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 Other loans. Chartway Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Virginia Beach, St. George, Salt Lake City, Cedar City, and Houston among others. We have data for 35 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
703Origination Dollar Volume (All Markets)
$67,975,000Awards
CHARTWAY FEDERAL CREDIT UNION - 2021
CHARTWAY FEDERAL CREDIT UNION is a 2021 , due to their low .
For 2021, 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) | 354 | $26,670,000 | $75,339 | $855 | 4.36% |
| ST. GEORGE, UT (FHA|USDA|VA) | 145 | $18,515,000 | $127,690 | $2,942 | 4.09% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 97 | $10,455,000 | $107,784 | $1,595 | 4.12% |
| Cedar City, UT (FHA|USDA|VA) | 18 | $2,090,000 | $116,111 | $1,870 | 4.49% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 20 | $1,730,000 | $86,500 | $1,236 | 4.31% |
| PROVO-OREM, UT (FHA|USDA|VA) | 16 | $1,420,000 | $88,750 | $0 | 4.20% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 5 | $1,335,000 | $267,000 | $3,661 | 3.90% |
| Outside of Metro Areas | 8 | $1,250,000 | $156,250 | $1,836 | 4.24% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $3,298 | 3.38% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $1,846 | 5.04% |
| Heber, UT (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $3,789 | 2.75% |
| Elizabeth City, NC (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $0 | 4.42% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 3.75% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 3.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $0 | 5.25% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $0 | 4.67% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 3.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.50% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 3.75% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $125,000 | $41,667 | $0 | 5.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.50% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $497 | 6.00% |
| STAUNTON, VA (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 5.50% |
| Price, UT (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.25% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.50% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 7.29% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.00% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.75% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.75% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.04% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.50% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.75% |
| Lufkin, TX (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.29% |
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 | 591 | $51,795,000 | $87,640 | n/a | 4.21% |
| Conventional | 112 | $16,180,000 | $144,464 | $1,369 | 4.68% |
For 2021, Chartway Federal Credit Union's most frequently originated type of loan was HELOC, with 591 originations. Their 2nd most popular type was Conventional, with 112 originations.
Loan Reason
For 2021, Chartway Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 326 originations. The 2nd most popular reason was Other, with 216 originations.
Loan Duration/Length
For 2021, Chartway Federal Credit Union's most frequently cited loan duration was 15 Year, with 609 originations. The 2nd most popular length was 30 Year, with 35 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 87 | $8,365,000 | $96,149 |
| $1k-2k | 22 | $7,140,000 | $324,545 |
| $3k-4k | 2 | $350,000 | $175,000 |
| $2k-3k | 1 | $325,000 | $325,000 |
Chartway Federal Credit Union's average total fees were $3,300, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 87 originations.
Interest Rates
During 2021, Chartway Federal Credit Union's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 343 originations.
Loan Sizing
2021 saw Chartway Federal Credit Union place emphasis on $100,000 or less loans with 469 originations, totaling $23,905,000 in origination value.
Applicant Income
Chartway Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 191 originations. The second most popular income band? $50k-75k, with 133 originations.
Applicant Debt to Income Ratio
Chartway Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 188 originations. The next most common DTI ratio? 30-36%, with 176 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.60%
Chartway Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination7.11%
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 | 703 | $67,975,000 | $96,693 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Credible Labs Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 100.0% |