Commonwealth Central Credit Union Mortgage Rates, Fees & Info

San Jose, CA

LEI: 2549004W7ZN0N715U578

Tax ID: 94-6087440

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
  • Complaints
  • 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

    Commonwealth Central Credit Union is a smaller credit union specializing in Cash Out Refi loans. Commonwealth Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Jose, Stockton, Merced, San Francisco, and Red Bluff among others. We have data for 12 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. Commonwealth Central 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    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






    Your Estimates

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

    This is not an official calculator from Commonwealth Central 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

    55

    Origination Dollar Volume (All Markets)

    $18,135,000

    Awards

    CommonWealth Central Credit Union 30 Year Conventional Loans silver CommonWealth Central Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    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
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 38 $15,110,000 $397,632 $2,578 4.54%
    Outside of Metro Areas 2 $600,000 $300,000 $2,525 3.44%
    STOCKTON, CA (FHA|USDA|VA) 2 $540,000 $270,000 $3,110 4.88%
    MERCED, CA (FHA|USDA|VA) 1 $385,000 $385,000 $7,659 3.63%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $380,000 $95,000 $945 5.49%
    Red Bluff, CA (FHA|USDA|VA) 1 $235,000 $235,000 $4,572 4.13%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $225,000 $225,000 $4,522 3.75%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $195,000 $195,000 $4,289 5.25%
    Statesboro, GA (FHA|USDA|VA) 1 $175,000 $175,000 $3,406 3.50%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $145,000 $145,000 $3,917 4.38%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $90,000 $45,000 $2,203 4.81%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $55,000 $55,000 $437 6.24%
    Commonwealth Central Credit Union's top markets include San Jose, Stockton, Merced, San Francisco, and Red Bluff among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • 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.

    SANTA CLARA COUNTY
    Similarity Rank: 645
    EXCITE Credit Union
    Similarity Rank: 817
    CommonWealth Central Credit Union
    Similarity Rank: 840
    Provident Credit Union
    Similarity Rank: 988
    San Mateo Credit Union
    Similarity Rank: 1276
    GOOGAIN, INC.
    Similarity Rank: 1311
    TECHNOLOGY
    Similarity Rank: 1357
    T. J. FINANCIAL, INC.
    Similarity Rank: 1488
    KEYPOINT
    Similarity Rank: 1650
    PATELCO
    Similarity Rank: 1782

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 55 $18,135,000 $329,727 $2,659 4.58%

    For 2019, Commonwealth Central Credit Union's most frequently originated type of loan was Conventional, with 55 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 21 $12,045,000 $573,571 $3,714 3.57%
    Home Improvement 9 $1,225,000 $136,111 $901 5.60%
    Other 9 $905,000 $100,556 $686 6.37%
    Home Purchase 8 $1,780,000 $222,500 $4,457 4.19%
    Refi 8 $2,180,000 $272,500 $2,288 5.10%

    For 2019, Commonwealth Central Credit Union's most frequently cited loan purpose was Cash Out Refi, with 21 originations. The 2nd most popular reason was Home Improvement, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 30 $14,630,000 $487,667 $3,944 3.76%
    20 Year 15 $2,645,000 $176,333 $1,392 5.76%
    15 Year 7 $535,000 $76,429 $607 5.57%
    Other 3 $325,000 $108,333 $931 5.50%

    For 2019, Commonwealth Central Credit Union's most frequently cited loan duration was 30 Year, with 30 originations. The 2nd most popular length was 20 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 32 $6,960,000 $217,500
    $1k-2k 15 $7,995,000 $533,000
    $2k-3k 4 $1,410,000 $352,500
    $3k-4k 1 $655,000 $655,000
    $4k-5k 1 $385,000 $385,000
    $5k+ 1 $625,000 $625,000

    Commonwealth Central Credit Union's average total fees were $3,944, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 32 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 26 $14,280,000 $549,231
    5-6% 16 $2,020,000 $126,250
    4-5% 5 $1,095,000 $219,000
    6-7% 4 $340,000 $85,000
    Over 8% 1 $105,000 $105,000

    During 2019, Commonwealth Central Credit Union's average interest rate for loans was 3.76%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 14 $1,950,000 $139,286 $1,572 5.67%
    $600k-1MM 13 $9,605,000 $738,846 $4,324 3.63%
    $100,000 or less 12 $700,000 $58,333 $907 5.55%
    $200k-400k 10 $2,990,000 $299,000 $3,532 4.07%
    $400k-600k 6 $2,890,000 $481,667 $3,634 3.48%

    2019 saw Commonwealth Central Credit Union place emphasis on $100k-200k loans with 14 originations, totaling $1,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 20 $7,550,000 $377,500 $2,900 4.74%
    $100k-150k 15 $4,745,000 $316,333 $2,381 4.49%
    $75k-100k 11 $2,865,000 $260,455 $1,978 4.55%
    $50k-75k 6 $1,370,000 $228,333 $3,834 4.58%
    $250k+ 2 $1,580,000 $790,000 $3,598 3.56%
    $50k or less 1 $25,000 $25,000 $558 5.00%

    Commonwealth Central Credit Union lent most frequently to those with incomes in the $150k-250k range, with 20 originations. The second most popular income band? $100k-150k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 10 $1,370,000 $137,000 $1,316 5.49%
    30-36% 6 $1,930,000 $321,667 $2,652 4.60%
    45% 5 $1,645,000 $329,000 $2,679 3.59%
    42% 4 $1,640,000 $410,000 $2,391 4.50%
    41% 4 $1,970,000 $492,500 $4,774 3.59%
    46% 4 $1,310,000 $327,500 $3,377 5.09%
    20-30% 4 $1,810,000 $452,500 $2,433 4.53%
    <20% 3 $795,000 $265,000 $3,045 4.21%
    40% 3 $1,415,000 $471,667 $2,859 4.13%
    39% 2 $1,430,000 $715,000 $4,370 3.94%
    49% 2 $940,000 $470,000 $4,317 3.75%
    36% 2 $510,000 $255,000 $3,132 4.31%
    43% 2 $930,000 $465,000 $2,604 3.44%
    >60% 1 $105,000 $105,000 $188 0.00%
    44% 1 $85,000 $85,000 $784 6.74%
    37% 1 $145,000 $145,000 $3,917 4.38%
    48% 1 $105,000 $105,000 $434 8.74%

    Commonwealth Central Credit Union lent most frequently to those with DTI ratios of 50-60%, with 10 originations. The next most common DTI ratio? 30-36%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 27 $7,595,000 $281,296 $2,333 4.94%
    Not provided 17 $5,685,000 $334,412 $2,996 4.15%
    American Indian 4 $1,860,000 $465,000 $3,541 4.31%
    Asian 3 $1,375,000 $458,333 $2,433 4.16%
    Asian Indian 1 $775,000 $775,000 $3,004 3.75%
    Vietnamese 1 $355,000 $355,000 $3,812 3.63%
    Black 1 $335,000 $335,000 $2,435 3.50%
    Filipino 1 $155,000 $155,000 $1,592 6.74%

    Approval Rates

    Total approvals of all applications
    83.04%

    Commonwealth Central Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    65.45%

    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 55 $18,135,000 $329,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 55 $18,135,000 $329,727

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $1,390,000 $347,500 $1,602 5.31%
    40-60% 7 $4,125,000 $589,286 $4,200 3.57%
    60-80% 16 $8,010,000 $500,625 $3,737 3.88%
    80-100% 8 $2,690,000 $336,250 $4,363 3.66%
    Under 20% 20 $1,920,000 $96,000 $787 5.90%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Common Wealth Mortgage Services VA mortgage Trouble during payment process 1 100.0%