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, 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 4.64% | 11/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
50Origination Dollar Volume (All Markets)
$4,050,000Top 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) | 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% |
Their top states include:
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
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
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
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 applications76.60%
Priority One Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination56.00%
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 |