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 Cash Out Refi loans. Wave Federal Credit Union has a high proportion of conventional loans. Their top two markets are Providence and Boston .

    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

    90

    Origination Dollar Volume (All Markets)

    $13,790,000

    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) 88 $13,700,000 $155,682 $3,032 3.80%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $90,000 $45,000 $0 4.12%
    Wave Federal Credit Union's top markets include Providence and Boston among others.

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

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    Bridgewater Savings Bank
    Similarity Rank: 224
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    Dedham Institution for Savings
    Similarity Rank: 518
    Rhode Island Credit Union
    Similarity Rank: 524
    ROCKLAND
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 90 $13,790,000 $153,222 $3,032 3.81%

    For 2021, Wave Federal Credit Union's most frequently originated type of loan was Conventional, with 90 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 62 $10,520,000 $169,677 $3,237 3.61%
    Refi 13 $2,005,000 $154,231 $2,266 3.30%
    Home Improvement 8 $480,000 $60,000 $154 5.33%
    Home Purchase 6 $740,000 $123,333 $4,098 4.25%
    Other 1 $45,000 $45,000 $0 7.74%

    For 2021, Wave Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 62 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 27 $3,275,000 $121,296 $2,787 4.86%
    Other 20 $2,590,000 $129,500 $654 2.88%
    15 Year 16 $2,770,000 $173,125 $3,577 3.44%
    30 Year 15 $3,795,000 $253,000 $4,448 3.50%
    10 Year 10 $1,300,000 $130,000 $189 3.94%
    3 Year 1 $35,000 $35,000 $0 2.99%
    5 Year 1 $25,000 $25,000 $0 3.99%

    For 2021, Wave Federal Credit Union's most frequently cited loan duration was 20 Year, with 27 originations. The 2nd most popular length was Other, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 42 $7,200,000 $171,429
    3-4% 17 $3,975,000 $233,824
    4-5% 16 $1,400,000 $87,500
    5-6% 6 $450,000 $75,000
    6-7% 6 $290,000 $48,333
    7-8% 2 $190,000 $95,000
    <2.5% 1 $285,000 $285,000

    During 2021, 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 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $1,910,000 $53,056 $1,163 4.67%
    $200k-400k 26 $6,800,000 $261,538 $4,162 3.08%
    $100k-200k 25 $3,615,000 $144,600 $2,420 3.43%
    $400k-600k 3 $1,465,000 $488,333 $4,551 3.00%

    2021 saw Wave Federal Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 26 $4,250,000 $163,462 $3,050 3.86%
    $150k-250k 22 $4,880,000 $221,818 $3,584 3.58%
    $50k-75k 15 $1,285,000 $85,667 $2,302 4.38%
    $75k-100k 13 $1,735,000 $133,462 $3,493 3.25%
    $50k or less 10 $630,000 $63,000 $1,419 4.12%
    $250k+ 4 $1,010,000 $252,500 $4,674 3.65%

    Wave Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $150k-250k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 30 $4,750,000 $158,333 $3,454 3.56%
    30-36% 16 $2,320,000 $145,000 $1,922 3.87%
    <20% 10 $1,360,000 $136,000 $2,082 3.41%
    42% 7 $1,335,000 $190,714 $3,906 4.35%
    40% 5 $615,000 $123,000 $2,522 3.89%
    37% 5 $425,000 $85,000 $3,848 4.87%
    39% 4 $450,000 $112,500 $2,406 4.06%
    36% 4 $1,060,000 $265,000 $3,403 3.00%
    41% 4 $850,000 $212,500 $3,570 3.62%
    38% 3 $265,000 $88,333 $2,932 4.62%
    44% 1 $285,000 $285,000 $5,259 2.50%
    >60% 1 $75,000 $75,000 $0 6.49%

    Wave Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 72 $10,900,000 $151,389 $2,834 3.78%
    Not provided 14 $2,600,000 $185,714 $4,348 3.84%
    Black 2 $180,000 $90,000 $1,808 4.75%
    Asian 1 $65,000 $65,000 $0 4.24%
    American Indian 1 $45,000 $45,000 $0 2.75%

    Approval Rates

    Total approvals of all applications
    90.65%

    Wave Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.33%

    Wave Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    280.0 1 $65,000 $65,000
    NA 89 $13,725,000 $154,213

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    90 $13,790,000 $153,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,655,000 $87,105 $2,253 3.86%
    40-60% 20 $3,590,000 $179,500 $2,520 3.38%
    60-80% 28 $7,560,000 $270,000 $4,415 3.17%
    Under 20% 23 $985,000 $42,826 $205 4.92%