Whatcom Educational Credit Union Mortgage Rates, Fees & Info
Bellingham, WALEI: 5493003Q3L1PO9NBVK64
Tax ID: 91-0712539
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Mortgage Data
Review & Overview
Whatcom Educational Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and 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, Seattle, Mount Vernon, Spokane, and Bremerton among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)Whatcom Educational 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. 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.21% | 4/21/24 |
| 30 Year Conventional Refi | 6.30% | 4/21/24 |
| 30 Year Cash-out Refi | 6.44% | 4/21/24 |
| 30 Year USDA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.41% | 4/21/24 |
| 15 Year Conventional Refi | 5.78% | 4/21/24 |
| 15 Year Cash-out Refi | 5.78% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,178Origination Dollar Volume (All Markets)
$365,140,000Top 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 |
|---|---|---|---|---|---|
| BELLINGHAM, WA (FHA|USDA|VA) | 1,055 | $325,385,000 | $308,422 | $3,263 | 3.35% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 40 | $15,300,000 | $382,500 | $4,298 | 3.31% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 50 | $14,910,000 | $298,200 | $3,944 | 3.29% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 7 | $1,905,000 | $272,143 | $3,902 | 3.29% |
| Outside of Metro Areas | 7 | $1,555,000 | $222,143 | $2,816 | 2.96% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 2 | $1,130,000 | $565,000 | $3,923 | 3.19% |
| Oak Harbor, WA (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $2,662 | 3.56% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $3,863 | 3.06% |
| Centralia, WA (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $2,511 | 3.38% |
| Moses Lake, WA (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $3,805 | 3.13% |
| Port Angeles, WA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $4,107 | 3.56% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,762 | 2.88% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,864 | 3.00% |
| WENATCHEE, WA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,319 | 3.38% |
| Shelton, WA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,379 | 3.25% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,988 | 2.75% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,172 | $363,140,000 | $309,846 | $3,315 | 3.34% |
| USDA | 6 | $2,000,000 | $333,333 | $6,186 | 2.58% |
For 2020, Whatcom Educational Credit Union's most frequently originated type of loan was Conventional, with 1,172 originations. Their 2nd most popular type was USDA, with 6 originations.
Loan Reason
For 2020, Whatcom Educational Credit Union's most frequently cited loan purpose was Refi, with 449 originations. The 2nd most popular reason was Cash Out Refi, with 405 originations.
Loan Duration/Length
For 2020, Whatcom Educational Credit Union's most frequently cited loan duration was 30 Year, with 755 originations. The 2nd most popular length was 15 Year, with 218 originations.
Origination Fees/Closing Costs
Whatcom Educational Credit Union's average total fees were $3,576, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 521 originations.
Interest Rates
During 2020, Whatcom Educational Credit Union's average interest rate for loans was 3.37%, while their most frequently originated rate bucket for loans was 3-4%, with 784 originations.
Loan Sizing
2020 saw Whatcom Educational Credit Union place emphasis on $200k-400k loans with 638 originations, totaling $183,980,000 in origination value.
Applicant Income
Whatcom Educational Credit Union lent most frequently to those with incomes in the $100k-150k range, with 308 originations. The second most popular income band? $75k-100k, with 266 originations.
Applicant Debt to Income Ratio
Whatcom Educational Credit Union lent most frequently to those with DTI ratios of 20-30%, with 395 originations. The next most common DTI ratio? 30-36%, with 238 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.30%
Whatcom Educational Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination44.99%
Whatcom Educational 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 |
|---|---|---|---|
| 2185.35 | 1 | $55,000 | $55,000 |
| NA | 1,177 | $365,085,000 | $310,183 |