Whatcom Educational Credit Union Mortgage Rates, Fees & Info

Bellingham, WA

LEI: 5493003Q3L1PO9NBVK64

Tax ID: 91-0712539

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Cash Out Refi and Refi 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 Olympia 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 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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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






    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

    1,293

    Origination Dollar Volume (All Markets)

    $451,465,000

    Awards

    WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans bronze WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (2) awards

    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) 1,171 $412,805,000 $352,523 $3,098 2.85%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 47 $13,615,000 $289,681 $3,306 3.01%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 30 $12,350,000 $411,667 $4,065 2.99%
    Oak Harbor, WA (FHA|USDA|VA) 10 $2,570,000 $257,000 $2,544 2.91%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 6 $2,460,000 $410,000 $4,363 2.90%
    WENATCHEE, WA (FHA|USDA|VA) 5 $2,015,000 $403,000 $3,751 3.15%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 5 $1,465,000 $293,000 $3,884 2.88%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 4 $990,000 $247,500 $4,229 3.78%
    Outside of Metro Areas 4 $840,000 $210,000 $3,310 2.97%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $790,000 $197,500 $2,751 2.81%
    Ellensburg, WA (FHA|USDA|VA) 2 $510,000 $255,000 $3,488 2.75%
    Shelton, WA (FHA|USDA|VA) 1 $415,000 $415,000 $2,449 3.25%
    Port Angeles, WA (FHA|USDA|VA) 2 $250,000 $125,000 $3,180 2.38%
    Aberdeen, WA (FHA|USDA|VA) 1 $245,000 $245,000 $3,538 3.00%
    YAKIMA, WA (FHA|USDA|VA) 1 $145,000 $145,000 $1,573 2.25%
    Whatcom Educational Credit Union's top markets include Bellingham, Mount Vernon, Seattle, Oak Harbor, and Olympia 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.

    SOUND
    Similarity Rank: 2037
    America's Credit Union
    Similarity Rank: 2352
    Bank of the Pacific
    Similarity Rank: 2523
    VERITY
    Similarity Rank: 2550
    LO, INC.
    Similarity Rank: 2560
    CU HOME MORTGAGE SOLUTIONS, LLC
    Similarity Rank: 2590
    Shea Mortgage Inc.
    Similarity Rank: 2850
    TRISTAR FINANCE, INC.
    Similarity Rank: 3224
    NorthWest Plus Credit Union
    Similarity Rank: 3645
    Chicago Financial Services, Inc.
    Similarity Rank: 3933

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,292 $451,070,000 $349,125 $3,135 2.87%
    USDA 1 $395,000 $395,000 $6,696 2.38%

    For 2021, Whatcom Educational Credit Union's most frequently originated type of loan was Conventional, with 1,292 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 531 $190,145,000 $358,089 $3,132 2.93%
    Refi 515 $168,175,000 $326,553 $2,594 2.71%
    Home Purchase 210 $87,690,000 $417,571 $4,751 2.95%
    Home Improvement 23 $2,505,000 $108,913 $1,301 3.58%
    Other 14 $2,950,000 $210,714 $2,026 3.81%

    For 2021, Whatcom Educational Credit Union's most frequently cited loan purpose was Cash Out Refi, with 531 originations. The 2nd most popular reason was Refi, with 515 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 675 $219,625,000 $325,370 $3,384 3.11%
    15 Year 387 $122,495,000 $316,525 $2,608 2.43%
    20 Year 127 $32,275,000 $254,134 $2,860 2.93%
    10 Year 74 $19,950,000 $269,595 $2,043 2.56%
    30+ year 14 $9,180,000 $655,714 $13,022 2.99%
    Other 11 $47,695,000 $4,335,909 $17,443 3.59%
    5 Year 5 $245,000 $49,000 $471 4.00%

    For 2021, Whatcom Educational Credit Union's most frequently cited loan duration was 30 Year, with 675 originations. The 2nd most popular length was 15 Year, with 387 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 592 $150,830,000 $254,780
    $1k-2k 358 $94,150,000 $262,989
    $2k-3k 131 $40,805,000 $311,489
    $3k-4k 76 $25,690,000 $338,026
    $5k+ 63 $33,985,000 $539,444
    $4k-5k 38 $12,600,000 $331,579

    Whatcom Educational Credit Union's average total fees were $3,384, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 592 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 549 $165,725,000 $301,867
    <2.5% 365 $83,045,000 $227,521
    3-4% 356 $158,780,000 $446,011
    4-5% 20 $43,750,000 $2,187,500
    6-7% 3 $165,000 $55,000

    During 2021, Whatcom Educational Credit Union's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 549 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 625 $179,305,000 $286,888 $3,096 2.91%
    $100k-200k 347 $52,345,000 $150,850 $2,318 2.63%
    $400k-600k 160 $75,440,000 $471,500 $4,301 3.03%
    $100,000 or less 80 $5,980,000 $74,750 $1,650 2.99%
    $600k-1MM 57 $42,215,000 $740,614 $6,471 3.01%
    $1MM+ 24 $96,180,000 $4,007,500 $11,911 3.41%

    2021 saw Whatcom Educational Credit Union place emphasis on $200k-400k loans with 625 originations, totaling $179,305,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 340 $98,980,000 $291,118 $3,062 2.86%
    $75k-100k 264 $71,010,000 $268,977 $2,972 2.84%
    $50k-75k 249 $54,605,000 $219,297 $2,829 2.83%
    $150k-250k 170 $64,220,000 $377,765 $3,757 2.85%
    $50k or less 136 $19,490,000 $143,309 $2,311 2.80%
    $250k+ 61 $38,395,000 $629,426 $5,860 2.97%

    Whatcom Educational Credit Union lent most frequently to those with incomes in the $100k-150k range, with 340 originations. The second most popular income band? $75k-100k, with 264 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 397 $105,085,000 $264,698 $3,033 2.80%
    30-36% 264 $75,890,000 $287,462 $3,236 2.88%
    <20% 192 $46,910,000 $244,323 $2,719 2.74%
    37% 47 $12,445,000 $264,787 $2,840 2.88%
    36% 43 $12,225,000 $284,302 $3,141 2.87%
    38% 41 $13,025,000 $317,683 $3,842 2.92%
    42% 37 $11,715,000 $316,622 $3,496 2.96%
    40% 33 $14,675,000 $444,697 $3,620 2.88%
    41% 32 $11,980,000 $374,375 $3,409 2.94%
    39% 31 $9,545,000 $307,903 $3,379 2.94%
    43% 30 $9,280,000 $309,333 $2,988 2.87%
    44% 30 $8,300,000 $276,667 $2,995 3.03%
    45% 28 $8,760,000 $312,857 $3,755 2.90%
    47% 20 $7,090,000 $354,500 $3,086 2.94%
    46% 19 $7,265,000 $382,368 $4,520 2.94%
    48% 10 $3,390,000 $339,000 $2,817 2.99%
    49% 7 $1,765,000 $252,143 $3,852 2.77%
    >60% 1 $255,000 $255,000 $3,026 4.00%

    Whatcom Educational Credit Union lent most frequently to those with DTI ratios of 20-30%, with 397 originations. The next most common DTI ratio? 30-36%, with 264 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 999 $282,795,000 $283,078 $3,101 2.84%
    Not applicable 28 $90,440,000 $3,230,000 $0 3.63%
    Not provided 209 $61,715,000 $295,287 $3,354 2.87%
    Asian 41 $12,565,000 $306,463 $3,125 2.84%
    American Indian 13 $3,355,000 $258,077 $2,626 2.98%
    Black 2 $380,000 $190,000 $3,202 2.56%
    Native Hawaiian or Islander 1 $215,000 $215,000 $1,606 3.25%

    Approval Rates

    Total approvals of all applications
    91.11%

    Whatcom Educational Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.85%

    Whatcom Educational Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,293 $451,465,000 $349,161

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,293 $451,465,000 $349,161

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 354 $67,930,000 $191,893 $2,497 2.64%
    40-60% 410 $125,630,000 $306,415 $2,892 2.84%
    60-80% 352 $209,520,000 $595,227 $3,968 3.11%
    80-100% 84 $39,040,000 $464,762 $5,188 2.99%
    Under 20% 93 $9,345,000 $100,484 $1,794 2.84%