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, Home Improvement, and Refi loans. Mountaincrest Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Mount Vernon, and Oak Harbor among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Mountaincrest Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.45% | 12/16/24 |
| 30 Year Cash-out Refi | 6.78% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 6.42% | 12/16/24 |
| 15 Year Cash-out Refi | 6.42% | 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. | ||
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
22Origination Dollar Volume (All Markets)
$1,380,000Top 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) | 20 | $1,240,000 | $62,000 | $0 | 5.57% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.24% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 22 | $1,380,000 | $62,727 | $0 | 5.48% |
For 2019, Mountaincrest Credit Union's most frequently originated type of loan was Conventional, with 22 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 9 | $445,000 | $49,444 | $0 | 5.71% |
| Home Improvement | 8 | $530,000 | $66,250 | $0 | 5.49% |
| Refi | 5 | $405,000 | $81,000 | $0 | 5.04% |
For 2019, Mountaincrest Credit Union's most frequently cited loan purpose was Other, with 9 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 18 | $1,160,000 | $64,444 | $0 | 5.75% |
| 10 Year | 2 | $160,000 | $80,000 | $0 | 3.99% |
| Other | 2 | $60,000 | $30,000 | $0 | 4.49% |
For 2019, Mountaincrest Credit Union's most frequently cited loan duration was 15 Year, with 18 originations. The 2nd most popular length was 10 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $1,380,000 | $62,727 |
Mountaincrest Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 8 | $410,000 | $51,250 |
| 6-7% | 6 | $400,000 | $66,667 |
| 3-4% | 3 | $195,000 | $65,000 |
| 4-5% | 3 | $265,000 | $88,333 |
| 7-8% | 2 | $110,000 | $55,000 |
During 2019, Mountaincrest Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 8 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 20 | $1,150,000 | $57,500 | $0 | 5.50% |
| $100k-200k | 2 | $230,000 | $115,000 | $0 | 5.24% |
2019 saw Mountaincrest Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,150,000 in origination value.
Applicant Income
Mountaincrest Credit Union lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $100k-150k, with 5 originations.
Applicant Debt to Income Ratio
Mountaincrest Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 19 | $1,145,000 | $60,263 | $0 | 5.52% |
| Black | 2 | $170,000 | $85,000 | $0 | 4.74% |
| Asian | 1 | $65,000 | $65,000 | $0 | 6.24% |
Approval Rates
Total approvals of all applications77.27%
Mountaincrest Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination68.18%
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 | 22 | $1,380,000 | $62,727 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $85,000 | $85,000 |
| Single Family (1-4 Units):Site-Built | 21 | $1,295,000 | $61,667 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 4 | $410,000 | $102,500 | $0 | 5.05% |
| Under 20% | 18 | $970,000 | $53,889 | $0 | 5.57% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MOUNTAIN WEST FINANCIAL, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |