Whatcom Educational Credit Union Mortgage Rates, Fees & Info

Bellingham, WA

LEI: 5493003Q3L1PO9NBVK64

Tax ID: 91-0712539

3.5 stars - Updated: 4/5/25 - out of 5 stars, based on 30 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

    Whatcom Educational Credit Union is a smaller credit union specializing in Home Purchase loans. Whatcom Educational Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bellingham, Seattle, Mount Vernon, Oak Harbor, and Wenatchee among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Whatcom Educational 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. Whatcom Educational Credit Union 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 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) 6.96% 4/5/25
    30 Year Conventional Purchase 6.89% 4/5/25
    30 Year Conventional Refi 6.74% 4/5/25
    30 Year Cash-out Refi 7.05% 4/5/25
    30 Year VA Purchase 6.26% 4/5/25
    30 Year VA Refi 6.50% 4/5/25
    30 Year USDA Purchase 6.72% 4/5/25
    15 Year Conventional Purchase 10.83% 4/5/25
    15 Year Conventional Refi 6.41% 4/5/25
    15 Year Cash-out Refi 6.41% 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.

    Whatcom Educational Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Whatcom Educational Credit Union. 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

    926

    Origination Dollar Volume (All Markets)

    $237,360,000

    Awards

    WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) awards

    Relative Rate

    Whatcom Educational Credit Union's average 30 year fixed mortgage rate was 7.87%.

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

    This yields a difference of 1.32%.

    Relative Fees (Closing Costs)

    Whatcom Educational Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,833.

    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
    BELLINGHAM, WA (FHA|USDA|VA) 767 $195,485,000 $254,870 $5,278 7.77%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 47 $17,145,000 $364,787 $6,298 7.86%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 79 $17,125,000 $216,772 $3,905 7.95%
    Oak Harbor, WA (FHA|USDA|VA) 7 $1,545,000 $220,714 $4,742 7.70%
    Outside of Metro Areas 7 $1,465,000 $209,286 $3,849 8.11%
    WENATCHEE, WA (FHA|USDA|VA) 2 $1,340,000 $670,000 $6,596 6.75%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 4 $730,000 $182,500 $8,526 8.09%
    Centralia, WA (FHA|USDA|VA) 1 $505,000 $505,000 $0 8.50%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $440,000 $220,000 $3,499 8.25%
    Moses Lake, WA (FHA|USDA|VA) 2 $400,000 $200,000 $8,563 7.81%
    Port Angeles, WA (FHA|USDA|VA) 1 $375,000 $375,000 $5,217 7.25%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $355,000 $355,000 $4,015 6.63%
    Shelton, WA (FHA|USDA|VA) 2 $260,000 $130,000 $1,406 8.75%
    YAKIMA, WA (FHA|USDA|VA) 2 $130,000 $65,000 $0 8.25%
    Aberdeen, WA (FHA|USDA|VA) 2 $60,000 $30,000 $0 7.88%
    Whatcom Educational Credit Union's top markets include Bellingham, Seattle, Mount Vernon, Oak Harbor, and Wenatchee among others.

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

    • Similar Lenders

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

    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 624
    TWINSTAR
    Similarity Rank: 624
    SOUND
    Similarity Rank: 774
    Bank of the Pacific
    Similarity Rank: 777
    HARBORSTONE
    Similarity Rank: 944
    America's Credit Union
    Similarity Rank: 979
    PULTE MORTGAGE LLC
    Similarity Rank: 1440
    Shea Mortgage Inc.
    Similarity Rank: 1606
    Seattle Metropolitan Credit Union
    Similarity Rank: 2236
    Lakeview Community Capital, LLC
    Similarity Rank: 2288

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 609 $76,655,000 $125,870 n/a 8.31%
    Conventional 307 $156,415,000 $509,495 $5,053 6.83%
    VA 10 $4,290,000 $429,000 $8,982 5.92%

    For 2024, Whatcom Educational Credit Union's most frequently originated type of loan was HELOC, with 609 originations. Their 2nd most popular type was Conventional, with 307 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 334 $33,770,000 $101,108 $1,400 8.30%
    Home Purchase 251 $117,035,000 $466,275 $5,867 6.86%
    Other 177 $25,495,000 $144,040 $2,040 8.23%
    Cash Out Refi 144 $33,540,000 $232,917 $4,614 7.93%
    Refi 20 $27,520,000 $1,376,000 $4,203 6.14%

    For 2024, Whatcom Educational Credit Union's most frequently cited loan purpose was Home Improvement, with 334 originations. The 2nd most popular reason was Home Purchase, with 251 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 834 $186,030,000 $223,058 $5,833 7.87%
    20 Year 52 $10,620,000 $204,231 $1,853 7.57%
    15 Year 17 $22,265,000 $1,309,706 $3,488 6.70%
    10 Year 12 $5,640,000 $470,000 $3,299 6.55%
    30+ year 5 $3,645,000 $729,000 $15,375 6.48%
    Other 3 $8,085,000 $2,695,000 $8,445 4.90%
    5 Year 2 $300,000 $150,000 $0 7.67%
    3 Year 1 $775,000 $775,000 $0 7.04%

    For 2024, Whatcom Educational Credit Union's most frequently cited loan duration was 30 Year, with 834 originations. The 2nd most popular length was 20 Year, with 52 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 126 $43,480,000 $345,079
    $1k-2k 61 $23,665,000 $387,951
    $5k+ 46 $29,430,000 $639,783
    $2k-3k 24 $12,770,000 $532,083
    $3k-4k 12 $6,500,000 $541,667
    $4k-5k 12 $5,910,000 $492,500

    Whatcom Educational Credit Union's average total fees were $5,833, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 126 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 516 $63,270,000 $122,616
    6-7% 189 $108,295,000 $572,989
    7-8% 175 $35,545,000 $203,114
    5-6% 43 $28,985,000 $674,070
    4-5% 2 $850,000 $425,000
    2.5-3% 1 $415,000 $415,000

    During 2024, Whatcom Educational Credit Union's average interest rate for loans was 7.87%, while their most frequently originated rate bucket for loans was Over 8%, with 516 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 313 $18,075,000 $57,748 $902 8.31%
    $100k-200k 255 $33,765,000 $132,412 $2,843 8.15%
    $200k-400k 189 $53,845,000 $284,894 $4,236 7.40%
    $400k-600k 90 $43,730,000 $485,889 $6,228 6.93%
    $600k-1MM 55 $41,715,000 $758,455 $8,088 6.63%
    $1MM+ 24 $46,230,000 $1,926,250 $10,923 6.24%

    2024 saw Whatcom Educational Credit Union place emphasis on $100,000 or less loans with 313 originations, totaling $18,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 279 $51,445,000 $184,391 $4,580 7.94%
    $150k-250k 235 $56,495,000 $240,404 $6,642 7.99%
    $75k-100k 144 $24,320,000 $168,889 $4,072 7.74%
    $50k-75k 97 $10,145,000 $104,588 $3,269 7.83%
    $250k+ 93 $55,475,000 $596,505 $7,665 7.33%
    $50k or less 32 $2,030,000 $63,438 $2,164 7.88%

    Whatcom Educational Credit Union lent most frequently to those with incomes in the $100k-150k range, with 279 originations. The second most popular income band? $150k-250k, with 235 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 169 $39,715,000 $235,000 $6,054 7.71%
    30-36% 158 $33,710,000 $213,354 $4,921 7.88%
    44% 61 $11,625,000 $190,574 $3,959 7.94%
    42% 53 $11,895,000 $224,434 $4,344 7.94%
    41% 51 $10,145,000 $198,922 $4,376 8.11%
    <20% 48 $11,660,000 $242,917 $4,987 7.63%
    40% 48 $9,470,000 $197,292 $4,614 7.95%
    43% 46 $9,020,000 $196,087 $5,898 8.00%
    39% 42 $9,440,000 $224,762 $4,624 7.74%
    37% 37 $6,985,000 $188,784 $6,152 8.13%
    46% 35 $7,545,000 $215,571 $4,043 8.04%
    36% 33 $7,135,000 $216,212 $5,446 7.95%
    38% 33 $8,705,000 $263,788 $5,027 7.88%
    45% 32 $7,180,000 $224,375 $3,429 7.87%
    47% 20 $6,740,000 $337,000 $5,160 7.30%
    48% 17 $6,555,000 $385,588 $6,401 7.34%
    49% 13 $4,855,000 $373,462 $5,825 6.82%
    50-60% 9 $4,535,000 $503,889 $14,379 6.57%
    >60% 3 $715,000 $238,333 $4,042 8.67%

    Whatcom Educational Credit Union lent most frequently to those with DTI ratios of 20-30%, with 169 originations. The next most common DTI ratio? 30-36%, with 158 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 764 $171,700,000 $224,738 $5,095 7.82%
    Not applicable 15 $28,625,000 $1,908,333 $0 5.86%
    Not provided 95 $21,865,000 $230,158 $6,566 8.01%
    Asian 31 $11,295,000 $364,355 $5,807 7.25%
    American Indian 12 $2,710,000 $225,833 $3,663 7.83%
    Black 5 $725,000 $145,000 $4,712 7.93%
    Native Hawaiian or Islander 4 $440,000 $110,000 $3,336 7.78%

    Approval Rates

    Total approvals of all applications
    80.56%

    Whatcom Educational Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.67%

    Whatcom Educational Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 2 $130,000 $65,000
    1243.26 1 $105,000 $105,000
    1554.54 1 $85,000 $85,000
    NA 922 $237,040,000 $257,093

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    926 $237,360,000 $256,328

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 218 $43,730,000 $200,596 $3,323 8.03%
    40-60% 67 $31,875,000 $475,746 $4,630 7.12%
    60-80% 103 $71,495,000 $694,126 $6,186 6.67%
    80-100% 93 $53,735,000 $577,796 $6,832 6.67%
    Under 20% 444 $36,400,000 $81,982 $1,044 8.27%