Provident Credit Union Mortgage Rates, Fees & Info

Redwood City, CA

LEI: 254900P2JMSUZCYLE858

Tax ID: 94-1482957

5 stars - Updated: 11/17/24 - out of 5 stars, based on 28 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Provident Credit Union is a smaller credit union specializing in Home Purchase 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 San Diego among others. We have data for 27 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 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 relatively high 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.94% 11/17/24
    30 Year Conventional Refi 6.11% 11/17/24
    15 Year Conventional Purchase 5.49% 11/17/24
    15 Year Conventional Refi 6.42% 11/17/24
    15 Year Cash-out Refi 6.42% 11/17/24
    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.

    Provident Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Provident 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

    773

    Origination Dollar Volume (All Markets)

    $445,185,000
    Show all (9) awards

    Relative Rate

    Provident Credit Union's average 30 year fixed mortgage rate was 5.71%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.77%.

    Relative Fees (Closing Costs)

    Provident Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,560.

    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 $9,089.

    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 Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 426 $249,550,000 $585,798 $3,825 6.63%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 137 $105,795,000 $772,226 $3,682 6.43%
    STOCKTON, CA (FHA|USDA|VA) 46 $27,870,000 $605,870 $2,864 5.75%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 61 $21,715,000 $355,984 $2,937 6.67%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 10 $7,480,000 $748,000 $7,329 6.25%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 14 $6,820,000 $487,143 $4,562 6.54%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 10 $3,830,000 $383,000 $3,047 7.41%
    VALLEJO, CA (FHA|USDA|VA) 9 $3,065,000 $340,556 $2,364 6.67%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 5 $2,755,000 $551,000 $4,630 5.95%
    SALINAS, CA (FHA|USDA|VA) 6 $2,540,000 $423,333 $3,306 6.90%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 7 $2,405,000 $343,571 $4,208 6.54%
    Outside of Metro Areas 7 $1,945,000 $277,857 $3,664 6.27%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 5 $1,825,000 $365,000 $4,824 7.35%
    MODESTO, CA (FHA|USDA|VA) 5 $1,485,000 $297,000 $2,764 6.10%
    Ukiah, CA (FHA|USDA|VA) 3 $1,115,000 $371,667 $3,616 5.88%
    NAPA, CA (FHA|USDA|VA) 2 $1,020,000 $510,000 $5,493 6.44%
    MERCED, CA (FHA|USDA|VA) 2 $920,000 $460,000 $2,618 3.69%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $735,000 $245,000 $3,305 6.79%
    CHICO, CA (FHA|USDA|VA) 1 $405,000 $405,000 $2,888 6.25%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $365,000 $121,667 $146 7.63%
    Sonora, CA (FHA|USDA|VA) 1 $325,000 $325,000 $3,227 5.50%
    VISALIA, CA (FHA|USDA|VA) 3 $315,000 $105,000 $549 7.88%
    YUBA CITY, CA (FHA|USDA|VA) 2 $230,000 $115,000 $0 7.88%
    Eureka-Arcata, CA (FHA|USDA|VA) 2 $210,000 $105,000 $0 7.88%
    FRESNO, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.75%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 9.00%
    MADERA, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.50%
    Provident Credit Union's top markets include San Francisco, San Jose, Stockton, Sacramento, and San Diego among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Similar Lenders

    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.

    Educational Employees Credit Union
    Similarity Rank: 66
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 126
    LBS FINANCIAL
    Similarity Rank: 258
    Water and Power Community Credit Union
    Similarity Rank: 261
    BAY
    Similarity Rank: 315
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342
    FIRST ENTERTAINMENT
    Similarity Rank: 351
    ARROWHEAD CENTRAL CREDIT UNION
    Similarity Rank: 477
    ALTURA
    Similarity Rank: 560

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 563 $416,105,000 $739,085 $3,675 5.96%
    HELOC 210 $29,080,000 $138,476 n/a 8.14%

    For 2023, Provident Credit Union's most frequently originated type of loan was Conventional, with 563 originations. Their 2nd most popular type was HELOC, with 210 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 390 $357,740,000 $917,282 $4,713 5.69%
    Home Improvement 212 $29,610,000 $139,670 $393 8.13%
    Refi 171 $57,835,000 $338,216 $1,174 6.57%

    For 2023, Provident Credit Union's most frequently cited loan purpose was Home Purchase, with 390 originations. The 2nd most popular reason was Home Improvement, with 212 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 450 $400,990,000 $891,089 $4,560 5.71%
    Other 216 $33,630,000 $155,694 $6,451 7.99%
    20 Year 40 $5,940,000 $148,500 $195 7.41%
    10 Year 29 $1,365,000 $47,069 $166 7.27%
    15 Year 22 $2,380,000 $108,182 $496 7.03%
    5 Year 16 $880,000 $55,000 $253 6.97%

    For 2023, Provident Credit Union's most frequently cited loan duration was 30 Year, with 450 originations. The 2nd most popular length was Other, with 216 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 479 $353,295,000 $737,568
    $5k+ 8 $11,270,000 $1,408,750
    $3k-4k 7 $5,545,000 $792,143
    $1k-2k 6 $2,440,000 $406,667
    $2k-3k 6 $3,350,000 $558,333
    $4k-5k 1 $955,000 $955,000

    Provident Credit Union's average total fees were $4,560, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 479 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 217 $189,165,000 $871,728
    7-8% 190 $37,450,000 $197,105
    6-7% 180 $120,300,000 $668,333
    Over 8% 95 $12,665,000 $133,316
    4-5% 81 $79,835,000 $985,617
    2.5-3% 4 $2,440,000 $610,000
    <2.5% 4 $1,920,000 $480,000
    3-4% 2 $1,410,000 $705,000

    During 2023, Provident Credit Union's average interest rate for loans was 5.71%, while their most frequently originated rate bucket for loans was 5-6%, with 217 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 170 $135,580,000 $797,529 $4,433 5.70%
    $1MM+ 161 $216,815,000 $1,346,677 $5,403 5.63%
    $100,000 or less 134 $7,460,000 $55,672 $182 7.66%
    $200k-400k 122 $28,780,000 $235,902 $2,276 7.32%
    $100k-200k 99 $12,845,000 $129,747 $530 7.84%
    $400k-600k 87 $43,705,000 $502,356 $3,796 5.71%

    2023 saw Provident Credit Union place emphasis on $600k-1MM loans with 170 originations, totaling $135,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 334 $294,660,000 $882,216 $4,757 6.23%
    $150k-250k 245 $108,335,000 $442,184 $3,005 6.57%
    $100k-150k 111 $25,325,000 $228,153 $2,192 7.18%
    $75k-100k 48 $6,620,000 $137,917 $1,268 7.29%
    $50k-75k 24 $3,670,000 $152,917 $1,889 6.90%
    $50k or less 8 $3,280,000 $410,000 $2,972 6.03%

    Provident Credit Union lent most frequently to those with incomes in the $250k+ range, with 334 originations. The second most popular income band? $150k-250k, with 245 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 190 $111,490,000 $586,789 $3,810 6.51%
    20-30% 186 $103,280,000 $555,269 $3,248 6.42%
    <20% 46 $25,290,000 $549,783 $3,550 6.63%
    40% 44 $27,370,000 $622,045 $4,068 6.61%
    39% 40 $24,420,000 $610,500 $4,212 6.34%
    37% 36 $26,030,000 $723,056 $3,819 6.61%
    41% 35 $17,725,000 $506,429 $2,941 6.91%
    38% 33 $24,795,000 $751,364 $3,905 6.38%
    42% 31 $16,555,000 $534,032 $3,709 6.65%
    44% 31 $8,805,000 $284,032 $2,513 7.38%
    43% 28 $17,310,000 $618,214 $4,700 6.72%
    36% 27 $18,135,000 $671,667 $3,357 6.51%
    45% 17 $3,015,000 $177,353 $2,673 7.89%
    >60% 13 $8,815,000 $678,077 $3,327 5.08%
    46% 8 $7,620,000 $952,500 $7,082 5.98%
    48% 3 $835,000 $278,333 $6,469 6.88%
    50-60% 3 $2,185,000 $728,333 $2,734 6.75%
    49% 2 $1,510,000 $755,000 $0 5.13%

    Provident Credit Union lent most frequently to those with DTI ratios of 30-36%, with 190 originations. The next most common DTI ratio? 20-30%, with 186 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 287 $245,225,000 $854,443 $3,962 5.93%
    White 330 $130,870,000 $396,576 $3,463 6.97%
    Not provided 111 $51,425,000 $463,288 $3,644 6.80%
    Black 28 $10,640,000 $380,000 $2,595 6.92%
    Not applicable 3 $3,295,000 $1,098,333 $0 5.92%
    American Indian 10 $2,630,000 $263,000 $2,764 6.99%
    Other Asian 1 $875,000 $875,000 $4,617 6.63%
    Filipino 2 $150,000 $75,000 $146 7.44%
    Native Hawaiian or Islander 1 $75,000 $75,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    98.83%

    Provident Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.35%

    Provident Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 773 $445,185,000 $575,918

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    773 $445,185,000 $575,918

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $28,295,000 $422,313 $3,216 6.58%
    40-60% 45 $37,545,000 $834,333 $4,612 5.81%
    60-80% 159 $140,155,000 $881,478 $4,698 5.71%
    80-100% 208 $203,810,000 $979,856 $4,645 5.65%
    Under 20% 294 $35,380,000 $120,340 $336 7.77%