Use Credit Union Mortgage Rates, Fees & Info

San Diego, CA

LEI: 549300730ZNSQK9EBT50

Tax ID: 95-1209332

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Use Credit Union is a smaller credit union specializing in Refi 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, San Francisco, Los Angeles, and Riverside among others. We have data for 17 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 about average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.16% 4/21/24
    30 Year Conventional Refi 6.42% 4/21/24
    30 Year Cash-out Refi 6.44% 4/21/24
    15 Year Conventional Purchase 5.77% 4/21/24
    15 Year Conventional Refi 6.04% 4/21/24
    15 Year Cash-out Refi 6.04% 4/21/24
    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.

    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

    447

    Origination Dollar Volume (All Markets)

    $182,945,000

    Awards

    USE Credit Union 30 Year Conventional Loans bronze USE Credit Union 30 Year Conventional Loans silver USE Credit Union 30 Year Conventional Loans silver
    Show all (3) awards

    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) 247 $104,245,000 $422,045 $2,994 3.41%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 104 $38,500,000 $370,192 $2,736 3.42%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 45 $20,645,000 $458,778 $3,260 3.41%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 11 $5,115,000 $465,000 $2,985 3.33%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 12 $4,250,000 $354,167 $2,432 3.60%
    VALLEJO, CA (FHA|USDA|VA) 9 $2,665,000 $296,111 $2,740 3.36%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 3 $2,215,000 $738,333 $2,961 3.42%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 4 $1,990,000 $497,500 $3,943 3.53%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 2 $690,000 $345,000 $2,503 3.25%
    Sonora, CA (FHA|USDA|VA) 2 $670,000 $335,000 $3,112 3.88%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $480,000 $240,000 $2,650 3.19%
    MODESTO, CA (FHA|USDA|VA) 1 $395,000 $395,000 $3,237 3.50%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $315,000 $315,000 $2,789 3.38%
    FRESNO, CA (FHA|USDA|VA) 1 $265,000 $265,000 $2,865 3.38%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $255,000 $255,000 $2,497 3.75%
    Clearlake, CA (FHA|USDA|VA) 1 $205,000 $205,000 $2,981 4.25%
    Outside of Metro Areas 1 $45,000 $45,000 $497 6.24%
    Use Credit Union's top markets include San Diego, Sacramento, San Francisco, Los Angeles, and Riverside among others.

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

    • 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.

    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 330
    MANHATTAN FINANCIAL GROUP, INC.
    Similarity Rank: 384
    MYPOINT Credit Union
    Similarity Rank: 560
    THE FIRST FINANCIAL Federal Credit Union
    Similarity Rank: 714
    1ST NORTHERN CALIFORNIA
    Similarity Rank: 1120
    BNB FINANCIAL INC.
    Similarity Rank: 1184
    First Standard Financial Corp.
    Similarity Rank: 1764
    MISSION
    Similarity Rank: 1854
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 1904
    COMMUNITY FIRST CREDIT UNION
    Similarity Rank: 1972

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 447 $182,945,000 $409,273 $2,938 3.42%

    For 2020, Use Credit Union's most frequently originated type of loan was Conventional, with 447 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 207 $90,715,000 $438,237 $2,919 3.29%
    Cash Out Refi 157 $57,755,000 $367,866 $2,889 3.49%
    Home Improvement 46 $17,640,000 $383,478 $2,472 3.75%
    Home Purchase 37 $16,835,000 $455,000 $3,837 3.48%

    For 2020, Use Credit Union's most frequently cited loan purpose was Refi, with 207 originations. The 2nd most popular reason was Cash Out Refi, with 157 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 299 $136,995,000 $458,177 $3,122 3.51%
    15 Year 67 $23,025,000 $343,657 $2,648 3.11%
    20 Year 67 $20,935,000 $312,463 $2,678 3.14%
    10 Year 10 $1,870,000 $187,000 $2,208 3.59%
    Other 4 $120,000 $30,000 $296 6.30%

    For 2020, Use Credit Union's most frequently cited loan duration was 30 Year, with 299 originations. The 2nd most popular length was 15 Year, with 67 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 427 $170,485,000 $399,262
    $5k+ 9 $6,865,000 $762,778
    $3k-4k 4 $1,680,000 $420,000
    $2k-3k 3 $1,675,000 $558,333
    $4k-5k 3 $1,795,000 $598,333
    $1k-2k 1 $445,000 $445,000

    Use Credit Union's average total fees were $3,122, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 427 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 329 $142,265,000 $432,416
    2.5-3% 94 $34,470,000 $366,702
    4-5% 16 $5,600,000 $350,000
    6-7% 7 $565,000 $80,714
    5-6% 1 $45,000 $45,000

    During 2020, Use Credit Union's average interest rate for loans was 3.51%, while their most frequently originated rate bucket for loans was 3-4%, with 329 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 213 $64,485,000 $302,746 $2,705 3.39%
    $400k-600k 120 $56,470,000 $470,583 $3,031 3.37%
    $600k-1MM 56 $41,130,000 $734,464 $3,518 3.45%
    $100k-200k 41 $6,505,000 $158,659 $2,513 3.35%
    $1MM+ 11 $14,095,000 $1,281,364 $6,481 3.20%
    $100,000 or less 6 $260,000 $43,333 $366 6.37%

    2020 saw Use Credit Union place emphasis on $200k-400k loans with 213 originations, totaling $64,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 149 $54,575,000 $366,275 $2,965 3.42%
    $150k-250k 125 $54,275,000 $434,200 $2,858 3.46%
    $75k-100k 62 $19,630,000 $316,613 $2,727 3.39%
    $250k+ 55 $37,965,000 $690,273 $3,640 3.35%
    $50k-75k 31 $6,905,000 $222,742 $2,739 3.50%
    $50k or less 10 $1,930,000 $193,000 $2,647 3.39%

    Use Credit Union lent most frequently to those with incomes in the $100k-150k range, with 149 originations. The second most popular income band? $150k-250k, with 125 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 124 $50,340,000 $405,968 $2,769 3.40%
    30-36% 99 $43,305,000 $437,424 $3,095 3.34%
    <20% 45 $16,625,000 $369,444 $2,657 3.29%
    37% 21 $8,475,000 $403,571 $3,036 3.55%
    45% 17 $7,305,000 $429,706 $2,625 3.51%
    42% 15 $7,695,000 $513,000 $3,913 3.43%
    39% 15 $7,065,000 $471,000 $2,974 3.52%
    38% 14 $4,640,000 $331,429 $2,612 3.86%
    41% 13 $6,715,000 $516,538 $3,577 3.50%
    43% 13 $5,655,000 $435,000 $2,921 3.47%
    40% 13 $4,325,000 $332,692 $3,007 3.35%
    49% 11 $3,895,000 $354,091 $3,085 3.51%
    44% 11 $4,345,000 $395,000 $2,263 3.90%
    36% 10 $3,540,000 $354,000 $3,355 3.41%
    48% 10 $3,670,000 $367,000 $2,630 3.31%
    46% 9 $3,005,000 $333,889 $2,880 3.33%
    47% 4 $1,630,000 $407,500 $4,960 3.59%
    50-60% 2 $530,000 $265,000 $2,669 3.38%

    Use Credit Union lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 99 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 324 $133,820,000 $413,025 $2,962 3.43%
    Not provided 53 $24,365,000 $459,717 $2,877 3.46%
    Asian 31 $11,505,000 $371,129 $2,899 3.31%
    Black 18 $5,550,000 $308,333 $2,698 3.47%
    Filipino 4 $1,820,000 $455,000 $2,775 3.44%
    Asian Indian 4 $1,750,000 $437,500 $2,859 3.03%
    American Indian 4 $1,110,000 $277,500 $2,961 3.78%
    Other Asian 2 $790,000 $395,000 $2,555 3.31%
    Chinese 3 $745,000 $248,333 $2,595 3.17%
    Native Hawaiian or Islander 2 $720,000 $360,000 $5,276 3.56%
    Guamanian 1 $425,000 $425,000 $2,084 3.13%
    Other Pacific Islander 1 $345,000 $345,000 $2,812 3.00%

    Approval Rates

    Total approvals of all applications
    91.11%

    Use Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    66.44%

    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 447 $182,945,000 $409,273

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $630,000 $315,000
    Single Family (1-4 Units):Site-Built 445 $182,315,000 $409,697

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 76 $21,140,000 $278,158 $2,663 3.25%
    40-60% 140 $56,220,000 $401,571 $2,943 3.30%
    60-80% 177 $86,125,000 $486,582 $3,091 3.45%
    80-100% 34 $16,740,000 $492,353 $3,388 3.60%
    Under 20% 20 $2,720,000 $136,000 $1,838 4.34%