Iq Credit Union Mortgage Rates, Fees & Info

Vancouver, WA

LEI: 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.

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) 5.70% 3/24/24
30 Year Conventional Purchase 6.33% 3/24/24
30 Year Conventional Refi 6.40% 3/24/24
30 Year Cash-out Refi 6.41% 3/24/24
15 Year Conventional Purchase 6.08% 3/24/24
15 Year Conventional Refi 5.67% 3/24/24
15 Year Cash-out Refi 5.67% 3/24/24
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

1,189

Origination Dollar Volume (All Markets)

$137,805,000

Awards

iQ Credit Union 30 Year Conventional Loans gold
Show all (1) 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
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%
Iq Credit Union's top markets include Portland, Albany, Longview, Astoria, and Seattle among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 945 $64,875,000 $68,651 n/a 5.23%
    Conventional 194 $60,900,000 $313,918 $3,108 4.87%
    Conventional 50 $12,030,000 $240,600 $2,927 4.77%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 443 $29,925,000 $67,551 $0 5.17%
    Other 414 $26,720,000 $64,541 $0 5.37%
    Refi 128 $19,810,000 $154,766 $2,720 4.86%
    Home Purchase 103 $31,195,000 $302,864 $3,177 4.88%
    Cash Out Refi 101 $30,155,000 $298,564 $3,078 4.85%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 960 $67,740,000 $70,563 $3,140 5.22%
    30 Year 188 $48,300,000 $256,915 $3,113 4.90%
    15 Year 23 $4,375,000 $190,217 $2,705 4.47%
    10 Year 14 $7,030,000 $502,143 $2,685 4.84%
    5 Year 2 $7,710,000 $3,855,000 $0 5.46%
    Other 2 $2,650,000 $1,325,000 $0 5.71%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 149 $36,115,000 $242,383
    $1k-2k 58 $12,940,000 $223,103
    $2k-3k 12 $3,630,000 $302,500
    $3k-4k 6 $1,710,000 $285,000
    $4k-5k 3 $1,215,000 $405,000
    $5k+ 1 $365,000 $365,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 772 $37,940,000 $49,145 $2,359 5.26%
    $100k-200k 219 $29,715,000 $135,685 $2,675 5.01%
    $200k-400k 171 $46,265,000 $270,556 $3,217 4.88%
    $400k-600k 19 $8,715,000 $458,684 $3,430 4.73%
    $1MM+ 4 $12,200,000 $3,050,000 $0 5.58%
    $600k-1MM 4 $2,970,000 $742,500 $8,073 5.13%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 335 $34,235,000 $102,194 $3,241 5.20%
    $75k-100k 291 $25,615,000 $88,024 $3,106 5.15%
    $50k-75k 246 $24,370,000 $99,065 $2,980 4.99%
    $150k-250k 164 $20,220,000 $123,293 $3,218 5.37%
    $50k or less 86 $8,340,000 $96,977 $2,788 4.87%
    $250k+ 34 $6,750,000 $198,529 $2,928 5.33%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 288 $26,750,000 $92,882 $3,375 5.12%
    30-36% 235 $22,535,000 $95,894 $2,997 5.25%
    <20% 106 $9,220,000 $86,981 $2,910 4.89%
    50-60% 49 $4,485,000 $91,531 $1,657 4.83%
    40% 46 $5,940,000 $129,130 $3,324 5.39%
    36% 46 $5,160,000 $112,174 $3,001 5.32%
    39% 45 $3,795,000 $84,333 $2,752 5.46%
    37% 45 $5,195,000 $115,444 $2,677 5.21%
    38% 41 $4,115,000 $100,366 $3,028 5.40%
    43% 40 $5,550,000 $138,750 $3,004 5.10%
    41% 37 $4,455,000 $120,405 $3,576 5.12%
    42% 35 $3,075,000 $87,857 $2,664 5.32%
    44% 33 $4,145,000 $125,606 $3,100 4.95%
    46% 31 $3,205,000 $103,387 $2,941 5.16%
    47% 23 $2,245,000 $97,609 $3,020 5.24%
    45% 23 $2,005,000 $87,174 $2,879 4.96%
    49% 23 $3,995,000 $173,696 $2,857 5.24%
    48% 22 $3,150,000 $143,182 $2,796 4.82%
    >60% 4 $820,000 $205,000 $0 4.63%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,058 $108,320,000 $102,382 $3,085 5.16%
    Not applicable 16 $17,260,000 $1,078,750 $0 5.04%
    Not provided 70 $6,660,000 $95,143 $2,794 5.02%
    Asian 21 $3,485,000 $165,952 $3,084 5.01%
    Black 8 $1,070,000 $133,750 $3,004 5.37%
    American Indian 10 $710,000 $71,000 $3,419 5.34%
    Native Hawaiian or Islander 6 $300,000 $50,000 $0 5.88%

    Approval Rates

    Total approvals of all applications
    83.58%

    Iq Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.70%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $14,105,000 $2,015,000
    Single Family (1-4 Units):Manufactured 9 $1,595,000 $177,222
    Single Family (1-4 Units):Site-Built 1,173 $122,105,000 $104,096

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 239 $26,475,000 $110,774 $2,439 5.18%
    40-60% 82 $23,450,000 $285,976 $2,804 4.84%
    60-80% 118 $35,240,000 $298,644 $3,204 4.87%
    80-100% 69 $19,695,000 $285,435 $3,257 4.89%
    Under 20% 681 $32,945,000 $48,377 $1,704 5.26%