Canopy Mortgage Rates, Fees & Info
Spokane, WALEI: 5493004KGZVI015KO609
Tax ID: 91-0672401
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Mortgage Data
Review & Overview
Canopy is a smaller mortgage company specializing in Home Improvement, Other, and Refi loans. Canopy has a high proportion of conventional loans. Their top two markets are Spokane and Moses Lake .Canopy 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. Canopy 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.81% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 6.43% | 11/17/24 |
| 15 Year Conventional Purchase | 6.16% | 11/17/24 |
| 15 Year Conventional Refi | 6.16% | 11/17/24 |
| 15 Year Cash-out Refi | 6.16% | 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. | ||
Canopy Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
81Origination Dollar Volume (All Markets)
$10,125,000Relative Rate
Canopy's average 30 year fixed mortgage rate was
7%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.52%.
Relative Fees (Closing Costs)
Canopy's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,707.
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 |
|---|---|---|---|---|---|
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 70 | $8,840,000 | $126,286 | $2,318 | 7.36% |
| Outside of Metro Areas | 7 | $775,000 | $110,714 | $1,999 | 9.11% |
| Outside of Metro Areas | 3 | $345,000 | $115,000 | $2,226 | 6.50% |
| Moses Lake, WA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,389 | 7.13% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 81 | $10,125,000 | $125,000 | $2,312 | 7.47% |
For 2023, Canopy's most frequently originated type of loan was Conventional, with 81 originations.
Loan Reason
For 2023, Canopy's most frequently cited loan purpose was Home Improvement, with 29 originations. The 2nd most popular reason was Other, with 26 originations.
Loan Duration/Length
For 2023, Canopy's most frequently cited loan duration was 15 Year, with 64 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
Canopy's average total fees were $4,707, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 45 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 28 | $4,680,000 | $167,143 |
| 7-8% | 21 | $2,765,000 | $131,667 |
| Over 8% | 18 | $1,070,000 | $59,444 |
| 5-6% | 14 | $1,610,000 | $115,000 |
During 2023, Canopy's average interest rate for loans was 7.00%, while their most frequently originated rate bucket for loans was 6-7%, with 28 originations.
Loan Sizing
2023 saw Canopy place emphasis on $100,000 or less loans with 37 originations, totaling $1,885,000 in origination value.
Applicant Income
Canopy lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $50k-75k, with 20 originations.
Applicant Debt to Income Ratio
Canopy lent most frequently to those with DTI ratios of 30-36%, with 15 originations. The next most common DTI ratio? 50-60%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.98%
Canopy has an average approval rate.
Pick Rate
Approvals leading to origination64.20%
Canopy 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 | 81 | $10,125,000 | $125,000 |