Mountaincrest Credit Union Mortgage Rates, Fees & Info
ARLINGTON, WALEI: 5493002XPTKLVFJ8Z103
Tax ID: 91-0596314
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Mortgage Data
Review & Overview
Mountaincrest Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Mountaincrest Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Aberdeen, Bellingham, Bremerton, and Mount Vernon among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Mountaincrest Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.45% | 11/17/24 |
| 30 Year Cash-out Refi | 6.78% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Refi | 6.42% | 11/17/24 |
| 15 Year Cash-out Refi | 6.42% | 11/17/24 |
| 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. | ||
Mountaincrest Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
32Origination Dollar Volume (All Markets)
$2,550,000Top 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) | 28 | $2,320,000 | $82,857 | $0 | 7.56% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 7.25% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 8.25% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 9.75% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 8.25% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 32 | $2,550,000 | $79,688 | $0 | 7.66% |
For 2023, Mountaincrest Credit Union's most frequently originated type of loan was Conventional, with 32 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 19 | $1,385,000 | $72,895 | $0 | 8.12% |
| Home Improvement | 10 | $810,000 | $81,000 | $0 | 7.08% |
| Refi | 3 | $355,000 | $118,333 | $0 | 6.75% |
For 2023, Mountaincrest Credit Union's most frequently cited loan purpose was Other, with 19 originations. The 2nd most popular reason was Home Improvement, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 31 | $2,505,000 | $80,806 | $0 | 7.73% |
| Other | 1 | $45,000 | $45,000 | $0 | 5.75% |
For 2023, Mountaincrest Credit Union's most frequently cited loan duration was 15 Year, with 31 originations. The 2nd most popular length was Other, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 12 | $1,170,000 | $97,500 |
| Over 8% | 10 | $520,000 | $52,000 |
| 6-7% | 9 | $815,000 | $90,556 |
| 5-6% | 1 | $45,000 | $45,000 |
During 2023, Mountaincrest Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 23 | $1,335,000 | $58,043 | $0 | 7.86% |
| $100k-200k | 9 | $1,215,000 | $135,000 | $0 | 7.17% |
2023 saw Mountaincrest Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,335,000 in origination value.
Applicant Income
Mountaincrest Credit Union lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $75k-100k, with 8 originations.
Applicant Debt to Income Ratio
Mountaincrest Credit Union lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Mountaincrest Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination65.63%
Mountaincrest Credit Union 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 | 32 | $2,550,000 | $79,688 |