Qualstar Credit Union Mortgage Rates, Fees & Info

Redmond, WA

LEI: 254900QPRPHIXEAX3L37

Tax ID: 91-6035907

5 stars - out of 5 stars, based on 14 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Qualstar Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Qualstar Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Olympia, Bremerton, Aberdeen, and Bellingham among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

    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
    30 Year Conventional Purchase 9.98% 3/23/23
    30 Year Conventional Refi 9.78% 3/23/23
    30 Year Cash-out Refi 9.70% 3/23/23
    30 Year FHA Purchase 6.27% 3/23/23
    30 Year VA Purchase 6.27% 3/23/23
    15 Year Conventional Purchase 10.64% 3/23/23
    15 Year Conventional Refi 8.39% 3/23/23
    15 Year Cash-out Refi 8.39% 3/23/23
    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.


    Originations

    207

    Origination Dollar Volume (All Markets)

    $45,875,000

    Awards

    Qualstar Credit Union 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Qualstar Credit Union's average 30 year fixed mortgage rate was 4.34%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.42%.

    Relative Fees (Closing Costs)

    Qualstar Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,232.

    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 $4,750.

    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
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 150 $33,510,000 $223,400 $3,816 4.75%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 6 $1,980,000 $330,000 $4,996 4.54%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 6 $1,470,000 $245,000 $6,040 5.37%
    Aberdeen, WA (FHA|USDA|VA) 5 $1,045,000 $209,000 $3,571 5.52%
    BELLINGHAM, WA (FHA|USDA|VA) 3 $1,025,000 $341,667 $4,099 4.33%
    Outside of Metro Areas 4 $980,000 $245,000 $3,361 3.34%
    Oak Harbor, WA (FHA|USDA|VA) 3 $735,000 $245,000 $3,330 5.75%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 3 $575,000 $191,667 $3,207 3.25%
    Moses Lake, WA (FHA|USDA|VA) 2 $550,000 $275,000 $6,745 3.75%
    SALEM, OR (FHA|USDA|VA) 3 $545,000 $181,667 $3,573 4.71%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $520,000 $260,000 $2,919 5.06%
    YAKIMA, WA (FHA|USDA|VA) 2 $430,000 $215,000 $4,516 3.25%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $430,000 $107,500 $4,318 5.71%
    Sandpoint, ID (FHA|USDA|VA) 1 $375,000 $375,000 $9,084 6.88%
    Centralia, WA (FHA|USDA|VA) 3 $305,000 $101,667 $3,422 5.25%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $285,000 $285,000 $4,510 3.88%
    Port Angeles, WA (FHA|USDA|VA) 1 $275,000 $275,000 $6,124 5.25%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $195,000 $195,000 $0 5.99%
    CORVALLIS, OR (FHA|USDA|VA) 1 $185,000 $185,000 $4,073 4.63%
    LONGVIEW, WA (FHA|USDA|VA) 1 $145,000 $145,000 $4,989 7.63%
    Outside of Metro Areas 1 $125,000 $125,000 $3,852 3.13%
    WENATCHEE, WA (FHA|USDA|VA) 2 $120,000 $60,000 $2,705 5.87%
    Ellensburg, WA (FHA|USDA|VA) 2 $70,000 $35,000 $0 4.87%
    Qualstar Credit Union's top markets include Seattle, Olympia, Bremerton, Aberdeen, and Bellingham among others.

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

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

    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 648
    Bank of the Pacific
    Similarity Rank: 2093
    Chicago Financial Services, Inc.
    Similarity Rank: 2139
    IVY MORTGAGE, INC.
    Similarity Rank: 2166
    NorthWest Plus Credit Union
    Similarity Rank: 2303
    VERITY
    Similarity Rank: 2400
    U S WIDE FINANCIAL LLC
    Similarity Rank: 2496
    SOUND
    Similarity Rank: 2725
    TRISTAR FINANCE, INC.
    Similarity Rank: 2808

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 207 $45,875,000 $221,618 $3,944 4.78%

    For 2022, Qualstar Credit Union's most frequently originated type of loan was Conventional, with 207 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 69 $19,975,000 $289,493 $3,758 4.00%
    Home Improvement 59 $4,675,000 $79,237 $2,382 5.89%
    Home Purchase 35 $12,695,000 $362,714 $5,307 5.05%
    Refi 34 $7,820,000 $230,000 $3,400 3.79%
    Other 10 $710,000 $71,000 $0 5.97%

    For 2022, Qualstar Credit Union's most frequently cited loan purpose was Cash Out Refi, with 69 originations. The 2nd most popular reason was Home Improvement, with 59 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 88 $30,710,000 $348,977 $4,232 4.34%
    15 Year 33 $5,925,000 $179,545 $3,373 4.35%
    20 Year 32 $5,980,000 $186,875 $3,776 5.20%
    10 Year 28 $1,750,000 $62,500 $2,543 5.72%
    5 Year 17 $685,000 $40,294 $0 4.89%
    Other 8 $810,000 $101,250 $0 6.15%
    3 Year 1 $15,000 $15,000 $0 4.49%

    For 2022, Qualstar Credit Union's most frequently cited loan duration was 30 Year, with 88 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 66 $22,570,000 $341,970
    $1k-2k 31 $7,555,000 $243,710
    $2k-3k 13 $3,685,000 $283,462
    $5k+ 8 $3,120,000 $390,000
    $4k-5k 6 $1,980,000 $330,000
    $3k-4k 4 $1,130,000 $282,500

    Qualstar Credit Union's average total fees were $4,232, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 66 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 59 $17,565,000 $297,712
    4-5% 44 $11,240,000 $255,455
    5-6% 38 $5,190,000 $136,579
    6-7% 22 $3,400,000 $154,545
    2.5-3% 17 $4,955,000 $291,471
    7-8% 15 $1,735,000 $115,667
    <2.5% 9 $1,615,000 $179,444
    Over 8% 3 $175,000 $58,333

    During 2022, Qualstar Credit Union's average interest rate for loans was 4.34%, while their most frequently originated rate bucket for loans was 3-4%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 71 $19,995,000 $281,620 $4,048 4.10%
    $100,000 or less 56 $2,410,000 $43,036 $670 5.87%
    $100k-200k 51 $7,075,000 $138,725 $3,460 4.78%
    $400k-600k 23 $11,445,000 $497,609 $5,086 4.34%
    $600k-1MM 4 $2,670,000 $667,500 $3,777 3.91%
    $1MM+ 2 $2,280,000 $1,140,000 $5,202 4.69%

    2022 saw Qualstar Credit Union place emphasis on $200k-400k loans with 71 originations, totaling $19,995,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 58 $11,950,000 $206,034 $4,096 5.00%
    $150k-250k 37 $8,825,000 $238,514 $4,905 5.02%
    $75k-100k 34 $7,490,000 $220,294 $4,157 5.09%
    $50k-75k 29 $4,735,000 $163,276 $3,255 4.66%
    $50k or less 18 $2,160,000 $120,000 $2,551 4.40%
    $250k+ 8 $3,950,000 $493,750 $4,119 3.92%

    Qualstar Credit Union lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $150k-250k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 48 $9,010,000 $187,708 $3,288 4.87%
    30-36% 32 $7,860,000 $245,625 $3,659 4.22%
    <20% 26 $3,630,000 $139,615 $3,317 4.65%
    45% 6 $1,290,000 $215,000 $4,523 3.75%
    37% 6 $600,000 $100,000 $2,592 5.26%
    44% 5 $1,635,000 $327,000 $5,174 4.60%
    40% 5 $1,375,000 $275,000 $4,119 4.95%
    50-60% 4 $1,930,000 $482,500 $3,700 4.53%
    46% 4 $1,300,000 $325,000 $5,488 4.65%
    38% 4 $1,150,000 $287,500 $3,861 5.09%
    39% 4 $1,930,000 $482,500 $4,210 4.81%
    42% 2 $310,000 $155,000 $4,870 5.75%
    36% 2 $310,000 $155,000 $4,969 5.12%
    41% 2 $980,000 $490,000 $4,955 3.81%
    49% 2 $650,000 $325,000 $3,478 4.81%
    >60% 1 $65,000 $65,000 $0 7.99%
    43% 1 $615,000 $615,000 $4,315 3.88%
    47% 1 $35,000 $35,000 $0 8.99%

    Qualstar Credit Union lent most frequently to those with DTI ratios of 20-30%, with 48 originations. The next most common DTI ratio? 30-36%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 139 $32,415,000 $233,201 $3,836 4.67%
    Not provided 40 $7,980,000 $199,500 $3,775 5.04%
    Black 13 $2,895,000 $222,692 $4,613 5.26%
    American Indian 3 $985,000 $328,333 $4,529 3.61%
    Asian 4 $730,000 $182,500 $5,654 4.34%
    Native Hawaiian or Islander 1 $345,000 $345,000 $3,301 3.38%
    Not applicable 5 $265,000 $53,000 $0 5.49%
    Filipino 1 $205,000 $205,000 $6,427 4.00%
    Chinese 1 $55,000 $55,000 $0 5.74%

    Approval Rates

    Total approvals of all applications
    94.25%

    Qualstar Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.78%

    Qualstar Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 207 $45,875,000 $221,618

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    207 $45,875,000 $221,618

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $5,810,000 $181,563 $3,041 4.36%
    40-60% 33 $8,945,000 $271,061 $3,413 3.95%
    60-80% 34 $12,130,000 $356,765 $4,750 4.31%
    80-100% 8 $5,100,000 $637,500 $4,515 3.98%
    Under 20% 63 $3,555,000 $56,429 $1,103 5.71%