Bay Area Credit Union Mortgage Rates, Fees & Info
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Tax ID: 34-4360015
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Mortgage Data
Review & Overview
Bay Area Credit Union is a smaller credit union specializing in Home Improvement, Other, and Home Purchase loans. Bay Area Credit Union has a high proportion of conventional loans. Their top (well, only) market is Toledo.Bay Area 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. Bay Area 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.63% | 12/16/24 |
| 30 Year Cash-out Refi | 6.74% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.83% | 12/16/24 |
| 15 Year Cash-out Refi | 5.83% | 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. | ||
Bay Area 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
20Origination Dollar Volume (All Markets)
$900,000Relative Rate
Bay Area Credit Union's average 30 year fixed mortgage rate was
6.63%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.15%.
Relative Fees (Closing Costs)
Bay Area Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,871.
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 |
|---|---|---|---|---|---|
| TOLEDO, OH (FHA|USDA|VA) | 20 | $900,000 | $45,000 | $399 | 7.67% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bay Area Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 34
Similarity Rank: 123
Similarity Rank: 246
Similarity Rank: 336
Similarity Rank: 414
Similarity Rank: 477
Similarity Rank: 484
Similarity Rank: 931
Similarity Rank: 1190
Similarity Rank: 1272
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 20 | $900,000 | $45,000 | $399 | 7.67% |
For 2023, Bay Area Credit Union's most frequently originated type of loan was Conventional, with 20 originations.
Loan Reason
For 2023, Bay Area Credit Union's most frequently cited loan purpose was Home Improvement, with 9 originations. The 2nd most popular reason was Other, with 6 originations.
Loan Duration/Length
For 2023, Bay Area Credit Union's most frequently cited loan duration was 5 Year, with 7 originations. The 2nd most popular length was 10 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 20 | $900,000 | $45,000 |
Bay Area Credit Union's average total fees were $2,871, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 7 | $355,000 | $50,714 |
| 7-8% | 7 | $345,000 | $49,286 |
| Over 8% | 6 | $200,000 | $33,333 |
During 2023, Bay Area Credit Union's average interest rate for loans was 6.63%, while their most frequently originated rate bucket for loans was 6-7%, with 7 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 19 | $785,000 | $41,316 | $267 | 7.75% |
| $100k-200k | 1 | $115,000 | $115,000 | $2,908 | 6.13% |
2023 saw Bay Area Credit Union place emphasis on $100,000 or less loans with 19 originations, totaling $785,000 in origination value.
Applicant Income
Bay Area Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
Bay Area Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? <20%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 19 | $875,000 | $46,053 | $420 | 7.65% |
| American Indian | 1 | $25,000 | $25,000 | $0 | 8.00% |
Approval Rates
Total approvals of all applications75.76%
Bay Area Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination75.00%
Bay Area Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 20 | $900,000 | $45,000 |