% 18 $2,720,000 $151,111 $1,142 3.40%
    36% 9 $905,000 $100,556 $967 3.46%
    37% 7 $695,000 $99,286 $939 3.40%
    40% 7 $475,000 $67,857 $824 3.50%
    42% 6 $680,000 $113,333 $879 3.32%
    47% 6 $830,000 $138,333 $1,074 3.05%
    48% 4 $400,000 $100,000 $1,029 3.15%
    38% 4 $410,000 $102,500 $1,077 3.40%
    49% 4 $560,000 $140,000 $1,056 3.13%
    39% 3 $335,000 $111,667 $980 2.76%
    44% 3 $295,000 $98,333 $1,019 3.34%
    45% 3 $305,000 $101,667 $873 3.37%
    41% 2 $190,000 $95,000 $925 2.99%
    >60% 1 $55,000 $55,000 $975 2.64%
    46% 1 $175,000 $175,000 $1,187 2.99%
    43% 1 $25,000 $25,000 $1,160 3.99%

    Henrico Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 154 $18,170,000 $117,987 $1,002 3.27%
    Black 43 $3,925,000 $91,279 $959 3.28%
    Asian 5 $655,000 $131,000 $983 3.30%
    Not provided 2 $200,000 $100,000 $823 3.19%
    Other Asian 1 $95,000 $95,000 $925 2.89%
    American Indian 1 $25,000 $25,000 $1,340 3.99%

    Approval Rates

    Total approvals of all applications
    89.64%

    Henrico Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.26%

    Henrico Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 206 $23,070,000 $111,990

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    206 $23,070,000 $111,990

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $3,595,000 $92,179 $935 3.10%
    40-60% 58 $8,820,000 $152,069 $1,071 2.86%
    60-80% 41 $8,315,000 $202,805 $1,247 3.13%
    Under 20% 68 $2,340,000 $34,412 $804 3.82%