Wave Federal Credit Union Mortgage Rates, Fees & Info

Warwick, RI

LEI: 549300XPRW4X0ADUZ549

Tax ID: 05-0187807

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Wave Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Wave Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Barnstable Town, and Worcester 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.

    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 6.27% 12/2/24
    30 Year Cash-out Refi 6.27% 12/2/24
    15 Year Conventional Purchase 5.68% 12/2/24
    15 Year Conventional Refi 5.68% 12/2/24
    15 Year Cash-out Refi 5.68% 12/2/24
    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

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

    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

    128

    Origination Dollar Volume (All Markets)

    $17,960,000

    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) 123 $17,055,000 $138,659 $2,733 3.61%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $460,000 $230,000 $11,178 4.18%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $245,000 $245,000 $4,140 2.75%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $200,000 $100,000 $225 4.62%
    Wave Federal Credit Union's top markets include Providence, Boston, Barnstable Town, and Worcester among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • 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.

    Bridgewater Savings Bank
    Similarity Rank: 138
    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    Poli Mortgage Group, Inc.
    Similarity Rank: 352
    Beeline Loans, Inc.
    Similarity Rank: 430
    Sharon & Crescent United Credit Union
    Similarity Rank: 460
    Rhode Island Credit Union
    Similarity Rank: 510
    Bristol County Savings Bank
    Similarity Rank: 592
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 128 $17,960,000 $140,313 $2,849 3.63%

    For 2020, Wave Federal Credit Union's most frequently originated type of loan was Conventional, with 128 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 56 $8,290,000 $148,036 $2,440 3.25%
    Cash Out Refi 54 $7,270,000 $134,630 $2,524 3.71%
    Home Purchase 12 $2,240,000 $186,667 $5,571 4.02%
    Home Improvement 6 $160,000 $26,667 $238 5.62%

    For 2020, Wave Federal Credit Union's most frequently cited loan purpose was Refi, with 56 originations. The 2nd most popular reason was Cash Out Refi, with 54 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 62 $8,180,000 $131,935 $384 3.14%
    30 Year 25 $5,765,000 $230,600 $4,335 3.50%
    15 Year 19 $2,595,000 $136,579 $3,334 3.59%
    20 Year 11 $995,000 $90,455 $3,326 4.98%
    10 Year 7 $275,000 $39,286 $2,059 5.47%
    5 Year 3 $75,000 $25,000 $247 5.83%
    3 Year 1 $75,000 $75,000 $0 2.90%

    For 2020, Wave Federal Credit Union's most frequently cited loan duration was Other, with 62 originations. The 2nd most popular length was 30 Year, with 25 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 57 $8,325,000 $146,053
    3-4% 44 $7,940,000 $180,455
    4-5% 15 $1,285,000 $85,667
    5-6% 5 $155,000 $31,000
    6-7% 5 $215,000 $43,000
    7-8% 1 $15,000 $15,000
    Over 8% 1 $25,000 $25,000

    During 2020, Wave Federal Credit Union's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 2.5-3%, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 51 $7,795,000 $152,843 $3,092 3.22%
    $100,000 or less 48 $2,600,000 $54,167 $871 4.34%
    $200k-400k 27 $6,685,000 $247,593 $3,263 3.16%
    $400k-600k 2 $880,000 $440,000 $7,923 3.13%

    2020 saw Wave Federal Credit Union place emphasis on $100k-200k loans with 51 originations, totaling $7,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 48 $6,770,000 $141,042 $2,424 3.62%
    $50k-75k 34 $3,810,000 $112,059 $2,998 3.86%
    $150k-250k 20 $3,640,000 $182,000 $3,258 3.26%
    $75k-100k 16 $2,270,000 $141,875 $3,323 3.65%
    $50k or less 7 $635,000 $90,714 $2,303 3.76%
    $250k+ 3 $835,000 $278,333 $4,064 3.08%

    Wave Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $50k-75k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $6,265,000 $169,324 $3,656 3.49%
    30-36% 34 $4,760,000 $140,000 $2,975 4.02%
    <20% 20 $2,470,000 $123,500 $2,096 3.21%
    39% 8 $1,360,000 $170,000 $2,700 3.84%
    41% 6 $630,000 $105,000 $2,149 3.35%
    40% 5 $415,000 $83,000 $1,951 4.44%
    38% 5 $495,000 $99,000 $3,443 3.50%
    37% 4 $360,000 $90,000 $227 3.56%
    36% 4 $530,000 $132,500 $4,140 3.54%
    44% 2 $350,000 $175,000 $3,200 3.00%
    42% 1 $85,000 $85,000 $0 3.25%
    43% 1 $175,000 $175,000 $0 2.99%
    50-60% 1 $65,000 $65,000 $2,880 3.25%

    Wave Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 116 $15,640,000 $134,828 $2,607 3.67%
    Not provided 8 $1,590,000 $198,750 $3,824 3.14%
    Black 4 $730,000 $182,500 $4,862 3.22%

    Approval Rates

    Total approvals of all applications
    100.00%

    Wave 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 origination
    98.44%

    Wave Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 128 $17,960,000 $140,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $25,000 $25,000
    Single Family (1-4 Units):Site-Built 127 $17,935,000 $141,220

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $2,740,000 $91,333 $1,454 3.82%
    40-60% 26 $4,250,000 $163,462 $3,213 3.07%
    60-80% 42 $8,980,000 $213,810 $3,575 3.25%
    80-100% 4 $980,000 $245,000 $3,604 3.53%
    Under 20% 26 $1,010,000 $38,846 $574 4.59%