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.
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WSECU Mortgage Rates
WSECU Loan Specifics
WSECU offers competitive rates to members on both conventional and non-conforming mortgages and refinances 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 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.
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
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