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 Refi and Cash Out Refi loans. Bay Area Credit Union has a high proportion of conventional loans. Their top two markets are Toledo and Fremont .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 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
34Origination Dollar Volume (All Markets)
$4,190,000Awards
Bay Area Credit Union - 2021
Bay Area Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 33 | $4,125,000 | $125,000 | $2,159 | 2.91% |
| Fremont, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,087 | 2.88% |
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: 12
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Similarity Rank: 962
Similarity Rank: 1305
Similarity Rank: 1650
Similarity Rank: 1680
Similarity Rank: 2640
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 34 | $4,190,000 | $123,235 | $2,157 | 2.91% |
For 2021, Bay Area Credit Union's most frequently originated type of loan was Conventional, with 34 originations.
Loan Reason
For 2021, Bay Area Credit Union's most frequently cited loan purpose was Refi, with 14 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.
Loan Duration/Length
For 2021, Bay Area Credit Union's most frequently cited loan duration was 15 Year, with 12 originations. The 2nd most popular length was 30 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 34 | $4,190,000 | $123,235 |
Bay Area Credit Union's average total fees were $2,392, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 15 | $1,615,000 | $107,667 |
| <2.5% | 12 | $1,650,000 | $137,500 |
| 3-4% | 5 | $875,000 | $175,000 |
| 5-6% | 1 | $15,000 | $15,000 |
| 7-8% | 1 | $35,000 | $35,000 |
During 2021, Bay Area Credit Union's average interest rate for loans was 2.89%, while their most frequently originated rate bucket for loans was 2.5-3%, with 15 originations.
Loan Sizing
2021 saw Bay Area Credit Union place emphasis on $100,000 or less loans with 16 originations, totaling $1,120,000 in origination value.
Applicant Income
Bay Area Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
Bay Area Credit Union lent most frequently to those with DTI ratios of 30-36%, with 11 originations. The next most common DTI ratio? 20-30%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 32 | $4,060,000 | $126,875 | $2,151 | 2.93% |
| Black | 2 | $130,000 | $65,000 | $2,254 | 2.63% |
Approval Rates
Total approvals of all applications88.46%
Bay Area Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination67.65%
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 | 34 | $4,190,000 | $123,235 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BROKER SOLUTIONS, INC. | VA mortgage | Trouble during payment process | 1 | 1.8% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 5 | 9.1% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Incorrect information on your report | 1 | 1.8% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Struggling to pay mortgage | 1 | 1.8% |
| BROKER SOLUTIONS, INC. | FHA mortgage | Trouble during payment process | 4 | 7.3% |
| BROKER SOLUTIONS, INC. | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 1.8% |
| BROKER SOLUTIONS, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 3.6% |
| BROKER SOLUTIONS, INC. | VA mortgage | Closing on a mortgage | 2 | 3.6% |
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 14 | 25.5% |
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Closing on a mortgage | 7 | 12.7% |
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Struggling to pay mortgage | 2 | 3.6% |
| BROKER SOLUTIONS, INC. | Conventional home mortgage | Trouble during payment process | 15 | 27.3% |