Seattle Metropolitan Credit Union Mortgage Rates, Fees & Info

Seattle, WA

LEI: 5493007QERYQSQ3QNH02

Tax ID: 91-0176215

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

    Seattle Metropolitan Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Seattle Metropolitan Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Bremerton, Oak Harbor, Wenatchee, and Mount Vernon among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Seattle Metropolitan 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. Seattle Metropolitan 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 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 8.31% 12/16/24
    30 Year Conventional Refi 7.01% 12/16/24
    30 Year Cash-out Refi 6.63% 12/16/24
    15 Year Conventional Purchase 5.97% 12/16/24
    15 Year Conventional Refi 6.05% 12/16/24
    15 Year Cash-out Refi 6.05% 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.

    Seattle Metropolitan Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Seattle Metropolitan 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

    512

    Origination Dollar Volume (All Markets)

    $150,740,000

    Awards

    Seattle Metropolitan Credit Union 30 Year Conventional Loans bronze Seattle Metropolitan Credit Union 30 Year Conventional Loans gold
    Show all (2) 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
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 457 $140,925,000 $308,370 $2,946 5.14%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 14 $2,760,000 $197,143 $2,449 5.64%
    Oak Harbor, WA (FHA|USDA|VA) 5 $1,455,000 $291,000 $4,707 4.25%
    WENATCHEE, WA (FHA|USDA|VA) 3 $1,085,000 $361,667 $7,431 3.71%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 3 $895,000 $298,333 $10,282 3.88%
    BELLINGHAM, WA (FHA|USDA|VA) 3 $775,000 $258,333 $4,073 5.12%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 7 $685,000 $97,857 $1,750 7.46%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 4 $580,000 $145,000 $2,572 4.50%
    Port Angeles, WA (FHA|USDA|VA) 2 $470,000 $235,000 $3,791 4.62%
    YAKIMA, WA (FHA|USDA|VA) 3 $345,000 $115,000 $2,693 5.75%
    Ellensburg, WA (FHA|USDA|VA) 3 $215,000 $71,667 $1,290 5.41%
    Aberdeen, WA (FHA|USDA|VA) 2 $210,000 $105,000 $41 8.74%
    Outside of Metro Areas 2 $190,000 $95,000 $2,438 4.50%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $65,000 $65,000 $750 8.24%
    Moses Lake, WA (FHA|USDA|VA) 2 $60,000 $30,000 $488 7.62%
    Shelton, WA (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.74%
    Seattle Metropolitan Credit Union's top markets include Seattle, Bremerton, Oak Harbor, Wenatchee, and Mount Vernon among others.

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

    • Similar Lenders

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

    Ukrainian Federal Credit Union
    Similarity Rank: 657
    Sno Falls Credit Union
    Similarity Rank: 1090
    BKCO MORTGAGE, LLC
    Similarity Rank: 1221
    SALAL
    Similarity Rank: 1764
    WHATCOM EDUCATIONAL CREDIT UNION
    Similarity Rank: 2030
    LO, INC.
    Similarity Rank: 2048
    NorthWest Plus Credit Union
    Similarity Rank: 2124
    SOUND
    Similarity Rank: 3072
    Seattle Metropolitan Credit Union
    Similarity Rank: 3104
    MORTGAGE LENDING GROUP LLC
    Similarity Rank: 3321

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 510 $149,970,000 $294,059 $2,927 5.19%
    VA 2 $770,000 $385,000 $12,479 3.63%

    For 2019, Seattle Metropolitan Credit Union's most frequently originated type of loan was Conventional, with 510 originations. Their 2nd most popular type was VA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 179 $49,245,000 $275,112 $3,352 5.03%
    Home Improvement 98 $7,380,000 $75,306 $148 6.64%
    Refi 89 $46,625,000 $523,876 $4,731 3.66%
    Home Purchase 85 $42,865,000 $504,294 $5,711 4.29%
    Other 61 $4,625,000 $75,820 $273 6.80%

    For 2019, Seattle Metropolitan Credit Union's most frequently cited loan purpose was Cash Out Refi, with 179 originations. The 2nd most popular reason was Home Improvement, with 98 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 215 $94,525,000 $439,651 $5,612 3.88%
    10 Year 96 $8,440,000 $87,917 $353 6.10%
    15 Year 86 $13,780,000 $160,233 $1,543 5.84%
    20 Year 77 $10,865,000 $141,104 $1,542 6.92%
    5 Year 38 $23,130,000 $608,684 $0 5.29%

    For 2019, Seattle Metropolitan Credit Union's most frequently cited loan duration was 30 Year, with 215 originations. The 2nd most popular length was 10 Year, with 96 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 275 $45,255,000 $164,564
    $3k-4k 65 $24,655,000 $379,308
    $2k-3k 59 $17,625,000 $298,729
    $5k+ 41 $19,065,000 $465,000
    $4k-5k 40 $14,280,000 $357,000
    $1k-2k 23 $7,255,000 $315,435

    Seattle Metropolitan Credit Union's average total fees were $5,612, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 275 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 197 $85,045,000 $431,701
    6-7% 89 $8,395,000 $94,326
    4-5% 82 $44,280,000 $540,000
    5-6% 63 $4,505,000 $71,508
    Over 8% 47 $3,675,000 $78,191
    7-8% 26 $2,310,000 $88,846
    2.5-3% 8 $2,530,000 $316,250

    During 2019, Seattle Metropolitan Credit Union's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 3-4%, with 197 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 173 $8,665,000 $50,087 $193 6.62%
    $200k-400k 131 $37,845,000 $288,893 $5,121 4.20%
    $100k-200k 87 $12,055,000 $138,563 $1,673 5.69%
    $400k-600k 71 $34,995,000 $492,887 $5,989 3.86%
    $600k-1MM 36 $27,610,000 $766,944 $5,273 3.74%
    $1MM+ 14 $29,570,000 $2,112,143 $5,325 3.99%

    2019 saw Seattle Metropolitan Credit Union place emphasis on $100,000 or less loans with 173 originations, totaling $8,665,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 165 $36,175,000 $219,242 $2,937 5.39%
    $150k-250k 104 $36,060,000 $346,731 $3,286 4.97%
    $75k-100k 93 $16,245,000 $174,677 $2,473 5.42%
    $50k-75k 79 $13,215,000 $167,278 $2,987 5.10%
    $250k+ 45 $25,455,000 $565,667 $3,688 4.68%
    $50k or less 18 $1,870,000 $103,889 $2,058 5.39%

    Seattle Metropolitan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 165 originations. The second most popular income band? $150k-250k, with 104 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 96 $27,460,000 $286,042 $3,550 4.71%
    20-30% 93 $25,205,000 $271,022 $3,460 4.51%
    <20% 34 $10,650,000 $313,235 $4,774 4.05%
    43% 31 $8,585,000 $276,935 $2,501 5.61%
    44% 30 $8,980,000 $299,333 $2,697 5.75%
    49% 25 $2,325,000 $93,000 $775 6.79%
    45% 24 $5,940,000 $247,500 $3,251 5.91%
    46% 21 $4,075,000 $194,048 $1,863 5.70%
    48% 20 $3,150,000 $157,500 $1,672 6.71%
    39% 19 $4,575,000 $240,789 $3,249 4.76%
    42% 17 $3,115,000 $183,235 $2,134 5.61%
    41% 17 $5,215,000 $306,765 $3,141 5.19%
    37% 15 $3,585,000 $239,000 $4,599 4.94%
    38% 14 $3,580,000 $255,714 $2,335 5.44%
    47% 14 $3,620,000 $258,571 $2,072 5.74%
    40% 13 $2,335,000 $179,615 $1,762 5.87%
    36% 11 $3,965,000 $360,455 $2,421 5.55%
    50-60% 9 $1,775,000 $197,222 $745 6.01%

    Seattle Metropolitan Credit Union lent most frequently to those with DTI ratios of 30-36%, with 96 originations. The next most common DTI ratio? 20-30%, with 93 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 285 $72,555,000 $254,579 $3,074 5.13%
    Not provided 119 $29,755,000 $250,042 $3,039 5.11%
    Not applicable 8 $21,720,000 $2,715,000 $0 4.30%
    Asian 56 $16,990,000 $303,393 $2,715 5.18%
    Black 27 $6,135,000 $227,222 $2,337 5.99%
    American Indian 10 $1,870,000 $187,000 $2,647 5.78%
    Native Hawaiian or Islander 5 $805,000 $161,000 $1,070 6.54%
    Asian Indian 1 $585,000 $585,000 $4,066 3.75%
    Other Asian 1 $325,000 $325,000 $6,082 3.50%

    Approval Rates

    Total approvals of all applications
    89.04%

    Seattle Metropolitan Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.52%

    Seattle Metropolitan 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 512 $150,740,000 $294,414

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $21,720,000 $2,715,000
    Single Family (1-4 Units):Manufactured 6 $640,000 $106,667
    Single Family (1-4 Units):Site-Built 498 $128,380,000 $257,791

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 89 $15,835,000 $177,921 $1,794 5.54%
    40-60% 78 $31,170,000 $399,615 $5,177 3.96%
    60-80% 97 $60,095,000 $619,536 $5,609 3.99%
    80-100% 64 $32,430,000 $506,719 $5,892 3.94%
    Over 100% 1 $435,000 $435,000 $20,116 3.63%
    Under 20% 183 $10,775,000 $58,880 $196 6.62%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    1ST ALLIANCE LENDING, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    1ST ALLIANCE LENDING, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%