Benchmark Community Bank Mortgage Rates, Fees & Info

Kenbridge, VA

LEI: 549300JJ8BTDDILW4H12

Tax ID: 54-1393963

5 stars - Updated: 3/28/24 - out of 5 stars, based on 23 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Review & Overview

Benchmark Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Benchmark Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Raleigh, Durham, Henderson, Fayetteville, and Roanoke Rapids among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Benchmark Community Bank 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. Benchmark Community Bank 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.

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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.09% 3/28/24
30 Year Conventional Refi 7.11% 3/28/24
30 Year FHA Purchase 6.27% 3/28/24
30 Year VA Purchase 6.27% 3/28/24
30 Year USDA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 7.77% 3/28/24
15 Year Conventional Refi 6.48% 3/28/24
15 Year Cash-out Refi 6.48% 3/28/24
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.

Benchmark Community Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Benchmark Community Bank. 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

512

Origination Dollar Volume (All Markets)

$94,380,000

Relative Rate

Benchmark Community Bank's average 30 year fixed mortgage rate was 5.99%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.49%.

Relative Fees (Closing Costs)

Benchmark Community Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,219.

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 $9,089.

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
Outside of Metro Areas 360 $51,250,000 $142,361 $2,036 6.87%
RALEIGH-CARY, NC (FHA|USDA|VA) 35 $10,965,000 $313,286 $2,110 6.14%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 38 $10,290,000 $270,789 $1,409 5.67%
Henderson, NC (FHA|USDA|VA) 37 $6,695,000 $180,946 $2,065 6.65%
FAYETTEVILLE, NC (FHA|USDA|VA) 2 $4,480,000 $2,240,000 $597 5.57%
Roanoke Rapids, NC (FHA|USDA|VA) 10 $3,900,000 $390,000 $2,094 6.45%
ROCKY MOUNT, NC (FHA|USDA|VA) 2 $2,590,000 $1,295,000 $0 6.87%
RICHMOND, VA (FHA|USDA|VA) 13 $1,325,000 $101,923 $2,072 6.94%
WILMINGTON, NC (FHA|USDA|VA) 1 $905,000 $905,000 $0 6.49%
Morehead City, NC (FHA|USDA|VA) 4 $650,000 $162,500 $3,937 6.19%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $365,000 $365,000 $0 6.75%
Danville, VA (FHA|USDA|VA) 3 $355,000 $118,333 $2,499 6.49%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $220,000 $110,000 $1,230 6.67%
BURLINGTON, NC (FHA|USDA|VA) 1 $175,000 $175,000 $0 6.75%
GREENVILLE, NC (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.50%
LYNCHBURG, VA (FHA|USDA|VA) 2 $100,000 $50,000 $1,687 8.09%
Benchmark Community Bank's top markets include Raleigh, Durham, Henderson, Fayetteville, and Roanoke Rapids among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Benchmark Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SCIENT Federal Credit Union
    Similarity Rank: 110
    South Pacific Financial Corporation
    Similarity Rank: 1584
    MATTAMY HOME FUNDING, LLC
    Similarity Rank: 1620
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2058
    Southern Bank and Trust Company
    Similarity Rank: 2592
    JET HOMELOANS, LLC
    Similarity Rank: 2628
    PULTE MORTGAGE LLC
    Similarity Rank: 2698
    LATINO COMMUNITY CREDIT UNION
    Similarity Rank: 2752

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 512 $94,380,000 $184,336 $2,018 6.70%

    For 2023, Benchmark Community Bank's most frequently originated type of loan was Conventional, with 512 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 231 $63,985,000 $276,991 $2,293 6.20%
    Refi 141 $21,285,000 $150,957 $1,994 7.03%
    Home Improvement 74 $4,830,000 $65,270 $1,632 7.10%
    Other 66 $4,280,000 $64,848 $1,782 7.26%

    For 2023, Benchmark Community Bank's most frequently cited loan purpose was Home Purchase, with 231 originations. The 2nd most popular reason was Refi, with 141 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 145 $46,005,000 $317,276 $2,219 5.99%
    5 Year 140 $22,830,000 $163,071 $948 6.63%
    10 Year 129 $7,055,000 $54,690 $1,521 7.23%
    15 Year 41 $3,445,000 $84,024 $2,292 7.50%
    20 Year 29 $3,955,000 $136,379 $3,323 7.42%
    Other 25 $10,355,000 $414,200 $1,052 6.18%
    1 Year 1 $325,000 $325,000 $0 9.50%
    30+ year 1 $205,000 $205,000 $6,873 6.25%
    3 Year 1 $205,000 $205,000 $0 6.75%

    For 2023, Benchmark Community Bank's most frequently cited loan duration was 30 Year, with 145 originations. The 2nd most popular length was 5 Year, with 140 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 238 $38,670,000 $162,479
    $1k-2k 86 $11,850,000 $137,791
    $2k-3k 24 $4,850,000 $202,083
    $3k-4k 6 $1,720,000 $286,667
    $5k+ 6 $3,100,000 $516,667
    $4k-5k 1 $385,000 $385,000

    Benchmark Community Bank's average total fees were $2,219, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 238 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 218 $33,740,000 $154,771
    7-8% 135 $13,415,000 $99,370
    5-6% 50 $15,580,000 $311,600
    Over 8% 50 $3,840,000 $76,800
    4-5% 38 $12,600,000 $331,579
    3-4% 21 $15,205,000 $724,048

    During 2023, Benchmark Community Bank's average interest rate for loans was 5.99%, while their most frequently originated rate bucket for loans was 6-7%, with 218 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 255 $13,075,000 $51,275 $1,687 7.19%
    $100k-200k 115 $16,025,000 $139,348 $3,060 6.91%
    $200k-400k 90 $24,650,000 $273,889 $1,971 5.67%
    $400k-600k 30 $14,630,000 $487,667 $2,015 5.91%
    $600k-1MM 16 $12,900,000 $806,250 $965 5.41%
    $1MM+ 6 $13,100,000 $2,183,333 $0 4.38%

    2023 saw Benchmark Community Bank place emphasis on $100,000 or less loans with 255 originations, totaling $13,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 78 $13,360,000 $171,282 $1,948 6.81%
    $75k-100k 75 $11,345,000 $151,267 $2,027 6.70%
    $50k-75k 65 $5,875,000 $90,385 $2,176 7.22%
    $50k or less 63 $3,815,000 $60,556 $2,044 7.22%
    $150k-250k 52 $12,330,000 $237,115 $1,935 6.27%
    $250k+ 24 $14,360,000 $598,333 $2,202 5.70%

    Benchmark Community Bank lent most frequently to those with incomes in the $100k-150k range, with 78 originations. The second most popular income band? $75k-100k, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 121 $21,405,000 $176,901 $2,492 6.71%
    30-36% 71 $12,845,000 $180,915 $1,560 6.63%
    <20% 40 $4,750,000 $118,750 $1,994 6.98%
    38% 15 $1,675,000 $111,667 $1,589 7.08%
    44% 14 $3,050,000 $217,857 $1,452 7.29%
    39% 14 $2,100,000 $150,000 $1,595 6.35%
    37% 13 $3,575,000 $275,000 $2,838 6.74%
    42% 11 $2,345,000 $213,182 $2,192 6.93%
    43% 10 $1,350,000 $135,000 $1,047 7.16%
    45% 9 $1,485,000 $165,000 $1,689 6.97%
    41% 9 $2,065,000 $229,444 $2,200 6.78%
    36% 8 $890,000 $111,250 $2,423 6.76%
    50-60% 6 $1,090,000 $181,667 $892 6.01%
    40% 6 $550,000 $91,667 $2,390 6.88%
    46% 5 $905,000 $181,000 $2,034 8.03%
    >60% 4 $120,000 $30,000 $182 7.47%
    47% 3 $205,000 $68,333 $2,956 7.36%
    48% 1 $135,000 $135,000 $3,637 7.44%

    Benchmark Community Bank lent most frequently to those with DTI ratios of 20-30%, with 121 originations. The next most common DTI ratio? 30-36%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 354 $60,330,000 $170,424 $1,983 6.72%
    Not applicable 99 $27,895,000 $281,768 $0 6.29%
    Black 45 $3,375,000 $75,000 $1,834 7.54%
    Not provided 9 $1,485,000 $165,000 $2,176 5.84%
    Asian 3 $695,000 $231,667 $5,043 6.74%
    Other Asian 1 $525,000 $525,000 $9,436 6.99%
    American Indian 1 $75,000 $75,000 $0 6.74%

    Approval Rates

    Total approvals of all applications
    90.95%

    Benchmark Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.09%

    Benchmark Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 512 $94,380,000 $184,336

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    512 $94,380,000 $184,336

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 92 $10,310,000 $112,065 $1,801 6.92%
    40-60% 98 $20,480,000 $208,980 $2,076 6.51%
    60-80% 164 $42,970,000 $262,012 $2,259 6.41%
    80-100% 64 $16,920,000 $264,375 $3,115 6.51%
    Under 20% 94 $3,700,000 $39,362 $1,306 7.30%