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 and Cash Out Refi loans. Commonwealth Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Jose, Merced, San Francisco, San Diego, and Riverside among others. We have data for 9 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% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
28Origination Dollar Volume (All Markets)
$2,890,000Top 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) | 16 | $1,670,000 | $104,375 | $210 | 5.21% |
| MERCED, CA (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $163 | 6.12% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $313 | 5.24% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $488 | 4.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $488 | 7.24% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $188 | 5.74% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $188 | 5.74% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $388 | 6.50% |
| Red Bluff, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $538 | 4.74% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 28 | $2,890,000 | $103,214 | $247 | 5.46% |
For 2022, Commonwealth Central Credit Union's most frequently originated type of loan was Conventional, with 28 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 18 | $2,110,000 | $117,222 | $238 | 5.27% |
| Cash Out Refi | 10 | $780,000 | $78,000 | $263 | 5.79% |
For 2022, Commonwealth Central Credit Union's most frequently cited loan purpose was Home Improvement, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 15 | $1,215,000 | $81,000 | $211 | 5.34% |
| 20 Year | 7 | $995,000 | $142,143 | $302 | 6.10% |
| Other | 6 | $680,000 | $113,333 | $271 | 5.00% |
For 2022, Commonwealth Central Credit Union's most frequently cited loan duration was 15 Year, with 15 originations. The 2nd most popular length was 20 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 28 | $2,890,000 | $103,214 |
Commonwealth Central Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 12 | $1,350,000 | $112,500 |
| 5-6% | 10 | $1,020,000 | $102,000 |
| 6-7% | 3 | $225,000 | $75,000 |
| 7-8% | 3 | $295,000 | $98,333 |
During 2022, Commonwealth Central Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 12 originations.
Loan Sizing
2022 saw Commonwealth Central Credit Union place emphasis on $100,000 or less loans with 17 originations, totaling $1,085,000 in origination value.
Applicant Income
Commonwealth Central Credit Union lent most frequently to those with incomes in the $150k-250k range, with 14 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Commonwealth Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 50-60%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.42%
Commonwealth Central Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination39.29%
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 | 28 | $2,890,000 | $103,214 |