Bay Area Credit Union Mortgage Rates, Fees & Info

Oregon, OH

LEI: 5493005JSMO6YKNVQ426

Tax ID: 34-4360015

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
  • Complaints
  • 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

    Bay Area Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Bay Area Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Toledo, Fremont, and Sandusky among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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.

    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 6.63% 5/4/24
    30 Year Cash-out Refi 6.74% 5/4/24
    15 Year Conventional Purchase 5.68% 5/4/24
    15 Year Conventional Refi 5.83% 5/4/24
    15 Year Cash-out Refi 5.83% 5/4/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Bay Area 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

    53

    Origination Dollar Volume (All Markets)

    $7,285,000

    Awards

    Bay Area Credit Union 30 Year Conventional Loans gold Bay Area Credit Union 30 Year Conventional Loans silver Bay Area Credit Union 30 Year Conventional Loans silver Bay Area Credit Union 30 Year Conventional Loans silver
    Show all (4) 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
    TOLEDO, OH (FHA|USDA|VA) 51 $7,015,000 $137,549 $2,292 2.91%
    Fremont, OH (FHA|USDA|VA) 1 $145,000 $145,000 $2,771 3.75%
    Sandusky, OH (FHA|USDA|VA) 1 $125,000 $125,000 $2,353 2.50%
    Bay Area Credit Union's top markets include Toledo, Fremont, and Sandusky among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)

    • 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.

    Bay Area Credit Union, Inc.
    Similarity Rank: 39
    First Federal Savings and Loan Association of Delta
    Similarity Rank: 141
    JEEP COUNTRY
    Similarity Rank: 272
    The Farmers & Merchants State Bank
    Similarity Rank: 742
    YOUR HOME FINANCIAL LLC
    Similarity Rank: 938
    First National Bank of Bellevue
    Similarity Rank: 969
    The Citizens National Bank of Bluffton
    Similarity Rank: 1377
    THE EQUITABLE MORTGAGE CORPORATION
    Similarity Rank: 2028
    The Union Bank Company
    Similarity Rank: 2061
    Civista Bank
    Similarity Rank: 2220

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 53 $7,285,000 $137,453 $2,302 2.92%

    For 2020, Bay Area Credit Union's most frequently originated type of loan was Conventional, with 53 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 22 $3,250,000 $147,727 $2,207 2.67%
    Cash Out Refi 15 $1,835,000 $122,333 $2,187 2.73%
    Home Purchase 14 $2,070,000 $147,857 $2,727 3.21%
    Other 2 $130,000 $65,000 $1,243 5.00%

    For 2020, Bay Area Credit Union's most frequently cited loan purpose was Refi, with 22 originations. The 2nd most popular reason was Cash Out Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 25 $4,005,000 $160,200 $2,511 3.06%
    15 Year 16 $2,070,000 $129,375 $2,214 2.47%
    20 Year 7 $885,000 $126,429 $2,152 2.91%
    10 Year 4 $300,000 $75,000 $2,120 2.78%
    5 Year 1 $25,000 $25,000 $275 7.25%

    For 2020, Bay Area Credit Union's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 53 $7,285,000 $137,453

    Bay Area Credit Union's average total fees were $2,511, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 21 $2,945,000 $140,238
    <2.5% 17 $2,375,000 $139,706
    3-4% 14 $1,940,000 $138,571
    7-8% 1 $25,000 $25,000

    During 2020, Bay Area Credit Union's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 25 $3,365,000 $134,600 $2,370 2.93%
    $100,000 or less 19 $1,355,000 $71,316 $1,995 2.91%
    $200k-400k 8 $2,150,000 $268,750 $2,823 2.97%
    $400k-600k 1 $415,000 $415,000 $2,297 2.50%

    2020 saw Bay Area Credit Union place emphasis on $100k-200k loans with 25 originations, totaling $3,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 17 $1,805,000 $106,176 $2,085 3.05%
    $100k-150k 14 $1,930,000 $137,857 $2,355 2.90%
    $50k-75k 10 $1,410,000 $141,000 $2,471 3.04%
    $150k-250k 7 $1,415,000 $202,143 $2,571 2.77%
    $50k or less 4 $310,000 $77,500 $2,151 2.47%
    $250k+ 1 $415,000 $415,000 $2,297 2.50%

    Bay Area Credit Union lent most frequently to those with incomes in the $75k-100k range, with 17 originations. The second most popular income band? $100k-150k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 16 $2,200,000 $137,500 $2,327 2.77%
    <20% 13 $1,845,000 $141,923 $2,324 2.72%
    30-36% 9 $1,025,000 $113,889 $2,258 2.85%
    39% 4 $680,000 $170,000 $2,057 4.16%
    36% 3 $505,000 $168,333 $2,279 2.46%
    42% 2 $170,000 $85,000 $2,473 3.94%
    47% 1 $245,000 $245,000 $2,686 2.88%
    37% 1 $65,000 $65,000 $2,056 3.00%
    40% 1 $65,000 $65,000 $2,055 2.38%
    41% 1 $125,000 $125,000 $2,256 3.63%
    44% 1 $265,000 $265,000 $3,165 2.75%
    46% 1 $95,000 $95,000 $2,043 2.75%

    Bay Area Credit Union lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? <20%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 50 $6,640,000 $132,800 $2,310 2.96%
    Not provided 1 $415,000 $415,000 $2,297 2.50%
    Asian 1 $145,000 $145,000 $2,199 2.25%
    Black 1 $85,000 $85,000 $2,033 2.13%

    Approval Rates

    Total approvals of all applications
    98.04%

    Bay Area Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    35.85%

    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 53 $7,285,000 $137,453

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $105,000 $105,000
    Single Family (1-4 Units):Site-Built 52 $7,180,000 $138,077

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $110,000 $55,000 $1,139 4.88%
    40-60% 5 $485,000 $97,000 $2,191 2.38%
    60-80% 28 $3,700,000 $132,143 $2,266 2.83%
    80-100% 17 $2,935,000 $172,647 $2,556 3.02%
    Under 20% 1 $55,000 $55,000 $1,891 2.25%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    BROKER SOLUTIONS, INC. VA mortgage Trouble during payment process 2 3.3%
    BROKER SOLUTIONS, INC. Other type of mortgage Closing on a mortgage 3 5.0%
    BROKER SOLUTIONS, INC. VA mortgage Closing on a mortgage 2 3.3%
    BROKER SOLUTIONS, INC. VA mortgage Struggling to pay mortgage 4 6.7%
    BROKER SOLUTIONS, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 13 21.7%
    BROKER SOLUTIONS, INC. Conventional home mortgage Closing on a mortgage 7 11.7%
    BROKER SOLUTIONS, INC. Conventional home mortgage Improper use of your report 1 1.7%
    BROKER SOLUTIONS, INC. Conventional home mortgage Struggling to pay mortgage 4 6.7%
    BROKER SOLUTIONS, INC. Conventional home mortgage Trouble during payment process 6 10.0%
    BROKER SOLUTIONS, INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 7 11.7%
    BROKER SOLUTIONS, INC. FHA mortgage Closing on a mortgage 3 5.0%
    BROKER SOLUTIONS, INC. FHA mortgage Struggling to pay mortgage 3 5.0%
    BROKER SOLUTIONS, INC. FHA mortgage Trouble during payment process 4 6.7%
    BROKER SOLUTIONS, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 1 1.7%