Tidewater Home Funding Mortgage Rates, Fees & Info

CHESAPEAKE, VA

LEI: 549300XL5688T9WLKS84

Tax ID: 54-1969262

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 and Refi 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, Washington, and Elizabeth City among others. We have data for 23 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 an above average pick rate when compared to similar lenders. Tidewater Home Funding is typically a low 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.55% 11/17/24
    30 Year Conventional Refi 6.80% 11/17/24
    30 Year Cash-out Refi 6.85% 11/17/24
    30 Year FHA Purchase 7.30% 11/17/24
    30 Year FHA Refi 7.67% 11/17/24
    30 Year VA Purchase 6.33% 11/17/24
    30 Year VA Refi 6.56% 11/17/24
    30 Year USDA Purchase 6.94% 11/17/24
    15 Year Conventional Purchase 6.06% 11/17/24
    15 Year Conventional Refi 6.31% 11/17/24
    15 Year Cash-out Refi 6.31% 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.

    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

    1,626

    Origination Dollar Volume (All Markets)

    $464,560,000
    Show all (11) awards

    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) 1,019 $286,575,000 $281,232 $4,233 3.10%
    RICHMOND, VA (FHA|USDA|VA) 440 $133,740,000 $303,955 $4,321 3.08%
    Outside of Metro Areas 67 $16,015,000 $239,030 $3,831 3.09%
    Kill Devil Hills, NC (FHA|USDA|VA) 42 $12,590,000 $299,762 $3,224 3.14%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 12 $5,600,000 $466,667 $6,935 3.21%
    Elizabeth City, NC (FHA|USDA|VA) 7 $1,225,000 $175,000 $1,876 3.20%
    RALEIGH-CARY, NC (FHA|USDA|VA) 3 $1,185,000 $395,000 $2,916 3.29%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 5 $1,075,000 $215,000 $3,394 3.33%
    ROANOKE, VA (FHA|USDA|VA) 3 $935,000 $311,667 $3,837 2.83%
    Roanoke Rapids, NC (FHA|USDA|VA) 8 $840,000 $105,000 $3,411 3.53%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $700,000 $350,000 $1,902 3.31%
    Washington, NC (FHA|USDA|VA) 2 $530,000 $265,000 $3,808 3.25%
    WILMINGTON, NC (FHA|USDA|VA) 2 $520,000 $260,000 $2,895 2.94%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $455,000 $455,000 $7,334 2.25%
    STAUNTON, VA (FHA|USDA|VA) 3 $445,000 $148,333 $2,125 2.96%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $435,000 $435,000 $2,414 3.50%
    JACKSONVILLE, FL (FHA|USDA|VA) 2 $360,000 $180,000 $0 2.31%
    WINCHESTER, VA-WV (FHA|USDA|VA) 1 $315,000 $315,000 $4,466 2.25%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $265,000 $265,000 $5,931 2.50%
    LYNCHBURG, VA (FHA|USDA|VA) 2 $220,000 $110,000 $2,786 3.25%
    WINSTON-SALEM, NC (FHA|USDA|VA) 1 $195,000 $195,000 $1,573 3.38%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $175,000 $175,000 $881 2.75%
    Morehead City, NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 2.75%
    Tidewater Home Funding's top markets include Virginia Beach, Richmond, Kill Devil Hills, Washington, and Elizabeth City 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: 90
    ABNB Federal Credit Union
    Similarity Rank: 496
    1ST ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 1155
    JAMS-01, INC.
    Similarity Rank: 1417
    C&F Select LLC
    Similarity Rank: 1570
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1640
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 1808
    LENDERFI, INC.
    Similarity Rank: 1896
    The Freedom Bank of Virginia
    Similarity Rank: 2052
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 2772

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,047 $297,385,000 $284,035 $3,361 3.18%
    VA 342 $112,610,000 $329,269 $5,989 2.85%
    FHA 191 $45,975,000 $240,707 $5,772 3.13%
    USDA 46 $8,590,000 $186,739 $3,143 2.88%

    For 2020, Tidewater Home Funding's most frequently originated type of loan was Conventional, with 1,047 originations. Their 2nd most popular type was VA, with 342 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 914 $270,540,000 $295,996 $4,490 3.12%
    Refi 570 $155,380,000 $272,596 $3,487 3.01%
    Cash Out Refi 142 $38,640,000 $272,113 $5,306 3.25%

    For 2020, Tidewater Home Funding's most frequently cited loan purpose was Home Purchase, with 914 originations. The 2nd most popular reason was Refi, with 570 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,470 $423,480,000 $288,082 $4,268 3.12%
    15 Year 99 $25,375,000 $256,313 $3,435 2.77%
    20 Year 35 $9,865,000 $281,857 $4,214 3.10%
    Other 18 $5,160,000 $286,667 $3,664 3.16%
    10 Year 4 $680,000 $170,000 $2,241 2.78%

    For 2020, Tidewater Home Funding's most frequently cited loan duration was 30 Year, with 1,470 originations. The 2nd most popular length was 15 Year, with 99 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,008 $284,940,000 $282,679
    $1k-2k 301 $76,345,000 $253,638
    $2k-3k 124 $34,110,000 $275,081
    $3k-4k 70 $20,640,000 $294,857
    $5k+ 52 $28,010,000 $538,654
    $4k-5k 38 $14,320,000 $376,842

    Tidewater Home Funding's average total fees were $4,268, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,008 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 721 $209,015,000 $289,896
    3-4% 686 $195,520,000 $285,015
    <2.5% 170 $50,510,000 $297,118
    4-5% 47 $9,155,000 $194,787
    5-6% 2 $360,000 $180,000

    During 2020, Tidewater Home Funding's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 2.5-3%, with 721 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 933 $270,035,000 $289,427 $4,111 3.07%
    $100k-200k 399 $62,735,000 $157,231 $2,880 3.18%
    $400k-600k 221 $102,445,000 $463,552 $6,035 3.00%
    $600k-1MM 37 $26,425,000 $714,189 $10,964 3.16%
    $100,000 or less 36 $2,920,000 $81,111 $2,461 3.27%

    2020 saw Tidewater Home Funding place emphasis on $200k-400k loans with 933 originations, totaling $270,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 364 $82,320,000 $226,154 $4,038 3.10%
    $100k-150k 350 $111,210,000 $317,743 $4,239 3.13%
    $75k-100k 284 $76,490,000 $269,331 $4,467 3.13%
    $50k or less 258 $51,360,000 $199,070 $2,874 3.07%
    $150k-250k 230 $90,310,000 $392,652 $5,182 3.12%
    $250k+ 75 $31,965,000 $426,200 $5,915 3.11%

    Tidewater Home Funding lent most frequently to those with incomes in the $50k-75k range, with 364 originations. The second most popular income band? $100k-150k, with 350 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 386 $110,450,000 $286,140 $3,798 3.11%
    30-36% 288 $77,760,000 $270,000 $4,105 3.14%
    <20% 243 $72,705,000 $299,198 $3,505 2.89%
    44% 69 $18,815,000 $272,681 $4,131 3.17%
    42% 68 $21,710,000 $319,265 $5,367 3.09%
    38% 63 $17,415,000 $276,429 $4,303 3.09%
    39% 60 $18,360,000 $306,000 $4,862 3.13%
    37% 58 $16,100,000 $277,586 $3,771 3.22%
    41% 53 $16,115,000 $304,057 $4,457 3.16%
    40% 52 $13,270,000 $255,192 $4,110 3.24%
    43% 46 $12,760,000 $277,391 $5,135 3.29%
    50-60% 44 $14,310,000 $325,227 $6,656 2.99%
    36% 40 $10,550,000 $263,750 $3,833 3.18%
    47% 38 $11,460,000 $301,579 $5,733 2.94%
    45% 36 $9,100,000 $252,778 $3,533 3.16%
    49% 32 $8,900,000 $278,125 $5,453 3.06%
    48% 24 $6,770,000 $282,083 $4,736 3.03%
    46% 19 $5,795,000 $305,000 $6,005 3.13%
    >60% 6 $2,030,000 $338,333 $3,114 3.21%

    Tidewater Home Funding lent most frequently to those with DTI ratios of 20-30%, with 386 originations. The next most common DTI ratio? 30-36%, with 288 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,324 $377,250,000 $284,932 $4,088 3.09%
    Black 168 $46,720,000 $278,095 $4,742 3.13%
    Not provided 91 $27,465,000 $301,813 $4,614 3.09%
    Asian 31 $10,415,000 $335,968 $5,060 3.10%
    American Indian 7 $1,455,000 $207,857 $4,381 2.73%
    Native Hawaiian or Islander 4 $870,000 $217,500 $4,313 3.09%
    1 $385,000 $385,000 $1,346 3.50%

    Approval Rates

    Total approvals of all applications
    98.88%

    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
    91.94%

    Tidewater Home Funding has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 11 $2,875,000 $261,364
    NA 1,615 $461,685,000 $285,873

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 10 $1,510,000 $151,000
    Single Family (1-4 Units):Site-Built 1,616 $463,050,000 $286,541

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $6,190,000 $206,333 $3,056 2.93%
    40-60% 132 $31,810,000 $240,985 $3,304 3.02%
    60-80% 445 $122,885,000 $276,146 $3,516 3.14%
    80-100% 938 $276,360,000 $294,627 $4,080 3.10%
    Over 100% 79 $26,955,000 $341,203 $10,910 2.93%
    Under 20% 2 $360,000 $180,000 $4,277 3.50%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TIDEWATER MORTGAGE SERVICES VA mortgage Trouble during payment process 1 100.0%