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 and Home Purchase loans. Salem Va Credit Union has a high proportion of conventional loans. Their top two markets are Roanoke and Blacksburg .Salem Va Credit Union has an 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% | 11/21/24 |
| 15 Year Cash-out Refi | 6.47% | 11/21/24 |
| 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. | ||
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
3Origination Dollar Volume (All Markets)
$235,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ROANOKE, VA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $2,622 | 4.63% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,286 | 4.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 3 | $235,000 | $78,333 | $3,176 | 4.42% |
For 2021, Salem Va Credit Union's most frequently originated type of loan was Conventional, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 2 | $160,000 | $80,000 | $2,622 | 4.63% |
| Home Purchase | 1 | $75,000 | $75,000 | $4,286 | 4.00% |
For 2021, Salem Va Credit Union's most frequently cited loan purpose was Refi, with 2 originations. The 2nd most popular reason was Home Purchase, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 2 | $160,000 | $80,000 | $3,151 | 3.88% |
| 15 Year | 1 | $75,000 | $75,000 | $3,228 | 5.50% |
For 2021, Salem Va Credit Union's most frequently cited loan duration was Other, with 2 originations. The 2nd most popular length was 15 Year, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 2 | $160,000 | $80,000 |
| 5-6% | 1 | $75,000 | $75,000 |
During 2021, 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 2 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 3 | $235,000 | $78,333 | $3,176 | 4.42% |
2021 saw Salem Va Credit Union place emphasis on $100,000 or less loans with 3 originations, totaling $235,000 in origination value.
Applicant Income
Salem Va Credit Union lent most frequently to those with incomes in the $100k-150k 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 |
|---|---|---|---|---|---|
| 30-36% | 2 | $150,000 | $75,000 | $3,757 | 4.75% |
| 20-30% | 1 | $85,000 | $85,000 | $2,015 | 3.75% |
Salem Va Credit Union lent most frequently to those with DTI ratios of 30-36%, with 2 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 2 | $160,000 | $80,000 | $3,151 | 3.88% |
| Black | 1 | $75,000 | $75,000 | $3,228 | 5.50% |
Approval Rates
Total approvals of all applications75.00%
Salem Va Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3 | $235,000 | $78,333 |