Washington Financial Bank Mortgage Rates, Fees & Info

Washington, PA

LEI: 5493000M096YV1VLKD70

Tax ID: 25-0866405

5 stars - Updated: 3/17/24 - out of 5 stars, based on 23 reviews

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

Jump to:

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, Somerset, New Castle, Youngstown, and Erie among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Washington Financial Bank has an above average approval rate when compared to the average across all lenders. They have an above 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 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) 5.08% 3/17/24
30 Year Conventional Purchase 6.20% 3/17/24
30 Year Conventional Refi 6.10% 3/17/24
30 Year Cash-out Refi 5.96% 3/17/24
15 Year Conventional Purchase 6.09% 3/17/24
15 Year Conventional Refi 5.51% 3/17/24
15 Year Cash-out Refi 5.51% 3/17/24
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

538

Origination Dollar Volume (All Markets)

$146,850,000

Awards

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

Relative Rate

Washington Financial Bank's average 30 year fixed mortgage rate was 4.84%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.08%.

Relative Fees (Closing Costs)

Washington Financial Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,651.

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 $4,750.

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) 520 $141,360,000 $271,846 $4,187 4.48%
Somerset, PA (FHA|USDA|VA) 5 $1,575,000 $315,000 $6,639 5.15%
New Castle, PA (FHA|USDA|VA) 3 $1,245,000 $415,000 $15,946 4.67%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 3 $825,000 $275,000 $9,644 4.92%
Outside of Metro Areas 2 $600,000 $300,000 $4,237 5.06%
ERIE, PA (FHA|USDA|VA) 1 $395,000 $395,000 $4,936 5.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,720 4.50%
Oil City, PA (FHA|USDA|VA) 1 $215,000 $215,000 $5,908 5.50%
HARRISONBURG, VA (FHA|USDA|VA) 1 $195,000 $195,000 $2,261 3.13%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $175,000 $175,000 $3,064 3.88%
Washington Financial Bank's top markets include Pittsburgh, Somerset, New Castle, Youngstown, and Erie among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • West Virginia (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: 208
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 322
    Clear Mountain Bank
    Similarity Rank: 580
    AmeriServ Financial Bank
    Similarity Rank: 1056
    Washington Financial Bank
    Similarity Rank: 1290
    Community Bank
    Similarity Rank: 1680
    Sail Mortgage Corp.
    Similarity Rank: 1862

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 426 $134,800,000 $316,432 $4,341 4.54%
    HELOC 112 $12,050,000 $107,589 n/a 4.34%

    For 2022, Washington Financial Bank's most frequently originated type of loan was Conventional, with 426 originations. Their 2nd most popular type was HELOC, with 112 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 242 $104,350,000 $431,198 $6,626 4.74%
    Refi 110 $23,550,000 $214,091 $1,281 4.16%
    Home Improvement 92 $6,830,000 $74,239 $389 4.29%
    Other 76 $6,180,000 $81,316 $433 4.48%
    Cash Out Refi 18 $5,940,000 $330,000 $6,214 4.26%

    For 2022, Washington Financial Bank's most frequently cited loan purpose was Home Purchase, with 242 originations. The 2nd most popular reason was Refi, with 110 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 143 $42,185,000 $295,000 $5,651 4.84%
    Other 121 $15,855,000 $131,033 $8,041 4.32%
    30+ year 93 $56,375,000 $606,183 $8,677 4.43%
    15 Year 68 $10,700,000 $157,353 $731 3.94%
    20 Year 62 $14,480,000 $233,548 $797 4.96%
    10 Year 29 $1,805,000 $62,241 $412 4.22%
    5 Year 21 $585,000 $27,857 $337 4.10%
    3 Year 1 $4,865,000 $4,865,000 $0 6.88%

    For 2022, Washington Financial Bank's most frequently cited loan duration was 30 Year, with 143 originations. The 2nd most popular length was Other, with 121 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 336 $88,510,000 $263,423
    $5k+ 37 $21,985,000 $594,189
    $2k-3k 11 $2,635,000 $239,545
    $3k-4k 10 $2,790,000 $279,000
    $1k-2k 7 $1,945,000 $277,857
    $4k-5k 7 $1,835,000 $262,143

    Washington Financial Bank's average total fees were $5,651, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 336 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 202 $44,340,000 $219,505
    5-6% 138 $34,850,000 $252,536
    4-5% 121 $49,935,000 $412,686
    6-7% 44 $12,360,000 $280,909
    2.5-3% 30 $5,170,000 $172,333
    7-8% 2 $180,000 $90,000
    Over 8% 1 $15,000 $15,000

    During 2022, Washington Financial Bank's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 3-4%, with 202 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 204 $9,700,000 $47,549 $843 4.43%
    $200k-400k 120 $34,660,000 $288,833 $5,301 4.69%
    $100k-200k 90 $12,920,000 $143,556 $1,990 4.48%
    $400k-600k 67 $32,795,000 $489,478 $7,704 4.37%
    $600k-1MM 40 $29,260,000 $731,500 $9,366 4.38%
    $1MM+ 17 $27,515,000 $1,618,529 $13,009 4.72%

    2022 saw Washington Financial Bank place emphasis on $100,000 or less loans with 204 originations, totaling $9,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 133 $46,455,000 $349,286 $6,263 4.42%
    $100k-150k 107 $24,045,000 $224,720 $3,961 4.56%
    $75k-100k 80 $12,240,000 $153,000 $3,555 4.41%
    $250k+ 73 $38,855,000 $532,260 $6,360 4.63%
    $50k-75k 65 $6,165,000 $94,846 $1,939 4.57%
    $50k or less 49 $3,275,000 $66,837 $1,740 4.32%

    Washington Financial Bank lent most frequently to those with incomes in the $150k-250k range, with 133 originations. The second most popular income band? $100k-150k, with 107 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 157 $35,915,000 $228,758 $3,879 4.35%
    30-36% 113 $28,565,000 $252,788 $4,706 4.57%
    <20% 74 $14,530,000 $196,351 $2,849 4.24%
    39% 22 $5,340,000 $242,727 $4,148 4.85%
    37% 21 $5,925,000 $282,143 $3,758 4.69%
    44% 21 $5,305,000 $252,619 $5,336 4.42%
    36% 17 $4,945,000 $290,882 $5,132 4.51%
    38% 16 $5,690,000 $355,625 $7,115 4.50%
    41% 13 $4,455,000 $342,692 $4,726 4.45%
    49% 11 $6,055,000 $550,455 $7,441 4.52%
    43% 10 $2,850,000 $285,000 $5,962 4.86%
    40% 10 $3,800,000 $380,000 $7,232 4.59%
    45% 10 $2,710,000 $271,000 $4,172 4.17%
    42% 6 $1,400,000 $233,333 $4,709 4.85%
    46% 6 $1,320,000 $220,000 $5,969 4.64%
    47% 6 $1,570,000 $261,667 $5,187 5.00%
    48% 4 $480,000 $120,000 $2,727 5.03%
    50-60% 1 $465,000 $465,000 $6,158 3.25%

    Washington Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 485 $116,665,000 $240,546 $4,133 4.45%
    Not applicable 18 $15,170,000 $842,778 $0 5.36%
    Not provided 25 $11,555,000 $462,200 $6,692 4.52%
    Asian 5 $2,055,000 $411,000 $6,916 5.80%
    Black 5 $1,405,000 $281,000 $7,145 4.38%

    Approval Rates

    Total approvals of all applications
    91.93%

    Washington Financial Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.15%

    Washington Financial Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 538 $146,850,000 $272,955

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    538 $146,850,000 $272,955

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 89 $11,515,000 $129,382 $1,334 4.17%
    40-60% 44 $18,290,000 $415,682 $3,040 4.33%
    60-80% 140 $56,490,000 $403,500 $5,673 4.47%
    80-100% 139 $55,025,000 $395,863 $6,857 4.73%
    Under 20% 126 $5,530,000 $43,889 $364 4.54%