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 Other and Refi loans. Henrico Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Harrisonburg, and Washington 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 above 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 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% 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






    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

    177

    Origination Dollar Volume (All Markets)

    $16,795,000

    Awards

    HENRICO Federal Credit Union 30 Year Conventional Loans gold HENRICO Federal Credit Union 30 Year Conventional Loans gold HENRICO Federal Credit Union 30 Year Conventional Loans gold HENRICO Federal Credit Union 30 Year Conventional Loans gold
    Show all (4) 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) 168 $15,840,000 $94,286 $1,075 4.22%
    Outside of Metro Areas 7 $785,000 $112,143 $1,132 4.49%
    HARRISONBURG, VA (FHA|USDA|VA) 1 $155,000 $155,000 $1,252 4.49%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $15,000 $15,000 $890 6.24%
    Henrico Federal Credit Union's top markets include Richmond, Harrisonburg, and Washington 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: 16
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 160
    Chesapeake Bank
    Similarity Rank: 316
    C&F Select LLC
    Similarity Rank: 1040
    Call Federal Credit Union
    Similarity Rank: 1308
    LANGLEY
    Similarity Rank: 1452
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1638
    Virginia Credit Union, Inc.
    Similarity Rank: 2432
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 2457
    Mortgage Assurance Inc.
    Similarity Rank: 2574

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 177 $16,795,000 $94,887 $1,077 4.24%

    For 2022, Henrico Federal Credit Union's most frequently originated type of loan was Conventional, with 177 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 120 $7,920,000 $66,000 $967 4.77%
    Refi 57 $8,875,000 $155,702 $1,310 3.14%

    For 2022, Henrico Federal Credit Union's most frequently cited loan purpose was Other, with 120 originations. The 2nd most popular reason was Refi, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 79 $7,655,000 $96,899 $985 4.39%
    10 Year 64 $3,920,000 $61,250 $979 4.23%
    Other 18 $2,480,000 $137,778 $1,114 4.61%
    30 Year 11 $1,965,000 $178,636 $2,198 3.28%
    20 Year 5 $775,000 $155,000 $1,190 2.97%

    For 2022, Henrico Federal Credit Union's most frequently cited loan duration was 15 Year, with 79 originations. The 2nd most popular length was 10 Year, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 69 $6,255,000 $90,652
    4-5% 40 $2,770,000 $69,250
    5-6% 27 $2,505,000 $92,778
    2.5-3% 22 $3,460,000 $157,273
    6-7% 14 $890,000 $63,571
    <2.5% 5 $915,000 $183,000

    During 2022, Henrico Federal Credit Union's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 69 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 115 $5,585,000 $48,565 $917 4.53%
    $100k-200k 46 $6,620,000 $143,913 $1,170 3.84%
    $200k-400k 15 $4,125,000 $275,000 $1,954 3.43%
    $400k-600k 1 $465,000 $465,000 $2,047 2.39%

    2022 saw Henrico Federal Credit Union place emphasis on $100,000 or less loans with 115 originations, totaling $5,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $5,150,000 $91,964 $1,251 4.23%
    $50k-75k 44 $4,060,000 $92,273 $970 4.27%
    $75k-100k 34 $3,720,000 $109,412 $1,040 4.03%
    $150k-250k 20 $1,650,000 $82,500 $984 4.34%
    $50k or less 18 $1,200,000 $66,667 $898 4.46%
    $250k+ 5 $1,015,000 $203,000 $1,346 4.52%

    Henrico Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $50k-75k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $4,730,000 $81,552 $1,017 4.21%
    <20% 22 $2,090,000 $95,000 $973 3.97%
    30-36% 21 $1,865,000 $88,810 $1,058 4.30%
    50-60% 18 $1,850,000 $102,778 $1,062 4.35%
    43% 8 $800,000 $100,000 $1,015 4.32%
    42% 6 $920,000 $153,333 $2,398 4.20%
    40% 6 $430,000 $71,667 $1,019 5.24%
    44% 6 $660,000 $110,000 $1,001 4.19%
    36% 5 $315,000 $63,000 $947 3.94%
    38% 4 $190,000 $47,500 $1,006 4.32%
    37% 4 $310,000 $77,500 $995 4.68%
    46% 4 $280,000 $70,000 $826 3.69%
    41% 4 $160,000 $40,000 $895 4.68%
    48% 4 $660,000 $165,000 $1,164 4.09%
    >60% 2 $540,000 $270,000 $1,499 4.87%
    39% 2 $320,000 $160,000 $1,576 4.07%
    47% 2 $340,000 $170,000 $1,202 4.37%
    49% 1 $335,000 $335,000 $1,509 2.74%

    Henrico Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? <20%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 113 $10,085,000 $89,248 $1,076 4.19%
    Black 50 $4,710,000 $94,200 $975 4.43%
    Not provided 10 $1,110,000 $111,000 $1,390 4.09%
    Asian 3 $825,000 $275,000 $1,686 3.87%
    Other Asian 1 $65,000 $65,000 $1,390 3.99%

    Approval Rates

    Total approvals of all applications
    90.09%

    Henrico Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.01%

    Henrico Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 177 $16,795,000 $94,887

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    177 $16,795,000 $94,887

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $4,240,000 $106,000 $990 4.50%
    40-60% 38 $5,690,000 $149,737 $1,190 3.81%
    60-80% 12 $2,790,000 $232,500 $2,016 3.20%
    80-100% 2 $560,000 $280,000 $1,680 3.14%
    Under 20% 85 $3,515,000 $41,353 $922 4.49%