Tidewater Home Funding Mortgage Rates, Fees & Info

CHESAPEAKE, VA

LEI: 549300XL5688T9WLKS84

Tax ID: 54-1969262

4.5 stars - Updated: 9/18/23 - out of 5 stars, based on 24 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Tidewater Home Funding is a smaller mortgage company specializing in Home Purchase loans. Tidewater Home Funding has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Virginia Beach, Richmond, Kill Devil Hills, Elizabeth City, and Washington among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Tidewater Home Funding 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. Tidewater Home Funding 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 about average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.55% 9/18/23
    30 Year Conventional Refi 6.80% 9/18/23
    30 Year Cash-out Refi 6.85% 9/18/23
    30 Year FHA Purchase 7.30% 9/18/23
    30 Year FHA Refi 7.67% 9/18/23
    30 Year VA Purchase 6.33% 9/18/23
    30 Year VA Refi 6.56% 9/18/23
    30 Year USDA Purchase 6.94% 9/18/23
    15 Year Conventional Purchase 6.06% 9/18/23
    15 Year Conventional Refi 6.31% 9/18/23
    15 Year Cash-out Refi 6.31% 9/18/23
    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.

    Tidewater Home Funding Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Tidewater Home Funding. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    593

    Origination Dollar Volume (All Markets)

    $196,445,000
    Show all (8) awards

    Relative Rate

    Tidewater Home Funding's average 30 year fixed mortgage rate was 4.5%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.26%.

    Relative Fees (Closing Costs)

    Tidewater Home Funding's average total fees/closing costs for a 30 year fixed rate mortgage were $7,781.

    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 $4,750.

    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
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 342 $109,890,000 $321,316 $7,514 4.58%
    RICHMOND, VA (FHA|USDA|VA) 180 $65,680,000 $364,889 $8,016 4.18%
    Outside of Metro Areas 41 $9,795,000 $238,902 $7,568 4.81%
    Kill Devil Hills, NC (FHA|USDA|VA) 8 $3,840,000 $480,000 $8,246 4.38%
    Elizabeth City, NC (FHA|USDA|VA) 8 $2,390,000 $298,750 $8,303 4.73%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $960,000 $480,000 $6,960 4.81%
    Roanoke Rapids, NC (FHA|USDA|VA) 1 $645,000 $645,000 $5,490 3.88%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $495,000 $495,000 $8,414 6.50%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $435,000 $435,000 $12,219 5.63%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $415,000 $415,000 $6,663 3.75%
    HARRISONBURG, VA (FHA|USDA|VA) 1 $365,000 $365,000 $9,302 4.88%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $335,000 $335,000 $5,928 3.88%
    BURLINGTON, NC (FHA|USDA|VA) 1 $335,000 $335,000 $15,263 5.25%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $255,000 $255,000 $6,055 5.88%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $215,000 $215,000 $6,451 5.00%
    STAUNTON, VA (FHA|USDA|VA) 1 $155,000 $155,000 $690 3.50%
    Danville, VA (FHA|USDA|VA) 1 $125,000 $125,000 $3,826 3.88%
    Martinsville, VA (FHA|USDA|VA) 1 $115,000 $115,000 $4,625 4.63%
    Tidewater Home Funding's top markets include Virginia Beach, Richmond, Kill Devil Hills, Elizabeth City, and Washington among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Tidewater Home Funding based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 172
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 361
    HENRICO Federal Credit Union
    Similarity Rank: 420
    ABNB Federal Credit Union
    Similarity Rank: 816
    JAMS-01, INC.
    Similarity Rank: 1440
    Aurora Financial, LLC
    Similarity Rank: 1560
    RESIDENTIAL MORTGAGE SERVICES, INC.
    Similarity Rank: 1650
    C&F Select LLC
    Similarity Rank: 1890
    U S WIDE FINANCIAL LLC
    Similarity Rank: 2064
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 2106

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 401 $135,455,000 $337,793 $6,900 4.39%
    FHA 95 $24,145,000 $254,158 $8,339 4.83%
    VA 90 $35,640,000 $396,000 $10,566 4.54%
    USDA 7 $1,205,000 $172,143 $3,961 4.11%

    For 2022, Tidewater Home Funding's most frequently originated type of loan was Conventional, with 401 originations. Their 2nd most popular type was FHA, with 95 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 511 $173,085,000 $338,718 $7,768 4.52%
    Refi 33 $7,205,000 $218,333 $6,607 4.33%
    Cash Out Refi 28 $9,030,000 $322,500 $6,993 3.63%
    Other 19 $6,745,000 $355,000 $8,051 4.86%
    Home Improvement 2 $380,000 $190,000 $6,168 5.44%

    For 2022, Tidewater Home Funding's most frequently cited loan purpose was Home Purchase, with 511 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 573 $191,885,000 $334,878 $7,781 4.50%
    15 Year 15 $3,455,000 $230,333 $4,364 3.95%
    20 Year 4 $930,000 $232,500 $4,299 3.66%
    10 Year 1 $175,000 $175,000 $5,097 4.88%

    For 2022, Tidewater Home Funding's most frequently cited loan duration was 30 Year, with 573 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 164 $75,650,000 $461,280
    $<1k 152 $47,190,000 $310,461
    $3k-4k 73 $20,075,000 $275,000
    $4k-5k 61 $19,325,000 $316,803
    $2k-3k 60 $14,140,000 $235,667
    $1k-2k 58 $14,000,000 $241,379

    Tidewater Home Funding's average total fees were $7,781, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 164 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 229 $82,465,000 $360,109
    5-6% 143 $41,915,000 $293,112
    4-5% 139 $43,805,000 $315,144
    6-7% 44 $13,070,000 $297,045
    2.5-3% 30 $12,810,000 $427,000
    7-8% 7 $2,175,000 $310,714
    <2.5% 1 $205,000 $205,000

    During 2022, Tidewater Home Funding's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 3-4%, with 229 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 277 $79,925,000 $288,538 $7,243 4.57%
    $400k-600k 142 $68,460,000 $482,113 $9,295 4.09%
    $100k-200k 118 $18,600,000 $157,627 $4,900 4.74%
    $600k-1MM 39 $26,765,000 $686,282 $13,502 4.36%
    $100,000 or less 16 $1,190,000 $74,375 $3,942 4.92%
    $1MM+ 1 $1,505,000 $1,505,000 $21,199 3.00%

    2022 saw Tidewater Home Funding place emphasis on $200k-400k loans with 277 originations, totaling $79,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 155 $56,995,000 $367,710 $8,322 4.49%
    $50k-75k 132 $30,960,000 $234,545 $6,148 4.54%
    $150k-250k 108 $47,890,000 $443,426 $9,190 4.30%
    $75k-100k 97 $29,285,000 $301,907 $7,230 4.49%
    $50k or less 55 $8,905,000 $161,909 $4,829 4.54%
    $250k+ 46 $22,410,000 $487,174 $11,083 4.62%

    Tidewater Home Funding lent most frequently to those with incomes in the $100k-150k range, with 155 originations. The second most popular income band? $50k-75k, with 132 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 125 $41,655,000 $333,240 $7,684 4.46%
    20-30% 113 $37,695,000 $333,584 $7,161 4.24%
    <20% 33 $11,295,000 $342,273 $7,399 4.04%
    43% 32 $11,750,000 $367,188 $8,805 4.39%
    41% 31 $9,645,000 $311,129 $8,177 4.99%
    42% 30 $9,380,000 $312,667 $7,617 4.82%
    38% 28 $8,870,000 $316,786 $7,599 4.26%
    44% 25 $7,405,000 $296,200 $6,034 4.56%
    39% 24 $7,160,000 $298,333 $6,054 4.57%
    50-60% 24 $8,560,000 $356,667 $10,298 4.84%
    40% 21 $8,255,000 $393,095 $7,848 4.11%
    47% 18 $5,110,000 $283,889 $7,517 4.72%
    36% 17 $4,375,000 $257,353 $7,032 5.28%
    45% 16 $5,530,000 $345,625 $8,214 4.86%
    48% 16 $6,070,000 $379,375 $10,542 4.13%
    46% 15 $5,165,000 $344,333 $8,144 4.43%
    37% 13 $5,085,000 $391,154 $8,412 4.25%
    49% 9 $2,715,000 $301,667 $6,279 5.51%

    Tidewater Home Funding lent most frequently to those with DTI ratios of 30-36%, with 125 originations. The next most common DTI ratio? 20-30%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 430 $138,480,000 $322,047 $7,576 4.44%
    Black 77 $25,145,000 $326,558 $7,198 4.85%
    Not provided 52 $19,810,000 $380,962 $8,581 4.31%
    Asian 29 $11,685,000 $402,931 $9,190 4.31%
    American Indian 2 $710,000 $355,000 $4,903 5.63%
    Other Pacific Islander 2 $490,000 $245,000 $8,003 4.69%
    Other Asian 1 $125,000 $125,000 $3,854 4.50%

    Approval Rates

    Total approvals of all applications
    97.69%

    Tidewater Home Funding has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    79.09%

    Tidewater Home Funding has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $185,000 $185,000
    NA 592 $196,260,000 $331,520

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    593 $196,445,000 $331,273

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $2,230,000 $159,286 $3,480 4.47%
    40-60% 56 $13,690,000 $244,464 $5,355 4.37%
    60-80% 138 $45,160,000 $327,246 $7,902 4.45%
    80-100% 356 $123,670,000 $347,388 $7,559 4.52%
    Over 100% 27 $11,535,000 $427,222 $15,069 4.41%
    Under 20% 2 $160,000 $80,000 $2,714 3.81%