Village Bank Mortgage Corporation Rates, Fees & Info

RICHMOND, VA

LEI: 549300KR83OL4XF00793

Tax ID: 54-1874129

5 stars - Updated: 12/4/23 - out of 5 stars, based on 25 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Village Bank Mortgage Corporation is a smaller bank specializing in Home Purchase loans. Village Bank Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Richmond, Virginia Beach, Charlottesville, Washington, and Kill Devil Hills among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Village Bank Mortgage Corporation 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. Village Bank Mortgage Corporation is typically an average 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 Purchase 6.69% 12/4/23
    30 Year Conventional Refi 6.54% 12/4/23
    30 Year Cash-out Refi 6.66% 12/4/23
    30 Year FHA Purchase 7.42% 12/4/23
    30 Year VA Purchase 6.46% 12/4/23
    30 Year VA Refi 6.63% 12/4/23
    30 Year USDA Purchase 6.89% 12/4/23
    15 Year Conventional Purchase 6.31% 12/4/23
    15 Year Conventional Refi 5.98% 12/4/23
    15 Year Cash-out Refi 5.98% 12/4/23
    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.

    Village Bank Mortgage Corporation Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Village Bank Mortgage Corporation. 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

    632

    Origination Dollar Volume (All Markets)

    $159,580,000

    Awards

    VILLAGE BANK MORTGAGE CORPORATION 30 Year Conventional Loans bronze VILLAGE BANK MORTGAGE CORPORATION FHA Loans bronze
    Show all (2) awards

    Relative Rate

    Village Bank Mortgage Corporation's average 30 year fixed mortgage rate was 4.81%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.05%.

    Relative Fees (Closing Costs)

    Village Bank Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,122.

    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 $4,750.

    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) 570 $144,250,000 $253,070 $4,786 4.50%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 22 $4,610,000 $209,545 $4,769 4.48%
    Outside of Metro Areas 24 $4,510,000 $187,917 $4,195 4.10%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 6 $2,710,000 $451,667 $4,988 4.15%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $1,905,000 $381,000 $6,019 4.50%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $555,000 $555,000 $0 4.13%
    Mount Airy, NC (FHA|USDA|VA) 1 $515,000 $515,000 $5,766 3.88%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $365,000 $365,000 $1,119 6.50%
    LYNCHBURG, VA (FHA|USDA|VA) 2 $160,000 $80,000 $3,253 4.38%
    Village Bank Mortgage Corporation's top markets include Richmond, Virginia Beach, Charlottesville, Washington, and Kill Devil Hills 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 VILLAGE BANK MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 172
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 361
    HENRICO Federal Credit Union
    Similarity Rank: 420
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 780
    ABNB Federal Credit Union
    Similarity Rank: 816
    Credence Funding Corporation
    Similarity Rank: 1580
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 1845
    C&F Select LLC
    Similarity Rank: 1890
    Call Federal Credit Union
    Similarity Rank: 2292

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 473 $116,805,000 $246,945 $3,745 4.36%
    FHA 117 $29,555,000 $252,607 $7,865 4.92%
    VA 40 $12,900,000 $322,500 $7,178 4.64%
    USDA 2 $320,000 $160,000 $4,958 4.63%

    For 2022, Village Bank Mortgage Corporation's most frequently originated type of loan was Conventional, with 473 originations. Their 2nd most popular type was FHA, with 117 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 564 $140,420,000 $248,972 $4,788 4.53%
    Cash Out Refi 53 $14,385,000 $271,415 $4,955 4.11%
    Refi 15 $4,775,000 $318,333 $3,407 4.03%

    For 2022, Village Bank Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 564 originations. The 2nd most popular reason was Cash Out Refi, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 582 $157,010,000 $269,777 $5,122 4.81%
    5 Year 40 $420,000 $10,500 $1 0.00%
    15 Year 9 $2,065,000 $229,444 $3,909 3.54%
    20 Year 1 $85,000 $85,000 $1,951 3.63%

    For 2022, Village Bank Mortgage Corporation's most frequently cited loan duration was 30 Year, with 582 originations. The 2nd most popular length was 5 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 342 $71,700,000 $209,649
    $3k-4k 65 $19,045,000 $293,000
    $1k-2k 56 $13,400,000 $239,286
    $5k+ 50 $21,990,000 $439,800
    $2k-3k 48 $12,900,000 $268,750
    $4k-5k 48 $16,130,000 $336,042

    Village Bank Mortgage Corporation's average total fees were $5,122, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 342 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 172 $44,710,000 $259,942
    3-4% 170 $48,980,000 $288,118
    4-5% 154 $40,440,000 $262,597
    6-7% 65 $16,785,000 $258,231
    <2.5% 40 $420,000 $10,500
    2.5-3% 17 $5,105,000 $300,294
    7-8% 14 $3,140,000 $224,286

    During 2022, Village Bank Mortgage Corporation's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 5-6%, with 172 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 352 $99,420,000 $282,443 $5,493 4.82%
    $100k-200k 111 $17,805,000 $160,405 $4,101 4.74%
    $100,000 or less 91 $1,155,000 $12,692 $200 2.77%
    $400k-600k 63 $29,805,000 $473,095 $7,385 4.61%
    $600k-1MM 13 $8,925,000 $686,538 $7,661 4.73%
    $1MM+ 2 $2,470,000 $1,235,000 $15,186 3.63%

    2022 saw Village Bank Mortgage Corporation place emphasis on $200k-400k loans with 352 originations, totaling $99,420,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 174 $33,390,000 $191,897 $4,163 4.54%
    $100k-150k 130 $43,440,000 $334,154 $5,893 4.70%
    $75k-100k 120 $29,420,000 $245,167 $4,967 4.96%
    $50k or less 114 $14,340,000 $125,789 $3,101 3.46%
    $150k-250k 67 $25,035,000 $373,657 $5,758 4.54%
    $250k+ 27 $13,955,000 $516,852 $7,616 5.13%

    Village Bank Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 174 originations. The second most popular income band? $100k-150k, with 130 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 103 $22,755,000 $220,922 $3,710 4.22%
    20-30% 102 $32,310,000 $316,765 $5,289 4.69%
    41% 45 $9,565,000 $212,556 $4,233 4.68%
    44% 36 $9,160,000 $254,444 $4,777 4.54%
    50-60% 35 $11,485,000 $328,143 $9,003 5.17%
    <20% 35 $9,775,000 $279,286 $4,329 3.98%
    42% 32 $7,980,000 $249,375 $4,573 4.70%
    40% 32 $4,740,000 $148,125 $3,250 4.31%
    36% 27 $5,525,000 $204,630 $3,614 4.68%
    43% 27 $8,245,000 $305,370 $5,809 4.51%
    38% 26 $5,760,000 $221,538 $4,629 4.72%
    39% 25 $5,705,000 $228,200 $4,917 4.17%
    37% 23 $5,195,000 $225,870 $4,415 4.36%
    47% 23 $5,565,000 $241,957 $5,468 4.39%
    48% 19 $6,345,000 $333,947 $4,156 4.54%
    49% 14 $2,510,000 $179,286 $3,820 3.71%
    45% 14 $3,580,000 $255,714 $5,159 4.76%
    46% 13 $2,955,000 $227,308 $4,571 4.01%
    >60% 1 $425,000 $425,000 $15,438 4.75%

    Village Bank Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 103 originations. The next most common DTI ratio? 20-30%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 370 $99,550,000 $269,054 $4,793 4.53%
    Black 134 $27,500,000 $205,224 $4,680 4.43%
    Not provided 105 $25,735,000 $245,095 $4,762 4.40%
    Asian 17 $4,805,000 $282,647 $4,689 3.97%
    American Indian 2 $720,000 $360,000 $10,480 4.44%
    Chinese 1 $665,000 $665,000 $552 6.25%
    Asian Indian 2 $390,000 $195,000 $2,737 5.69%
    Vietnamese 1 $215,000 $215,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    97.88%

    Village Bank Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.02%

    Village Bank Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 632 $159,580,000 $252,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    632 $159,580,000 $252,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $560,000 $93,333 $3,525 4.00%
    40-60% 43 $9,185,000 $213,605 $3,696 5.03%
    60-80% 120 $34,210,000 $285,083 $4,444 4.51%
    80-100% 364 $110,580,000 $303,791 $5,856 4.83%
    Over 100% 12 $4,020,000 $335,000 $11,940 4.83%
    Under 20% 87 $1,025,000 $11,782 $152 2.69%