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 Refi loans. Baylands Family Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) 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.
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.
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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
42Origination Dollar Volume (All Markets)
$5,400,000Top 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) | 35 | $4,205,000 | $120,143 | $5,053 | 3.36% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $7,765 | 2.81% |
| Outside of Metro Areas | 5 | $565,000 | $113,000 | $5,083 | 3.10% |
Product Mix
For 2021, Baylands Family Credit Union's most frequently originated type of loan was Conventional, with 32 originations. Their 2nd most popular type was HELOC, with 8 originations.
Loan Reason
For 2021, Baylands Family Credit Union's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
For 2021, Baylands Family Credit Union's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was 30 Year, with 12 originations.
Origination Fees/Closing Costs
Baylands Family Credit Union's average total fees were $6,240, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 9 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 17 | $2,495,000 | $146,765 |
| 2.5-3% | 10 | $1,270,000 | $127,000 |
| <2.5% | 8 | $1,130,000 | $141,250 |
| 4-5% | 5 | $325,000 | $65,000 |
| 5-6% | 2 | $180,000 | $90,000 |
During 2021, Baylands Family Credit Union's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 17 originations.
Loan Sizing
2021 saw Baylands Family Credit Union place emphasis on $100k-200k loans with 23 originations, totaling $3,335,000 in origination value.
Applicant Income
Baylands Family Credit Union lent most frequently to those with incomes in the $50k or less range, with 14 originations. The second most popular income band? $75k-100k, with 11 originations.
Applicant Debt to Income Ratio
Baylands Family Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 36 | $4,700,000 | $130,556 | $5,307 | 3.30% |
| Black | 6 | $700,000 | $116,667 | $4,684 | 3.38% |
Approval Rates
Total approvals of all applications87.14%
Baylands Family Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination66.67%
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 |
|---|---|---|---|
| 550.0 | 1 | $45,000 | $45,000 |
| NA | 41 | $5,355,000 | $130,610 |