Widget Federal Credit Union Mortgage Rates, Fees & Info

Erie, PA

LEI: 2549008YEXLNFKLF7548

Tax ID: 25-0974214

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
  • 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

    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, New Castle, and Youngstown among others. We have data for 4 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 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.

    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
    Home Equity Line of Credit (HELOC) 5.98% 11/22/24
    30 Year Conventional Purchase 6.62% 11/22/24
    30 Year Conventional Refi 6.27% 11/22/24
    30 Year Cash-out Refi 6.36% 11/22/24
    30 Year FHA Purchase 6.27% 11/22/24
    15 Year Conventional Purchase 5.60% 11/22/24
    15 Year Conventional Refi 5.65% 11/22/24
    15 Year Cash-out Refi 5.65% 11/22/24
    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






    Your Estimates

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

    This is not an official calculator from Widget Federal Credit Union. 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

    253

    Origination Dollar Volume (All Markets)

    $20,335,000

    Awards

    Widget Federal Credit Union 30 Year Conventional Loans gold Widget Federal Credit Union 30 Year Conventional Loans bronze
    Show all (2) 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
    ERIE, PA (FHA|USDA|VA) 248 $20,000,000 $80,645 $1,210 4.38%
    Meadville, PA (FHA|USDA|VA) 3 $225,000 $75,000 $1,726 4.79%
    New Castle, PA (FHA|USDA|VA) 1 $55,000 $55,000 $300 4.99%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
    Widget Federal Credit Union's top markets include Erie, Meadville, New Castle, and Youngstown among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)

    • 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.

    Widget Federal Credit Union
    Similarity Rank: 80
    Marquette Savings Bank
    Similarity Rank: 119
    ERIE FEDERAL CREDIT UNION
    Similarity Rank: 126
    FIRST HERITAGE FINANCIAL, LLC
    Similarity Rank: 184
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 608
    CNB Bank
    Similarity Rank: 672
    HOWARD HANNA FINANCIAL SERVICES, INC.
    Similarity Rank: 1947
    SOUTHPOINT FINANCIAL SERVICES, INC.
    Similarity Rank: 2232
    TIDEWATER MORTGAGE SERVICES, INC.
    Similarity Rank: 2760
    First National Bank of Pennsylvania
    Similarity Rank: 2784

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 182 $17,210,000 $94,560 $1,204 4.28%
    HELOC 71 $3,125,000 $44,014 n/a 4.68%

    For 2022, Widget Federal Credit Union's most frequently originated type of loan was Conventional, with 182 originations. Their 2nd most popular type was HELOC, with 71 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 78 $6,490,000 $83,205 $116 3.62%
    Home Improvement 72 $3,180,000 $44,167 $70 4.67%
    Home Purchase 61 $8,405,000 $137,787 $3,172 5.14%
    Other 33 $1,405,000 $42,576 $118 4.45%
    Cash Out Refi 9 $855,000 $95,000 $2,755 3.57%

    For 2022, Widget Federal Credit Union's most frequently cited loan purpose was Refi, with 78 originations. The 2nd most popular reason was Home Improvement, with 72 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 91 $4,035,000 $44,341 $50 4.57%
    15 Year 57 $5,115,000 $89,737 $836 4.30%
    30 Year 49 $7,325,000 $149,490 $3,310 5.17%
    10 Year 36 $2,930,000 $81,389 $32 3.42%
    5 Year 18 $720,000 $40,000 $34 3.62%
    20 Year 2 $210,000 $105,000 $3,032 4.31%

    For 2022, Widget Federal Credit Union's most frequently cited loan duration was Other, with 91 originations. The 2nd most popular length was 15 Year, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 146 $10,860,000 $74,384
    $1k-2k 34 $6,190,000 $182,059
    $2k-3k 1 $115,000 $115,000

    Widget Federal Credit Union's average total fees were $3,310, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 146 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 91 $6,455,000 $70,934
    5-6% 57 $6,015,000 $105,526
    4-5% 44 $2,850,000 $64,773
    2.5-3% 33 $2,665,000 $80,758
    6-7% 23 $1,735,000 $75,435
    7-8% 3 $335,000 $111,667
    <2.5% 2 $280,000 $140,000

    During 2022, Widget Federal Credit Union's average interest rate for loans was 5.17%, while their most frequently originated rate bucket for loans was 3-4%, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 181 $8,845,000 $48,867 $605 4.39%
    $100k-200k 59 $8,115,000 $137,542 $1,798 4.25%
    $200k-400k 12 $2,930,000 $244,167 $3,719 5.07%
    $400k-600k 1 $445,000 $445,000 $5,987 5.38%

    2022 saw Widget Federal Credit Union place emphasis on $100,000 or less loans with 181 originations, totaling $8,845,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 74 $4,470,000 $60,405 $712 4.14%
    $100k-150k 61 $6,405,000 $105,000 $1,558 4.51%
    $50k or less 50 $3,020,000 $60,400 $1,459 4.52%
    $75k-100k 45 $3,975,000 $88,333 $1,585 4.74%
    $150k-250k 21 $2,375,000 $113,095 $745 3.87%
    $250k+ 1 $45,000 $45,000 $93 5.24%

    Widget Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 74 originations. The second most popular income band? $100k-150k, with 61 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 90 $6,980,000 $77,556 $1,201 4.27%
    30-36% 57 $5,595,000 $98,158 $1,234 4.57%
    <20% 34 $2,120,000 $62,353 $973 4.19%
    38% 13 $945,000 $72,692 $615 4.18%
    40% 12 $1,220,000 $101,667 $1,367 4.68%
    36% 9 $425,000 $47,222 $51 4.33%
    41% 7 $365,000 $52,143 $625 4.91%
    37% 7 $595,000 $85,000 $1,462 4.69%
    39% 7 $405,000 $57,857 $718 4.60%
    42% 7 $495,000 $70,714 $1,682 3.68%
    43% 2 $100,000 $50,000 $153 4.00%
    44% 2 $630,000 $315,000 $4,784 4.69%
    49% 2 $250,000 $125,000 $3,412 6.00%
    45% 1 $65,000 $65,000 $2,467 4.75%
    46% 1 $85,000 $85,000 $2,789 4.75%
    47% 1 $15,000 $15,000 $0 7.00%

    Widget Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? 30-36%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 244 $19,890,000 $81,516 $1,230 4.40%
    Black 6 $330,000 $55,000 $517 4.56%
    Not provided 1 $45,000 $45,000 $0 3.25%
    Not applicable 1 $45,000 $45,000 $0 4.00%
    American Indian 1 $25,000 $25,000 $0 3.24%

    Approval Rates

    Total approvals of all applications
    63.96%

    Widget Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    85.38%

    Widget Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 253 $20,335,000 $80,375

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    253 $20,335,000 $80,375

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $3,370,000 $54,355 $134 4.40%
    40-60% 37 $2,875,000 $77,703 $875 4.11%
    60-80% 35 $4,285,000 $122,429 $1,839 4.33%
    80-100% 38 $5,440,000 $143,158 $3,152 5.20%
    Under 20% 38 $1,230,000 $32,368 $48 4.73%