Is Village Bank Mortgage a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Village Bank Mortgage to those of other lenders for a comparable set of borrowers. Here is our review of Village Bank Mortgage nationally:
|Review Item||Village Bank Mortgage|
|Interest Rate||similar to other lenders (-0.07%)|
|Loan Related Closing Costs||lower than other lenders (-$466)|
|National Rate and Closing Cost Star Rating||(5)|
On average, Village Bank Mortgage’s interest rates were similar to those of other lenders (-0.07%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$466. Overall, combining interest rates and closing costs we estimate that Village Bank Mortgage tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5 out of 5 stars. This is a fantastic rating and places it among the top 5% of lenders nationwide.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Village Bank Mortgage, check out its website at: https://villagebankmortgage.com.
Village Bank Mortgage’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Village Bank Mortgage was most active in:
In addition, Village Bank Mortgage is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Richmond, VA, overall
Village Bank Mortgage’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Village Bank Mortgage originated Conforming, FHA and VA mortgages for new home purchases. It also originated Conforming and FHA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
|New Purchase Mortgages||Conforming||FHA||VA|
|Interest Rate Difference||-0.10%||-0.04%||-0.00%|
|Loan Related Closing Cost Difference||-$326||-$654||-$22|
|Cost Adjusted Rate Difference||-0.74%||-0.10%||-0.01%|
|National Star Rating|
|Interest Rate Difference||-0.01%||-0.02%|
|Loan Related Closing Cost Difference||-$15||+$12|
|Cost Adjusted Rate Difference||-0.01%||-0.01%|
|Average Star Rating|
As a summary, Village Bank Mortgage is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for VA purchase mortgages. For refinancing mortgages, Village Bank Mortgage is similar to other lenders for Conforming and FHA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Village Bank Mortgage:
Registered city and state: Midlothian, VA, 23113
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: VILLAGE BANK AND TRUST FINANCIAL CORP.
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Village Bank Mortgage’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.