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 Refi loans. Commonwealth Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, Stockton, Los Angeles, and Sacramento among others. We have data for 7 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)

    $19,455,000

    Awards

    CommonWealth Central Credit Union 30 Year Conventional Loans bronze
    Show all (1) 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) 45 $17,095,000 $379,889 $2,692 3.99%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $1,145,000 $381,667 $3,224 3.00%
    STOCKTON, CA (FHA|USDA|VA) 2 $470,000 $235,000 $2,164 4.00%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.50%
    Outside of Metro Areas 1 $255,000 $255,000 $8,273 3.00%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $180,000 $90,000 $544 4.68%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $55,000 $55,000 $780 5.74%
    Commonwealth Central Credit Union's top markets include San Jose, San Francisco, Stockton, Los Angeles, and Sacramento among others.

    Their top states include:
  • California (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.

    WINNPOINTE CORPORATION
    Similarity Rank: 781
    VICTORIA FINANCIAL CORP.
    Similarity Rank: 1392
    Provident Savings Bank, F.S.B.
    Similarity Rank: 1424
    CommonWealth Central Credit Union
    Similarity Rank: 1428
    TRAVIS CREDIT UNION
    Similarity Rank: 1924
    Provident Credit Union
    Similarity Rank: 2016
    CLEARPATH LENDING
    Similarity Rank: 2100
    PRIVATE MORTGAGE ADVISORS, LLC
    Similarity Rank: 2220
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2470
    COAST 2 COAST FUNDING GROUP, INC.
    Similarity Rank: 2478

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 55 $19,455,000 $353,727 $2,731 3.97%

    For 2021, 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
    Refi 39 $18,015,000 $461,923 $3,584 3.11%
    Home Improvement 10 $940,000 $94,000 $705 5.77%
    Other 5 $395,000 $79,000 $890 6.84%
    Home Purchase 1 $105,000 $105,000 $639 5.24%

    For 2021, Commonwealth Central Credit Union's most frequently cited loan purpose was Refi, with 39 originations. The 2nd most popular reason was Home Improvement, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 32 $16,260,000 $508,125 $3,832 3.10%
    20 Year 14 $1,550,000 $110,714 $947 6.07%
    15 Year 4 $1,180,000 $295,000 $2,911 2.75%
    Other 4 $260,000 $65,000 $644 5.06%
    10 Year 1 $205,000 $205,000 $2,292 2.75%

    For 2021, Commonwealth Central Credit Union's most frequently cited loan duration was 30 Year, with 32 originations. The 2nd most popular length was 20 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 40 $12,630,000 $315,750
    $2k-3k 5 $2,535,000 $507,000
    $1k-2k 3 $985,000 $328,333
    $5k+ 3 $1,815,000 $605,000
    $3k-4k 1 $525,000 $525,000
    $4k-5k 1 $585,000 $585,000

    Commonwealth Central Credit Union's average total fees were $3,832, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 40 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 26 $9,840,000 $378,462
    3-4% 12 $8,090,000 $674,167
    5-6% 7 $625,000 $89,286
    4-5% 4 $220,000 $55,000
    6-7% 4 $400,000 $100,000
    7-8% 1 $205,000 $205,000
    Over 8% 1 $75,000 $75,000

    During 2021, Commonwealth Central Credit Union's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 2.5-3%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 15 $4,275,000 $285,000 $2,953 3.29%
    $400k-600k 12 $6,090,000 $507,500 $4,525 3.04%
    $100k-200k 11 $1,335,000 $121,364 $1,133 5.16%
    $100,000 or less 9 $505,000 $56,111 $923 5.58%
    $600k-1MM 5 $3,635,000 $727,000 $2,791 3.20%
    $1MM+ 3 $3,615,000 $1,205,000 $5,168 3.13%

    2021 saw Commonwealth Central Credit Union place emphasis on $200k-400k loans with 15 originations, totaling $4,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 19 $5,615,000 $295,526 $1,849 4.44%
    $100k-150k 14 $4,590,000 $327,857 $3,652 3.72%
    $250k+ 8 $5,250,000 $656,250 $2,966 4.44%
    $75k-100k 7 $2,315,000 $330,714 $2,616 3.52%
    $50k-75k 4 $770,000 $192,500 $2,669 2.94%
    $50k or less 2 $330,000 $165,000 $2,274 3.31%

    Commonwealth Central Credit Union lent most frequently to those with incomes in the $150k-250k range, with 19 originations. The second most popular income band? $100k-150k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 19 $8,015,000 $421,842 $2,906 4.30%
    20-30% 14 $5,180,000 $370,000 $2,839 3.74%
    <20% 5 $825,000 $165,000 $2,144 3.30%
    50-60% 5 $485,000 $97,000 $792 5.89%
    41% 3 $1,025,000 $341,667 $3,821 3.17%
    46% 2 $590,000 $295,000 $3,962 3.87%
    36% 2 $1,270,000 $635,000 $2,659 3.06%
    39% 2 $780,000 $390,000 $3,648 3.00%
    44% 1 $485,000 $485,000 $4,560 3.00%
    37% 1 $355,000 $355,000 $2,550 2.75%
    47% 1 $445,000 $445,000 $2,712 3.13%

    Commonwealth Central Credit Union lent most frequently to those with DTI ratios of 30-36%, with 19 originations. The next most common DTI ratio? 20-30%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 35 $12,495,000 $357,000 $2,813 4.03%
    Not provided 11 $4,735,000 $430,455 $3,139 3.17%
    Black 2 $1,000,000 $500,000 $2,847 3.06%
    Asian 3 $535,000 $178,333 $1,375 5.16%
    Chinese 2 $380,000 $190,000 $0 3.56%
    Native Hawaiian or Islander 1 $205,000 $205,000 $1,328 7.74%
    Filipino 1 $105,000 $105,000 $604 5.74%

    Approval Rates

    Total approvals of all applications
    88.80%

    Commonwealth Central Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.91%

    Commonwealth Central Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 55 $19,455,000 $353,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    55 $19,455,000 $353,727

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $3,665,000 $281,923 $2,553 3.36%
    40-60% 10 $4,990,000 $499,000 $4,111 3.09%
    60-80% 11 $7,415,000 $674,091 $4,241 3.13%
    80-100% 2 $1,670,000 $835,000 $5,405 2.94%
    Under 20% 19 $1,715,000 $90,263 $1,034 5.44%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Common Wealth Mortgage Services Conventional home mortgage Incorrect information on your report 1 50.0%
    Common Wealth Mortgage Services FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%