Commonwealth Central Credit Union Mortgage Rates, Fees & Info
San Jose, CALEI: 2549004W7ZN0N715U578
Tax ID: 94-6087440
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Mortgage Data
Review & Overview
Commonwealth Central Credit Union is a smaller credit union specializing in Home Improvement, Other, and Refi loans. Commonwealth Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, Salinas, Merced, and Stockton among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Commonwealth Central Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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% | 4/21/24 |
| 30 Year Conventional Refi | 6.27% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.68% | 4/21/24 |
| 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. | ||
Commonwealth Central 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
33Origination Dollar Volume (All Markets)
$4,065,000Top 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 |
|---|---|---|---|---|---|
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 28 | $3,680,000 | $131,429 | $377 | 7.68% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $488 | 8.00% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $163 | 6.49% |
| MERCED, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $833 | 7.49% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $138 | 6.99% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $163 | 7.99% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against CommonWealth Central Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 33 | $4,065,000 | $123,182 | $374 | 7.64% |
For 2023, Commonwealth Central Credit Union's most frequently originated type of loan was Conventional, with 33 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 16 | $1,910,000 | $119,375 | $391 | 7.38% |
| Other | 11 | $835,000 | $75,909 | $222 | 7.79% |
| Refi | 6 | $1,320,000 | $220,000 | $608 | 8.04% |
For 2023, Commonwealth Central Credit Union's most frequently cited loan purpose was Home Improvement, with 16 originations. The 2nd most popular reason was Other, with 11 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20 Year | 20 | $2,880,000 | $144,000 | $419 | 7.85% |
| 15 Year | 7 | $705,000 | $100,714 | $373 | 7.60% |
| Other | 6 | $480,000 | $80,000 | $226 | 6.96% |
For 2023, Commonwealth Central Credit Union's most frequently cited loan duration was 20 Year, with 20 originations. The 2nd most popular length was 15 Year, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 17 | $1,895,000 | $111,471 |
| 6-7% | 9 | $1,135,000 | $126,111 |
| Over 8% | 7 | $1,035,000 | $147,857 |
During 2023, Commonwealth Central Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 17 originations.
Loan Sizing
2023 saw Commonwealth Central Credit Union place emphasis on $100,000 or less loans with 19 originations, totaling $1,125,000 in origination value.
Applicant Income
Commonwealth Central Credit Union lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $250k+, with 9 originations.
Applicant Debt to Income Ratio
Commonwealth Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? <20%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.43%
Commonwealth Central Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination66.67%
Commonwealth Central Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 33 | $4,065,000 | $123,182 |