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 Refi loans. Salem Va Credit Union has a high proportion of conventional loans. Their top two markets are Roanoke and Lynchburg .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% | 4/28/24 |
| 15 Year Cash-out Refi | 6.47% | 4/28/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
11Origination Dollar Volume (All Markets)
$645,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ROANOKE, VA (FHA|USDA|VA) | 10 | $630,000 | $63,000 | $1,285 | 4.78% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $3,072 | 4.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 11 | $645,000 | $58,636 | $1,509 | 4.75% |
For 2018, Salem Va Credit Union's most frequently originated type of loan was Conventional, with 11 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 7 | $575,000 | $82,143 | $1,541 | 4.00% |
| Home Improvement | 3 | $45,000 | $15,000 | $1,413 | 6.83% |
| Cash Out Refi | 1 | $25,000 | $25,000 | $0 | 3.75% |
For 2018, Salem Va Credit Union's most frequently cited loan purpose was Refi, with 7 originations. The 2nd most popular reason was Home Improvement, with 3 originations.
Loan Duration/Length
For 2018, Salem Va Credit Union's most frequently cited loan duration was 15 Year, with 6 originations. The 2nd most popular length was 10 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 7 | $555,000 | $79,286 |
| 4-5% | 3 | $75,000 | $25,000 |
| Over 8% | 1 | $15,000 | $15,000 |
During 2018, Salem Va Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 7 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 8 | $270,000 | $33,750 | $1,516 | 5.09% |
| $100k-200k | 3 | $375,000 | $125,000 | $1,487 | 3.83% |
2018 saw Salem Va Credit Union place emphasis on $100,000 or less loans with 8 originations, totaling $270,000 in origination value.
Applicant Income
Salem Va Credit Union lent most frequently to those with incomes in the $50k or less range, with 4 originations. The second most popular income band? $50k-75k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 5 | $245,000 | $49,000 | $1,039 | 5.70% |
| 20-30% | 4 | $160,000 | $40,000 | $2,273 | 4.06% |
| <20% | 2 | $240,000 | $120,000 | $1,097 | 3.75% |
Salem Va Credit Union lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 10 | $630,000 | $63,000 | $1,509 | 3.98% |
| Black | 1 | $15,000 | $15,000 | $0 | 12.50% |
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 | 11 | $645,000 | $58,636 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 11 | $645,000 | $58,636 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Selene Finance LP | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 1.9% |
| Selene Finance LP | Conventional home mortgage | Closing on a mortgage | 2 | 0.9% |
| Selene Finance LP | Conventional home mortgage | Incorrect information on your report | 1 | 0.5% |
| Selene Finance LP | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.5% |
| Selene Finance LP | Conventional home mortgage | Struggling to pay mortgage | 62 | 29.0% |
| Selene Finance LP | Conventional home mortgage | Trouble during payment process | 39 | 18.2% |
| Selene Finance LP | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.5% |
| Selene Finance LP | FHA mortgage | Closing on a mortgage | 2 | 0.9% |
| Selene Finance LP | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.5% |
| Selene Finance LP | FHA mortgage | Struggling to pay mortgage | 16 | 7.5% |
| Selene Finance LP | FHA mortgage | Trouble during payment process | 26 | 12.1% |
| Selene Finance LP | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.5% |
| Selene Finance LP | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 0.5% |
| Selene Finance LP | Home equity loan or line of credit (HELOC) | Trouble during payment process | 3 | 1.4% |
| Selene Finance LP | Other type of mortgage | Closing on a mortgage | 1 | 0.5% |
| Selene Finance LP | Other type of mortgage | Incorrect information on your report | 2 | 0.9% |
| Selene Finance LP | Other type of mortgage | Struggling to pay mortgage | 10 | 4.7% |
| Selene Finance LP | Other type of mortgage | Trouble during payment process | 15 | 7.0% |
| Selene Finance LP | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 1.9% |
| Selene Finance LP | VA mortgage | Closing on a mortgage | 2 | 0.9% |
| Selene Finance LP | VA mortgage | Trouble during payment process | 20 | 9.3% |