Strata Credit Union Mortgage Rates, Fees & Info

Bakersfield, CA

LEI: 549300NXYX3K4WQSGJ17

Tax ID: 95-1677890

5 stars - Updated: 11/17/24

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Strata Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Strata Credit Union has a high proportion of conventional loans. Their top (well, only) market is Bakersfield.

Strata 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. Strata 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 relatively high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.02%	11/17/24
30 Year Conventional Refi	6.52%	11/17/24
30 Year Cash-out Refi	6.23%	11/17/24
15 Year Conventional Purchase	5.89%	11/17/24
15 Year Conventional Refi	6.27%	11/17/24
15 Year Cash-out Refi	6.27%	11/17/24
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.

Strata Credit Union Mortgage Calculator

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This is not an official calculator from Strata 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

166

Origination Dollar Volume (All Markets)

$13,030,000

Relative Rate

Strata Credit Union's average 30 year fixed mortgage rate was 5.66%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.82%.

Relative Fees (Closing Costs)

Strata Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,189.

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 $9,089.

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
BAKERSFIELD, CA (FHA\|USDA\|VA)	165	$12,905,000	$78,212	$409	7.43%
Outside of Metro Areas	1	$125,000	$125,000	$0	10.75%

Strata Credit Union's top markets include and Bakersfield among others.

Their top states include:

California (FHA|USDA|VA)

Similar Lenders

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

SAFE 1 CREDIT UNION
Similarity Rank: 24

AltaOne Federal Credit Union
Similarity Rank: 55

VALLEY STRONG CREDIT UNION
Similarity Rank: 136

SCHOOLSFIRST
Similarity Rank: 363

AUGUSTA FINANCIAL, INC.
Similarity Rank: 500

Tri Counties Bank
Similarity Rank: 1026

CAMPOS FINANCIAL CORP.
Similarity Rank: 1080

MORTGAGE MANAGEMENT CONSULTANTS, INC.
Similarity Rank: 1364

K. HOVNANIAN AMERICAN MORTGAGE, L.L.C.
Similarity Rank: 2414

POINT Mortgage
Similarity Rank: 3835

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	166	$13,030,000	$78,494	$407	7.45%

For 2023, Strata Credit Union's most frequently originated type of loan was Conventional, with 166 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Other	91	$5,685,000	$62,473	$0	7.59%
Home Improvement	56	$3,630,000	$64,821	$0	7.57%
Refi	8	$620,000	$77,500	$0	7.34%
Home Purchase	7	$2,525,000	$360,714	$7,243	5.89%
Cash Out Refi	4	$570,000	$142,500	$3,892	5.47%

For 2023, Strata Credit Union's most frequently cited loan purpose was Other, with 91 originations. The 2nd most popular reason was Home Improvement, with 56 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
20 Year	135	$9,065,000	$67,148	$0	7.59%
15 Year	17	$865,000	$50,882	$258	7.42%
30 Year	10	$2,930,000	$293,000	$6,189	5.66%
10 Year	3	$95,000	$31,667	$0	7.17%
Other	1	$75,000	$75,000	$0	6.75%

For 2023, Strata Credit Union's most frequently cited loan duration was 20 Year, with 135 originations. The 2nd most popular length was 15 Year, with 17 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	152	$9,830,000	$64,671
$2k-3k	5	$945,000	$189,000
$3k-4k	2	$620,000	$310,000
$4k-5k	2	$810,000	$405,000
$1k-2k	1	$85,000	$85,000
$5k+	1	$635,000	$635,000

Strata Credit Union's average total fees were $6,189, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 152 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
7-8%	130	$8,460,000	$65,077
6-7%	18	$1,450,000	$80,556
Over 8%	10	$810,000	$81,000
5-6%	6	$1,760,000	$293,333
4-5%	2	$550,000	$275,000

During 2023, Strata Credit Union's average interest rate for loans was 5.66%, while their most frequently originated rate bucket for loans was 7-8%, with 130 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	136	$7,510,000	$55,221	$23	7.50%
$100k-200k	23	$2,995,000	$130,217	$542	7.62%
$200k-400k	5	$1,475,000	$295,000	$6,315	5.83%
$400k-600k	1	$415,000	$415,000	$8,350	6.75%
$600k-1MM	1	$635,000	$635,000	$10,778	5.38%

2023 saw Strata Credit Union place emphasis on $100,000 or less loans with 136 originations, totaling $7,510,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	44	$4,090,000	$92,955	$637	7.47%
$50k-75k	41	$2,515,000	$61,341	$325	7.35%
$150k-250k	29	$2,585,000	$89,138	$0	7.75%
$75k-100k	27	$1,585,000	$58,704	$169	7.51%
$50k or less	17	$935,000	$55,000	$395	7.26%
$250k+	8	$1,320,000	$165,000	$1,818	6.91%

Strata Credit Union lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $50k-75k, with 41 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	28	$1,760,000	$62,857	$0	7.36%
20-30%	25	$2,215,000	$88,600	$422	7.27%
37%	12	$940,000	$78,333	$868	7.60%
<20%	11	$735,000	$66,818	$342	7.35%
46%	10	$1,000,000	$100,000	$997	7.05%
38%	10	$440,000	$44,000	$0	7.70%
39%	10	$600,000	$60,000	$0	7.73%
44%	10	$590,000	$59,000	$0	7.83%
41%	9	$665,000	$73,889	$703	7.75%
50-60%	8	$550,000	$68,750	$0	7.41%
49%	6	$780,000	$130,000	$1,167	7.08%
36%	5	$855,000	$171,000	$2,156	7.08%
45%	5	$265,000	$53,000	$0	7.30%
40%	5	$235,000	$47,000	$0	7.50%
42%	4	$430,000	$107,500	$0	8.31%
47%	4	$690,000	$172,500	$2,088	7.31%
43%	2	$110,000	$55,000	$0	7.50%
48%	1	$125,000	$125,000	$0	7.50%
>60%	1	$45,000	$45,000	$0	7.50%

Strata Credit Union lent most frequently to those with DTI ratios of 30-36%, with 28 originations. The next most common DTI ratio? 20-30%, with 25 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	136	$10,640,000	$78,235	$429	7.40%
Not provided	13	$1,205,000	$92,692	$696	7.38%
Black	10	$680,000	$68,000	$0	7.40%
Asian	3	$355,000	$118,333	$0	10.75%
American Indian	2	$70,000	$35,000	$0	7.00%
Chinese	1	$45,000	$45,000	$0	7.50%
Samoan	1	$35,000	$35,000	$0	6.50%

Approval Rates

Total approvals of all applications
73.62%

Strata Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
89.16%

Strata Credit Union has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	166	$13,030,000	$78,494

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	166	$13,030,000	$78,494

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	51	$4,795,000	$94,020	$135	7.62%
40-60%	3	$425,000	$141,667	$2,902	6.21%
60-80%	2	$610,000	$305,000	$6,336	5.38%
80-100%	5	$1,915,000	$383,000	$7,606	6.10%
Under 20%	105	$5,285,000	$50,333	$0	7.50%