Salal Mortgage Rates, Fees & Info
Seattle, WALEI: 5493000BAKE4VAHVCU55
Tax ID: 91-0593941
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Mortgage Data
Review & Overview
Salal is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Salal has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Spokane, Bremerton, Portland, and Kennewick among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Salal 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. Salal 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) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.42% | 12/16/24 |
| 30 Year Conventional Refi | 6.16% | 12/16/24 |
| 30 Year Cash-out Refi | 6.24% | 12/16/24 |
| 15 Year Conventional Purchase | 5.66% | 12/16/24 |
| 15 Year Conventional Refi | 5.64% | 12/16/24 |
| 15 Year Cash-out Refi | 5.64% | 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. | ||
Salal Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
176Origination Dollar Volume (All Markets)
$64,000,000Awards
SALAL - 2019
SALAL is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 145 | $55,015,000 | $379,414 | $3,893 | 3.72% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 4 | $1,400,000 | $350,000 | $3,502 | 3.72% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 3 | $1,245,000 | $415,000 | $4,842 | 3.92% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 3 | $1,125,000 | $375,000 | $4,159 | 3.33% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $4,160 | 3.56% |
| WENATCHEE, WA (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $1,939 | 3.63% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $3,546 | 3.75% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,343 | 4.33% |
| Aberdeen, WA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,101 | 3.88% |
| Ellensburg, WA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,182 | 3.88% |
| Outside of Metro Areas | 1 | $305,000 | $305,000 | $3,302 | 3.25% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,703 | 3.00% |
| BEND, OR (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,043 | 4.38% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,473 | 4.25% |
| YAKIMA, WA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,214 | 3.75% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,816 | 4.00% |
| Centralia, WA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,033 | 3.13% |
| Newport, OR (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,659 | 3.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against SALAL 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 169 | $61,145,000 | $361,805 | $3,635 | 3.74% |
| VA | 7 | $2,855,000 | $407,857 | $8,518 | 3.45% |
For 2019, Salal's most frequently originated type of loan was Conventional, with 169 originations. Their 2nd most popular type was VA, with 7 originations.
Loan Reason
For 2019, Salal's most frequently cited loan purpose was Cash Out Refi, with 74 originations. The 2nd most popular reason was Refi, with 62 originations.
Loan Duration/Length
For 2019, Salal's most frequently cited loan duration was 30 Year, with 129 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
Salal's average total fees were $4,280, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 104 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 129 | $48,815,000 | $378,411 |
| 4-5% | 32 | $10,550,000 | $329,688 |
| 2.5-3% | 14 | $4,430,000 | $316,429 |
| 5-6% | 1 | $205,000 | $205,000 |
During 2019, Salal's average interest rate for loans was 3.84%, while their most frequently originated rate bucket for loans was 3-4%, with 129 originations.
Loan Sizing
2019 saw Salal place emphasis on $200k-400k loans with 96 originations, totaling $29,170,000 in origination value.
Applicant Income
Salal lent most frequently to those with incomes in the $150k-250k range, with 47 originations. The second most popular income band? $100k-150k, with 34 originations.
Applicant Debt to Income Ratio
Salal lent most frequently to those with DTI ratios of 30-36%, with 39 originations. The next most common DTI ratio? 20-30%, with 34 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.65%
Salal has an average approval rate.
Pick Rate
Approvals leading to origination48.30%
Salal has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 176 | $64,000,000 | $363,636 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 176 | $64,000,000 | $363,636 |