Westwood Mortgage Rates, Fees & InfoSEATTLE, WA
Tax ID: 91-1465333
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewWestwood 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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|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.|
Origination Dollar Volume (All Markets)$35,560,000
Westwood Mortgage's average 30 year fixed mortgage rate was
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.
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:
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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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||22||$10,120,000||$460,000||$8,048||4.51%|
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 Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
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
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
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.
|Loan Rate||Originations||Total Value||Average Loan|
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.
2022 saw Westwood Mortgage place emphasis on $400k-600k loans with 21 originations, totaling $10,175,000 in origination value.
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.
Approval RatesTotal approvals of all applications
Westwood Mortgage has an average approval rate.
Pick RateApprovals leading to origination
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|