Burke & Herbert Bank & Trust Company Mortgage Rates, Fees & Info
Alexandria, VALEI: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.75% | 4/21/24 |
| 30 Year Conventional Refi | 5.77% | 4/21/24 |
| 30 Year Cash-out Refi | 5.93% | 4/21/24 |
| 15 Year Conventional Purchase | 5.33% | 4/21/24 |
| 15 Year Conventional Refi | 5.54% | 4/21/24 |
| 15 Year Cash-out Refi | 5.54% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
179Origination Dollar Volume (All Markets)
$116,695,000Top 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% |
Similar Lenders
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
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
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
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
Approval Rates
Total approvals of all applications95.02%
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 origination77.09%
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 |