Sound Community Bank Mortgage Rates, Fees & Info

Seattle, WA

LEI: 549300U8DCOOTG96YM89

Tax ID: 91-0619653

5 stars - Updated: 6/23/24 - out of 5 stars, based on 18 reviews

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

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Mortgage Data

Review & Overview

Sound Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Sound Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Port Angeles, Bremerton, Olympia, and Portland among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Sound Community Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Sound Community Bank 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 6.55% 6/23/24
30 Year Conventional Refi 6.77% 6/23/24
30 Year Cash-out Refi 6.81% 6/23/24
15 Year Conventional Purchase 9.13% 6/23/24
15 Year Conventional Refi 7.14% 6/23/24
15 Year Cash-out Refi 7.14% 6/23/24
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.

Sound Community Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Sound Community Bank. 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

318

Origination Dollar Volume (All Markets)

$65,630,000

Relative Rate

Sound Community Bank's average 30 year fixed mortgage rate was 7.2%.

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

This yields a difference of 0.72%.

Relative Fees (Closing Costs)

Sound Community Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,755.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 154 $34,150,000 $221,753 $6,382 8.58%
Port Angeles, WA (FHA|USDA|VA) 102 $18,990,000 $186,176 $4,884 7.51%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 14 $3,390,000 $242,143 $6,375 7.75%
Outside of Metro Areas 9 $1,905,000 $211,667 $5,687 7.79%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 11 $1,695,000 $154,091 $5,971 8.49%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $1,180,000 $295,000 $4,167 8.03%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $1,065,000 $1,065,000 $18,688 7.13%
BELLINGHAM, WA (FHA|USDA|VA) 2 $660,000 $330,000 $5,994 7.13%
BEND, OR (FHA|USDA|VA) 1 $445,000 $445,000 $0 6.88%
WENATCHEE, WA (FHA|USDA|VA) 2 $410,000 $205,000 $0 8.19%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 3 $365,000 $121,667 $6,550 8.46%
Centralia, WA (FHA|USDA|VA) 3 $355,000 $118,333 $4,939 8.42%
Aberdeen, WA (FHA|USDA|VA) 3 $275,000 $91,667 $4,727 8.83%
Shelton, WA (FHA|USDA|VA) 1 $195,000 $195,000 $6,201 8.38%
Oak Harbor, WA (FHA|USDA|VA) 1 $185,000 $185,000 $5,552 7.88%
WALLA WALLA, WA (FHA|USDA|VA) 3 $165,000 $55,000 $0 9.04%
Moses Lake, WA (FHA|USDA|VA) 1 $75,000 $75,000 $0 9.63%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.50%
LONGVIEW, WA (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.88%
Pullman, WA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.88%
Sound Community Bank's top markets include Seattle, Port Angeles, Bremerton, Olympia, and Portland among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Similar Lenders

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

    KITSAP Credit Union
    Similarity Rank: 238
    LO, INC.
    Similarity Rank: 492
    CU HOME MORTGAGE SOLUTIONS, LLC
    Similarity Rank: 693
    MORTGAGE LENDING GROUP LLC
    Similarity Rank: 1408
    America's Credit Union
    Similarity Rank: 1610
    South Pacific Financial Corporation
    Similarity Rank: 1716
    East West Bank
    Similarity Rank: 1739
    SOUND
    Similarity Rank: 1782

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 317 $65,235,000 $205,789 $5,518 8.15%
    VA 1 $395,000 $395,000 $6,258 6.75%

    For 2023, Sound Community Bank's most frequently originated type of loan was Conventional, with 317 originations. Their 2nd most popular type was VA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 200 $39,740,000 $198,700 $6,797 8.46%
    Cash Out Refi 80 $9,580,000 $119,750 $4,084 7.91%
    Refi 38 $16,310,000 $429,211 $5,894 7.01%

    For 2023, Sound Community Bank's most frequently cited loan purpose was Home Purchase, with 200 originations. The 2nd most popular reason was Cash Out Refi, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 184 $17,810,000 $96,793 $3,942 8.85%
    30 Year 99 $42,595,000 $430,253 $6,755 7.20%
    15 Year 17 $2,885,000 $169,706 $5,773 7.29%
    Other 11 $1,345,000 $122,273 $3,233 7.10%
    10 Year 7 $995,000 $142,143 $2,358 6.77%

    For 2023, Sound Community Bank's most frequently cited loan duration was 20 Year, with 184 originations. The 2nd most popular length was 30 Year, with 99 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 146 $20,160,000 $138,082
    $<1k 64 $3,130,000 $48,906
    $2k-3k 27 $4,545,000 $168,333
    $5k+ 20 $13,210,000 $660,500
    $3k-4k 17 $4,105,000 $241,471
    $4k-5k 8 $2,660,000 $332,500

    Sound Community Bank's average total fees were $6,755, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 146 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 184 $19,740,000 $107,283
    7-8% 64 $16,020,000 $250,313
    6-7% 61 $25,495,000 $417,951
    5-6% 8 $2,890,000 $361,250
    4-5% 1 $1,485,000 $1,485,000

    During 2023, Sound Community Bank's average interest rate for loans was 7.20%, while their most frequently originated rate bucket for loans was Over 8%, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 128 $8,010,000 $62,578 $3,312 8.60%
    $100k-200k 99 $13,695,000 $138,333 $4,675 8.54%
    $200k-400k 60 $17,020,000 $283,667 $5,727 7.28%
    $400k-600k 17 $8,035,000 $472,647 $7,001 6.78%
    $1MM+ 9 $15,495,000 $1,721,667 $17,377 6.53%
    $600k-1MM 5 $3,375,000 $675,000 $10,966 6.90%

    2023 saw Sound Community Bank place emphasis on $100,000 or less loans with 128 originations, totaling $8,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 71 $9,185,000 $129,366 $4,946 8.36%
    $75k-100k 68 $9,470,000 $139,265 $4,398 8.39%
    $100k-150k 55 $9,045,000 $164,455 $4,862 8.21%
    $50k or less 46 $3,660,000 $79,565 $4,234 8.61%
    $150k-250k 44 $9,490,000 $215,682 $5,432 7.59%
    $250k+ 27 $15,055,000 $557,593 $10,523 7.41%

    Sound Community Bank lent most frequently to those with incomes in the $50k-75k range, with 71 originations. The second most popular income band? $75k-100k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 53 $8,905,000 $168,019 $4,977 8.25%
    20-30% 51 $6,655,000 $130,490 $4,854 8.16%
    38% 24 $4,560,000 $190,000 $4,926 7.98%
    40% 21 $5,005,000 $238,333 $7,323 8.26%
    <20% 17 $4,305,000 $253,235 $6,648 7.36%
    42% 17 $3,575,000 $210,294 $6,358 8.53%
    37% 15 $3,945,000 $263,000 $7,152 8.33%
    41% 13 $3,315,000 $255,000 $6,587 8.16%
    45% 12 $2,050,000 $170,833 $3,978 8.29%
    43% 11 $1,065,000 $96,818 $3,657 8.93%
    46% 11 $1,195,000 $108,636 $4,630 8.49%
    44% 11 $1,795,000 $163,182 $5,641 8.41%
    50-60% 10 $1,860,000 $186,000 $7,111 8.08%
    39% 10 $1,420,000 $142,000 $3,605 7.79%
    48% 10 $1,730,000 $173,000 $7,057 8.04%
    49% 9 $1,715,000 $190,556 $7,084 7.97%
    36% 8 $890,000 $111,250 $4,620 8.33%
    47% 7 $1,385,000 $197,857 $3,094 8.07%
    >60% 2 $560,000 $280,000 $7,650 7.81%

    Sound Community Bank lent most frequently to those with DTI ratios of 30-36%, with 53 originations. The next most common DTI ratio? 20-30%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 242 $39,890,000 $164,835 $5,181 8.15%
    Not provided 40 $11,510,000 $287,750 $8,006 8.12%
    Not applicable 6 $9,700,000 $1,616,667 $0 6.43%
    Asian 12 $1,700,000 $141,667 $5,242 8.80%
    American Indian 7 $965,000 $137,857 $4,751 7.61%
    Black 5 $635,000 $127,000 $3,371 8.95%
    Asian Indian 1 $455,000 $455,000 $0 7.63%
    Vietnamese 1 $335,000 $335,000 $0 6.75%
    Filipino 1 $185,000 $185,000 $0 9.38%
    Native Hawaiian or Islander 2 $160,000 $80,000 $0 9.38%
    Other Asian 1 $95,000 $95,000 $0 9.38%

    Approval Rates

    Total approvals of all applications
    81.04%

    Sound Community Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    94.03%

    Sound Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1020.73 1 $65,000 $65,000
    1024.57 1 $65,000 $65,000
    1041.77 1 $75,000 $75,000
    1049.7 1 $75,000 $75,000
    1057.68 1 $75,000 $75,000
    1058.4 1 $75,000 $75,000
    1062.14 1 $75,000 $75,000
    1065.72 1 $75,000 $75,000
    1066.12 1 $65,000 $65,000
    1066.73 1 $75,000 $75,000
    1078.74 1 $75,000 $75,000
    1091.01 1 $75,000 $75,000
    1109.54 1 $75,000 $75,000
    1130.16 1 $85,000 $85,000
    1139.64 1 $85,000 $85,000
    1148.1 1 $85,000 $85,000
    1155.64 1 $75,000 $75,000
    1158.65 1 $85,000 $85,000
    1187.32 1 $85,000 $85,000
    1190.62 1 $85,000 $85,000
    1195.32 1 $85,000 $85,000
    1201.75 1 $85,000 $85,000
    1206.6 1 $85,000 $85,000
    1215.91 1 $95,000 $95,000
    1217.72 1 $95,000 $95,000
    1220.25 1 $95,000 $95,000
    1224.06 1 $95,000 $95,000
    1244.08 1 $75,000 $75,000
    1244.67 1 $85,000 $85,000
    1250.27 1 $85,000 $85,000
    1256.9 1 $65,000 $65,000
    1277.47 1 $95,000 $95,000
    1285.99 1 $95,000 $95,000
    1286.23 1 $95,000 $95,000
    1286.34 1 $95,000 $95,000
    1290.53 1 $95,000 $95,000
    1295.16 1 $105,000 $105,000
    1306.72 1 $95,000 $95,000
    1307.56 1 $105,000 $105,000
    1313.01 1 $85,000 $85,000
    1315.8 1 $105,000 $105,000
    1320.28 1 $95,000 $95,000
    1322.64 1 $105,000 $105,000
    1325.09 1 $105,000 $105,000
    1325.26 1 $95,000 $95,000
    1350.44 1 $105,000 $105,000
    1360.77 1 $105,000 $105,000
    1365.09 1 $105,000 $105,000
    1385.36 1 $55,000 $55,000
    1394.25 1 $95,000 $95,000
    1408.99 1 $105,000 $105,000
    1425.22 1 $115,000 $115,000
    1435.7 1 $115,000 $115,000
    1470.28 1 $115,000 $115,000
    1472.33 1 $115,000 $115,000
    1483.97 1 $125,000 $125,000
    1488.66 1 $115,000 $115,000
    1489.88 1 $115,000 $115,000
    1494.94 1 $125,000 $125,000
    1519.63 1 $125,000 $125,000
    1521.61 1 $125,000 $125,000
    1533.84 1 $125,000 $125,000
    1539.31 1 $115,000 $115,000
    1542.06 1 $125,000 $125,000
    1546.61 1 $125,000 $125,000
    1561.92 1 $125,000 $125,000
    1566.06 1 $125,000 $125,000
    1567.68 1 $125,000 $125,000
    1575.78 1 $125,000 $125,000
    1606.37 1 $125,000 $125,000
    1613.17 1 $125,000 $125,000
    1621.42 1 $125,000 $125,000
    1647.37 1 $135,000 $135,000
    1668.49 1 $135,000 $135,000
    1675.12 1 $125,000 $125,000
    1681.53 1 $135,000 $135,000
    1687.03 1 $135,000 $135,000
    1687.92 1 $135,000 $135,000
    1722.51 1 $145,000 $145,000
    1735.6 1 $105,000 $105,000
    1737.58 1 $145,000 $145,000
    1750.55 1 $145,000 $145,000
    1777.94 1 $145,000 $145,000
    1789.46 1 $145,000 $145,000
    1795.9 1 $145,000 $145,000
    1802.1 1 $155,000 $155,000
    1821.05 1 $145,000 $145,000
    1863.86 1 $155,000 $155,000
    1877.3 1 $75,000 $75,000
    1883.98 1 $145,000 $145,000
    1889.18 1 $85,000 $85,000
    1901.94 1 $145,000 $145,000
    1913.01 1 $155,000 $155,000
    1946.2 1 $105,000 $105,000
    1962.7 1 $125,000 $125,000
    1966.66 1 $155,000 $155,000
    1995.56 1 $175,000 $175,000
    2008.94 1 $165,000 $165,000
    2015.0 1 $165,000 $165,000
    2016.12 1 $175,000 $175,000
    2123.69 1 $155,000 $155,000
    2128.04 1 $185,000 $185,000
    2146.55 1 $125,000 $125,000
    2352.51 1 $65,000 $65,000
    2395.82 1 $185,000 $185,000
    2749.52 1 $235,000 $235,000
    2929.72 1 $265,000 $265,000
    752.3 1 $45,000 $45,000
    770.0 1 $45,000 $45,000
    777.37 1 $45,000 $45,000
    778.24 1 $45,000 $45,000
    780.49 1 $45,000 $45,000
    780.99 1 $35,000 $35,000
    781.24 1 $55,000 $55,000
    781.94 1 $35,000 $35,000
    786.36 1 $45,000 $45,000
    786.54 1 $35,000 $35,000
    787.19 1 $55,000 $55,000
    789.06 1 $55,000 $55,000
    792.98 1 $35,000 $35,000
    793.24 1 $55,000 $55,000
    796.18 1 $45,000 $45,000
    798.12 1 $45,000 $45,000
    798.44 1 $35,000 $35,000
    805.72 1 $45,000 $45,000
    811.62 1 $25,000 $25,000
    814.7 1 $45,000 $45,000
    815.58 1 $45,000 $45,000
    826.04 1 $45,000 $45,000
    831.77 1 $25,000 $25,000
    847.6 1 $55,000 $55,000
    850.93 1 $25,000 $25,000
    856.66 1 $45,000 $45,000
    862.5 1 $55,000 $55,000
    866.76 1 $55,000 $55,000
    868.26 1 $55,000 $55,000
    870.56 1 $55,000 $55,000
    872.54 1 $55,000 $55,000
    876.2 1 $45,000 $45,000
    877.63 1 $25,000 $25,000
    882.84 1 $55,000 $55,000
    888.41 1 $55,000 $55,000
    910.14 1 $55,000 $55,000
    925.88 1 $65,000 $65,000
    936.8 1 $65,000 $65,000
    942.98 1 $45,000 $45,000
    978.78 1 $45,000 $45,000
    984.77 1 $45,000 $45,000
    988.91 1 $65,000 $65,000
    993.06 1 $65,000 $65,000
    NA 168 $51,530,000 $306,726

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    318 $65,630,000 $206,384

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $5,100,000 $159,375 $4,793 7.62%
    40-60% 37 $10,235,000 $276,622 $6,824 7.61%
    60-80% 98 $26,270,000 $268,061 $6,304 8.14%
    80-100% 106 $20,560,000 $193,962 $7,497 8.74%
    Under 20% 43 $2,785,000 $64,767 $3,474 7.66%