Village Bank Mortgage Corporation Rates, Fees & Info

RICHMOND, VA

LEI: 549300KR83OL4XF00793

Tax ID: 54-1874129

5 stars - Updated: 11/17/24 - out of 5 stars, based on 20 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • 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, Kill Devil Hills, Washington, and Morehead City 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.69% 11/17/24
    30 Year Conventional Refi 6.54% 11/17/24
    30 Year Cash-out Refi 6.66% 11/17/24
    30 Year FHA Purchase 7.42% 11/17/24
    30 Year VA Purchase 6.46% 11/17/24
    30 Year VA Refi 6.63% 11/17/24
    30 Year USDA Purchase 6.89% 11/17/24
    15 Year Conventional Purchase 6.31% 11/17/24
    15 Year Conventional Refi 5.98% 11/17/24
    15 Year Cash-out Refi 5.98% 11/17/24
    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.

    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

    414

    Origination Dollar Volume (All Markets)

    $103,350,000

    Awards

    VILLAGE BANK MORTGAGE CORPORATION 30 Year Conventional Loans gold VILLAGE BANK MORTGAGE CORPORATION FHA Loans gold VILLAGE BANK MORTGAGE CORPORATION FHA Loans silver
    Show all (3) awards

    Relative Rate

    Village Bank Mortgage Corporation's average 30 year fixed mortgage rate was 6.63%.

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

    This yields a difference of 0.15%.

    Relative Fees (Closing Costs)

    Village Bank Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $4,596.

    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
    RICHMOND, VA (FHA|USDA|VA) 376 $96,460,000 $256,543 $4,281 6.10%
    Outside of Metro Areas 22 $2,880,000 $130,909 $3,066 5.45%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 6 $1,170,000 $195,000 $3,291 6.88%
    Kill Devil Hills, NC (FHA|USDA|VA) 2 $950,000 $475,000 $893 7.13%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $675,000 $225,000 $7,262 5.92%
    Morehead City, NC (FHA|USDA|VA) 2 $490,000 $245,000 $2,953 7.13%
    HARRISONBURG, VA (FHA|USDA|VA) 1 $275,000 $275,000 $5,828 6.13%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $225,000 $225,000 $3,027 5.88%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $225,000 $225,000 $3,303 6.25%
    Village Bank Mortgage Corporation's top markets include Richmond, Virginia Beach, Kill Devil Hills, Washington, and Morehead City 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.

    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 18
    ABNB Federal Credit Union
    Similarity Rank: 65
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 108
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 290
    IDB Global Federal Credit Union
    Similarity Rank: 416
    Member Options, LLC
    Similarity Rank: 576
    NewTowne Mortgage, LLC
    Similarity Rank: 672
    Chesapeake Bank
    Similarity Rank: 684
    C&F Select LLC
    Similarity Rank: 750
    COMMONWEALTH ONE FEDERAL CREDIT UNION
    Similarity Rank: 864

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 343 $83,625,000 $243,805 $3,372 5.96%
    FHA 55 $14,075,000 $255,909 $7,633 6.77%
    VA 15 $5,425,000 $361,667 $9,497 6.47%
    USDA 1 $225,000 $225,000 $3,303 6.25%

    For 2023, Village Bank Mortgage Corporation's most frequently originated type of loan was Conventional, with 343 originations. Their 2nd most popular type was FHA, with 55 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 398 $100,110,000 $251,533 $4,199 6.06%
    Cash Out Refi 11 $2,355,000 $214,091 $4,210 6.52%
    Refi 5 $885,000 $177,000 $4,108 6.70%

    For 2023, Village Bank Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 398 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 375 $101,335,000 $270,227 $4,596 6.63%
    5 Year 34 $510,000 $15,000 $0 0.00%
    15 Year 5 $1,505,000 $301,000 $4,387 6.10%

    For 2023, Village Bank Mortgage Corporation's most frequently cited loan duration was 30 Year, with 375 originations. The 2nd most popular length was 5 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 204 $44,280,000 $217,059
    $1k-2k 72 $21,030,000 $292,083
    $2k-3k 39 $10,335,000 $265,000
    $3k-4k 36 $9,430,000 $261,944
    $5k+ 29 $10,925,000 $376,724
    $4k-5k 15 $4,485,000 $299,000

    Village Bank Mortgage Corporation's average total fees were $4,596, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 204 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 216 $62,170,000 $287,824
    7-8% 90 $19,100,000 $212,222
    5-6% 73 $21,285,000 $291,575
    <2.5% 34 $510,000 $15,000
    Over 8% 1 $285,000 $285,000

    During 2023, Village Bank Mortgage Corporation's average interest rate for loans was 6.63%, while their most frequently originated rate bucket for loans was 6-7%, with 216 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 211 $60,715,000 $287,749 $5,125 6.60%
    $100k-200k 73 $11,865,000 $162,534 $4,011 6.66%
    $100,000 or less 72 $1,580,000 $21,944 $370 3.65%
    $400k-600k 48 $22,320,000 $465,000 $5,470 6.48%
    $600k-1MM 10 $6,870,000 $687,000 $5,737 6.48%

    2023 saw Village Bank Mortgage Corporation place emphasis on $200k-400k loans with 211 originations, totaling $60,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 124 $20,180,000 $162,742 $3,530 5.81%
    $100k-150k 81 $25,475,000 $314,506 $4,983 6.46%
    $75k-100k 73 $18,315,000 $250,890 $4,781 6.46%
    $150k-250k 71 $26,565,000 $374,155 $5,125 6.55%
    $50k or less 46 $5,010,000 $108,913 $2,630 4.49%
    $250k+ 19 $7,805,000 $410,789 $3,633 6.89%

    Village Bank Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 124 originations. The second most popular income band? $100k-150k, with 81 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 77 $20,535,000 $266,688 $4,533 6.17%
    20-30% 45 $12,375,000 $275,000 $4,560 6.54%
    41% 27 $5,695,000 $210,926 $3,305 6.18%
    43% 25 $6,205,000 $248,200 $3,898 6.12%
    44% 25 $3,815,000 $152,600 $2,285 5.50%
    40% 22 $4,500,000 $204,545 $3,761 6.31%
    47% 21 $5,485,000 $261,190 $4,983 6.10%
    39% 21 $4,685,000 $223,095 $3,987 5.79%
    46% 20 $5,200,000 $260,000 $5,149 5.78%
    38% 18 $4,480,000 $248,889 $3,146 6.10%
    45% 18 $4,780,000 $265,556 $4,004 6.03%
    37% 17 $3,335,000 $196,176 $3,787 6.14%
    50-60% 17 $4,655,000 $273,824 $7,786 5.85%
    <20% 15 $4,615,000 $307,667 $4,058 6.42%
    49% 15 $4,885,000 $325,667 $3,565 6.72%
    48% 14 $3,430,000 $245,000 $4,383 5.63%
    42% 12 $3,640,000 $303,333 $4,241 5.31%
    36% 5 $1,035,000 $207,000 $2,699 5.28%

    Village Bank Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 77 originations. The next most common DTI ratio? 20-30%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 267 $70,105,000 $262,566 $4,150 6.16%
    Not provided 77 $17,615,000 $228,766 $4,196 6.26%
    Black 55 $10,485,000 $190,636 $4,285 5.35%
    Asian 9 $2,735,000 $303,889 $3,935 6.44%
    Asian Indian 3 $1,565,000 $521,667 $7,002 6.08%
    American Indian 1 $355,000 $355,000 $7,138 7.00%
    Other Asian 1 $345,000 $345,000 $3,416 6.63%
    Other Pacific Islander 1 $145,000 $145,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    97.26%

    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
    88.89%

    Village Bank Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 414 $103,350,000 $249,638

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    414 $103,350,000 $249,638

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $860,000 $107,500 $3,081 6.38%
    40-60% 25 $5,995,000 $239,800 $3,066 6.46%
    60-80% 72 $19,940,000 $276,944 $4,956 6.68%
    80-100% 243 $74,355,000 $305,988 $5,072 6.60%
    Over 100% 3 $1,315,000 $438,333 $15,716 6.21%
    Under 20% 63 $885,000 $14,048 $210 3.22%