Westerra Credit Union Mortgage Rates, Fees & InfoDenver, CO
Tax ID: 84-0188017
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewWesterra Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Westerra 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: Denver, Boulder, Greeley, Colorado Springs, and Fort Collins among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)
Westerra 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. Westerra 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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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||7.57%||3/19/23|
|30 Year Conventional Purchase||6.23%||3/19/23|
|30 Year Conventional Refi||6.28%||3/19/23|
|30 Year Cash-out Refi||6.42%||3/19/23|
|30 Year FHA Purchase||6.98%||3/19/23|
|30 Year FHA Refi||6.27%||3/19/23|
|30 Year VA Purchase||6.75%||3/19/23|
|30 Year VA Refi||5.90%||3/19/23|
|15 Year Conventional Purchase||6.07%||3/19/23|
|15 Year Conventional Refi||5.79%||3/19/23|
|15 Year Cash-out Refi||5.79%||3/19/23|
|15 Year VA Refi||5.81%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$528,160,000
Westerra Credit Union's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.19%.
Relative Fees (Closing Costs)
Westerra Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,368.
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 $4,750.
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|
|DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA)||2,084||$466,990,000||$224,083||$3,071||3.44%|
|BOULDER, CO (FHA|USDA|VA)||35||$14,515,000||$414,714||$3,878||3.35%|
|GREELEY, CO (FHA|USDA|VA)||39||$10,765,000||$276,026||$3,347||3.30%|
|COLORADO SPRINGS, CO (FHA|USDA|VA)||36||$8,200,000||$227,778||$3,801||3.18%|
|Outside of Metro Areas||32||$8,110,000||$253,438||$3,325||3.07%|
|FORT COLLINS, CO (FHA|USDA|VA)||17||$4,835,000||$284,412||$4,338||2.99%|
|PUEBLO, CO (FHA|USDA|VA)||15||$3,045,000||$203,000||$2,717||3.00%|
|Breckenridge, CO (FHA|USDA|VA)||8||$2,660,000||$332,500||$4,347||3.36%|
|Edwards, CO (FHA|USDA|VA)||5||$2,545,000||$509,000||$7,568||2.93%|
|Glenwood Springs, CO (FHA|USDA|VA)||6||$2,090,000||$348,333||$3,972||3.13%|
|Steamboat Springs, CO (FHA|USDA|VA)||4||$1,520,000||$380,000||$2,983||2.94%|
|Montrose, CO (FHA|USDA|VA)||2||$1,060,000||$530,000||$5,049||3.06%|
|GRAND JUNCTION, CO (FHA|USDA|VA)||5||$755,000||$151,000||$2,674||3.07%|
|Durango, CO (FHA|USDA|VA)||3||$715,000||$238,333||$2,437||3.29%|
|Cañon City, CO (FHA|USDA|VA)||4||$330,000||$82,500||$3,113||3.31%|
|Craig, CO (FHA|USDA|VA)||1||$25,000||$25,000||$0||4.00%|
We use machine learning to identify the top lenders compared against WESTERRA CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Westerra Credit Union's most frequently originated type of loan was Conventional, with 1,298 originations. Their 2nd most popular type was HELOC, with 980 originations.
For 2021, Westerra Credit Union's most frequently cited loan purpose was Cash Out Refi, with 795 originations. The 2nd most popular reason was Home Improvement, with 566 originations.
For 2021, Westerra Credit Union's most frequently cited loan duration was 20 Year, with 1,042 originations. The 2nd most popular length was 30 Year, with 936 originations.
Origination Fees/Closing Costs
Westerra Credit Union's average total fees were $3,368, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 691 originations.
During 2021, Westerra Credit Union's average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 3-4%, with 1,014 originations.
2021 saw Westerra Credit Union place emphasis on $200k-400k loans with 701 originations, totaling $200,485,000 in origination value.
Westerra Credit Union lent most frequently to those with incomes in the $100k-150k range, with 554 originations. The second most popular income band? $150k-250k, with 476 originations.
Applicant Debt to Income Ratio
Westerra Credit Union lent most frequently to those with DTI ratios of 20-30%, with 599 originations. The next most common DTI ratio? 30-36%, with 402 originations.
Approval RatesTotal approvals of all applications
Westerra Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Westerra 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|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|WESTERN UNION COMPANY, THE||Conventional home mortgage||Trouble during payment process||1||100.0%|