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 two markets are Los Angeles and Riverside .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% | 11/21/24 |
| 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
27Origination Dollar Volume (All Markets)
$1,505,000Top 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) | 22 | $1,240,000 | $56,364 | $0 | 5.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 5 | $265,000 | $53,000 | $0 | 5.33% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $1,505,000 | $55,741 | $0 | 5.47% |
For 2018, Priority One Credit Union's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 27 | $1,505,000 | $55,741 | $0 | 5.47% |
For 2018, Priority One Credit Union's most frequently cited loan purpose was Home Improvement, with 27 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 27 | $1,505,000 | $55,741 | $0 | 5.47% |
For 2018, Priority One Credit Union's most frequently cited loan duration was 15 Year, with 27 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 26 | $1,450,000 | $55,769 |
| 4-5% | 1 | $55,000 | $55,000 |
During 2018, Priority One Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 26 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 23 | $1,085,000 | $47,174 | $0 | 5.46% |
| $100k-200k | 4 | $420,000 | $105,000 | $0 | 5.53% |
2018 saw Priority One Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,085,000 in origination value.
Applicant Income
Priority One Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $50k or less, with 6 originations.
Applicant Debt to Income Ratio
Priority One Credit Union lent most frequently to those with DTI ratios of 30-36%, with 10 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 15 | $865,000 | $57,667 | $0 | 5.50% |
| Black | 8 | $370,000 | $46,250 | $0 | 5.42% |
| Asian | 4 | $270,000 | $67,500 | $0 | 5.46% |
Approval Rates
Total approvals of all applications70.18%
Priority One Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination74.07%
Priority One Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $1,505,000 | $55,741 |