Provident Credit Union Mortgage Rates, Fees & InfoRedwood City, CA
Tax ID: 94-1482957
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewProvident Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Provident Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, San Jose, Stockton, Sacramento, and Los Angeles among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)
Provident Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Provident Credit Union is typically an average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||5.94%||3/28/23|
|30 Year Conventional Refi||6.11%||3/28/23|
|15 Year Conventional Purchase||5.49%||3/28/23|
|15 Year Conventional Refi||6.42%||3/28/23|
|15 Year Cash-out Refi||6.42%||3/28/23|
|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.|
Origination Dollar Volume (All Markets)$626,480,000
Provident Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.94%.
Relative Fees (Closing Costs)
Provident Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,889.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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 Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)||654||$355,550,000||$543,654||$4,666||4.36%|
|SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA)||233||$151,735,000||$651,223||$4,109||4.28%|
|STOCKTON, CA (FHA|USDA|VA)||58||$25,340,000||$436,897||$2,703||4.31%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||70||$23,170,000||$331,000||$2,953||4.38%|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||29||$18,235,000||$628,793||$6,534||4.53%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||14||$8,280,000||$591,429||$4,382||4.70%|
|SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA)||17||$7,045,000||$414,412||$5,488||4.74%|
|SANTA ROSA-PETALUMA, CA (FHA|USDA|VA)||12||$5,240,000||$436,667||$5,250||4.51%|
|SALINAS, CA (FHA|USDA|VA)||11||$5,105,000||$464,091||$3,505||3.83%|
|VALLEJO, CA (FHA|USDA|VA)||16||$4,980,000||$311,250||$7,632||4.35%|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||9||$3,745,000||$416,111||$5,394||4.82%|
|MODESTO, CA (FHA|USDA|VA)||7||$2,685,000||$383,571||$3,522||4.52%|
|Outside of Metro Areas||7||$2,335,000||$333,571||$4,940||4.21%|
|NAPA, CA (FHA|USDA|VA)||6||$1,910,000||$318,333||$7,154||4.90%|
|SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA)||3||$1,705,000||$568,333||$2,669||3.75%|
|FRESNO, CA (FHA|USDA|VA)||4||$1,550,000||$387,500||$3,559||4.63%|
|Eureka-Arcata, CA (FHA|USDA|VA)||10||$1,350,000||$135,000||$1,489||4.69%|
|OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA)||3||$1,195,000||$398,333||$2,505||4.67%|
|CHICO, CA (FHA|USDA|VA)||4||$1,090,000||$272,500||$3,553||3.78%|
|Truckee-Grass Valley, CA (FHA|USDA|VA)||4||$1,040,000||$260,000||$2,531||4.31%|
|VISALIA, CA (FHA|USDA|VA)||4||$1,010,000||$252,500||$3,620||3.81%|
|MERCED, CA (FHA|USDA|VA)||3||$725,000||$241,667||$0||4.17%|
|Sonora, CA (FHA|USDA|VA)||2||$620,000||$310,000||$3,237||4.25%|
|BAKERSFIELD, CA (FHA|USDA|VA)||2||$450,000||$225,000||$9,851||4.88%|
|REDDING, CA (FHA|USDA|VA)||2||$390,000||$195,000||$3,691||5.88%|
Their top states include:
We use machine learning to identify the top lenders compared against Provident 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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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Provident Credit Union's most frequently originated type of loan was Conventional, with 711 originations. Their 2nd most popular type was HELOC, with 473 originations.
For 2022, Provident Credit Union's most frequently cited loan purpose was Home Improvement, with 475 originations. The 2nd most popular reason was Home Purchase, with 388 originations.
For 2022, Provident Credit Union's most frequently cited loan duration was 30 Year, with 607 originations. The 2nd most popular length was Other, with 476 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Provident Credit Union's average total fees were $4,889, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 474 originations.
During 2022, Provident Credit Union's average interest rate for loans was 3.82%, while their most frequently originated rate bucket for loans was 3-4%, with 428 originations.
2022 saw Provident Credit Union place emphasis on $200k-400k loans with 302 originations, totaling $73,570,000 in origination value.
Provident Credit Union lent most frequently to those with incomes in the $150k-250k range, with 425 originations. The second most popular income band? $250k+, with 348 originations.
Applicant Debt to Income Ratio
Provident Credit Union lent most frequently to those with DTI ratios of 30-36%, with 286 originations. The next most common DTI ratio? 20-30%, with 272 originations.
Approval RatesTotal approvals of all applications
Provident Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Provident Credit Union has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|