Burke & Herbert Bank & Trust Company Mortgage Rates, Fees & Info

Alexandria, VA

LEI: 549300OS8C7J7ZWMNL70

Tax ID: 54-0155785

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Mortgage Data

Review & Overview

Burke & Herbert Bank & Trust Company is a smaller bank specializing in Home Purchase loans. Burke & Herbert Bank & Trust Company 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 markets by origination volume include: Washington, Richmond, Virginia Beach, Baltimore, and Winchester among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Burke & Herbert Bank & Trust Company has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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 5.75% 12/9/24
30 Year Conventional Refi 5.77% 12/9/24
30 Year Cash-out Refi 5.93% 12/9/24
15 Year Conventional Purchase 5.33% 12/9/24
15 Year Conventional Refi 5.54% 12/9/24
15 Year Cash-out Refi 5.54% 12/9/24
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.

Burke & Herbert Bank & Trust Company Mortgage Calculator






Your Estimates

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

This is not an official calculator from Burke & Herbert Bank & Trust Company. 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

179

Origination Dollar Volume (All Markets)

$116,695,000

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 150 $98,540,000 $656,933 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 6 $7,230,000 $1,205,000 $0 0.00%
Outside of Metro Areas 5 $2,215,000 $443,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $1,675,000 $558,333 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $1,620,000 $810,000 $0 0.00%
WINCHESTER, VA-WV (FHA|USDA|VA) 3 $1,205,000 $401,667 $0 0.00%
MORGANTOWN, WV (FHA|USDA|VA) 1 $905,000 $905,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $705,000 $705,000 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $605,000 $605,000 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
Burke & Herbert Bank & Trust Company's top markets include Washington, Richmond, Virginia Beach, Baltimore, and Winchester among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
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    We use machine learning to identify the top lenders compared against Burke & Herbert Bank & Trust Company 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
    Conventional 168 $112,220,000 $667,976 $0 0.00%
    FHA 8 $3,320,000 $415,000 $0 0.00%
    VA 3 $1,155,000 $385,000 $0 0.00%

    For 2023, Burke & Herbert Bank & Trust Company's most frequently originated type of loan was Conventional, with 168 originations. Their 2nd most popular type was FHA, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 157 $102,115,000 $650,414 $0 0.00%
    Cash Out Refi 13 $10,225,000 $786,538 $0 0.00%
    Refi 7 $3,845,000 $549,286 $0 0.00%
    Home Improvement 2 $510,000 $255,000 $0 0.00%

    For 2023, Burke & Herbert Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 157 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 179 $116,695,000 $651,927 $0 0.00%

    For 2023, Burke & Herbert Bank & Trust Company's most frequently cited loan duration was Other, with 179 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 52 $25,200,000 $484,615 $0 0.00%
    $200k-400k 50 $14,920,000 $298,400 $0 0.00%
    $600k-1MM 35 $25,265,000 $721,857 $0 0.00%
    $1MM+ 31 $49,525,000 $1,597,581 $0 0.00%
    $100k-200k 11 $1,785,000 $162,273 $0 0.00%

    2023 saw Burke & Herbert Bank & Trust Company place emphasis on $400k-600k loans with 52 originations, totaling $25,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 55 $22,895,000 $416,273 $0 0.00%
    $250k+ 51 $49,055,000 $961,863 $0 0.00%
    $150k-250k 35 $19,315,000 $551,857 $0 0.00%
    $75k-100k 18 $6,660,000 $370,000 $0 0.00%
    $50k-75k 14 $3,640,000 $260,000 $0 0.00%

    Burke & Herbert Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $250k+, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 179 $116,695,000 $651,927 $0 0.00%

    Burke & Herbert Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 179 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 89 $50,125,000 $563,202 $0 0.00%
    Not provided 25 $17,865,000 $714,600 $0 0.00%
    Asian 27 $17,735,000 $656,852 $0 0.00%
    Black 32 $16,210,000 $506,563 $0 0.00%
    Not applicable 4 $14,290,000 $3,572,500 $0 0.00%
    Native Hawaiian or Islander 1 $255,000 $255,000 $0 0.00%
    American Indian 1 $215,000 $215,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.02%

    Burke & Herbert Bank & Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    77.09%

    Burke & Herbert Bank & Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 179 $116,695,000 $651,927

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    179 $116,695,000 $651,927