Priority One Credit Union Mortgage Rates, Fees & Info
South Pasadena, CALEI: 549300463UZU06Q14K24
Tax ID: 95-1117083
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Mortgage Data
Review & Overview
Priority One Credit Union is a smaller credit union specializing in Home Improvement loans. Priority One Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, and San Diego among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Priority One 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 4.64% | 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. | ||
Priority One 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
37Origination Dollar Volume (All Markets)
$3,565,000Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 31 | $3,205,000 | $103,387 | $0 | 8.28% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 5 | $305,000 | $61,000 | $0 | 8.85% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 28 | $2,450,000 | $87,500 | $0 | 8.16% |
| HELOC | 9 | $1,115,000 | $123,889 | n/a | 8.94% |
For 2023, Priority One Credit Union's most frequently originated type of loan was Conventional, with 28 originations. Their 2nd most popular type was HELOC, with 9 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 37 | $3,565,000 | $96,351 | $0 | 8.35% |
For 2023, Priority One Credit Union's most frequently cited loan purpose was Home Improvement, with 37 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 27 | $2,395,000 | $88,704 | $0 | 8.17% |
| 20 Year | 9 | $1,115,000 | $123,889 | $0 | 8.94% |
| 10 Year | 1 | $55,000 | $55,000 | $0 | 8.00% |
For 2023, Priority One Credit Union's most frequently cited loan duration was 15 Year, with 27 originations. The 2nd most popular length was 20 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 28 | $2,450,000 | $87,500 |
Priority One 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 |
|---|---|---|---|
| Over 8% | 24 | $2,430,000 | $101,250 |
| 7-8% | 9 | $855,000 | $95,000 |
| 6-7% | 4 | $280,000 | $70,000 |
During 2023, Priority One Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 24 originations.
Loan Sizing
2023 saw Priority One Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,250,000 in origination value.
Applicant Income
Priority One Credit Union lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 8 originations.
Applicant Debt to Income Ratio
Priority One Credit Union lent most frequently to those with DTI ratios of 48%, with 5 originations. The next most common DTI ratio? 46%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.39%
Priority One Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination48.65%
Priority One 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 | 37 | $3,565,000 | $96,351 |