Wichita Federal Credit Union Mortgage Rates, Fees & Info

Wichita, KS

LEI: 5493007GBJOK22LYB425

Tax ID: 48-0542670

5 stars - Updated: 11/17/24 - out of 5 stars, based on 13 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Wichita Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Wichita Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Wichita, Tulsa, Mcpherson, Hutchinson, and Great Bend among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Wichita Federal 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. Wichita Federal 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 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 6.60% 11/17/24
    30 Year Conventional Refi 8.36% 11/17/24
    30 Year Cash-out Refi 6.68% 11/17/24
    30 Year FHA Purchase 6.31% 11/17/24
    15 Year Conventional Purchase 6.65% 11/17/24
    15 Year Conventional Refi 6.80% 11/17/24
    15 Year Cash-out Refi 6.80% 11/17/24
    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.

    Wichita Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Wichita Federal 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

    168

    Origination Dollar Volume (All Markets)

    $17,220,000

    Awards

    Wichita Federal Credit Union 30 Year Conventional Loans silver Wichita Federal Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Wichita Federal Credit Union's average 30 year fixed mortgage rate was 7.02%.

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

    This yields a difference of 0.54%.

    Relative Fees (Closing Costs)

    Wichita Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,096.

    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
    WICHITA, KS (FHA|USDA|VA) 156 $15,940,000 $102,179 $1,559 7.93%
    Outside of Metro Areas 4 $500,000 $125,000 $2,084 7.34%
    TULSA, OK (FHA|USDA|VA) 2 $300,000 $150,000 $4,664 8.00%
    McPherson, KS (FHA|USDA|VA) 1 $265,000 $265,000 $5,451 6.75%
    Hutchinson, KS (FHA|USDA|VA) 3 $165,000 $55,000 $1,410 9.55%
    Great Bend, KS (FHA|USDA|VA) 1 $35,000 $35,000 $420 8.00%
    Ponca City, OK (FHA|USDA|VA) 1 $15,000 $15,000 $910 7.38%
    Wichita Federal Credit Union's top markets include Wichita, Tulsa, Mcpherson, Hutchinson, and Great Bend among others.

    Their top states include:
  • Kansas (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)

    • Similar Lenders

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

    PANHANDLE FEDERAL CREDIT UNION
    Similarity Rank: 6
    HOME BANK AND TRUST COMPANY
    Similarity Rank: 60
    GOLDEN PLAINS
    Similarity Rank: 176
    Intrust Bank
    Similarity Rank: 315
    MID AMERICAN
    Similarity Rank: 341
    Emprise Bank
    Similarity Rank: 361
    Wichita Federal Credit Union
    Similarity Rank: 413
    MERITRUST Federal Credit Union
    Similarity Rank: 494
    Members Mortgage Services, L.L.C.
    Similarity Rank: 551
    CREDIT UNION OF AMERICA
    Similarity Rank: 768

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 168 $17,220,000 $102,500 $1,619 7.93%

    For 2023, Wichita Federal Credit Union's most frequently originated type of loan was Conventional, with 168 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 104 $7,220,000 $69,423 $1,009 8.26%
    Home Purchase 47 $8,505,000 $180,957 $3,104 7.03%
    Refi 17 $1,495,000 $87,941 $1,209 8.47%

    For 2023, Wichita Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 104 originations. The 2nd most popular reason was Home Purchase, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 82 $5,650,000 $68,902 $865 8.57%
    30 Year 45 $8,185,000 $181,889 $3,096 7.02%
    20 Year 18 $2,150,000 $119,444 $2,333 7.78%
    10 Year 12 $800,000 $66,667 $1,216 7.96%
    Other 9 $395,000 $43,889 $596 7.21%
    5 Year 2 $40,000 $20,000 $665 7.06%

    For 2023, Wichita Federal Credit Union's most frequently cited loan duration was 15 Year, with 82 originations. The 2nd most popular length was 30 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 150 $14,320,000 $95,467
    $1k-2k 10 $1,170,000 $117,000
    $2k-3k 5 $1,025,000 $205,000
    $3k-4k 2 $490,000 $245,000
    $4k-5k 1 $215,000 $215,000

    Wichita Federal Credit Union's average total fees were $3,096, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 150 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 73 $5,305,000 $72,671
    6-7% 49 $7,245,000 $147,857
    7-8% 39 $3,785,000 $97,051
    5-6% 7 $885,000 $126,429

    During 2023, Wichita Federal Credit Union's average interest rate for loans was 7.02%, while their most frequently originated rate bucket for loans was Over 8%, with 73 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 103 $5,225,000 $50,728 $1,053 8.25%
    $100k-200k 43 $5,875,000 $136,628 $1,962 7.74%
    $200k-400k 19 $4,755,000 $250,263 $3,658 6.84%
    $400k-600k 3 $1,365,000 $455,000 $3,050 6.71%

    2023 saw Wichita Federal Credit Union place emphasis on $100,000 or less loans with 103 originations, totaling $5,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 52 $4,790,000 $92,115 $1,728 7.78%
    $100k-150k 40 $4,380,000 $109,500 $1,549 8.23%
    $50k or less 30 $1,900,000 $63,333 $1,545 7.75%
    $75k-100k 23 $2,165,000 $94,130 $1,676 7.96%
    $150k-250k 16 $2,420,000 $151,250 $1,251 8.03%
    $250k+ 7 $1,565,000 $223,571 $2,128 7.89%

    Wichita Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 52 originations. The second most popular income band? $100k-150k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 38 $3,930,000 $103,421 $1,800 7.81%
    30-36% 31 $3,555,000 $114,677 $1,397 7.89%
    <20% 14 $1,320,000 $94,286 $1,824 7.35%
    50-60% 13 $835,000 $64,231 $1,078 8.39%
    38% 9 $985,000 $109,444 $2,004 8.07%
    36% 8 $700,000 $87,500 $1,346 8.22%
    39% 7 $925,000 $132,143 $1,722 8.45%
    49% 6 $570,000 $95,000 $1,636 7.90%
    48% 6 $490,000 $81,667 $1,556 8.08%
    41% 5 $895,000 $179,000 $2,268 7.80%
    47% 5 $345,000 $69,000 $1,257 8.33%
    46% 5 $415,000 $83,000 $979 8.33%
    42% 5 $575,000 $115,000 $2,124 7.50%
    44% 4 $390,000 $97,500 $1,177 7.78%
    43% 4 $530,000 $132,500 $1,654 7.50%
    37% 3 $205,000 $68,333 $1,077 8.88%
    40% 3 $395,000 $131,667 $2,595 7.79%
    45% 2 $160,000 $80,000 $2,711 7.56%

    Wichita Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 135 $14,465,000 $107,148 $1,699 7.85%
    Asian 8 $1,140,000 $142,500 $1,147 7.92%
    Black 18 $960,000 $53,333 $1,199 8.50%
    American Indian 5 $455,000 $91,000 $2,006 7.83%
    Not provided 1 $155,000 $155,000 $995 8.75%
    1 $45,000 $45,000 $960 9.00%

    Approval Rates

    Total approvals of all applications
    87.38%

    Wichita Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    47.62%

    Wichita Federal 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 168 $17,220,000 $102,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    168 $17,220,000 $102,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $3,465,000 $70,714 $902 8.51%
    40-60% 24 $2,730,000 $113,750 $1,711 8.38%
    60-80% 18 $2,560,000 $142,222 $3,160 6.97%
    80-100% 42 $7,240,000 $172,381 $2,644 7.31%
    Under 20% 35 $1,225,000 $35,000 $581 8.06%