Village Bank Mortgage Corporation Rates, Fees & Info
RICHMOND, VALEI: 549300KR83OL4XF00793
Tax ID: 54-1874129
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
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.
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 | 6.69% | 4/18/24 |
| 30 Year Conventional Refi | 6.54% | 4/18/24 |
| 30 Year Cash-out Refi | 6.66% | 4/18/24 |
| 30 Year FHA Purchase | 7.42% | 4/18/24 |
| 30 Year VA Purchase | 6.46% | 4/18/24 |
| 30 Year VA Refi | 6.63% | 4/18/24 |
| 30 Year USDA Purchase | 6.89% | 4/18/24 |
| 15 Year Conventional Purchase | 6.31% | 4/18/24 |
| 15 Year Conventional Refi | 5.98% | 4/18/24 |
| 15 Year Cash-out Refi | 5.98% | 4/18/24 |
| 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
414Origination Dollar Volume (All Markets)
$103,350,000Awards
VILLAGE BANK MORTGAGE CORPORATION - 2023
VILLAGE BANK MORTGAGE CORPORATION is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
Work for VILLAGE BANK MORTGAGE CORPORATION?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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% |
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.
Similarity Rank: 18
Similarity Rank: 65
Similarity Rank: 108
Similarity Rank: 290
Similarity Rank: 416
Similarity Rank: 576
Similarity Rank: 672
Similarity Rank: 684
Similarity Rank: 750
Similarity Rank: 864
Product Mix
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
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
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
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
2023 saw Village Bank Mortgage Corporation place emphasis on $200k-400k loans with 211 originations, totaling $60,715,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications97.26%
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 origination88.89%
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 |