Wheatland Federal Credit Union Mortgage Rates, Fees & Info
Lancaster, PALEI: 549300XC63WNGFOIVV43
Tax ID: 23-1357097
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Mortgage Data
Review & Overview
Wheatland Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Wheatland Federal Credit Union has a high proportion of conventional loans. Their top two markets are Lancaster and York .Wheatland Federal Credit Union has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.34% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 6.20% | 11/17/24 |
| 15 Year Cash-out Refi | 6.20% | 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. | ||
Wheatland Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
17Origination Dollar Volume (All Markets)
$1,255,000Top 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 |
|---|---|---|---|---|---|
| LANCASTER, PA (FHA|USDA|VA) | 16 | $1,240,000 | $77,500 | $867 | 4.56% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $340 | 4.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 13 | $1,025,000 | $78,846 | $827 | 4.46% |
| HELOC | 4 | $230,000 | $57,500 | n/a | 4.93% |
For 2019, Wheatland Federal Credit Union's most frequently originated type of loan was Conventional, with 13 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
For 2019, Wheatland Federal Credit Union's most frequently cited loan purpose was Refi, with 7 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 12 | $670,000 | $55,833 | $629 | 4.66% |
| 15 Year | 4 | $460,000 | $115,000 | $781 | 4.38% |
| Other | 1 | $125,000 | $125,000 | $2,588 | 4.25% |
For 2019, Wheatland Federal Credit Union's most frequently cited loan duration was 10 Year, with 12 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 |
|---|---|---|---|
| $<1k | 8 | $600,000 | $75,000 |
| $1k-2k | 3 | $255,000 | $85,000 |
| $2k-3k | 1 | $125,000 | $125,000 |
Wheatland Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 11 | $845,000 | $76,818 |
| 3-4% | 4 | $290,000 | $72,500 |
| 5-6% | 2 | $120,000 | $60,000 |
During 2019, Wheatland Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 11 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 13 | $725,000 | $55,769 | $575 | 4.65% |
| $100k-200k | 4 | $530,000 | $132,500 | $1,666 | 4.31% |
2019 saw Wheatland Federal Credit Union place emphasis on $100,000 or less loans with 13 originations, totaling $725,000 in origination value.
Applicant Income
Wheatland Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $100k-150k, with 5 originations.
Applicant Debt to Income Ratio
Wheatland Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? <20%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 15 | $1,135,000 | $75,667 | $901 | 4.50% |
| Other Asian | 1 | $75,000 | $75,000 | $340 | 4.75% |
| Black | 1 | $45,000 | $45,000 | $495 | 5.50% |
Approval Rates
Total approvals of all applications100.00%
Wheatland Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 187.5 | 2 | $70,000 | $35,000 |
| 189.75 | 1 | $55,000 | $55,000 |
| 222.5 | 1 | $105,000 | $105,000 |
| NA | 13 | $1,025,000 | $78,846 |