Seattle Metropolitan Credit Union Mortgage Rates, Fees & Info
Seattle, WALEI: 5493007QERYQSQ3QNH02
Tax ID: 91-0176215
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Mortgage Data
Review & Overview
Seattle Metropolitan Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Seattle Metropolitan Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Bremerton, Mount Vernon, Wenatchee, and Port Angeles among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Seattle Metropolitan Credit Union has an above 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
529Origination Dollar Volume (All Markets)
$216,715,000Top 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) | 489 | $202,365,000 | $413,834 | $5,089 | 3.69% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 10 | $3,440,000 | $344,000 | $3,084 | 4.97% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 5 | $2,065,000 | $413,000 | $5,696 | 3.35% |
| Outside of Metro Areas | 4 | $1,930,000 | $482,500 | $4,861 | 3.22% |
| WENATCHEE, WA (FHA|USDA|VA) | 2 | $1,530,000 | $765,000 | $6,658 | 3.13% |
| Port Angeles, WA (FHA|USDA|VA) | 2 | $1,200,000 | $600,000 | $6,799 | 3.75% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $5,045 | 4.42% |
| Oak Harbor, WA (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $6,896 | 3.44% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $7,326 | 3.19% |
| Centralia, WA (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,197 | 6.70% |
| YAKIMA, WA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $3,377 | 5.93% |
| Ellensburg, WA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $6,858 | 3.38% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,671 | 3.00% |
| Moses Lake, WA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,230 | 3.38% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 525 | $214,665,000 | $408,886 | $5,000 | 3.74% |
| VA | 4 | $2,050,000 | $512,500 | $13,150 | 3.47% |
For 2020, Seattle Metropolitan Credit Union's most frequently originated type of loan was Conventional, with 525 originations. Their 2nd most popular type was VA, with 4 originations.
Loan Reason
For 2020, Seattle Metropolitan Credit Union's most frequently cited loan purpose was Refi, with 202 originations. The 2nd most popular reason was Cash Out Refi, with 201 originations.
Loan Duration/Length
For 2020, Seattle Metropolitan Credit Union's most frequently cited loan duration was 30 Year, with 358 originations. The 2nd most popular length was 20 Year, with 69 originations.
Origination Fees/Closing Costs
Seattle Metropolitan Credit Union's average total fees were $5,981, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 106 originations.
Interest Rates
During 2020, Seattle Metropolitan Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 321 originations.
Loan Sizing
2020 saw Seattle Metropolitan Credit Union place emphasis on $200k-400k loans with 179 originations, totaling $51,505,000 in origination value.
Applicant Income
Seattle Metropolitan Credit Union lent most frequently to those with incomes in the $150k-250k range, with 138 originations. The second most popular income band? $100k-150k, with 135 originations.
Applicant Debt to Income Ratio
Seattle Metropolitan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 140 originations. The next most common DTI ratio? 30-36%, with 92 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.23%
Seattle Metropolitan Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination44.99%
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 | 529 | $216,715,000 | $409,669 |