Priority One Credit Union Mortgage Rates, Fees & Info

South Pasadena, CA

LEI: 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, Bakersfield, and Oxnard among others. We have data for 4 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.

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
15 Year Conventional Purchase 4.64% 10/31/24
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






Your Estimates

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

This is not an official calculator from Priority One 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

50

Origination Dollar Volume (All Markets)

$4,050,000

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 42 $3,390,000 $80,714 $0 4.64%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $400,000 $66,667 $0 4.38%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.50%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.50%
Priority One Credit Union's top markets include Los Angeles, Riverside, Bakersfield, and Oxnard among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 43 $3,495,000 $81,279 $0 4.46%
    HELOC 7 $555,000 $79,286 n/a 5.21%

    For 2022, Priority One Credit Union's most frequently originated type of loan was Conventional, with 43 originations. Their 2nd most popular type was HELOC, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 48 $3,920,000 $81,667 $0 4.60%
    Home Purchase 2 $130,000 $65,000 $0 3.75%

    For 2022, Priority One Credit Union's most frequently cited loan purpose was Home Improvement, with 48 originations. The 2nd most popular reason was Home Purchase, with 2 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 43 $3,495,000 $81,279 $0 4.46%
    20 Year 7 $555,000 $79,286 $0 5.21%

    For 2022, Priority One Credit Union's most frequently cited loan duration was 15 Year, with 43 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 43 $3,495,000 $81,279

    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 43 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 21 $1,725,000 $82,143
    4-5% 13 $1,255,000 $96,538
    5-6% 8 $620,000 $77,500
    6-7% 8 $450,000 $56,250

    During 2022, Priority One Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 32 $1,630,000 $50,938 $0 4.77%
    $100k-200k 15 $1,805,000 $120,333 $0 4.15%
    $200k-400k 3 $615,000 $205,000 $0 4.50%

    2022 saw Priority One Credit Union place emphasis on $100,000 or less loans with 32 originations, totaling $1,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 18 $1,620,000 $90,000 $0 4.93%
    $50k-75k 10 $700,000 $70,000 $0 4.18%
    $75k-100k 10 $630,000 $63,000 $0 4.40%
    $150k-250k 5 $635,000 $127,000 $0 4.40%
    $50k or less 5 $235,000 $47,000 $0 4.40%
    $250k+ 2 $230,000 $115,000 $0 4.88%

    Priority One Credit Union lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 7 $515,000 $73,571 $0 4.79%
    47% 6 $600,000 $100,000 $0 4.71%
    20-30% 5 $575,000 $115,000 $0 4.55%
    <20% 5 $365,000 $73,000 $0 4.05%
    48% 4 $470,000 $117,500 $0 4.19%
    45% 3 $225,000 $75,000 $0 3.33%
    40% 3 $295,000 $98,333 $0 4.67%
    50-60% 2 $80,000 $40,000 $0 3.63%
    36% 2 $170,000 $85,000 $0 4.63%
    37% 2 $120,000 $60,000 $0 5.13%
    38% 2 $190,000 $95,000 $0 3.75%
    42% 2 $120,000 $60,000 $0 4.63%
    44% 2 $80,000 $40,000 $0 6.38%
    46% 2 $90,000 $45,000 $0 3.88%
    43% 1 $75,000 $75,000 $0 6.25%
    49% 1 $35,000 $35,000 $0 5.75%
    39% 1 $45,000 $45,000 $0 6.75%

    Priority One Credit Union lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 47%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 22 $1,600,000 $72,727 $0 4.45%
    Asian 10 $1,240,000 $124,000 $0 4.73%
    White 18 $1,210,000 $67,222 $0 4.61%

    Approval Rates

    Total approvals of all applications
    76.60%

    Priority One Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    56.00%

    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 50 $4,050,000 $81,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    50 $4,050,000 $81,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $690,000 $172,500 $0 4.00%
    Under 20% 46 $3,360,000 $73,043 $0 4.61%