Use Credit Union Mortgage Rates, Fees & Info
San Diego, CALEI: 549300730ZNSQK9EBT50
Tax ID: 95-1209332
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Mortgage Data
Review & Overview
Use Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Use Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Diego, Sacramento, Santa Rosa, Riverside, and San Francisco among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Use Credit Union 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. Use Credit Union 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 | 6.16% | 12/16/24 |
| 30 Year Conventional Refi | 6.42% | 12/16/24 |
| 30 Year Cash-out Refi | 6.44% | 12/16/24 |
| 15 Year Conventional Purchase | 5.77% | 12/16/24 |
| 15 Year Conventional Refi | 6.04% | 12/16/24 |
| 15 Year Cash-out Refi | 6.04% | 12/16/24 |
| 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. | ||
Use Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Use 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
12Origination Dollar Volume (All Markets)
$4,960,000Relative Rate
Use Credit Union'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)
Use Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $0.
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 |
|---|---|---|---|---|---|
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 5 | $2,395,000 | $479,000 | $0 | 7.33% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $1,245,000 | $415,000 | $0 | 6.50% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 5.63% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 7.38% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 7.13% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 7.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against USE Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 77
Similarity Rank: 93
Similarity Rank: 126
Similarity Rank: 128
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Similarity Rank: 312
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Similarity Rank: 774
Similarity Rank: 810
Similarity Rank: 848
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 12 | $4,960,000 | $413,333 | $0 | 6.99% |
For 2023, Use Credit Union's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
For 2023, Use Credit Union's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 11 | $4,755,000 | $432,273 | $0 | 7.00% |
| 20 Year | 1 | $205,000 | $205,000 | $0 | 6.88% |
For 2023, Use Credit Union's most frequently cited loan duration was 30 Year, with 11 originations. The 2nd most popular length was 20 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 9 | $3,715,000 | $412,778 |
| $1k-2k | 1 | $515,000 | $515,000 |
Use 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 9 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 5 | $2,345,000 | $469,000 |
| 7-8% | 4 | $870,000 | $217,500 |
| 5-6% | 2 | $1,130,000 | $565,000 |
| Over 8% | 1 | $615,000 | $615,000 |
During 2023, Use Credit Union's average interest rate for loans was 7.00%, while their most frequently originated rate bucket for loans was 6-7%, with 5 originations.
Loan Sizing
2023 saw Use Credit Union place emphasis on $400k-600k loans with 4 originations, totaling $1,930,000 in origination value.
Applicant Income
Use Credit Union lent most frequently to those with incomes in the $150k-250k range, with 5 originations. The second most popular income band? $250k+, with 2 originations.
Applicant Debt to Income Ratio
Use Credit Union lent most frequently to those with DTI ratios of 49%, with 2 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 7 | $3,225,000 | $460,714 | $0 | 7.02% |
| Not provided | 5 | $1,735,000 | $347,000 | $0 | 6.95% |
Approval Rates
Total approvals of all applications97.89%
Use Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination0.00%
Use 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 | 12 | $4,960,000 | $413,333 |