Water And Power Community Credit Union Mortgage Rates, Fees & Info

LOS ANGELES, CA

LEI: 5493005MZZDC38IUOJ34

Tax ID: 95-0952237

5 stars - Updated: 4/14/24 - out of 5 stars, based on 13 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Water And Power Community Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Water And Power Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, Oxnard, San Jose, and San Francisco among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Water And Power Community 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. Water And Power Community Credit Union is typically an average 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.

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 5.77% 4/14/24
30 Year Conventional Refi 5.91% 4/14/24
30 Year Cash-out Refi 5.72% 4/14/24
30 Year FHA Purchase 6.27% 4/14/24
30 Year VA Purchase 6.27% 4/14/24
15 Year Conventional Refi 6.55% 4/14/24
15 Year Cash-out Refi 6.55% 4/14/24
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.

Water And Power Community Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Water And Power Community 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

167

Origination Dollar Volume (All Markets)

$54,815,000

Awards

Water and Power Community Credit Union 30 Year Conventional Loans gold Water and Power Community Credit Union 30 Year Conventional Loans gold Water and Power Community Credit Union 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Water And Power Community Credit Union's average 30 year fixed mortgage rate was 5.77%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.71%.

Relative Fees (Closing Costs)

Water And Power Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,605.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 128 $43,730,000 $341,641 $3,748 6.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 26 $6,620,000 $254,615 $2,625 6.12%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 5 $1,425,000 $285,000 $2,172 6.38%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $905,000 $905,000 $3,269 4.50%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $765,000 $765,000 $3,053 4.88%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $475,000 $475,000 $5,558 6.00%
Outside of Metro Areas 3 $425,000 $141,667 $2,843 8.46%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $305,000 $305,000 $3,323 6.00%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $165,000 $165,000 $3,198 6.25%
Water And Power Community Credit Union's top markets include Los Angeles, Riverside, Oxnard, San Jose, and San Francisco among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Water and Power Community Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    LBS FINANCIAL
    Similarity Rank: 258
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342
    FIRST ENTERTAINMENT
    Similarity Rank: 351
    ARROWHEAD CENTRAL CREDIT UNION
    Similarity Rank: 477
    ALTURA
    Similarity Rank: 560
    LA Financial Federal Credit Union
    Similarity Rank: 660
    FRONTWAVE
    Similarity Rank: 660
    I.L.W.U. CREDIT UNION
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 122 $50,980,000 $417,869 $3,502 6.10%
    HELOC 45 $3,835,000 $85,222 n/a 5.95%

    For 2023, Water And Power Community Credit Union's most frequently originated type of loan was Conventional, with 122 originations. Their 2nd most popular type was HELOC, with 45 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 97 $13,915,000 $143,454 $917 6.24%
    Home Purchase 54 $35,960,000 $665,926 $6,574 5.85%
    Refi 14 $4,780,000 $341,429 $2,213 5.52%
    Cash Out Refi 2 $160,000 $80,000 $0 6.88%

    For 2023, Water And Power Community Credit Union's most frequently cited loan purpose was Home Improvement, with 97 originations. The 2nd most popular reason was Home Purchase, with 54 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 73 $46,495,000 $636,918 $5,605 5.77%
    Other 44 $3,770,000 $85,682 $0 5.93%
    15 Year 30 $2,760,000 $92,000 $258 6.90%
    10 Year 18 $1,400,000 $77,778 $429 6.22%
    20 Year 1 $305,000 $305,000 $2,863 5.75%
    5 Year 1 $85,000 $85,000 $0 5.75%

    For 2023, Water And Power Community Credit Union's most frequently cited loan duration was 30 Year, with 73 originations. The 2nd most popular length was Other, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 113 $46,475,000 $411,283
    $1k-2k 9 $4,505,000 $500,556

    Water And Power Community Credit Union's average total fees were $5,605, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 113 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 55 $14,035,000 $255,182
    5-6% 45 $24,885,000 $553,000
    Over 8% 25 $2,155,000 $86,200
    <2.5% 21 $1,805,000 $85,952
    4-5% 13 $11,305,000 $869,615
    7-8% 8 $630,000 $78,750

    During 2023, Water And Power Community Credit Union's average interest rate for loans was 5.77%, while their most frequently originated rate bucket for loans was 6-7%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $3,920,000 $63,226 $20 6.39%
    $100k-200k 33 $3,935,000 $119,242 $1,008 6.38%
    $600k-1MM 32 $23,900,000 $746,875 $6,253 5.64%
    $400k-600k 19 $9,695,000 $510,263 $5,275 5.78%
    $200k-400k 13 $3,895,000 $299,615 $3,382 5.52%
    $1MM+ 8 $9,470,000 $1,183,750 $8,931 5.44%

    2023 saw Water And Power Community Credit Union place emphasis on $100,000 or less loans with 62 originations, totaling $3,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 69 $27,385,000 $396,884 $4,571 6.17%
    $100k-150k 53 $9,735,000 $183,679 $1,965 6.16%
    $250k+ 24 $15,060,000 $627,500 $5,952 5.32%
    $75k-100k 11 $1,355,000 $123,182 $815 6.02%
    $50k-75k 9 $1,245,000 $138,333 $890 6.76%
    $50k or less 1 $35,000 $35,000 $0 5.13%

    Water And Power Community Credit Union lent most frequently to those with incomes in the $150k-250k range, with 69 originations. The second most popular income band? $100k-150k, with 53 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $9,890,000 $274,722 $3,638 6.17%
    30-36% 28 $6,510,000 $232,500 $2,374 6.21%
    44% 13 $5,945,000 $457,308 $3,579 6.12%
    49% 13 $3,745,000 $288,077 $3,057 6.92%
    39% 11 $5,265,000 $478,636 $4,318 5.92%
    45% 9 $3,375,000 $375,000 $5,199 5.79%
    47% 8 $3,710,000 $463,750 $4,242 5.47%
    36% 7 $2,585,000 $369,286 $3,754 4.85%
    40% 7 $1,435,000 $205,000 $3,397 8.09%
    43% 7 $2,225,000 $317,857 $3,580 5.50%
    42% 7 $2,935,000 $419,286 $5,234 5.53%
    41% 6 $2,090,000 $348,333 $1,469 6.65%
    37% 6 $1,180,000 $196,667 $1,888 6.42%
    48% 3 $2,505,000 $835,000 $13,939 4.12%
    46% 2 $930,000 $465,000 $2,948 3.43%
    <20% 2 $120,000 $60,000 $0 6.63%
    38% 2 $370,000 $185,000 $2,843 3.56%

    Water And Power Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 116 $38,440,000 $331,379 $3,576 6.05%
    White 27 $8,985,000 $332,778 $2,511 6.12%
    Asian 10 $4,490,000 $449,000 $6,511 4.92%
    Black 12 $2,780,000 $231,667 $2,647 7.29%
    American Indian 2 $120,000 $60,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    77.31%

    Water And Power Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    53.29%

    Water And Power Community 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 167 $54,815,000 $328,234

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    167 $54,815,000 $328,234

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $3,585,000 $275,769 $3,254 5.01%
    40-60% 11 $6,375,000 $579,545 $5,090 5.72%
    60-80% 26 $18,500,000 $711,538 $5,993 5.66%
    80-100% 27 $19,195,000 $710,926 $6,504 5.78%
    Under 20% 90 $7,160,000 $79,556 $85 6.46%