Whatcom Educational Credit Union Mortgage Rates, Fees & Info

Bellingham, WA

LEI: 5493003Q3L1PO9NBVK64

Tax ID: 91-0712539

4.6 stars - Updated: 6/9/24 - out of 5 stars, based on 28 reviews

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

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Mortgage Data

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. They have a low ratio of USDA loans. Their top markets by origination volume include: Bellingham, Mount Vernon, Seattle, Oak Harbor, and Spokane among others. We have data for 14 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 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
30 Year Conventional Purchase 6.21% 6/9/24
30 Year Conventional Refi 6.30% 6/9/24
30 Year Cash-out Refi 6.44% 6/9/24
30 Year USDA Purchase 6.27% 6/9/24
15 Year Conventional Purchase 5.41% 6/9/24
15 Year Conventional Refi 5.78% 6/9/24
15 Year Cash-out Refi 5.78% 6/9/24
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.

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

811

Origination Dollar Volume (All Markets)

$165,545,000

Awards

WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans silver WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans gold WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Whatcom Educational Credit Union's average 30 year fixed mortgage rate was 7.74%.

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

This yields a difference of 1.26%.

Relative Fees (Closing Costs)

Whatcom Educational Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,621.

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
BELLINGHAM, WA (FHA|USDA|VA) 698 $139,480,000 $199,828 $3,512 7.60%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 54 $12,200,000 $225,926 $3,286 7.43%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 32 $9,450,000 $295,313 $3,926 7.36%
Oak Harbor, WA (FHA|USDA|VA) 8 $1,440,000 $180,000 $6,206 7.75%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $700,000 $350,000 $3,750 6.56%
Outside of Metro Areas 3 $655,000 $218,333 $5,571 6.83%
WENATCHEE, WA (FHA|USDA|VA) 2 $430,000 $215,000 $6,658 6.63%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 4 $360,000 $90,000 $1,617 7.53%
Port Angeles, WA (FHA|USDA|VA) 2 $300,000 $150,000 $0 9.13%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $205,000 $205,000 $0 9.00%
Aberdeen, WA (FHA|USDA|VA) 1 $115,000 $115,000 $3,398 7.38%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $100,000 $50,000 $0 8.25%
LONGVIEW, WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.50%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.25%
Whatcom Educational Credit Union's top markets include Bellingham, Mount Vernon, Seattle, Oak Harbor, and Spokane among others.

Their top states include:
  • Washington (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.

    WHATCOM EDUCATIONAL CREDIT UNION
    Similarity Rank: 280
    LO, INC.
    Similarity Rank: 492
    Bank of the Pacific
    Similarity Rank: 494
    CU HOME MORTGAGE SOLUTIONS, LLC
    Similarity Rank: 693
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 1276
    MORTGAGE LENDING GROUP LLC
    Similarity Rank: 1408
    America's Credit Union
    Similarity Rank: 1610
    South Pacific Financial Corporation
    Similarity Rank: 1716

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 428 $45,840,000 $107,103 n/a 8.27%
    Conventional 382 $119,370,000 $312,487 $3,540 6.81%
    USDA 1 $335,000 $335,000 $6,315 6.38%

    For 2023, Whatcom Educational Credit Union's most frequently originated type of loan was HELOC, with 428 originations. Their 2nd most popular type was Conventional, with 382 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 338 $29,540,000 $87,396 $188 7.94%
    Home Purchase 197 $91,185,000 $462,868 $6,496 6.51%
    Other 168 $17,020,000 $101,310 $208 8.04%
    Cash Out Refi 101 $19,475,000 $192,822 $1,814 7.76%
    Refi 7 $8,325,000 $1,189,286 $4,102 6.58%

    For 2023, Whatcom Educational Credit Union's most frequently cited loan purpose was Home Improvement, with 338 originations. The 2nd most popular reason was Home Purchase, with 197 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 565 $121,005,000 $214,168 $5,621 7.74%
    20 Year 173 $19,405,000 $112,168 $499 7.51%
    10 Year 30 $4,160,000 $138,667 $366 6.62%
    15 Year 23 $8,295,000 $360,652 $1,770 6.72%
    30+ year 11 $10,985,000 $998,636 $23,647 6.15%
    5 Year 8 $440,000 $55,000 $1 6.13%
    Other 1 $1,255,000 $1,255,000 $0 6.25%

    For 2023, Whatcom Educational Credit Union's most frequently cited loan duration was 30 Year, with 565 originations. The 2nd most popular length was 20 Year, with 173 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 251 $47,205,000 $188,068
    $5k+ 50 $29,870,000 $597,400
    $1k-2k 34 $14,110,000 $415,000
    $2k-3k 19 $7,605,000 $400,263
    $3k-4k 12 $4,630,000 $385,833
    $4k-5k 9 $4,855,000 $539,444

    Whatcom Educational Credit Union's average total fees were $5,621, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 251 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 310 $29,530,000 $95,258
    7-8% 240 $33,610,000 $140,042
    6-7% 181 $60,415,000 $333,785
    5-6% 73 $38,925,000 $533,219
    4-5% 7 $3,065,000 $437,857

    During 2023, Whatcom Educational Credit Union's average interest rate for loans was 7.74%, while their most frequently originated rate bucket for loans was Over 8%, with 310 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 361 $19,485,000 $53,975 $220 7.93%
    $100k-200k 195 $25,475,000 $130,641 $1,569 7.95%
    $200k-400k 136 $37,780,000 $277,794 $4,503 7.20%
    $400k-600k 72 $34,150,000 $474,306 $5,939 6.49%
    $600k-1MM 31 $24,015,000 $774,677 $8,476 6.23%
    $1MM+ 16 $24,640,000 $1,540,000 $16,285 6.02%

    2023 saw Whatcom Educational Credit Union place emphasis on $100,000 or less loans with 361 originations, totaling $19,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 225 $35,405,000 $157,356 $2,691 7.63%
    $150k-250k 189 $45,495,000 $240,714 $4,170 7.68%
    $75k-100k 130 $16,060,000 $123,538 $2,670 7.66%
    $50k-75k 119 $11,785,000 $99,034 $1,722 7.61%
    $250k+ 73 $36,945,000 $506,096 $9,087 7.19%
    $50k or less 38 $1,950,000 $51,316 $664 7.75%

    Whatcom Educational Credit Union lent most frequently to those with incomes in the $100k-150k range, with 225 originations. The second most popular income band? $150k-250k, with 189 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 163 $25,595,000 $157,025 $3,217 7.51%
    20-30% 156 $25,910,000 $166,090 $2,276 7.63%
    43% 46 $7,070,000 $153,696 $3,163 7.67%
    41% 45 $10,635,000 $236,333 $5,106 7.51%
    42% 44 $7,180,000 $163,182 $2,791 7.84%
    <20% 42 $5,620,000 $133,810 $1,694 7.45%
    40% 41 $8,015,000 $195,488 $3,643 7.79%
    44% 34 $7,030,000 $206,765 $3,657 7.91%
    39% 33 $7,975,000 $241,667 $4,584 7.73%
    36% 31 $8,095,000 $261,129 $3,538 7.55%
    38% 30 $6,060,000 $202,000 $5,447 7.70%
    37% 29 $5,225,000 $180,172 $2,830 7.69%
    45% 27 $6,905,000 $255,741 $5,775 7.56%
    46% 24 $8,810,000 $367,083 $7,711 7.24%
    47% 18 $2,990,000 $166,111 $3,912 7.83%
    48% 17 $5,565,000 $327,353 $4,439 6.80%
    >60% 12 $3,850,000 $320,833 $4,878 7.59%
    50-60% 8 $1,740,000 $217,500 $8,063 7.47%
    49% 5 $825,000 $165,000 $1,755 6.90%

    Whatcom Educational Credit Union lent most frequently to those with DTI ratios of 30-36%, with 163 originations. The next most common DTI ratio? 20-30%, with 156 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 652 $117,190,000 $179,739 $3,379 7.63%
    Not provided 110 $27,580,000 $250,727 $4,541 7.34%
    Not applicable 6 $10,450,000 $1,741,667 $0 6.01%
    Asian 24 $7,770,000 $323,750 $3,759 7.18%
    Black 11 $1,485,000 $135,000 $2,877 8.40%
    American Indian 7 $965,000 $137,857 $130 8.07%
    Native Hawaiian or Islander 1 $105,000 $105,000 $0 8.25%

    Approval Rates

    Total approvals of all applications
    82.36%

    Whatcom Educational Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.13%

    Whatcom Educational Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 3 $295,000 $98,333
    2845.19 1 $115,000 $115,000
    475.53 1 $45,000 $45,000
    NA 806 $165,090,000 $204,826

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    811 $165,545,000 $204,125

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 153 $28,465,000 $186,046 $2,308 7.89%
    40-60% 55 $26,705,000 $485,545 $5,537 6.84%
    60-80% 81 $42,515,000 $524,877 $6,976 6.36%
    80-100% 59 $33,455,000 $567,034 $7,176 6.35%
    Under 20% 463 $34,405,000 $74,309 $265 7.94%