Qualstar Credit Union Mortgage Rates, Fees & Info

Redmond, WA

LEI: 254900QPRPHIXEAX3L37

Tax ID: 91-6035907

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Qualstar Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Qualstar Credit Union has a high proportion of conventional loans. Their top markets include Seattle, Olympia, Centralia, Portland, and Bellingham among others. Qualstar Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Qualstar Credit Union is typically an average fee lendor.


Originations

547

Origination Dollar Volume (All Markets)

$152,575,000

Awards

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

Relative Rate

Qualstar Credit Union's average 30 year fixed rate mortgage of loans were 3.19%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.04%.

Relative Fees

Qualstar Credit Union's average total fees for a 30 year fixed rate mortgage are $3,733.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 409 $118,015,000 $288,545 $3,421 3.27%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 22 $6,390,000 $290,455 $3,726 3.61%
Centralia, WA (FHA|USDA|VA) 19 $4,825,000 $253,947 $3,735 3.16%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 10 $2,910,000 $291,000 $3,867 3.04%
BELLINGHAM, WA (FHA|USDA|VA) 12 $2,860,000 $238,333 $4,091 3.21%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 11 $2,355,000 $214,091 $2,808 3.67%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 10 $2,120,000 $212,000 $3,408 3.61%
Shelton, WA (FHA|USDA|VA) 6 $1,660,000 $276,667 $4,091 3.15%
Outside of Metro Areas 1 $1,375,000 $1,375,000 $8,380 3.50%
Moses Lake, WA (FHA|USDA|VA) 4 $1,360,000 $340,000 $6,147 3.31%
Outside of Metro Areas 6 $1,210,000 $201,667 $3,009 2.98%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 5 $1,185,000 $237,000 $3,832 2.70%
YAKIMA, WA (FHA|USDA|VA) 5 $975,000 $195,000 $3,205 3.45%
Port Angeles, WA (FHA|USDA|VA) 4 $890,000 $222,500 $3,753 3.19%
Aberdeen, WA (FHA|USDA|VA) 6 $830,000 $138,333 $3,146 3.90%
Ellensburg, WA (FHA|USDA|VA) 5 $825,000 $165,000 $3,428 4.47%
WENATCHEE, WA (FHA|USDA|VA) 4 $790,000 $197,500 $3,769 3.31%
Sandpoint, ID (FHA|USDA|VA) 1 $535,000 $535,000 $4,855 2.50%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 2 $440,000 $220,000 $2,690 3.31%
BEND, OR (FHA|USDA|VA) 1 $285,000 $285,000 $3,759 3.00%
WALLA WALLA, WA (FHA|USDA|VA) 1 $195,000 $195,000 $5,906 3.00%
LONGVIEW, WA (FHA|USDA|VA) 1 $185,000 $185,000 $4,071 3.38%
Oak Harbor, WA (FHA|USDA|VA) 1 $185,000 $185,000 $2,389 2.88%
GRANTS PASS, OR (FHA|USDA|VA) 1 $175,000 $175,000 $4,015 3.00%

Qualstar Credit Union's top markets include Seattle, Olympia, Centralia, Portland, and Bellingham among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 547 $152,575,000 $278,931 $3,506 3.30%

For the 2021 period, Qualstar Credit Union's most frequently originated loan type of loans were Conventional, with 547 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 272 $83,340,000 $306,397 $3,665 3.16%
Refi 157 $42,055,000 $267,866 $3,223 3.07%
Home Improvement 61 $9,515,000 $155,984 $2,460 4.19%
Home Purchase 53 $17,205,000 $324,623 $4,262 3.45%
Other 4 $460,000 $115,000 $2,295 5.87%

For the 2021, Qualstar Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 272 originations. The 2nd most popular reason of loans were Refi, with 157 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 343 $114,165,000 $332,843 $3,733 3.19%
15 Year 98 $21,340,000 $217,755 $3,057 3.04%
20 Year 54 $13,190,000 $244,259 $3,472 3.09%
10 Year 30 $2,660,000 $88,667 $1,366 4.78%
Other 13 $975,000 $75,000 $0 4.46%
5 Year 9 $245,000 $27,222 $0 4.99%

For the 2021, Qualstar Credit Union's most frequently cited loan length of loans were 30 Year, with 343 originations. The 2nd most popular length of loans were 15 Year, with 98 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 280 $87,570,000 $312,750
$1k-2k 101 $27,435,000 $271,634
$2k-3k 52 $13,370,000 $257,115
$3k-4k 42 $12,990,000 $309,286
$5k+ 13 $6,845,000 $526,538

$3,733 of loans were Qualstar Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 280 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 257 $78,275,000 $304,572
3-4% 178 $55,530,000 $311,966
<2.5% 48 $11,110,000 $231,458
4-5% 33 $6,045,000 $183,182
5-6% 19 $965,000 $50,789
6-7% 6 $400,000 $66,667
7-8% 4 $120,000 $30,000
Over 8% 2 $130,000 $65,000

During 2021, Qualstar Credit Union's average interest rate of loans were 3.19%, while their most frequently originated rate bucket of loans were 2.5-3%, with 257 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 288 $83,280,000 $289,167 $3,471 3.07%
$100k-200k 112 $17,490,000 $156,161 $3,125 3.20%
$400k-600k 73 $34,875,000 $477,740 $4,088 3.14%
$100,000 or less 59 $3,195,000 $54,153 $1,463 4.83%
$600k-1MM 11 $8,145,000 $740,455 $7,330 3.28%
$1MM+ 4 $5,590,000 $1,397,500 $5,446 3.13%

2021 saw Qualstar Credit Union place emphasis on $200k-400k loans with 288 originations, totaling $83,280,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 60 $16,360,000 $272,667 $3,909 3.49%
$50k-75k 51 $9,965,000 $195,392 $3,015 3.62%
$75k-100k 48 $10,020,000 $208,750 $3,354 3.95%
$150k-250k 34 $10,130,000 $297,941 $3,632 3.76%
$50k or less 26 $3,360,000 $129,231 $2,479 3.62%
$250k+ 8 $5,420,000 $677,500 $4,923 3.20%

Qualstar Credit Union lent most frequently to those with incomes in the $100k-150k range, with 60 originations. The second most popular income band? $50k-75k, with 51 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 50 $10,640,000 $212,800 $3,494 3.87%
<20% 40 $5,810,000 $145,250 $2,429 3.67%
30-36% 37 $8,955,000 $242,027 $3,313 3.83%
42% 7 $1,745,000 $249,286 $3,797 3.64%
47% 6 $2,250,000 $375,000 $4,004 3.33%
44% 6 $1,530,000 $255,000 $3,006 2.69%
49% 5 $1,825,000 $365,000 $3,067 3.67%
43% 5 $1,635,000 $327,000 $3,789 2.88%
41% 5 $1,825,000 $365,000 $4,131 3.18%
40% 4 $1,490,000 $372,500 $3,295 3.41%
38% 4 $770,000 $192,500 $3,734 3.66%
50-60% 3 $95,000 $31,667 $0 6.41%
39% 3 $1,325,000 $441,667 $3,343 3.08%
45% 3 $675,000 $225,000 $3,786 3.71%
36% 2 $590,000 $295,000 $5,273 3.38%
37% 2 $350,000 $175,000 $4,819 4.37%
46% 1 $215,000 $215,000 $4,143 3.00%
48% 1 $145,000 $145,000 $5,014 5.00%

Qualstar Credit Union lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? <20%, with 40 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 366 $102,290,000 $279,481 $3,510 3.21%
Not provided 107 $28,165,000 $263,224 $3,478 3.47%
Asian 16 $6,830,000 $426,875 $3,441 3.06%
Black 22 $5,320,000 $241,818 $3,220 3.96%
American Indian 14 $4,360,000 $311,429 $3,481 3.09%
Native Hawaiian 7 $2,135,000 $305,000 $3,427 3.23%
Chinese 5 $1,595,000 $319,000 $4,933 3.80%
Asian Indian 2 $790,000 $395,000 $3,342 2.88%
Japanese 3 $705,000 $235,000 $3,590 2.79%
Other Asian 1 $215,000 $215,000 $4,677 2.75%
Not applicable 4 $170,000 $42,500 $0 4.81%

Approval Rates

Total approvals of all applications
93.50%

Qualstar Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
87.93%

Qualstar Credit Union has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 547 $152,575,000 $278,931

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
547 $152,575,000 $278,931

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 31 $5,405,000 $174,355 $3,054 3.27%
40-60% 57 $15,755,000 $276,404 $3,516 3.04%
60-80% 40 $14,580,000 $364,500 $3,935 3.34%
80-100% 11 $3,675,000 $334,091 $3,940 3.34%
Under 20% 44 $2,670,000 $60,682 $820 5.26%