Salal Mortgage Rates, Fees & Info

Seattle, WA

LEI: 5493000BAKE4VAHVCU55

Tax ID: 91-0593941

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Salal is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Salal has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Bremerton, Riverside, Los Angeles, and Oak Harbor among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Salal 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. 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.

    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
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Salal. 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

    329

    Origination Dollar Volume (All Markets)

    $122,405,000

    Awards

    SALAL 30 Year Conventional Loans silver
    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
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 271 $101,095,000 $373,044 $3,249 3.03%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 15 $4,245,000 $283,000 $2,952 3.09%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $2,180,000 $545,000 $2,573 2.94%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $2,120,000 $1,060,000 $10,122 3.06%
    Oak Harbor, WA (FHA|USDA|VA) 3 $1,795,000 $598,333 $4,670 2.71%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 6 $1,510,000 $251,667 $3,799 2.92%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $1,280,000 $320,000 $3,553 3.22%
    BELLINGHAM, WA (FHA|USDA|VA) 4 $1,260,000 $315,000 $3,442 2.94%
    Shelton, WA (FHA|USDA|VA) 2 $990,000 $495,000 $4,694 3.19%
    Outside of Metro Areas 2 $880,000 $440,000 $2,746 3.56%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $855,000 $855,000 $2,547 2.50%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $820,000 $410,000 $1,950 3.13%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $775,000 $775,000 $2,262 3.00%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $655,000 $218,333 $5,357 3.25%
    WENATCHEE, WA (FHA|USDA|VA) 2 $510,000 $255,000 $2,896 2.81%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $365,000 $365,000 $1,502 3.75%
    BEND, OR (FHA|USDA|VA) 1 $265,000 $265,000 $2,123 3.38%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $225,000 $225,000 $3,151 3.38%
    Aberdeen, WA (FHA|USDA|VA) 1 $185,000 $185,000 $1,203 2.88%
    Moses Lake, WA (FHA|USDA|VA) 1 $165,000 $165,000 $2,541 3.25%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1 $135,000 $135,000 $1,993 2.13%
    MADERA, CA (FHA|USDA|VA) 1 $95,000 $95,000 $1,914 2.25%
    Salal's top markets include Seattle, Bremerton, Riverside, Los Angeles, and Oak Harbor among others.

    Their top states include:
  • Washington (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)

    • 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.

    TRISTAR FINANCE, INC.
    Similarity Rank: 378
    LOANSNAP, INC.
    Similarity Rank: 1106
    NATIONAL COOPERATIVE BANK, N.A.
    Similarity Rank: 1830
    Kwik Mortgage Corporation
    Similarity Rank: 2670
    Shea Mortgage Inc.
    Similarity Rank: 4053
    SOUND
    Similarity Rank: 4120
    CAMPOS FINANCIAL CORP.
    Similarity Rank: 4170
    Armed Forces Bank
    Similarity Rank: 4260
    NorthWest Plus Credit Union
    Similarity Rank: 4608
    Cashmere Valley Bank
    Similarity Rank: 4784

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 329 $122,405,000 $372,052 $3,283 3.03%

    For 2020, Salal's most frequently originated type of loan was Conventional, with 329 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 169 $59,045,000 $349,379 $2,540 2.91%
    Cash Out Refi 124 $45,510,000 $367,016 $3,852 3.15%
    Home Purchase 36 $17,850,000 $495,833 $4,790 3.24%

    For 2020, Salal's most frequently cited loan purpose was Refi, with 169 originations. The 2nd most popular reason was Cash Out Refi, with 124 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 192 $81,710,000 $425,573 $3,717 3.26%
    15 Year 80 $22,630,000 $282,875 $2,542 2.63%
    20 Year 37 $11,085,000 $299,595 $2,855 3.05%
    10 Year 20 $6,980,000 $349,000 $2,846 2.41%

    For 2020, Salal's most frequently cited loan duration was 30 Year, with 192 originations. The 2nd most popular length was 15 Year, with 80 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 214 $72,040,000 $336,636
    $1k-2k 38 $16,430,000 $432,368
    $2k-3k 25 $7,645,000 $305,800
    $5k+ 22 $10,010,000 $455,000
    $3k-4k 20 $8,670,000 $433,500
    $4k-5k 9 $4,245,000 $471,667

    Salal's average total fees were $3,717, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 214 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 165 $63,075,000 $382,273
    2.5-3% 106 $42,150,000 $397,642
    <2.5% 57 $16,715,000 $293,246
    4-5% 1 $465,000 $465,000

    During 2020, Salal's average interest rate for loans was 3.26%, while their most frequently originated rate bucket for loans was 3-4%, with 165 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 172 $50,160,000 $291,628 $3,057 3.07%
    $400k-600k 65 $31,295,000 $481,462 $3,715 3.10%
    $100k-200k 50 $8,200,000 $164,000 $2,503 2.78%
    $600k-1MM 27 $19,665,000 $728,333 $4,541 3.16%
    $1MM+ 8 $12,480,000 $1,560,000 $6,861 3.06%
    $100,000 or less 7 $605,000 $86,429 $1,969 2.89%

    2020 saw Salal place emphasis on $200k-400k loans with 172 originations, totaling $50,160,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 101 $33,725,000 $333,911 $2,877 2.98%
    $150k-250k 83 $36,685,000 $441,988 $3,508 2.96%
    $75k-100k 59 $17,125,000 $290,254 $3,310 3.06%
    $50k-75k 46 $11,920,000 $259,130 $3,281 3.24%
    $250k+ 27 $17,045,000 $631,296 $4,299 2.94%
    $50k or less 12 $2,540,000 $211,667 $2,722 3.31%

    Salal lent most frequently to those with incomes in the $100k-150k range, with 101 originations. The second most popular income band? $150k-250k, with 83 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 105 $39,095,000 $372,333 $3,228 2.97%
    30-36% 60 $23,090,000 $384,833 $3,181 3.07%
    <20% 46 $12,670,000 $275,435 $2,505 2.89%
    38% 16 $5,600,000 $350,000 $3,631 3.09%
    40% 15 $5,905,000 $393,667 $3,028 2.93%
    36% 14 $4,320,000 $308,571 $4,371 3.04%
    48% 10 $4,350,000 $435,000 $4,036 2.93%
    41% 9 $3,255,000 $361,667 $3,076 3.17%
    39% 8 $3,500,000 $437,500 $3,009 3.05%
    37% 8 $4,260,000 $532,500 $3,859 3.17%
    43% 7 $2,125,000 $303,571 $3,564 3.45%
    45% 6 $1,510,000 $251,667 $3,361 3.25%
    42% 6 $2,780,000 $463,333 $3,349 3.04%
    44% 6 $1,710,000 $285,000 $3,058 3.44%
    46% 5 $2,185,000 $437,000 $5,782 3.25%
    49% 4 $1,480,000 $370,000 $5,722 3.66%
    47% 3 $1,205,000 $401,667 $2,908 3.17%

    Salal lent most frequently to those with DTI ratios of 20-30%, with 105 originations. The next most common DTI ratio? 30-36%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 218 $77,270,000 $354,450 $3,291 3.05%
    Asian 44 $18,740,000 $425,909 $3,660 2.93%
    Not provided 50 $17,340,000 $346,800 $2,883 3.00%
    Not applicable 1 $3,365,000 $3,365,000 $0 3.25%
    Black 4 $1,590,000 $397,500 $2,304 3.41%
    Native Hawaiian or Islander 3 $1,255,000 $418,333 $6,057 3.38%
    Asian Indian 4 $1,230,000 $307,500 $3,938 2.78%
    American Indian 3 $1,075,000 $358,333 $2,230 3.17%
    Vietnamese 1 $345,000 $345,000 $1,586 2.63%
    Filipino 1 $195,000 $195,000 $2,792 2.88%

    Approval Rates

    Total approvals of all applications
    90.73%

    Salal has an average approval rate.

    Pick Rate

    Approvals leading to origination
    31.91%

    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 329 $122,405,000 $372,052

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $3,365,000 $3,365,000
    Single Family (1-4 Units):Manufactured 3 $755,000 $251,667
    Single Family (1-4 Units):Site-Built 325 $118,285,000 $363,954

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 77 $20,755,000 $269,545 $2,811 2.88%
    40-60% 108 $38,130,000 $353,056 $2,863 3.01%
    60-80% 104 $49,270,000 $473,750 $3,996 3.19%
    80-100% 24 $11,840,000 $493,333 $4,125 3.26%
    Under 20% 16 $2,410,000 $150,625 $2,461 2.64%