Salem Va Credit Union Mortgage Rates, Fees & Info
Salem, VALEI: 549300V68FAQU1OE7F25
Tax ID: 54-0526070
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Mortgage Data
Review & Overview
Salem Va Credit Union is a smaller credit union specializing in Cash Out Refi loans. Salem Va Credit Union has a high proportion of conventional loans. Their top (well, only) market is Roanoke.Salem Va Credit Union has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 6.47% | 12/16/24 |
| 15 Year Cash-out Refi | 6.47% | 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. | ||
Salem Va Credit Union Mortgage Calculator
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Originations
2Origination Dollar Volume (All Markets)
$130,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ROANOKE, VA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $3,605 | 5.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2 | $130,000 | $65,000 | $3,605 | 5.50% |
For 2023, Salem Va Credit Union's most frequently originated type of loan was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 2 | $130,000 | $65,000 | $3,605 | 5.50% |
For 2023, Salem Va Credit Union's most frequently cited loan purpose was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 2 | $130,000 | $65,000 | $3,605 | 5.50% |
For 2023, Salem Va Credit Union's most frequently cited loan duration was Other, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 2 | $130,000 | $65,000 |
During 2023, Salem Va Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 2 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 2 | $130,000 | $65,000 | $3,605 | 5.50% |
2023 saw Salem Va Credit Union place emphasis on $100,000 or less loans with 2 originations, totaling $130,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 1 | $65,000 | $65,000 | $2,846 | 5.50% |
| $50k or less | 1 | $65,000 | $65,000 | $4,364 | 5.50% |
Salem Va Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1 originations. The second most popular income band? $50k or less, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 1 | $65,000 | $65,000 | $2,846 | 5.50% |
| 30-36% | 1 | $65,000 | $65,000 | $4,364 | 5.50% |
Salem Va Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 2 | $130,000 | $65,000 | $3,605 | 5.50% |
Approval Rates
Total approvals of all applications100.00%
Salem Va Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2 | $130,000 | $65,000 |