WSECU Mortgage Review

The Washington State Employees Credit Union (WSECU) provides financial services to eligible employees in Washington State. WSECU was founded in 1957 by 40 state employees.

In 1958, the charter expanded its service to include all state employees, Washington State Employees Association, Washington Federation of State Employees, and Credit Union Employees. WSECU became a community-chartered credit union in 2013.

In 2009, WSECU opened its current headquarters in Olympia, the state’s capital city. The building was awarded LEEDS Gold by the U.S. Green Building Council for its sustainability. There are 14 branches located throughout the state, in both large cities and small towns.

WSECU offers a variety of financial services, including savings, checking, consumer loans, mortgages, credit cards, online banking, and investments.

WSECU is a not-for-profit financial institution. It is currently the second-largest credit union in Washington state, following Boeing Employees’ Credit Union (BECU). They provide a variety of financial services to eligible individuals who live, work, or attend school in Washington state.

Since WSECU offers its service to a select group of people, it provides competitive rates in comparison to industry standards. It also offers a variety of purchase and refinance options, including fixed-rate, adjustable-rate, and jumbo mortgages.

WSECU Mortgage Rates

WSECU Loan Specifics

WSECU offers competitive rates to members on both conventional and non-conforming mortgages and refinance loans. Eligible members can see significant savings on their monthly costs when applying for a loan through this credit union instead of traditional lenders.

WSECU Fixed Rate Loans

Fixed-rate loans offer a monthly rate that does not change throughout the life of the loan. Fixed-rate mortgages are the best fit for homebuyers who plan on living in their home for a long time. They are also desirable for individuals who want consistent monthly payments that allow for easy budgeting over several years.

WSECU offers fixed-rate home loans to qualifying members at lengths of 15, 20, and 30 years. Typically, WSECU requires its homeowners to put 20 percent down on the home for fixed-rate mortgages.

WSECU Adjustable Rate Loans

With an adjustable-rate mortgage (ARM), borrowers will receive low starting rates that last a specified number of years. After this period ends, the low rate will begin to fluctuate based on market trends. Most lenders will offer caps on these types of home loans and refinances, providing a rate ceiling that prevents them from becoming too expensive.

WSECU offers ARMs with initial rates of three, five, and seven years. The credit union considers these loans to be the best fit for homebuyers who plan on moving or refinancing in the next few years.

WSECU Jumbo Loans

When homebuyers need to take out a larger home loan, they may need to invest in a nonconforming, jumbo loan. These types of mortgages cover more than the limits set by major financial institutions Fannie Mae and Freddie Mac, which is currently set at $484,350. WSECU does not charge origination fees on jumbo loans, which can save homebuyers thousands of dollars in upfront costs.

WSECU First-Time Homebuyer Loans

WSECU wants to empower first-time homebuyers by providing them with affordable mortgage options. They provide an 80/20 mortgage loan, which breaks down their mortgage into 80 percent conventional first mortgage and 20% fixed-rate second mortgage.

With this program, homebuyers do not need to invest in private mortgage insurance. WSECU also offers 100 percent First Mortgage loans, which provide competitive ARM rates and private mortgage insurance at a lower rate than standard premiums.

Overview of WSECU’s Diverse Loan Offerings

Loan Type	Features
WSECU Loan Options	• Competitive Rates for Conventional, Non-Conforming Mortgages • Savings Compared to Traditional Lenders
WSECU Fixed Rate Loans	• Stable Rates for Predictable Payments • 15, 20, and 30-Year Options. Requires 20% Down Payment
WSECU Adjustable Rate Loans	• Low Initial Rates for 3, 5, and 7 Years • Suitable for Potential Moves or Refinancing
WSECU Jumbo Loans	• Non-Conforming Loans Without Origination Fees • Covers Amounts Beyond Standard Limits
WSECU First-Time Homebuyer Loans	• 80/20 Mortgage Without Private Mortgage Insurance • 100% First Mortgage With Competitive ARM Rates

WSECU Mortgage Application

WSECU members can apply for a mortgage with ease through this credit union. They can contact a loan officer via email, call them directly, or visit their nearest branch to work one-on-one with a mortgage professional. However, the easiest way to apply for a loan with WSECU is through the credit union’s online mortgage application.

WSECU gives borrowers the opportunity to start, save, and finish their loan applications at their own speed. Once they fill out the application, they should be contacted by a loan officer as soon as possible.

If homeowners are applying for a mortgage refinance with WSECU, you should anticipate a similar loan application process. However, since they have already been through the loan approval process before, they will have an even shorter, simpler approval process.

No matter how borrowers apply for mortgages with WSECU, they need to provide specific pieces of information throughout the duration of the process, such as:

Social Security Number

Date of Birth

Address

Employment Information, Including Income

Approximate Total Debt

Paystubs for the Last 30 Days

Recent W-2s

Recent Tax Returns

Bank Statements

Homeowners Insurance Declarations Page

WSECU provides a variety of services to its customers to answer any questions they may have about the loan process. They have an online resources center, which provides borrowers with information about all types of financial functions, from banking to insurance.

In addition, they have a helpful mortgage calculator, which provides approximate mortgage rates based on the home price, type of loan, and down payment.

WSECU Lender Grades

WSECU is a credit union that has been serving residents of the state of Washington for over 60 years. WSECU is not currently accredited by the Better Business Bureau (BBB) but has two out of five stars from five customer reviews, as well as eight total complaints.

This credit union is known for its continuous support for the communities it services. WSECU partnered with the Hands-on Children’s Museum of Olympia to develop a Learning for All initiative to offer free access and open up museum programs to underserved individuals in Thurston County.

In addition, the credit union provides financial support to various non-profits in the state of Washington. WSECU even has three pillars of giving: Education, Self-Sufficiency, and Public Employees and Assets.

WSECU even provides scholarships to members of the credit union who are pursuing higher education. Every year, they provide funding to 29 recipients attending both two-year and four-year colleges.

• Information collected on Jan. 18, 2019

WSECU Mortgage Qualifications

Credit score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
n/a	No credit score	Difficult

WSECU follows many mortgage industry standards when approving individuals for home loans. Their major qualification is that borrowers must be a member of the WSECU (or a direct family member of someone associated with the credit union).

Your credit score is the major factor that loan professionals use when approving borrowers for mortgages and refinances. Borrowers with credit scores that are deemed “good” should experience higher chances of approval with this credit union. However, lenders typically offer the best mortgage rates to borrowers with credit scores in the “excellent” range, above 760.

Borrowers with no credit history will typically have a difficult time securing a loan with any mortgage lender; WSECU is no exception to this.

WSECU Phone Number & Additional Details

• Homepage URL: https://wsecu.org/
• Company Phone: 800-562-0999
• Headquarters Address: 330 Union Ave SE, Olympia, WA 98501

The Bottom Line – WSECU Mortgage Review

WSECU stands out as a robust financial institution dedicated to serving the residents of Washington State. Established over six decades ago, it has continuously evolved to cater to the needs of its community.

Their commitment goes beyond just financial services, as seen in their community initiatives and eco-friendly headquarters. For those eligible, WSECU’s mortgage offerings, particularly with their competitive rates and diverse loan options, are worth considering.

Furthermore, their continuous support for local projects and endeavors showcases a credit union that genuinely invests in the welfare and growth of its community.

How We Review Mortgage Lenders: 

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.