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

Jump to:

  • 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 Home Purchase loans. Whatcom Educational Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bellingham, Mount Vernon, Seattle, Oak Harbor, and Spokane among others. We have data for 18 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 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% 12/16/24
    30 Year Conventional Refi 6.30% 12/16/24
    30 Year Cash-out Refi 6.44% 12/16/24
    30 Year USDA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 5.41% 12/16/24
    15 Year Conventional Refi 5.78% 12/16/24
    15 Year Cash-out Refi 5.78% 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.

    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

    814

    Origination Dollar Volume (All Markets)

    $263,620,000

    Awards

    WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans gold WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans silver WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (3) 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) 700 $241,010,000 $344,300 $2,479 4.56%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 49 $11,335,000 $231,327 $2,900 4.95%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 32 $6,230,000 $194,688 $1,583 4.83%
    Oak Harbor, WA (FHA|USDA|VA) 8 $930,000 $116,250 $1,997 4.44%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 5 $875,000 $175,000 $2,167 5.35%
    Ellensburg, WA (FHA|USDA|VA) 1 $425,000 $425,000 $1,939 3.63%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $415,000 $415,000 $3,529 3.75%
    Moses Lake, WA (FHA|USDA|VA) 2 $370,000 $185,000 $1,613 4.19%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $365,000 $365,000 $2,356 2.75%
    WENATCHEE, WA (FHA|USDA|VA) 2 $350,000 $175,000 $1,712 4.13%
    Outside of Metro Areas 2 $340,000 $170,000 $4,430 2.69%
    Shelton, WA (FHA|USDA|VA) 2 $280,000 $140,000 $6,772 5.06%
    Port Angeles, WA (FHA|USDA|VA) 1 $205,000 $205,000 $3,717 4.25%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 3 $175,000 $58,333 $152 5.79%
    Aberdeen, WA (FHA|USDA|VA) 1 $115,000 $115,000 $5,942 2.38%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.31%
    LONGVIEW, WA (FHA|USDA|VA) 1 $55,000 $55,000 $850 6.75%
    YAKIMA, WA (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.75%
    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.

    Bank of the Pacific
    Similarity Rank: 207
    WHATCOM EDUCATIONAL CREDIT UNION
    Similarity Rank: 558
    SOUND
    Similarity Rank: 625
    America's Credit Union
    Similarity Rank: 945
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1053
    Qualstar Credit Union
    Similarity Rank: 1518
    NorthWest Plus Credit Union
    Similarity Rank: 1568
    CU HOME MORTGAGE SOLUTIONS, LLC
    Similarity Rank: 1833
    First Federal Savings and Loan Association of Port Angeles
    Similarity Rank: 2260
    TWINSTAR
    Similarity Rank: 2280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 813 $262,015,000 $322,282 $2,452 4.59%
    HELOC 1 $1,605,000 $1,605,000 n/a 5.50%

    For 2022, Whatcom Educational Credit Union's most frequently originated type of loan was Conventional, with 813 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 242 $26,360,000 $108,926 $227 5.10%
    Cash Out Refi 213 $109,325,000 $513,263 $3,139 4.19%
    Home Purchase 173 $73,195,000 $423,092 $5,776 4.62%
    Other 109 $12,625,000 $115,826 $547 5.16%
    Refi 77 $42,115,000 $546,948 $2,892 3.30%

    For 2022, Whatcom Educational Credit Union's most frequently cited loan purpose was Home Improvement, with 242 originations. The 2nd most popular reason was Cash Out Refi, with 213 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 293 $118,655,000 $404,966 $4,556 4.32%
    20 Year 230 $28,520,000 $124,000 $767 5.25%
    15 Year 145 $27,495,000 $189,621 $1,622 4.18%
    10 Year 105 $55,005,000 $523,857 $569 4.57%
    5 Year 27 $985,000 $36,481 $24 4.58%
    30+ year 8 $6,600,000 $825,000 $19,741 4.02%
    Other 6 $26,360,000 $4,393,333 $0 4.12%

    For 2022, Whatcom Educational Credit Union's most frequently cited loan duration was 30 Year, with 293 originations. The 2nd most popular length was 20 Year, with 230 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 522 $77,610,000 $148,678
    $1k-2k 101 $31,745,000 $314,307
    $5k+ 57 $28,395,000 $498,158
    $2k-3k 53 $17,705,000 $334,057
    $3k-4k 25 $8,705,000 $348,200
    $4k-5k 23 $8,545,000 $371,522

    Whatcom Educational Credit Union's average total fees were $4,556, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 522 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 236 $55,620,000 $235,678
    5-6% 208 $45,340,000 $217,981
    3-4% 207 $128,905,000 $622,729
    6-7% 73 $11,735,000 $160,753
    2.5-3% 52 $14,960,000 $287,692
    <2.5% 33 $6,585,000 $199,545
    7-8% 5 $475,000 $95,000

    During 2022, Whatcom Educational Credit Union's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 236 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 294 $14,590,000 $49,626 $151 5.08%
    $200k-400k 224 $65,830,000 $293,884 $3,667 4.17%
    $100k-200k 136 $19,860,000 $146,029 $1,728 4.52%
    $400k-600k 112 $53,070,000 $473,839 $5,182 4.45%
    $600k-1MM 26 $17,860,000 $686,923 $6,466 4.32%
    $1MM+ 22 $92,410,000 $4,200,455 $24,697 4.06%

    2022 saw Whatcom Educational Credit Union place emphasis on $100,000 or less loans with 294 originations, totaling $14,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 241 $59,275,000 $245,954 $2,496 4.59%
    $75k-100k 158 $30,210,000 $191,203 $2,125 4.67%
    $50k-75k 146 $21,590,000 $147,877 $2,049 4.47%
    $150k-250k 124 $31,470,000 $253,790 $2,576 4.74%
    $50k or less 55 $5,685,000 $103,364 $1,596 4.30%
    $250k+ 34 $17,230,000 $506,765 $5,578 4.80%

    Whatcom Educational Credit Union lent most frequently to those with incomes in the $100k-150k range, with 241 originations. The second most popular income band? $75k-100k, with 158 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 178 $36,680,000 $206,067 $2,438 4.28%
    30-36% 159 $31,975,000 $201,101 $2,005 4.59%
    <20% 53 $10,895,000 $205,566 $1,962 4.20%
    42% 46 $9,360,000 $203,478 $2,094 4.98%
    43% 43 $11,025,000 $256,395 $2,394 4.74%
    41% 43 $7,935,000 $184,535 $2,126 4.78%
    38% 39 $9,365,000 $240,128 $2,345 4.85%
    44% 34 $10,460,000 $307,647 $3,602 4.95%
    39% 33 $7,085,000 $214,697 $2,114 4.36%
    40% 32 $9,280,000 $290,000 $4,487 4.51%
    36% 31 $7,445,000 $240,161 $2,520 4.64%
    37% 25 $3,375,000 $135,000 $1,562 5.19%
    45% 18 $4,750,000 $263,889 $2,086 5.01%
    46% 17 $4,675,000 $275,000 $3,628 4.90%
    47% 11 $3,025,000 $275,000 $4,787 4.53%
    48% 8 $2,160,000 $270,000 $3,777 4.72%
    49% 7 $2,195,000 $313,571 $3,351 4.47%
    50-60% 3 $735,000 $245,000 $5,183 4.23%
    >60% 3 $905,000 $301,667 $3,153 4.88%

    Whatcom Educational Credit Union lent most frequently to those with DTI ratios of 20-30%, with 178 originations. The next most common DTI ratio? 30-36%, with 159 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 619 $133,685,000 $215,969 $2,306 4.63%
    Not applicable 30 $89,710,000 $2,990,333 $0 4.85%
    Not provided 121 $28,095,000 $232,190 $2,698 4.51%
    Asian 29 $8,665,000 $298,793 $4,522 4.10%
    American Indian 11 $3,055,000 $277,727 $2,686 4.13%
    Black 3 $355,000 $118,333 $1,714 4.38%
    Native Hawaiian or Islander 1 $55,000 $55,000 $1,881 5.38%

    Approval Rates

    Total approvals of all applications
    86.02%

    Whatcom Educational Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.50%

    Whatcom Educational Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 814 $263,620,000 $323,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    814 $263,620,000 $323,857

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 134 $30,220,000 $225,522 $2,471 4.25%
    40-60% 147 $77,665,000 $528,333 $3,821 4.05%
    60-80% 117 $98,845,000 $844,829 $6,463 4.17%
    80-100% 66 $30,710,000 $465,303 $4,745 4.67%
    Under 20% 350 $26,180,000 $74,800 $215 5.09%