Westmark Credit Union Mortgage Rates, Fees & Info

Idaho Falls, ID

LEI: 5493006LGHJCBICSE610

Tax ID: 82-0218879

5 stars - Updated: 5/20/24 - out of 5 stars, based on 26 reviews

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

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Mortgage Data

Review & Overview

Westmark Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Westmark Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Idaho Falls, Boise City, Pocatello, Blackfoot, and Twin Falls among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Westmark 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. Westmark 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 5/20/24
30 Year Conventional Purchase 6.12% 5/20/24
30 Year Conventional Refi 6.37% 5/20/24
30 Year Cash-out Refi 6.21% 5/20/24
30 Year FHA Purchase 6.00% 5/20/24
30 Year VA Purchase 6.27% 5/20/24
15 Year Conventional Purchase 5.93% 5/20/24
15 Year Conventional Refi 7.11% 5/20/24
15 Year Cash-out Refi 7.11% 5/20/24
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.

Westmark Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Westmark 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

667

Origination Dollar Volume (All Markets)

$59,445,000

Awards

WESTMARK Credit Union 30 Year Conventional Loans silver WESTMARK Credit Union 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Westmark Credit Union's average 30 year fixed mortgage rate was 6.4%.

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

This yields a difference of -0.08%.

Relative Fees (Closing Costs)

Westmark Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,451.

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
IDAHO FALLS, ID (FHA|USDA|VA) 273 $24,365,000 $89,249 $2,838 6.78%
BOISE CITY, ID (FHA|USDA|VA) 203 $15,785,000 $77,759 $1,708 6.94%
POCATELLO, ID (FHA|USDA|VA) 47 $5,865,000 $124,787 $3,877 6.84%
Blackfoot, ID (FHA|USDA|VA) 54 $5,260,000 $97,407 $2,733 6.98%
Outside of Metro Areas 27 $2,675,000 $99,074 $2,733 7.03%
TWIN FALLS, ID (FHA|USDA|VA) 36 $2,450,000 $68,056 $1,161 7.56%
Jackson, WY-ID (FHA|USDA|VA) 5 $1,275,000 $255,000 $7,825 6.87%
Rexburg, ID (FHA|USDA|VA) 6 $580,000 $96,667 $2,522 6.24%
Ontario, OR-ID (FHA|USDA|VA) 6 $310,000 $51,667 $0 7.29%
LEWISTON, ID-WA (FHA|USDA|VA) 1 $245,000 $245,000 $5,934 6.50%
Hailey, ID (FHA|USDA|VA) 2 $200,000 $100,000 $2,449 7.62%
LOGAN, UT-ID (FHA|USDA|VA) 2 $140,000 $70,000 $2,017 7.12%
Burley, ID (FHA|USDA|VA) 2 $120,000 $60,000 $0 6.87%
Sandpoint, ID (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.99%
Mountain Home, ID (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.74%
Outside of Metro Areas 1 $55,000 $55,000 $0 5.99%
Westmark Credit Union's top markets include Idaho Falls, Boise City, Pocatello, Blackfoot, and Twin Falls among others.

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

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

    ADVANTAGE PLUS
    Similarity Rank: 72
    BEEHIVE
    Similarity Rank: 112
    PIONEER
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    EAST IDAHO Credit Union
    Similarity Rank: 374
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 528
    Shea Mortgage Inc.
    Similarity Rank: 1026
    WESTMARK Credit Union
    Similarity Rank: 1200
    D. L. Evans Bank
    Similarity Rank: 1344

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 405 $21,555,000 $53,222 n/a 6.59%
    Conventional 251 $34,535,000 $137,590 $2,356 7.42%
    FHA 9 $2,895,000 $321,667 $5,445 6.82%
    VA 2 $460,000 $230,000 $4,658 6.31%

    For 2023, Westmark Credit Union's most frequently originated type of loan was HELOC, with 405 originations. Their 2nd most popular type was Conventional, with 251 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 520 $28,460,000 $54,731 $65 6.97%
    Home Purchase 89 $23,635,000 $265,562 $6,864 6.66%
    Refi 35 $2,225,000 $63,571 $44 7.00%
    Cash Out Refi 23 $5,125,000 $222,826 $7,054 6.20%

    For 2023, Westmark Credit Union's most frequently cited loan purpose was Home Improvement, with 520 originations. The 2nd most popular reason was Home Purchase, with 89 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 502 $30,670,000 $61,096 $750 6.88%
    30 Year 81 $24,155,000 $298,210 $7,451 6.40%
    10 Year 40 $1,750,000 $43,750 $26 7.80%
    5 Year 25 $815,000 $32,600 $0 7.39%
    Other 14 $1,100,000 $78,571 $165 7.18%
    20 Year 5 $955,000 $191,000 $7,931 7.04%

    For 2023, Westmark Credit Union's most frequently cited loan duration was 15 Year, with 502 originations. The 2nd most popular length was 30 Year, with 81 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 162 $10,070,000 $62,160
    $5k+ 23 $9,715,000 $422,391
    $2k-3k 14 $2,830,000 $202,143
    $3k-4k 13 $3,075,000 $236,538
    $4k-5k 11 $3,925,000 $356,818
    $1k-2k 9 $1,355,000 $150,556

    Westmark Credit Union's average total fees were $7,451, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 162 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 200 $18,750,000 $93,750
    6-7% 175 $20,775,000 $118,714
    Over 8% 166 $10,250,000 $61,747
    4-5% 96 $4,760,000 $49,583
    7-8% 30 $4,910,000 $163,667

    During 2023, Westmark Credit Union's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 5-6%, with 200 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 532 $25,900,000 $48,684 $98 6.91%
    $100k-200k 61 $8,225,000 $134,836 $2,499 7.42%
    $200k-400k 57 $15,835,000 $277,807 $6,625 6.45%
    $400k-600k 12 $5,510,000 $459,167 $9,844 6.15%
    $600k-1MM 5 $3,975,000 $795,000 $14,664 6.83%

    2023 saw Westmark Credit Union place emphasis on $100,000 or less loans with 532 originations, totaling $25,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 198 $18,970,000 $95,808 $3,025 6.79%
    $75k-100k 126 $9,950,000 $78,968 $2,020 7.01%
    $150k-250k 124 $13,700,000 $110,484 $3,307 7.03%
    $50k-75k 116 $7,230,000 $62,328 $1,149 6.92%
    $50k or less 61 $3,025,000 $49,590 $1,508 6.69%
    $250k+ 39 $6,365,000 $163,205 $4,351 7.16%

    Westmark Credit Union lent most frequently to those with incomes in the $100k-150k range, with 198 originations. The second most popular income band? $75k-100k, with 126 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 146 $12,010,000 $82,260 $1,836 6.78%
    30-36% 117 $11,165,000 $95,427 $2,945 6.73%
    <20% 90 $6,200,000 $68,889 $1,974 6.67%
    42% 55 $5,515,000 $100,273 $2,243 7.24%
    41% 38 $3,440,000 $90,526 $3,224 7.13%
    40% 28 $1,560,000 $55,714 $1,356 7.35%
    36% 25 $1,855,000 $74,200 $1,668 7.22%
    37% 24 $1,880,000 $78,333 $2,442 7.18%
    43% 24 $1,970,000 $82,083 $2,209 7.00%
    39% 23 $2,135,000 $92,826 $0 7.24%
    38% 23 $2,135,000 $92,826 $4,848 6.15%
    45% 15 $2,515,000 $167,667 $4,674 7.02%
    46% 15 $1,465,000 $97,667 $2,850 7.14%
    44% 14 $910,000 $65,000 $1,098 7.26%
    50-60% 9 $1,015,000 $112,778 $5,934 7.83%
    47% 8 $1,450,000 $181,250 $3,956 7.07%
    48% 5 $1,085,000 $217,000 $9,443 6.00%
    49% 5 $535,000 $107,000 $3,792 6.59%
    >60% 2 $530,000 $265,000 $1,810 7.31%

    Westmark Credit Union lent most frequently to those with DTI ratios of 20-30%, with 146 originations. The next most common DTI ratio? 30-36%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 629 $54,725,000 $87,003 $2,327 6.90%
    Not provided 30 $3,870,000 $129,000 $4,736 7.03%
    Asian 3 $565,000 $188,333 $8,495 6.37%
    American Indian 3 $185,000 $61,667 $0 7.84%
    Not applicable 1 $75,000 $75,000 $0 5.99%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 5.99%

    Approval Rates

    Total approvals of all applications
    73.38%

    Westmark Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    68.07%

    Westmark 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 667 $59,445,000 $89,123

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    667 $59,445,000 $89,123

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 79 $7,705,000 $97,532 $1,055 7.01%
    40-60% 19 $3,895,000 $205,000 $6,181 6.67%
    60-80% 33 $10,035,000 $304,091 $7,627 6.42%
    80-100% 36 $12,420,000 $345,000 $7,670 6.36%
    Under 20% 498 $24,870,000 $49,940 $74 6.97%