Washington Financial Bank Mortgage Rates, Fees & Info

Washington, PA

LEI: 5493000M096YV1VLKD70

Tax ID: 25-0866405

5 stars - Updated: 4/5/25 - out of 5 stars, based on 14 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Washington Financial Bank is a smaller bank specializing in Home Purchase loans. Washington Financial Bank has a high proportion of conventional loans. Their top markets by origination volume include: Pittsburgh, Youngstown, Indiana, and Oil City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Washington Financial Bank 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. Washington Financial Bank 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 6.92% 4/5/25
    30 Year Cash-out Refi 7.56% 4/5/25
    15 Year Conventional Purchase 6.26% 4/5/25
    15 Year Conventional Refi 7.22% 4/5/25
    15 Year Cash-out Refi 7.22% 4/5/25
    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.

    Washington Financial Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Washington Financial Bank. 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

    189

    Origination Dollar Volume (All Markets)

    $58,795,000

    Awards

    Washington Financial Bank 30 Year Conventional Loans gold
    Show all (1) awards

    Relative Rate

    Washington Financial Bank's average 30 year fixed mortgage rate was 6.75%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.2%.

    Relative Fees (Closing Costs)

    Washington Financial Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,538.

    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 $8,356.

    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
    PITTSBURGH, PA (FHA|USDA|VA) 182 $56,200,000 $308,791 $3,557 7.07%
    Outside of Metro Areas 3 $1,085,000 $361,667 $3,270 6.91%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $820,000 $410,000 $18,626 7.31%
    Indiana, PA (FHA|USDA|VA) 1 $415,000 $415,000 $5,018 6.50%
    Oil City, PA (FHA|USDA|VA) 1 $275,000 $275,000 $14,872 7.75%
    Washington Financial Bank's top markets include Pittsburgh, Youngstown, Indiana, and Oil City among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)

    • Similar Lenders

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

    TRI BORO
    Similarity Rank: 68
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 88
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 105
    Sail Mortgage Corp.
    Similarity Rank: 213
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 304
    Washington Financial Bank
    Similarity Rank: 380
    SOMERSET TRUST COMPANY
    Similarity Rank: 418
    State Financial Network, LLC
    Similarity Rank: 816
    1st Summit Bank
    Similarity Rank: 980
    Mid-Continent Funding, Inc.
    Similarity Rank: 1421

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 189 $58,795,000 $311,085 $3,789 7.07%

    For 2024, Washington Financial Bank's most frequently originated type of loan was Conventional, with 189 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 106 $46,960,000 $443,019 $5,901 6.77%
    Home Improvement 35 $3,345,000 $95,571 $695 7.41%
    Refi 23 $4,735,000 $205,870 $743 7.55%
    Other 21 $2,545,000 $121,190 $601 7.47%
    Cash Out Refi 4 $1,210,000 $302,500 $9,494 7.31%

    For 2024, Washington Financial Bank's most frequently cited loan purpose was Home Purchase, with 106 originations. The 2nd most popular reason was Home Improvement, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30+ year 52 $28,880,000 $555,385 $7,886 6.80%
    30 Year 47 $15,335,000 $326,277 $4,538 6.75%
    20 Year 43 $10,735,000 $249,651 $886 7.58%
    15 Year 22 $2,240,000 $101,818 $872 7.22%
    10 Year 15 $785,000 $52,333 $489 7.26%
    5 Year 9 $305,000 $33,889 $442 7.00%
    Other 1 $515,000 $515,000 $0 9.00%

    For 2024, Washington Financial Bank's most frequently cited loan duration was 30+ year, with 52 originations. The 2nd most popular length was 30 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 164 $47,340,000 $288,659
    $1k-2k 6 $1,510,000 $251,667
    $5k+ 5 $1,835,000 $367,000
    $3k-4k 3 $1,445,000 $481,667
    $2k-3k 2 $1,050,000 $525,000
    $4k-5k 1 $485,000 $485,000

    Washington Financial Bank's average total fees were $4,538, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 164 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 92 $36,300,000 $394,565
    7-8% 88 $20,460,000 $232,500
    Over 8% 6 $910,000 $151,667
    5-6% 3 $1,125,000 $375,000

    During 2024, Washington Financial Bank's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 6-7%, with 92 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 63 $3,205,000 $50,873 $726 7.35%
    $200k-400k 37 $10,435,000 $282,027 $4,397 6.96%
    $400k-600k 31 $15,195,000 $490,161 $6,953 6.89%
    $100k-200k 30 $4,310,000 $143,667 $2,639 7.11%
    $600k-1MM 19 $15,225,000 $801,316 $7,743 6.63%
    $1MM+ 9 $10,425,000 $1,158,333 $8,657 6.93%

    2024 saw Washington Financial Bank place emphasis on $100,000 or less loans with 63 originations, totaling $3,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 47 $16,315,000 $347,128 $4,455 7.02%
    $250k+ 38 $21,620,000 $568,947 $4,998 6.94%
    $100k-150k 35 $8,365,000 $239,000 $4,300 7.20%
    $50k-75k 27 $2,795,000 $103,519 $2,278 7.06%
    $50k or less 18 $1,160,000 $64,444 $1,346 7.27%
    $75k-100k 13 $2,255,000 $173,462 $3,133 7.01%

    Washington Financial Bank lent most frequently to those with incomes in the $150k-250k range, with 47 originations. The second most popular income band? $250k+, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $14,320,000 $286,400 $3,513 7.04%
    30-36% 39 $10,175,000 $260,897 $3,445 6.99%
    <20% 15 $4,245,000 $283,000 $3,201 7.02%
    39% 11 $3,905,000 $355,000 $5,358 6.86%
    36% 8 $1,680,000 $210,000 $2,806 7.12%
    38% 7 $2,155,000 $307,857 $4,135 6.91%
    42% 7 $1,915,000 $273,571 $3,050 7.12%
    41% 6 $1,840,000 $306,667 $3,237 7.62%
    40% 6 $1,500,000 $250,000 $4,849 7.62%
    43% 6 $2,980,000 $496,667 $4,796 6.96%
    44% 6 $1,830,000 $305,000 $3,704 7.06%
    46% 6 $2,670,000 $445,000 $7,105 7.06%
    45% 5 $1,475,000 $295,000 $5,624 7.00%
    37% 5 $1,635,000 $327,000 $4,479 7.02%
    49% 3 $935,000 $311,667 $873 7.41%
    47% 1 $405,000 $405,000 $848 7.24%

    Washington Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 174 $51,830,000 $297,874 $3,805 7.06%
    Not applicable 7 $5,035,000 $719,286 $0 7.37%
    Not provided 4 $1,120,000 $280,000 $3,091 7.12%
    Asian 2 $660,000 $330,000 $4,950 7.06%
    Black 2 $150,000 $75,000 $2,627 6.62%

    Approval Rates

    Total approvals of all applications
    85.88%

    Washington Financial Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.60%

    Washington Financial Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 189 $58,795,000 $311,085

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    189 $58,795,000 $311,085

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $3,505,000 $129,815 $790 7.48%
    40-60% 20 $5,750,000 $287,500 $2,625 7.14%
    60-80% 46 $22,140,000 $481,304 $6,001 6.94%
    80-100% 58 $25,520,000 $440,000 $6,125 6.79%
    Under 20% 38 $1,880,000 $49,474 $577 7.33%