Valleystar Credit Union Mortgage Rates, Fees & Info

Martinsville, VA

LEI: 549300NTHJ0G5YXW3J85

Tax ID: 54-6040482

5 stars - Updated: 5/26/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Valleystar Credit Union is a smaller credit union specializing in Other, Home Improvement, and Refi loans. Valleystar Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Martinsville, Danville, Roanoke, Blacksburg, and Greensboro among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Valleystar Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Valleystar Credit Union 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 6.65% 5/26/24
30 Year Conventional Refi 6.72% 5/26/24
30 Year Cash-out Refi 6.05% 5/26/24
15 Year Conventional Purchase 5.68% 5/26/24
15 Year Conventional Refi 6.30% 5/26/24
15 Year Cash-out Refi 6.30% 5/26/24
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.

Valleystar Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Valleystar Credit Union. 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

161

Origination Dollar Volume (All Markets)

$11,835,000

Relative Rate

Valleystar Credit Union's average 30 year fixed mortgage rate was 7.5%.

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

This yields a difference of 1.02%.

Relative Fees (Closing Costs)

Valleystar Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,971.

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
Martinsville, VA (FHA|USDA|VA) 86 $5,090,000 $59,186 $3,761 7.20%
Danville, VA (FHA|USDA|VA) 24 $2,230,000 $92,917 $3,374 7.69%
ROANOKE, VA (FHA|USDA|VA) 21 $1,675,000 $79,762 $3,669 7.24%
Outside of Metro Areas 15 $1,185,000 $79,000 $0 7.05%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $665,000 $665,000 $0 7.85%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 5 $345,000 $69,000 $3,106 7.45%
LYNCHBURG, VA (FHA|USDA|VA) 2 $280,000 $140,000 $0 6.85%
RICHMOND, VA (FHA|USDA|VA) 3 $165,000 $55,000 $0 6.75%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.67%
STAUNTON, VA (FHA|USDA|VA) 3 $95,000 $31,667 $0 7.25%
Valleystar Credit Union's top markets include Martinsville, Danville, Roanoke, Blacksburg, and Greensboro 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 ValleyStar Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Fidelity Bank
    Similarity Rank: 185
    FREEDOM FIRST
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    CNB Bank
    Similarity Rank: 462
    MEMBER ONE
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    First Reliance Bank
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    Blue Ridge Bank
    Similarity Rank: 1560
    Pinnacle Bank
    Similarity Rank: 2646
    First-Citizens Bank & Trust Company
    Similarity Rank: 3060
    GUARANTY HOME MORTGAGE CORPORATION
    Similarity Rank: 3132

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 136 $8,190,000 $60,221 n/a 7.11%
    Conventional 25 $3,645,000 $145,800 $3,667 8.07%

    For 2023, Valleystar Credit Union's most frequently originated type of loan was HELOC, with 136 originations. Their 2nd most popular type was Conventional, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 62 $3,600,000 $58,065 $0 7.05%
    Home Improvement 50 $2,860,000 $57,200 $0 7.18%
    Refi 27 $3,255,000 $120,556 $3,535 7.58%
    Home Purchase 17 $1,545,000 $90,882 $3,235 7.68%
    Cash Out Refi 5 $575,000 $115,000 $4,298 7.50%

    For 2023, Valleystar Credit Union's most frequently cited loan purpose was Other, with 62 originations. The 2nd most popular reason was Home Improvement, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 135 $8,065,000 $59,741 $0 7.10%
    5 Year 11 $1,625,000 $147,727 $0 8.90%
    30 Year 10 $1,110,000 $111,000 $3,971 7.50%
    15 Year 4 $1,000,000 $250,000 $3,156 7.26%
    20 Year 1 $35,000 $35,000 $1,645 8.50%

    For 2023, Valleystar Credit Union's most frequently cited loan duration was Other, with 135 originations. The 2nd most popular length was 5 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 8 $520,000 $65,000
    $2k-3k 5 $735,000 $147,000

    Valleystar Credit Union's average total fees were $3,971, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 8 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 80 $5,600,000 $70,000
    6-7% 68 $4,530,000 $66,618
    Over 8% 13 $1,705,000 $131,154

    During 2023, Valleystar Credit Union's average interest rate for loans was 7.50%, while their most frequently originated rate bucket for loans was 7-8%, with 80 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 131 $6,685,000 $51,031 $3,107 7.21%
    $100k-200k 23 $2,775,000 $120,652 $4,320 7.35%
    $200k-400k 5 $1,295,000 $259,000 $0 7.73%
    $400k-600k 1 $415,000 $415,000 $0 8.95%
    $600k-1MM 1 $665,000 $665,000 $0 7.85%

    2023 saw Valleystar Credit Union place emphasis on $100,000 or less loans with 131 originations, totaling $6,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 55 $2,695,000 $49,000 $3,576 7.17%
    $50k-75k 37 $2,275,000 $61,486 $3,697 7.29%
    $100k-150k 23 $1,945,000 $84,565 $4,226 7.09%
    $75k-100k 22 $1,340,000 $60,909 $5,094 7.15%
    $150k-250k 12 $1,090,000 $90,833 $2,779 7.27%
    $250k+ 5 $485,000 $97,000 $0 7.57%

    Valleystar Credit Union lent most frequently to those with incomes in the $50k or less range, with 55 originations. The second most popular income band? $50k-75k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 31 $1,855,000 $59,839 $3,252 7.11%
    30-36% 28 $1,960,000 $70,000 $5,059 7.14%
    42% 19 $1,335,000 $70,263 $3,205 7.04%
    <20% 15 $895,000 $59,667 $3,289 7.25%
    41% 12 $610,000 $50,833 $0 6.96%
    40% 10 $650,000 $65,000 $0 7.13%
    37% 10 $650,000 $65,000 $3,769 7.18%
    39% 8 $510,000 $63,750 $0 7.13%
    38% 6 $240,000 $40,000 $0 7.21%
    36% 6 $360,000 $60,000 $0 7.21%
    43% 1 $65,000 $65,000 $3,535 7.99%
    44% 1 $35,000 $35,000 $0 7.50%
    46% 1 $155,000 $155,000 $4,125 7.74%

    Valleystar Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 116 $7,510,000 $64,741 $3,798 7.21%
    Not applicable 7 $2,005,000 $286,429 $0 8.45%
    Black 28 $1,660,000 $59,286 $3,227 7.27%
    Not provided 10 $660,000 $66,000 $0 6.94%

    Approval Rates

    Total approvals of all applications
    69.51%

    Valleystar Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    74.53%

    Valleystar Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 161 $11,835,000 $73,509

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    161 $11,835,000 $73,509

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $3,880,000 $57,059 $1,645 7.18%
    40-60% 19 $1,965,000 $103,421 $3,713 7.26%
    60-80% 17 $1,465,000 $86,176 $3,739 7.76%
    80-100% 11 $1,175,000 $106,818 $3,944 7.25%
    Over 100% 6 $1,820,000 $303,333 $0 8.70%
    Under 20% 40 $1,530,000 $38,250 $0 6.97%