Widget Federal Credit Union Mortgage Rates, Fees & Info
Erie, PALEI: 2549008YEXLNFKLF7548
Tax ID: 25-0974214
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Mortgage Data
Review & Overview
Widget Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Widget Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Erie, Meadville, Youngstown, Warren, and Oil City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Widget Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Widget Federal Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.98% | 11/21/24 |
| 30 Year Conventional Purchase | 6.62% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.36% | 11/21/24 |
| 30 Year FHA Purchase | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.60% | 11/21/24 |
| 15 Year Conventional Refi | 5.65% | 11/21/24 |
| 15 Year Cash-out Refi | 5.65% | 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. | ||
Widget Federal 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
334Origination Dollar Volume (All Markets)
$22,790,000Awards
Widget Federal Credit Union - 2019
Widget Federal Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| ERIE, PA (FHA|USDA|VA) | 316 | $21,410,000 | $67,753 | $495 | 3.77% |
| Meadville, PA (FHA|USDA|VA) | 12 | $1,000,000 | $83,333 | $1,101 | 3.52% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 3.24% |
| Warren, PA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $526 | 4.62% |
| Oil City, PA (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 4.25% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Widget Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 50
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 304 | $21,970,000 | $72,270 | $515 | 3.62% |
| HELOC | 30 | $820,000 | $27,333 | n/a | 5.23% |
For 2019, Widget Federal Credit Union's most frequently originated type of loan was Conventional, with 304 originations. Their 2nd most popular type was HELOC, with 30 originations.
Loan Reason
For 2019, Widget Federal Credit Union's most frequently cited loan purpose was Refi, with 175 originations. The 2nd most popular reason was Home Improvement, with 60 originations.
Loan Duration/Length
For 2019, Widget Federal Credit Union's most frequently cited loan duration was 5 Year, with 76 originations. The 2nd most popular length was 10 Year, with 74 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 280 | $18,630,000 | $66,536 |
| $1k-2k | 22 | $3,200,000 | $145,455 |
| $2k-3k | 1 | $75,000 | $75,000 |
Widget Federal Credit Union's average total fees were $2,886, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 280 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 124 | $9,660,000 | $77,903 |
| 2.5-3% | 119 | $7,525,000 | $63,235 |
| 4-5% | 59 | $4,385,000 | $74,322 |
| 5-6% | 30 | $1,050,000 | $35,000 |
| 6-7% | 2 | $170,000 | $85,000 |
During 2019, Widget Federal Credit Union's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 3-4%, with 124 originations.
Loan Sizing
2019 saw Widget Federal Credit Union place emphasis on $100,000 or less loans with 255 originations, totaling $11,585,000 in origination value.
Applicant Income
Widget Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 93 originations. The second most popular income band? $50k or less, with 75 originations.
Applicant Debt to Income Ratio
Widget Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 120 originations. The next most common DTI ratio? 30-36%, with 73 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications65.49%
Widget Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination84.43%
Widget Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 334 | $22,790,000 | $68,234 |