Chartway Federal Credit Union Mortgage Rates, Fees & Info

Virginia Beach, VA

LEI: 549300NWKILSNQAIG053

Tax ID: 54-0674620

5 stars - Updated: 6/9/24 - out of 5 stars, based on 30 reviews

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

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Mortgage Data

Review & Overview

Chartway Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Chartway Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Virginia Beach, Salt Lake City, St. George, Provo, and Ogden among others. We have data for 47 markets. (Some data included below & more in-depth data is available with an active subscription.)

Chartway Federal 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. Chartway Federal 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 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
Home Equity Line of Credit (HELOC) 6.27% 6/9/24
30 Year Conventional Purchase 6.51% 6/9/24
30 Year Conventional Refi 6.58% 6/9/24
30 Year Cash-out Refi 6.50% 6/9/24
30 Year FHA Purchase 6.27% 6/9/24
30 Year FHA Refi 6.27% 6/9/24
30 Year VA Purchase 6.27% 6/9/24
30 Year VA Refi 6.27% 6/9/24
30 Year USDA Purchase 6.27% 6/9/24
15 Year Conventional Purchase 5.65% 6/9/24
15 Year Conventional Refi 6.98% 6/9/24
15 Year Cash-out Refi 6.98% 6/9/24
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.

Chartway Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Chartway Federal 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

891

Origination Dollar Volume (All Markets)

$111,475,000
Show all (6) awards

Relative Rate

Chartway Federal Credit Union's average 30 year fixed mortgage rate was 6.15%.

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

This yields a difference of -0.33%.

Relative Fees (Closing Costs)

Chartway Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,032.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 458 $39,920,000 $87,162 $656 6.39%
SALT LAKE CITY, UT (FHA|USDA|VA) 154 $31,120,000 $202,078 $4,612 6.38%
ST. GEORGE, UT (FHA|USDA|VA) 96 $10,780,000 $112,292 $785 5.82%
PROVO-OREM, UT (FHA|USDA|VA) 18 $6,770,000 $376,111 $8,437 6.00%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 20 $5,960,000 $298,000 $6,407 6.13%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 37 $3,775,000 $102,027 $980 7.27%
Cedar City, UT (FHA|USDA|VA) 23 $2,205,000 $95,870 $1,175 5.50%
RICHMOND, VA (FHA|USDA|VA) 14 $1,610,000 $115,000 $633 6.26%
Heber, UT (FHA|USDA|VA) 4 $1,440,000 $360,000 $4,263 7.48%
Outside of Metro Areas 11 $1,135,000 $103,182 $2,459 7.41%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 2 $660,000 $330,000 $4,135 6.06%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $530,000 $265,000 $2,196 7.56%
RALEIGH-CARY, NC (FHA|USDA|VA) 3 $465,000 $155,000 $0 4.99%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 5 $455,000 $91,000 $0 6.41%
EL PASO, TX (FHA|USDA|VA) 3 $365,000 $121,667 $0 6.49%
Price, UT (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.99%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $295,000 $295,000 $4,023 6.63%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $295,000 $295,000 $0 4.99%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $290,000 $145,000 $0 4.99%
Dublin, GA (FHA|USDA|VA) 1 $285,000 $285,000 $4,062 5.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $270,000 $135,000 $193 6.37%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $250,000 $125,000 $0 4.99%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $0 9.50%
OCALA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,042 6.13%
Newport, OR (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.99%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $180,000 $90,000 $193 5.62%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $170,000 $85,000 $193 6.82%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $165,000 $165,000 $4,999 6.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $135,000 $45,000 $193 8.26%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.99%
Elizabeth City, NC (FHA|USDA|VA) 3 $105,000 $35,000 $0 8.34%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.99%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $75,000 $75,000 $0 11.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $65,000 $65,000 $193 9.99%
Lewisburg, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
LYNCHBURG, VA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
STOCKTON, CA (FHA|USDA|VA) 1 $55,000 $55,000 $193 8.54%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.99%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $45,000 $45,000 $193 10.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.29%
WACO, TX (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.99%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.50%
COLUMBUS, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 11.00%
Greeneville, TN (FHA|USDA|VA) 1 $25,000 $25,000 $193 6.99%
PITTSBURGH, PA (FHA|USDA|VA) 1 $25,000 $25,000 $193 7.14%
Chartway Federal Credit Union's top markets include Virginia Beach, Salt Lake City, St. George, Provo, and Ogden among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against CHARTWAY FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ABNB Federal Credit Union
    Similarity Rank: 65
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 108
    Chesapeake Bank
    Similarity Rank: 288
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 290
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 300
    NewTowne Mortgage, LLC
    Similarity Rank: 672
    Cache Valley Bank
    Similarity Rank: 736
    LANGLEY
    Similarity Rank: 754
    UTAH COMMUNITY
    Similarity Rank: 900

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 475 $43,765,000 $92,137 n/a 5.48%
    Conventional 416 $67,710,000 $162,764 $2,225 7.37%

    For 2023, Chartway Federal Credit Union's most frequently originated type of loan was HELOC, with 475 originations. Their 2nd most popular type was Conventional, with 416 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 351 $25,415,000 $72,407 $13 6.20%
    Other 243 $19,255,000 $79,239 $146 6.71%
    Refi 169 $18,645,000 $110,325 $150 6.36%
    Home Purchase 121 $46,155,000 $381,446 $7,390 6.14%
    Cash Out Refi 7 $2,005,000 $286,429 $3,476 6.21%

    For 2023, Chartway Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 351 originations. The 2nd most popular reason was Other, with 243 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 548 $48,530,000 $88,558 $55 5.94%
    30 Year 131 $49,165,000 $375,305 $7,032 6.15%
    10 Year 92 $5,630,000 $61,196 $21 7.32%
    20 Year 86 $7,000,000 $81,395 $28 8.29%
    5 Year 34 $1,150,000 $33,824 $11 6.52%

    For 2023, Chartway Federal Credit Union's most frequently cited loan duration was 15 Year, with 548 originations. The 2nd most popular length was 30 Year, with 131 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 288 $19,470,000 $67,604
    $5k+ 66 $28,530,000 $432,273
    $1k-2k 47 $15,065,000 $320,532
    $3k-4k 7 $2,335,000 $333,571
    $4k-5k 7 $2,145,000 $306,429
    $2k-3k 1 $165,000 $165,000

    Chartway Federal Credit Union's average total fees were $7,032, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 288 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 424 $39,620,000 $93,443
    Over 8% 165 $11,485,000 $69,606
    6-7% 146 $27,340,000 $187,260
    7-8% 79 $5,745,000 $72,722
    5-6% 69 $26,085,000 $378,043
    3-4% 8 $1,200,000 $150,000

    During 2023, Chartway Federal Credit Union's average interest rate for loans was 6.15%, while their most frequently originated rate bucket for loans was 4-5%, with 424 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 559 $28,905,000 $51,708 $56 6.59%
    $100k-200k 166 $21,610,000 $130,181 $979 6.04%
    $200k-400k 100 $29,220,000 $292,200 $5,388 5.89%
    $400k-600k 58 $25,840,000 $445,517 $9,351 5.95%
    $600k-1MM 7 $4,855,000 $693,571 $6,888 5.98%
    $1MM+ 1 $1,045,000 $1,045,000 $5,155 6.13%

    2023 saw Chartway Federal Credit Union place emphasis on $100,000 or less loans with 559 originations, totaling $28,905,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 272 $31,510,000 $115,846 $1,962 6.32%
    $75k-100k 216 $30,930,000 $143,194 $3,485 6.40%
    $150k-250k 158 $20,910,000 $132,342 $1,449 6.22%
    $50k-75k 143 $11,945,000 $83,531 $1,532 6.62%
    $250k+ 48 $13,530,000 $281,875 $2,610 6.00%
    $50k or less 46 $2,140,000 $46,522 $797 6.71%

    Chartway Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 272 originations. The second most popular income band? $75k-100k, with 216 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 185 $19,465,000 $105,216 $1,452 6.01%
    30-36% 177 $23,685,000 $133,814 $1,813 6.31%
    40% 85 $10,145,000 $119,353 $2,565 6.11%
    42% 83 $10,905,000 $131,386 $1,771 7.50%
    41% 82 $8,340,000 $101,707 $3,222 6.55%
    <20% 59 $5,865,000 $99,407 $635 5.99%
    39% 57 $5,835,000 $102,368 $2,025 6.37%
    38% 53 $6,565,000 $123,868 $2,196 6.43%
    37% 40 $4,480,000 $112,000 $1,554 6.35%
    36% 34 $4,610,000 $135,588 $1,755 6.78%
    43% 10 $3,820,000 $382,000 $6,429 6.45%
    44% 10 $3,010,000 $301,000 $6,098 6.37%
    50-60% 5 $1,365,000 $273,000 $6,104 5.80%
    45% 5 $1,805,000 $361,000 $10,302 5.62%
    48% 2 $620,000 $310,000 $4,192 6.25%
    46% 2 $560,000 $280,000 $4,041 5.81%
    47% 1 $55,000 $55,000 $1,305 6.50%
    49% 1 $345,000 $345,000 $6,967 5.88%

    Chartway Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 185 originations. The next most common DTI ratio? 30-36%, with 177 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 675 $85,265,000 $126,319 $2,326 6.32%
    Not provided 59 $13,415,000 $227,373 $4,078 6.60%
    Black 106 $8,530,000 $80,472 $710 6.61%
    Asian 37 $3,075,000 $83,108 $245 6.42%
    Native Hawaiian or Islander 7 $815,000 $116,429 $3,655 5.85%
    American Indian 4 $200,000 $50,000 $0 5.53%
    Filipino 2 $110,000 $55,000 $0 6.14%
    Other Pacific Islander 1 $65,000 $65,000 $0 4.99%

    Approval Rates

    Total approvals of all applications
    71.64%

    Chartway Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    62.51%

    Chartway Federal 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 891 $111,475,000 $125,112

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    891 $111,475,000 $125,112

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 222 $25,130,000 $113,198 $158 6.41%
    40-60% 39 $7,835,000 $200,897 $1,505 5.83%
    60-80% 41 $12,465,000 $304,024 $3,782 6.05%
    80-100% 98 $38,920,000 $397,143 $8,093 6.09%
    Under 20% 491 $27,125,000 $55,244 $32 6.47%