Spokane Teachers Mortgage Rates, Fees & Info
Liberty Lake, WALEI: 549300TUSRLWD8ETNR90
Tax ID: 91-0565128
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Mortgage Data
Review & Overview
Spokane Teachers is a smaller mortgage company specializing in Home Improvement, Home Purchase, and Refi loans. Spokane Teachers has a high proportion of conventional loans. Their top markets by origination volume include: Spokane, Kennewick, Seattle, Sandpoint, and Othello among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)Spokane Teachers 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. Spokane Teachers 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/17/24 |
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.28% | 11/17/24 |
| 30 Year Cash-out Refi | 6.51% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 5.79% | 11/17/24 |
| 15 Year Conventional Refi | 6.21% | 11/17/24 |
| 15 Year Cash-out Refi | 6.21% | 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. | ||
Spokane Teachers Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,381Origination Dollar Volume (All Markets)
$351,455,000Awards
SPOKANE TEACHERS - 2023
SPOKANE TEACHERS is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Spokane Teachers's average 30 year fixed mortgage rate was
8.96%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 2.48%.
Relative Fees (Closing Costs)
Spokane Teachers's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,558.
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 |
|---|---|---|---|---|---|
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1,605 | $216,595,000 | $134,950 | $4,162 | 8.87% |
| Outside of Metro Areas | 285 | $40,995,000 | $143,842 | $3,713 | 9.07% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 121 | $28,765,000 | $237,727 | $3,587 | 9.16% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 26 | $16,670,000 | $641,154 | $3,439 | 9.08% |
| Outside of Metro Areas | 125 | $13,815,000 | $110,520 | $3,350 | 9.06% |
| Sandpoint, ID (FHA|USDA|VA) | 75 | $11,665,000 | $155,533 | $5,173 | 8.75% |
| Othello, WA (FHA|USDA|VA) | 24 | $5,190,000 | $216,250 | $4,643 | 8.71% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 4 | $3,300,000 | $825,000 | $0 | 8.58% |
| Moses Lake, WA (FHA|USDA|VA) | 27 | $3,005,000 | $111,296 | $4,392 | 8.76% |
| Pullman, WA (FHA|USDA|VA) | 14 | $1,810,000 | $129,286 | $5,747 | 8.80% |
| YAKIMA, WA (FHA|USDA|VA) | 12 | $1,460,000 | $121,667 | $5,515 | 9.16% |
| WALLA WALLA, WA (FHA|USDA|VA) | 8 | $1,240,000 | $155,000 | $4,094 | 8.90% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 8 | $1,230,000 | $153,750 | $5,472 | 7.78% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 5 | $765,000 | $153,000 | $3,470 | 8.89% |
| WENATCHEE, WA (FHA|USDA|VA) | 10 | $750,000 | $75,000 | $2,383 | 8.99% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $6,836 | 6.56% |
| BILLINGS, MT (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $7,556 | 6.00% |
| Shelton, WA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $7,265 | 8.18% |
| Astoria, OR (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $7,599 | 8.43% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $6,946 | 6.25% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 7 | $405,000 | $57,857 | $210 | 9.85% |
| IDAHO FALLS, ID (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $10,875 | 6.00% |
| Ellensburg, WA (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $1,100 | 9.16% |
| BELLINGHAM, WA (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 9.32% |
| The Dalles, OR (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,430 | 6.38% |
| BEND, OR (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 9.37% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 10.74% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.24% |
| Moscow, ID (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 9.62% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 9.24% |
| La Grande, OR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,000 | 9.24% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 12.74% |
Similar Lenders
We use machine learning to identify the top lenders compared against SPOKANE TEACHERS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 15
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 1,684 | $158,120,000 | $93,895 | n/a | 9.42% |
| Conventional | 697 | $193,335,000 | $277,382 | $4,112 | 7.68% |
For 2023, Spokane Teachers's most frequently originated type of loan was HELOC, with 1,684 originations. Their 2nd most popular type was Conventional, with 697 originations.
Loan Reason
For 2023, Spokane Teachers's most frequently cited loan purpose was Home Improvement, with 959 originations. The 2nd most popular reason was Other, with 629 originations.
Loan Duration/Length
For 2023, Spokane Teachers's most frequently cited loan duration was 30 Year, with 2,022 originations. The 2nd most popular length was 20 Year, with 134 originations.
Origination Fees/Closing Costs
Spokane Teachers's average total fees were $6,558, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 281 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 1,964 | $177,470,000 | $90,362 |
| 6-7% | 239 | $99,775,000 | $417,469 |
| 7-8% | 114 | $31,840,000 | $279,298 |
| 5-6% | 57 | $42,255,000 | $741,316 |
| <2.5% | 7 | $115,000 | $16,429 |
During 2023, Spokane Teachers's average interest rate for loans was 8.96%, while their most frequently originated rate bucket for loans was Over 8%, with 1,964 originations.
Loan Sizing
2023 saw Spokane Teachers place emphasis on $100,000 or less loans with 1,345 originations, totaling $70,835,000 in origination value.
Applicant Income
Spokane Teachers lent most frequently to those with incomes in the $100k-150k range, with 731 originations. The second most popular income band? $150k-250k, with 480 originations.
Applicant Debt to Income Ratio
Spokane Teachers lent most frequently to those with DTI ratios of 30-36%, with 450 originations. The next most common DTI ratio? 20-30%, with 410 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.44%
Spokane Teachers has a below average approval rate.
Pick Rate
Approvals leading to origination69.34%
Spokane Teachers 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 | 2,381 | $351,455,000 | $147,608 |