Colonial Farm Credit Aca Mortgage Rates, Fees & Info
Mechanicsville, VALEI: 549300W4BRJPRFMIIL49
Tax ID: 54-1469169
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Mortgage Data
Review & Overview
Colonial Farm Credit Aca is a smaller mortgage company specializing in Home Purchase loans. Colonial Farm Credit Aca has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, California, Lynchburg, Charlottesville, and Virginia Beach among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Colonial Farm Credit Aca 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. Colonial Farm Credit Aca is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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 | 7.85% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 8.53% | 11/17/24 |
| 15 Year Cash-out Refi | 8.53% | 11/17/24 |
| 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. | ||
Colonial Farm Credit Aca Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
42Origination Dollar Volume (All Markets)
$13,430,000Relative Rate
Colonial Farm Credit Aca's average 30 year fixed mortgage rate was
9.13%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 2.65%.
Relative Fees (Closing Costs)
Colonial Farm Credit Aca's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,486.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| RICHMOND, VA (FHA|USDA|VA) | 14 | $3,910,000 | $279,286 | $4,523 | 8.94% |
| Outside of Metro Areas | 14 | $3,720,000 | $265,714 | $5,760 | 9.06% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 4 | $1,760,000 | $440,000 | $8,713 | 8.91% |
| LYNCHBURG, VA (FHA|USDA|VA) | 3 | $1,445,000 | $481,667 | $7,095 | 9.08% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $1,170,000 | $585,000 | $5,222 | 9.06% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $6,370 | 9.09% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,915 | 9.13% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 42 | $13,430,000 | $319,762 | $5,832 | 9.01% |
For 2023, Colonial Farm Credit Aca's most frequently originated type of loan was Conventional, with 42 originations.
Loan Reason
For 2023, Colonial Farm Credit Aca's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Home Improvement, with 9 originations.
Loan Duration/Length
For 2023, Colonial Farm Credit Aca's most frequently cited loan duration was Other, with 22 originations. The 2nd most popular length was 20 Year, with 7 originations.
Origination Fees/Closing Costs
Colonial Farm Credit Aca's average total fees were $5,486, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 10 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 40 | $12,530,000 | $313,250 |
| 7-8% | 2 | $900,000 | $450,000 |
During 2023, Colonial Farm Credit Aca's average interest rate for loans was 9.13%, while their most frequently originated rate bucket for loans was Over 8%, with 40 originations.
Loan Sizing
2023 saw Colonial Farm Credit Aca place emphasis on $200k-400k loans with 13 originations, totaling $3,915,000 in origination value.
Applicant Income
Colonial Farm Credit Aca lent most frequently to those with incomes in the $150k-250k range, with 19 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
Colonial Farm Credit Aca lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.49%
Colonial Farm Credit Aca has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination71.43%
Colonial Farm Credit Aca has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 42 | $13,430,000 | $319,762 |