Iq Credit Union Mortgage Rates, Fees & Info

Vancouver, WA

LEI: 254900N49YI2HHKDPS92

Tax ID: 91-0576399

5 stars - Updated: 3/28/24 - out of 5 stars, based on 36 reviews

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

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Mortgage Data

Review & Overview

Iq Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Iq Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Spokane, Salem, Longview, and The Dalles among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Iq Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Iq 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.

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
Home Equity Line of Credit (HELOC) 5.70% 3/28/24
30 Year Conventional Purchase 6.33% 3/28/24
30 Year Conventional Refi 6.40% 3/28/24
30 Year Cash-out Refi 6.41% 3/28/24
15 Year Conventional Purchase 6.08% 3/28/24
15 Year Conventional Refi 5.67% 3/28/24
15 Year Cash-out Refi 5.67% 3/28/24
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.

Iq Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Iq 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

1,295

Origination Dollar Volume (All Markets)

$222,555,000

Awards

iQ Credit Union 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Iq Credit Union's average 30 year fixed mortgage rate was 6.76%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.28%.

Relative Fees (Closing Costs)

Iq Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,049.

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 $9,089.

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
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1,160 $185,420,000 $159,845 $3,685 7.97%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 7 $7,875,000 $1,125,000 $0 7.69%
SALEM, OR (FHA|USDA|VA) 13 $7,385,000 $568,077 $6,542 7.83%
LONGVIEW, WA (FHA|USDA|VA) 45 $7,365,000 $163,667 $2,816 8.08%
The Dalles, OR (FHA|USDA|VA) 2 $5,410,000 $2,705,000 $0 5.93%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 13 $2,545,000 $195,769 $3,703 7.60%
Outside of Metro Areas 15 $1,415,000 $94,333 $2,652 8.10%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 3 $855,000 $285,000 $2,796 6.75%
Centralia, WA (FHA|USDA|VA) 4 $720,000 $180,000 $2,218 7.69%
BEND, OR (FHA|USDA|VA) 4 $640,000 $160,000 $6,422 7.47%
Newport, OR (FHA|USDA|VA) 2 $430,000 $215,000 $2,961 7.38%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $420,000 $210,000 $2,614 7.75%
Hermiston-Pendleton, OR (FHA|USDA|VA) 2 $310,000 $155,000 $2,771 7.69%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $285,000 $285,000 $7,794 7.13%
WALLA WALLA, WA (FHA|USDA|VA) 4 $250,000 $62,500 $0 8.25%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 3 $195,000 $65,000 $0 7.92%
Aberdeen, WA (FHA|USDA|VA) 1 $165,000 $165,000 $6,100 8.13%
BELLINGHAM, WA (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.00%
ALBANY-LEBANON, OR (FHA|USDA|VA) 2 $140,000 $70,000 $893 7.75%
Hood River, OR (FHA|USDA|VA) 2 $110,000 $55,000 $0 8.38%
Roseburg, OR (FHA|USDA|VA) 2 $100,000 $50,000 $0 7.88%
Astoria, OR (FHA|USDA|VA) 1 $75,000 $75,000 $2,031 6.75%
Ellensburg, WA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.25%
La Grande, OR (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.75%
Oak Harbor, WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.25%
Shelton, WA (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.75%
Port Angeles, WA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.25%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.25%
Iq Credit Union's top markets include Portland, Spokane, Salem, Longview, and The Dalles among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Similar Lenders

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

    INROADS
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,136 $111,320,000 $97,993 n/a 8.11%
    Conventional 159 $111,235,000 $699,591 $3,662 6.88%

    For 2023, Iq Credit Union's most frequently originated type of loan was HELOC, with 1,136 originations. Their 2nd most popular type was Conventional, with 159 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 575 $56,585,000 $98,409 $0 8.02%
    Other 458 $40,540,000 $88,515 $0 8.22%
    Home Purchase 126 $66,520,000 $527,937 $4,525 6.98%
    Refi 75 $40,585,000 $541,133 $7,516 8.05%
    Cash Out Refi 61 $18,325,000 $300,410 $2,145 7.33%

    For 2023, Iq Credit Union's most frequently cited loan purpose was Home Improvement, with 575 originations. The 2nd most popular reason was Other, with 458 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 1,142 $112,820,000 $98,792 $3,713 8.10%
    30 Year 93 $34,865,000 $374,892 $4,049 6.76%
    15 Year 31 $4,965,000 $160,161 $1,387 7.58%
    10 Year 19 $39,205,000 $2,063,421 $0 6.26%
    30+ year 5 $2,405,000 $481,000 $10,514 7.45%
    5 Year 4 $28,090,000 $7,022,500 $0 6.74%
    Other 1 $205,000 $205,000 $0 9.25%

    For 2023, Iq Credit Union's most frequently cited loan duration was 20 Year, with 1,142 originations. The 2nd most popular length was 30 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 89 $27,595,000 $310,056
    $1k-2k 22 $5,160,000 $234,545
    $5k+ 9 $5,595,000 $621,667
    $2k-3k 7 $3,025,000 $432,143
    $3k-4k 5 $1,435,000 $287,000
    $4k-5k 3 $925,000 $308,333

    Iq Credit Union's average total fees were $4,049, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 89 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 713 $80,035,000 $112,251
    Over 8% 477 $47,065,000 $98,669
    6-7% 84 $73,390,000 $873,690
    5-6% 21 $22,065,000 $1,050,714

    During 2023, Iq Credit Union's average interest rate for loans was 6.76%, while their most frequently originated rate bucket for loans was 7-8%, with 713 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 723 $40,215,000 $55,622 $1,325 8.12%
    $100k-200k 323 $41,525,000 $128,560 $2,374 8.04%
    $200k-400k 169 $42,585,000 $251,982 $3,714 7.59%
    $400k-600k 51 $23,945,000 $469,510 $4,359 7.17%
    $1MM+ 15 $64,145,000 $4,276,333 $9,198 6.44%
    $600k-1MM 14 $10,140,000 $724,286 $7,820 6.59%

    2023 saw Iq Credit Union place emphasis on $100,000 or less loans with 723 originations, totaling $40,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 410 $46,080,000 $112,390 $3,951 8.06%
    $150k-250k 317 $47,145,000 $148,722 $3,214 7.98%
    $75k-100k 253 $25,345,000 $100,178 $2,741 8.00%
    $50k-75k 149 $12,665,000 $85,000 $3,234 7.91%
    $250k+ 78 $20,100,000 $257,692 $6,901 7.82%
    $50k or less 49 $3,045,000 $62,143 $2,460 7.86%

    Iq Credit Union lent most frequently to those with incomes in the $100k-150k range, with 410 originations. The second most popular income band? $150k-250k, with 317 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 283 $33,835,000 $119,558 $4,510 7.90%
    30-36% 219 $25,525,000 $116,553 $3,855 8.02%
    50-60% 150 $15,850,000 $105,667 $0 8.14%
    <20% 101 $11,825,000 $117,079 $2,451 7.74%
    44% 50 $6,080,000 $121,600 $3,319 8.10%
    40% 46 $6,300,000 $136,957 $3,783 8.13%
    48% 46 $5,150,000 $111,957 $3,444 8.17%
    42% 45 $5,395,000 $119,889 $5,597 8.15%
    46% 41 $4,835,000 $117,927 $3,996 8.08%
    47% 37 $5,995,000 $162,027 $4,634 7.84%
    36% 36 $4,080,000 $113,333 $2,269 7.98%
    37% 35 $4,705,000 $134,429 $3,198 8.05%
    49% 34 $5,490,000 $161,471 $3,237 7.62%
    39% 33 $3,695,000 $111,970 $2,976 7.86%
    45% 29 $2,555,000 $88,103 $2,573 8.27%
    41% 28 $3,720,000 $132,857 $3,127 8.10%
    38% 28 $5,020,000 $179,286 $3,240 7.97%
    43% 27 $4,235,000 $156,852 $2,819 7.87%
    >60% 3 $765,000 $255,000 $0 8.25%

    Iq Credit Union lent most frequently to those with DTI ratios of 20-30%, with 283 originations. The next most common DTI ratio? 30-36%, with 219 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,063 $131,355,000 $123,570 $3,641 7.98%
    Not applicable 22 $65,530,000 $2,978,636 $0 6.48%
    Not provided 134 $15,000,000 $111,940 $3,724 8.03%
    Asian 37 $5,885,000 $159,054 $5,567 7.93%
    American Indian 15 $1,935,000 $129,000 $3,160 7.94%
    Black 14 $1,750,000 $125,000 $3,418 8.19%
    Native Hawaiian or Islander 8 $930,000 $116,250 $1,477 7.72%
    Samoan 1 $115,000 $115,000 $0 8.75%
    Guamanian 1 $55,000 $55,000 $1,347 7.88%

    Approval Rates

    Total approvals of all applications
    80.98%

    Iq Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.53%

    Iq Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,295 $222,555,000 $171,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,295 $222,555,000 $171,857

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 310 $52,370,000 $168,935 $1,919 7.98%
    40-60% 64 $65,870,000 $1,029,219 $3,771 7.36%
    60-80% 47 $30,515,000 $649,255 $4,768 6.81%
    80-100% 40 $17,780,000 $444,500 $4,832 6.85%
    Under 20% 834 $56,020,000 $67,170 $1,287 8.12%