Chartway Federal Credit Union Mortgage Rates, Fees & Info
Virginia Beach, VALEI: 549300NWKILSNQAIG053
Tax ID: 54-0674620
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Mortgage Data
Review & Overview
Chartway Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi 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, Houston, and Provo 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 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 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.51% | 12/16/24 |
| 30 Year Conventional Refi | 6.58% | 12/16/24 |
| 30 Year Cash-out Refi | 6.50% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year FHA Refi | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 30 Year VA Refi | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.65% | 12/16/24 |
| 15 Year Conventional Refi | 6.98% | 12/16/24 |
| 15 Year Cash-out Refi | 6.98% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
766Origination Dollar Volume (All Markets)
$69,450,000Awards
CHARTWAY FEDERAL CREDIT UNION - 2019
CHARTWAY FEDERAL CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 343 | $25,685,000 | $74,883 | $2,516 | 4.27% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 156 | $17,110,000 | $109,679 | $2,433 | 4.19% |
| ST. GEORGE, UT (FHA|USDA|VA) | 128 | $12,730,000 | $99,453 | $2,640 | 3.82% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 41 | $3,585,000 | $87,439 | $3,256 | 5.58% |
| PROVO-OREM, UT (FHA|USDA|VA) | 10 | $1,610,000 | $161,000 | $3,078 | 4.36% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 7 | $1,595,000 | $227,857 | $3,095 | 4.19% |
| Cedar City, UT (FHA|USDA|VA) | 18 | $1,550,000 | $86,111 | $2,494 | 4.44% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 7 | $1,005,000 | $143,571 | $0 | 3.85% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $3,049 | 3.18% |
| Outside of Metro Areas | 7 | $405,000 | $57,857 | $2,349 | 3.90% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $6,198 | 4.04% |
| Elizabeth City, NC (FHA|USDA|VA) | 4 | $350,000 | $87,500 | $3,462 | 3.40% |
| Heber, UT (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $2,648 | 4.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 3.13% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $0 | 4.33% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 3.74% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,317 | 3.25% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 4.75% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,121 | 3.13% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 6.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.88% |
| Price, UT (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,975 | 5.25% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.75% |
| Bluefield, WV-VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,317 | 4.88% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.74% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.74% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.74% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.74% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.74% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.74% |
| Newberry, SC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.50% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.74% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.75% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.74% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.50% |
| Pahrump, NV (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.74% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.00% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.74% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.74% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 7.00% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.49% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.50% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.74% |
| Concord, NH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.75% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 3.74% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 7.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 505 | $36,835,000 | $72,941 | n/a | 3.80% |
| Conventional | 261 | $32,615,000 | $124,962 | $2,602 | 5.14% |
For 2019, Chartway Federal Credit Union's most frequently originated type of loan was HELOC, with 505 originations. Their 2nd most popular type was Conventional, with 261 originations.
Loan Reason
For 2019, Chartway Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 347 originations. The 2nd most popular reason was Other, with 214 originations.
Loan Duration/Length
For 2019, Chartway Federal Credit Union's most frequently cited loan duration was 15 Year, with 537 originations. The 2nd most popular length was 30 Year, with 109 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 174 | $18,380,000 | $105,632 |
| $1k-2k | 11 | $1,585,000 | $144,091 |
| $2k-3k | 1 | $155,000 | $155,000 |
| $3k-4k | 1 | $285,000 | $285,000 |
Chartway Federal Credit Union's average total fees were $2,707, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 174 originations.
Interest Rates
During 2019, Chartway Federal Credit Union's average interest rate for loans was 3.47%, while their most frequently originated rate bucket for loans was 3-4%, with 517 originations.
Loan Sizing
2019 saw Chartway Federal Credit Union place emphasis on $100,000 or less loans with 545 originations, totaling $25,665,000 in origination value.
Applicant Income
Chartway Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 184 originations. The second most popular income band? $50k-75k, with 176 originations.
Applicant Debt to Income Ratio
Chartway Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 189 originations. The next most common DTI ratio? 20-30%, with 172 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications73.08%
Chartway Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination44.65%
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 |
|---|---|---|---|
| 1152.78 | 1 | $55,000 | $55,000 |
| 1690.0 | 1 | $105,000 | $105,000 |
| 1776.96 | 1 | $365,000 | $365,000 |
| 1790.25 | 1 | $45,000 | $45,000 |
| 1935.0 | 1 | $105,000 | $105,000 |
| 880.08 | 1 | $285,000 | $285,000 |
| 882.15 | 1 | $195,000 | $195,000 |
| 884.6 | 1 | $105,000 | $105,000 |
| 969.06 | 1 | $415,000 | $415,000 |
| NA | 757 | $67,775,000 | $89,531 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $295,000 | $98,333 |
| Single Family (1-4 Units):Site-Built | 763 | $69,155,000 | $90,636 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Credible Labs Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |