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 Refi, Cash Out Refi, and Home Purchase loans. Use Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Diego, Sacramento, San Francisco, Riverside, and Vallejo among others. We have data for 21 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.16% | 11/21/24 |
| 30 Year Conventional Refi | 6.42% | 11/21/24 |
| 30 Year Cash-out Refi | 6.44% | 11/21/24 |
| 15 Year Conventional Purchase | 5.77% | 11/21/24 |
| 15 Year Conventional Refi | 6.04% | 11/21/24 |
| 15 Year Cash-out Refi | 6.04% | 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. | ||
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
367Origination Dollar Volume (All Markets)
$163,525,000Awards
USE Credit Union - 2021
USE Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 174 | $85,090,000 | $489,023 | $3,150 | 3.12% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 84 | $30,050,000 | $357,738 | $2,745 | 3.08% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 57 | $26,495,000 | $464,825 | $3,066 | 3.06% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 13 | $6,125,000 | $471,154 | $3,405 | 3.07% |
| VALLEJO, CA (FHA|USDA|VA) | 10 | $4,520,000 | $452,000 | $2,704 | 3.29% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 6 | $3,340,000 | $556,667 | $3,503 | 3.04% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $995,000 | $995,000 | $3,538 | 3.25% |
| Ukiah, CA (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $3,218 | 2.94% |
| EL CENTRO, CA (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $2,461 | 3.50% |
| Outside of Metro Areas | 1 | $745,000 | $745,000 | $5,653 | 3.38% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $2,720 | 3.06% |
| FRESNO, CA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $2,728 | 3.13% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $2,427 | 3.00% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,264 | 2.50% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $3,101 | 3.13% |
| CHICO, CA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,280 | 3.00% |
| MODESTO, CA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $2,571 | 3.00% |
| Clearlake, CA (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $2,418 | 3.00% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,679 | 2.88% |
| Sonora, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,852 | 3.25% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,836 | 2.63% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 367 | $163,525,000 | $445,572 | $3,035 | 3.10% |
For 2021, Use Credit Union's most frequently originated type of loan was Conventional, with 367 originations.
Loan Reason
For 2021, Use Credit Union's most frequently cited loan purpose was Refi, with 140 originations. The 2nd most popular reason was Cash Out Refi, with 136 originations.
Loan Duration/Length
For 2021, Use Credit Union's most frequently cited loan duration was 30 Year, with 277 originations. The 2nd most popular length was 15 Year, with 46 originations.
Origination Fees/Closing Costs
Use Credit Union's average total fees were $3,225, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 345 originations.
Interest Rates
During 2021, Use Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 176 originations.
Loan Sizing
2021 saw Use Credit Union place emphasis on $200k-400k loans with 165 originations, totaling $49,005,000 in origination value.
Applicant Income
Use Credit Union lent most frequently to those with incomes in the $150k-250k range, with 104 originations. The second most popular income band? $100k-150k, with 88 originations.
Applicant Debt to Income Ratio
Use Credit Union lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 70 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.70%
Use Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination66.21%
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 | 367 | $163,525,000 | $445,572 |