Baylands Family Credit Union Mortgage Rates, Fees & Info
WEST POINT, VALEI: 549300LFCGLCYQ1SAJ07
Tax ID: 54-6038172
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Mortgage Data
Review & Overview
Baylands Family Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Baylands Family Credit Union has a high proportion of conventional loans. Their top two markets are Richmond and Virginia Beach .Baylands Family Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Baylands Family Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.97% | 11/22/24 |
| 30 Year Conventional Refi | 7.42% | 11/22/24 |
| 30 Year Cash-out Refi | 6.87% | 11/22/24 |
| 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. | ||
Baylands Family Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
22Origination Dollar Volume (All Markets)
$2,390,000Top 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) | 17 | $1,805,000 | $106,176 | $4,196 | 4.68% |
| Outside of Metro Areas | 3 | $375,000 | $125,000 | $5,096 | 4.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $6,240 | 4.69% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 19 | $2,225,000 | $117,105 | $4,436 | 4.64% |
| HELOC | 3 | $165,000 | $55,000 | n/a | 4.33% |
For 2019, Baylands Family Credit Union's most frequently originated type of loan was Conventional, with 19 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 17 | $1,685,000 | $99,118 | $4,098 | 4.60% |
| Home Purchase | 5 | $705,000 | $141,000 | $5,900 | 4.63% |
For 2019, Baylands Family Credit Union's most frequently cited loan purpose was Cash Out Refi, with 17 originations. The 2nd most popular reason was Home Purchase, with 5 originations.
Loan Duration/Length
For 2019, Baylands Family Credit Union's most frequently cited loan duration was 15 Year, with 8 originations. The 2nd most popular length was 30 Year, with 7 originations.
Origination Fees/Closing Costs
Baylands Family Credit Union's average total fees were $5,492, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 8 | $850,000 | $106,250 |
| 4-5% | 7 | $965,000 | $137,857 |
| 5-6% | 6 | $550,000 | $91,667 |
| 6-7% | 1 | $25,000 | $25,000 |
During 2019, Baylands Family Credit Union's average interest rate for loans was 5.05%, while their most frequently originated rate bucket for loans was 3-4%, with 8 originations.
Loan Sizing
2019 saw Baylands Family Credit Union place emphasis on $100,000 or less loans with 13 originations, totaling $705,000 in origination value.
Applicant Income
Baylands Family Credit Union lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $50k or less, with 5 originations.
Applicant Debt to Income Ratio
Baylands Family Credit Union lent most frequently to those with DTI ratios of 44%, with 5 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 15 | $1,755,000 | $117,000 | $4,990 | 4.51% |
| Black | 7 | $635,000 | $90,714 | $3,513 | 4.80% |
Approval Rates
Total approvals of all applications80.00%
Baylands Family Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination59.09%
Baylands Family Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 22 | $2,390,000 | $108,636 |