Washington Financial Bank Mortgage Rates, Fees & Info

Washington, PA

LEI: 5493000M096YV1VLKD70

Tax ID: 25-0866405

5 stars - Updated: 6/17/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

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, New Castle, Youngstown, Harrisonburg, and Somerset among others. We have data for 6 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 an average 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 relatively high 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) 5.08% 6/17/24
30 Year Conventional Purchase 6.20% 6/17/24
30 Year Conventional Refi 6.10% 6/17/24
30 Year Cash-out Refi 5.96% 6/17/24
15 Year Conventional Purchase 6.09% 6/17/24
15 Year Conventional Refi 5.51% 6/17/24
15 Year Cash-out Refi 5.51% 6/17/24
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.

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

352

Origination Dollar Volume (All Markets)

$95,890,000

Relative Rate

Washington Financial Bank's average 30 year fixed mortgage rate was 6.52%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.04%.

Relative Fees (Closing Costs)

Washington Financial Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,361.

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 $9,089.

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) 337 $92,385,000 $274,139 $4,170 6.72%
New Castle, PA (FHA|USDA|VA) 2 $1,290,000 $645,000 $4,575 7.43%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 5 $815,000 $163,000 $3,977 7.00%
Outside of Metro Areas 6 $590,000 $98,333 $1,114 6.37%
HARRISONBURG, VA (FHA|USDA|VA) 1 $475,000 $475,000 $3,959 6.75%
Somerset, PA (FHA|USDA|VA) 1 $335,000 $335,000 $8,372 6.13%
Washington Financial Bank's top markets include Pittsburgh, New Castle, Youngstown, Harrisonburg, and Somerset among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Virginia (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: 24
    InFirst Bank
    Similarity Rank: 300
    AmeriServ Financial Bank
    Similarity Rank: 384
    Washington Financial Bank
    Similarity Rank: 510
    Community Bank
    Similarity Rank: 572
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 572
    1st Summit Bank
    Similarity Rank: 1026

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 291 $90,245,000 $310,120 $4,130 6.42%
    HELOC 61 $5,645,000 $92,541 n/a 8.14%

    For 2023, Washington Financial Bank's most frequently originated type of loan was Conventional, with 291 originations. Their 2nd most popular type was HELOC, with 61 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 148 $70,200,000 $474,324 $7,125 6.45%
    Home Improvement 71 $6,595,000 $92,887 $654 6.76%
    Refi 70 $10,980,000 $156,857 $952 7.01%
    Other 55 $5,665,000 $103,000 $917 7.01%
    Cash Out Refi 8 $2,450,000 $306,250 $5,231 6.75%

    For 2023, Washington Financial Bank's most frequently cited loan purpose was Home Purchase, with 148 originations. The 2nd most popular reason was Home Improvement, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 104 $10,830,000 $104,135 $519 7.29%
    30 Year 75 $24,695,000 $329,267 $6,361 6.52%
    30+ year 64 $39,470,000 $616,719 $8,881 6.50%
    20 Year 62 $13,960,000 $225,161 $734 6.71%
    15 Year 30 $2,450,000 $81,667 $930 6.35%
    5 Year 11 $365,000 $33,182 $396 5.68%
    Other 6 $4,120,000 $686,667 $5,662 5.52%

    For 2023, Washington Financial Bank's most frequently cited loan duration was 10 Year, with 104 originations. The 2nd most popular length was 30 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 231 $59,965,000 $259,589
    $5k+ 23 $13,245,000 $575,870
    $3k-4k 11 $4,065,000 $369,545
    $4k-5k 10 $3,620,000 $362,000
    $1k-2k 4 $1,280,000 $320,000
    $2k-3k 4 $920,000 $230,000

    Washington Financial Bank's average total fees were $6,361, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 231 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 164 $48,920,000 $298,293
    5-6% 80 $26,190,000 $327,375
    7-8% 72 $16,180,000 $224,722
    Over 8% 35 $3,595,000 $102,714
    3-4% 1 $1,005,000 $1,005,000

    During 2023, Washington Financial Bank's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was 6-7%, with 164 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 127 $5,905,000 $46,496 $711 6.90%
    $100k-200k 81 $11,475,000 $141,667 $2,228 6.85%
    $200k-400k 59 $16,685,000 $282,797 $5,478 6.67%
    $400k-600k 38 $18,330,000 $482,368 $7,525 6.47%
    $600k-1MM 29 $21,365,000 $736,724 $7,629 6.28%
    $1MM+ 18 $22,130,000 $1,229,444 $14,104 6.19%

    2023 saw Washington Financial Bank place emphasis on $100,000 or less loans with 127 originations, totaling $5,905,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 82 $16,960,000 $206,829 $4,024 6.70%
    $150k-250k 78 $23,000,000 $294,872 $4,061 6.67%
    $250k+ 70 $38,980,000 $556,857 $6,774 6.38%
    $50k-75k 47 $4,775,000 $101,596 $2,389 7.03%
    $50k or less 32 $1,800,000 $56,250 $2,236 7.08%
    $75k-100k 30 $3,060,000 $102,000 $1,949 6.98%

    Washington Financial Bank lent most frequently to those with incomes in the $100k-150k range, with 82 originations. The second most popular income band? $150k-250k, with 78 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $19,485,000 $259,800 $4,774 6.63%
    30-36% 72 $20,040,000 $278,333 $3,829 6.65%
    <20% 42 $7,380,000 $175,714 $3,403 6.65%
    40% 20 $4,620,000 $231,000 $5,200 7.15%
    37% 17 $4,085,000 $240,294 $3,426 6.92%
    38% 15 $4,455,000 $297,000 $4,140 6.65%
    39% 14 $2,690,000 $192,143 $2,200 6.71%
    41% 13 $3,745,000 $288,077 $3,494 6.75%
    42% 11 $2,935,000 $266,818 $6,173 6.70%
    45% 11 $3,035,000 $275,909 $5,653 6.88%
    49% 10 $3,670,000 $367,000 $3,509 6.92%
    44% 10 $1,910,000 $191,000 $4,371 7.52%
    36% 9 $2,095,000 $232,778 $3,721 6.65%
    46% 8 $2,370,000 $296,250 $2,752 6.84%
    43% 6 $2,550,000 $425,000 $5,254 6.65%
    48% 5 $1,755,000 $351,000 $3,491 6.37%
    47% 5 $1,865,000 $373,000 $6,798 6.40%
    50-60% 1 $55,000 $55,000 $724 6.12%

    Washington Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 72 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 318 $79,860,000 $251,132 $3,942 6.75%
    Not applicable 7 $7,015,000 $1,002,143 $0 6.02%
    Not provided 16 $4,530,000 $283,125 $5,025 6.42%
    Asian 3 $3,275,000 $1,091,667 $15,718 6.33%
    Black 7 $1,105,000 $157,857 $4,904 6.77%
    American Indian 1 $105,000 $105,000 $141 5.99%

    Approval Rates

    Total approvals of all applications
    85.81%

    Washington Financial Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.49%

    Washington Financial Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 352 $95,890,000 $272,415

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    352 $95,890,000 $272,415

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 81 $10,475,000 $129,321 $1,122 6.98%
    40-60% 39 $9,485,000 $243,205 $2,720 6.69%
    60-80% 71 $39,865,000 $561,479 $7,767 6.56%
    80-100% 77 $31,795,000 $412,922 $7,133 6.53%
    Under 20% 84 $4,270,000 $50,833 $424 6.78%