Wave Federal Credit Union Mortgage Rates, Fees & Info
Warwick, RILEI: 549300XPRW4X0ADUZ549
Tax ID: 05-0187807
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Mortgage Data
Review & Overview
Wave Federal Credit Union is a smaller credit union specializing in Refi loans. Wave Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Augusta, Barnstable Town, and Norwich among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Wave Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Wave Federal Credit Union is typically a low 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 about average 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% | 5/13/24 |
| 30 Year Cash-out Refi | 6.27% | 5/13/24 |
| 15 Year Conventional Purchase | 5.68% | 5/13/24 |
| 15 Year Conventional Refi | 5.68% | 5/13/24 |
| 15 Year Cash-out Refi | 5.68% | 5/13/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
60Origination Dollar Volume (All Markets)
$6,130,000Top 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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 56 | $5,770,000 | $103,036 | $1,698 | 4.69% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 3.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,064 | 4.25% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 2 | $30,000 | $15,000 | $225 | 5.37% |
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: 23
Similarity Rank: 38
Similarity Rank: 60
Similarity Rank: 66
Similarity Rank: 66
Similarity Rank: 99
Similarity Rank: 140
Similarity Rank: 168
Similarity Rank: 189
Similarity Rank: 234
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 60 | $6,130,000 | $102,167 | $1,421 | 4.67% |
For 2018, Wave Federal Credit Union's most frequently originated type of loan was Conventional, with 60 originations.
Loan Reason
For 2018, Wave Federal Credit Union's most frequently cited loan purpose was Refi, with 45 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.
Loan Duration/Length
For 2018, Wave Federal Credit Union's most frequently cited loan duration was Other, with 25 originations. The 2nd most popular length was 20 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $230,000 | $115,000 |
Wave Federal Credit Union's average total fees were $3,118, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
During 2018, Wave Federal Credit Union's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 3-4%, with 22 originations.
Loan Sizing
2018 saw Wave Federal Credit Union place emphasis on $100,000 or less loans with 38 originations, totaling $2,100,000 in origination value.
Applicant Income
Wave Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
Wave Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 13 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.14%
Wave Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination93.33%
Wave Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 117.0 | 1 | $15,000 | $15,000 |
| 239.0 | 1 | $15,000 | $15,000 |
| 737.5 | 1 | $145,000 | $145,000 |
| NA | 57 | $5,955,000 | $104,474 |