Wave Federal Credit Union Mortgage Rates, Fees & Info
Warwick, RILEI: 549300XPRW4X0ADUZ549
Tax ID: 05-0187807
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Wave Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Wave Federal Credit Union has a high proportion of conventional loans. Their top two markets are Providence and Worcester .Wave Federal 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. Wave Federal 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/3/24 |
| 30 Year Cash-out Refi | 6.27% | 12/3/24 |
| 15 Year Conventional Purchase | 5.68% | 12/3/24 |
| 15 Year Conventional Refi | 5.68% | 12/3/24 |
| 15 Year Cash-out Refi | 5.68% | 12/3/24 |
| 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. | ||
Wave Federal Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Wave Federal 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
88Origination Dollar Volume (All Markets)
$9,450,000Relative Rate
Wave Federal Credit Union's average 30 year fixed mortgage rate was
6.85%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
Wave Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,237.
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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 87 | $9,435,000 | $108,448 | $3,463 | 7.21% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $278 | 8.49% |
Similar Lenders
We use machine learning to identify the top lenders compared against WAVE FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
Similarity Rank: 45
Similarity Rank: 48
Similarity Rank: 50
Similarity Rank: 96
Similarity Rank: 124
Similarity Rank: 135
Similarity Rank: 136
Similarity Rank: 168
Similarity Rank: 192
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 87 | $9,375,000 | $107,759 | $3,336 | 7.21% |
| HELOC | 1 | $75,000 | $75,000 | n/a | 8.50% |
For 2023, Wave Federal Credit Union's most frequently originated type of loan was Conventional, with 87 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2023, Wave Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 68 originations. The 2nd most popular reason was Home Purchase, with 12 originations.
Loan Duration/Length
For 2023, Wave Federal Credit Union's most frequently cited loan duration was 20 Year, with 36 originations. The 2nd most popular length was 10 Year, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 37 | $4,315,000 | $116,622 |
| 7-8% | 26 | $3,120,000 | $120,000 |
| Over 8% | 14 | $870,000 | $62,143 |
| 5-6% | 11 | $1,145,000 | $104,091 |
During 2023, Wave Federal Credit Union's average interest rate for loans was 6.85%, while their most frequently originated rate bucket for loans was 6-7%, with 37 originations.
Loan Sizing
2023 saw Wave Federal Credit Union place emphasis on $100,000 or less loans with 57 originations, totaling $2,555,000 in origination value.
Applicant Income
Wave Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $75k-100k, with 21 originations.
Applicant Debt to Income Ratio
Wave Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.39%
Wave Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination89.77%
Wave Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 88 | $9,450,000 | $107,386 |