Westwood Mortgage Rates, Fees & Info
SEATTLE, WALEI: 549300JBTQ88S1XGQG53
Tax ID: 91-1465333
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Mortgage Data
Review & Overview
Westwood Mortgage is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Westwood Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Seattle, Bremerton, Oak Harbor, Wenatchee, and Mount Vernon among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Westwood Mortgage 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. Westwood Mortgage is typically a high 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 | 6.00% | 3/28/23 |
| 30 Year Conventional Refi | 5.37% | 3/28/23 |
| 30 Year Cash-out Refi | 6.26% | 3/28/23 |
| 30 Year FHA Purchase | 6.34% | 3/28/23 |
| 30 Year VA Purchase | 5.59% | 3/28/23 |
| 15 Year Conventional Refi | 4.87% | 3/28/23 |
| 15 Year Cash-out Refi | 4.87% | 3/28/23 |
| 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. | ||
Originations
64Origination Dollar Volume (All Markets)
$35,560,000Relative Rate
Westwood Mortgage's average 30 year fixed mortgage rate was
4.92%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.16%.
Relative Fees (Closing Costs)
Westwood Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,590.
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.
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) | 51 | $30,385,000 | $595,784 | $9,813 | 4.87% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 4 | $1,400,000 | $350,000 | $7,660 | 4.53% |
| Oak Harbor, WA (FHA|USDA|VA) | 3 | $1,185,000 | $395,000 | $7,185 | 5.25% |
| WENATCHEE, WA (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $6,515 | 4.69% |
| Outside of Metro Areas | 1 | $645,000 | $645,000 | $11,202 | 5.13% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $12,085 | 3.75% |
| Ellensburg, WA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,004 | 4.25% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,518 | 4.13% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against WESTWOOD MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 59 | $31,065,000 | $526,525 | $8,094 | 4.90% |
| VA | 3 | $2,575,000 | $858,333 | $12,864 | 3.79% |
| FHA | 2 | $1,920,000 | $960,000 | $40,655 | 4.25% |
For 2022, Westwood Mortgage's most frequently originated type of loan was Conventional, with 59 originations. Their 2nd most popular type was VA, with 3 originations.
Loan Reason
For 2022, Westwood Mortgage's most frequently cited loan purpose was Home Purchase, with 35 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 60 | $33,940,000 | $565,667 | $9,590 | 4.92% |
| 15 Year | 4 | $1,620,000 | $405,000 | $5,519 | 3.41% |
For 2022, Westwood Mortgage's most frequently cited loan duration was 30 Year, with 60 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
Westwood Mortgage's average total fees were $9,590, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 28 originations.
Interest Rates
During 2022, Westwood Mortgage's average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 4-5%, with 20 originations.
Loan Sizing
2022 saw Westwood Mortgage place emphasis on $400k-600k loans with 21 originations, totaling $10,175,000 in origination value.
Applicant Income
Westwood Mortgage lent most frequently to those with incomes in the $150k-250k range, with 19 originations. The second most popular income band? $250k+, with 19 originations.
Applicant Debt to Income Ratio
Westwood Mortgage lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.81%
Westwood Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination57.81%
Westwood Mortgage 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 | 64 | $35,560,000 | $555,625 |