Iq Credit Union Mortgage Rates, Fees & Info
Vancouver, WALEI: 254900N49YI2HHKDPS92
Tax ID: 91-0576399
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Mortgage Data
Review & Overview
Iq Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Cash Out Refi loans. Iq Credit Union has a high proportion of conventional loans. Iq Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Portland, Albany, Longview, Astoria, and Seattle among others. We have data for 18 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 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) | 5.70% | 12/16/24 |
| 30 Year Conventional Purchase | 6.33% | 12/16/24 |
| 30 Year Conventional Refi | 6.40% | 12/16/24 |
| 30 Year Cash-out Refi | 6.41% | 12/16/24 |
| 15 Year Conventional Purchase | 6.08% | 12/16/24 |
| 15 Year Conventional Refi | 5.67% | 12/16/24 |
| 15 Year Cash-out Refi | 5.67% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,189Origination Dollar Volume (All Markets)
$137,805,000Awards
iQ Credit Union - 2018
iQ Credit Union is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1,123 | $118,225,000 | $105,276 | $3,062 | 5.15% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 2 | $7,050,000 | $3,525,000 | $0 | 5.25% |
| LONGVIEW, WA (FHA|USDA|VA) | 28 | $4,910,000 | $175,357 | $3,719 | 5.18% |
| Astoria, OR (FHA|USDA|VA) | 3 | $3,125,000 | $1,041,667 | $2,917 | 4.90% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 7 | $1,525,000 | $217,857 | $3,312 | 5.03% |
| Outside of Metro Areas | 8 | $1,340,000 | $167,500 | $3,120 | 4.83% |
| Centralia, WA (FHA|USDA|VA) | 4 | $540,000 | $135,000 | $2,889 | 5.25% |
| YAKIMA, WA (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $2,936 | 4.75% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,446 | 4.75% |
| SALEM, OR (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $2,794 | 5.06% |
| WENATCHEE, WA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.50% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,795 | 4.88% |
| Klamath Falls, OR (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,695 | 4.88% |
| GRANTS PASS, OR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.00% |
| The Dalles, OR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.00% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 2 | $40,000 | $20,000 | $0 | 6.00% |
| BEND, OR (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.50% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.25% |
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.
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Product Mix
For 2018, Iq Credit Union's most frequently originated type of loan was HELOC, with 945 originations. Their 2nd most popular type was Conventional, with 194 originations.
Loan Reason
For 2018, Iq Credit Union's most frequently cited loan purpose was Home Improvement, with 443 originations. The 2nd most popular reason was Other, with 414 originations.
Loan Duration/Length
For 2018, Iq Credit Union's most frequently cited loan duration was 20 Year, with 960 originations. The 2nd most popular length was 30 Year, with 188 originations.
Origination Fees/Closing Costs
Iq Credit Union's average total fees were $3,113, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 149 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 760 | $88,860,000 | $116,921 |
| 5-6% | 246 | $34,220,000 | $139,106 |
| 6-7% | 155 | $12,115,000 | $78,161 |
| 7-8% | 23 | $1,395,000 | $60,652 |
| 3-4% | 5 | $1,215,000 | $243,000 |
During 2018, Iq Credit Union's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 4-5%, with 760 originations.
Loan Sizing
2018 saw Iq Credit Union place emphasis on $100,000 or less loans with 772 originations, totaling $37,940,000 in origination value.
Applicant Income
Iq Credit Union lent most frequently to those with incomes in the $100k-150k range, with 335 originations. The second most popular income band? $75k-100k, with 291 originations.
Applicant Debt to Income Ratio
Iq Credit Union lent most frequently to those with DTI ratios of 20-30%, with 288 originations. The next most common DTI ratio? 30-36%, with 235 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.58%
Iq Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination76.70%
Iq Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,189 | $137,805,000 | $115,900 |