Bay Area Credit Union Mortgage Rates, Fees & Info
Oregon, OHLEI: 5493005JSMO6YKNVQ426
Tax ID: 34-4360015
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Mortgage Data
Review & Overview
Bay Area Credit Union is a smaller credit union specializing in Home Purchase loans. Bay Area Credit Union has a high proportion of conventional loans. Their top two markets are Toledo and Tiffin .Bay Area 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. 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 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 | 6.63% | 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
Your Estimates
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This is not an official calculator from Bay Area Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
17Origination Dollar Volume (All Markets)
$2,135,000Top 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 |
|---|---|---|---|---|---|
| TOLEDO, OH (FHA|USDA|VA) | 16 | $2,030,000 | $126,875 | $2,423 | 4.70% |
| Tiffin, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,443 | 4.88% |
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: 48
Similarity Rank: 52
Similarity Rank: 325
Similarity Rank: 480
Similarity Rank: 696
Similarity Rank: 741
Similarity Rank: 966
Similarity Rank: 1014
Similarity Rank: 1449
Similarity Rank: 1710
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $2,135,000 | $125,588 | $2,424 | 4.71% |
For 2018, Bay Area Credit Union's most frequently originated type of loan was Conventional, with 17 originations.
Loan Reason
For 2018, Bay Area Credit Union's most frequently cited loan purpose was Home Purchase, with 14 originations. The 2nd most popular reason was Home Improvement, with 1 originations.
Loan Duration/Length
For 2018, Bay Area Credit Union's most frequently cited loan duration was 30 Year, with 10 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 17 | $2,135,000 | $125,588 |
Bay Area Credit Union's average total fees were $2,278, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 14 | $1,690,000 | $120,714 |
| 5-6% | 2 | $380,000 | $190,000 |
| 3-4% | 1 | $65,000 | $65,000 |
During 2018, Bay Area Credit Union's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 14 originations.
Loan Sizing
2018 saw Bay Area Credit Union place emphasis on $100k-200k loans with 9 originations, totaling $1,125,000 in origination value.
Applicant Income
Bay Area Credit Union lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $100k-150k, with 4 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? 30-36%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.12%
Bay Area Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination17.65%
Bay Area 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 |
|---|---|---|---|
| NA | 17 | $2,135,000 | $125,588 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 17 | $2,135,000 | $125,588 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 5.6% |
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 2.8% |
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Struggling to pay mortgage | 1 | 2.8% |
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Trouble during payment process | 10 | 27.8% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 11.1% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Closing on a mortgage | 2 | 5.6% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Struggling to pay mortgage | 3 | 8.3% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Trouble during payment process | 5 | 13.9% |
| BROKER SOLUTIONS, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 2.8% |
| BROKER SOLUTIONS, INC. | Reverse mortgage | Closing on a mortgage | 1 | 2.8% |
| BROKER SOLUTIONS, INC. | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 2.8% |
| BROKER SOLUTIONS, INC. | VA mortgage | Closing on a mortgage | 1 | 2.8% |
| BROKER SOLUTIONS, INC. | VA mortgage | Struggling to pay mortgage | 2 | 5.6% |
| BROKER SOLUTIONS, INC. | VA mortgage | Trouble during payment process | 2 | 5.6% |