Technology Mortgage Rates, Fees & Info

San Jose, CA

LEI: 5493007VGBHF6SRXRR53

Tax ID: 94-1651781

5 stars - Updated: 12/9/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Technology is a smaller mortgage company specializing in Home Improvement loans. Technology has an average proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, Santa Cruz, Sacramento, and Vallejo among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Technology 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. Technology is typically an average 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.

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

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 12/9/24
30 Year Conventional Purchase 5.67% 12/9/24
30 Year Conventional Refi 5.92% 12/9/24
30 Year Cash-out Refi 6.00% 12/9/24
15 Year Conventional Purchase 6.37% 12/9/24
15 Year Conventional Refi 5.94% 12/9/24
15 Year Cash-out Refi 5.94% 12/9/24
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.

Technology Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Technology. 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

368

Origination Dollar Volume (All Markets)

$94,120,000

Relative Rate

Technology's average 30 year fixed mortgage rate was 6.84%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.36%.

Relative Fees (Closing Costs)

Technology's average total fees/closing costs for a 30 year fixed rate mortgage were $5,090.

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 JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 211 $55,425,000 $262,678 $2,301 8.22%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 84 $25,000,000 $297,619 $2,241 8.22%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 12 $4,330,000 $360,833 $4,028 7.80%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 12 $2,070,000 $172,500 $4,231 7.60%
VALLEJO, CA (FHA|USDA|VA) 5 $1,415,000 $283,000 $16,235 7.28%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7 $1,235,000 $176,429 $0 8.57%
STOCKTON, CA (FHA|USDA|VA) 12 $1,220,000 $101,667 $0 8.21%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $610,000 $305,000 $5,632 7.44%
SALINAS, CA (FHA|USDA|VA) 4 $610,000 $152,500 $0 8.25%
MODESTO, CA (FHA|USDA|VA) 3 $565,000 $188,333 $3,803 7.79%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $485,000 $485,000 $3,629 6.63%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $265,000 $88,333 $0 8.25%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.75%
NAPA, CA (FHA|USDA|VA) 2 $180,000 $90,000 $920 6.63%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $110,000 $55,000 $1,863 6.88%
Outside of Metro Areas 2 $100,000 $50,000 $0 8.38%
Clearlake, CA (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.75%
FRESNO, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.63%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.63%
YUBA CITY, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.75%
MADERA, CA (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.50%
Technology's top markets include San Jose, San Francisco, Santa Cruz, Sacramento, and Vallejo among others.

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

    We use machine learning to identify the top lenders compared against TECHNOLOGY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    LBS FINANCIAL
    Similarity Rank: 258
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342
    FIRST ENTERTAINMENT
    Similarity Rank: 351
    ALTURA
    Similarity Rank: 384
    FOOTHILL FEDERAL CREDIT UNION
    Similarity Rank: 504
    LA Financial Federal Credit Union
    Similarity Rank: 660
    I.L.W.U. CREDIT UNION
    Similarity Rank: 680
    Provident Credit Union
    Similarity Rank: 810

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 325 $78,845,000 $242,600 n/a 8.28%
    Conventional 43 $15,275,000 $355,233 $3,307 7.17%

    For 2023, Technology's most frequently originated type of loan was HELOC, with 325 originations. Their 2nd most popular type was Conventional, with 43 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 257 $60,095,000 $233,833 $0 8.26%
    Refi 43 $12,215,000 $284,070 $5,012 8.02%
    Other 29 $6,845,000 $236,034 $0 8.41%
    Home Purchase 21 $10,705,000 $509,762 $5,614 7.64%
    Cash Out Refi 18 $4,260,000 $236,667 $3,733 7.18%

    For 2023, Technology's most frequently cited loan purpose was Home Improvement, with 257 originations. The 2nd most popular reason was Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 326 $79,060,000 $242,515 $0 8.28%
    15 Year 16 $2,810,000 $175,625 $1,772 7.87%
    30 Year 16 $9,780,000 $611,250 $5,090 6.84%
    10 Year 6 $750,000 $125,000 $1,936 6.42%
    20 Year 3 $955,000 $318,333 $6,323 7.13%
    5 Year 1 $765,000 $765,000 $0 6.88%

    For 2023, Technology's most frequently cited loan duration was Other, with 326 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 28 $8,410,000 $300,357
    $1k-2k 5 $2,735,000 $547,000
    $5k+ 4 $2,120,000 $530,000
    $4k-5k 2 $580,000 $290,000
    $2k-3k 1 $535,000 $535,000

    Technology's average total fees were $5,090, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 229 $62,645,000 $273,559
    7-8% 115 $21,055,000 $183,087
    6-7% 18 $8,450,000 $469,444
    5-6% 6 $1,970,000 $328,333

    During 2023, Technology's average interest rate for loans was 6.84%, while their most frequently originated rate bucket for loans was Over 8%, with 229 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 147 $37,805,000 $257,177 $3,410 8.16%
    $100k-200k 90 $11,750,000 $130,556 $1,020 8.05%
    $100,000 or less 66 $3,960,000 $60,000 $266 8.13%
    $400k-600k 38 $18,650,000 $490,789 $7,323 8.27%
    $600k-1MM 24 $17,780,000 $740,833 $7,359 8.43%
    $1MM+ 3 $4,175,000 $1,391,667 $4,276 7.63%

    2023 saw Technology place emphasis on $200k-400k loans with 147 originations, totaling $37,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 128 $30,160,000 $235,625 $2,238 8.15%
    $250k+ 116 $44,920,000 $387,241 $5,314 8.22%
    $100k-150k 73 $13,065,000 $178,973 $2,644 8.12%
    $50k-75k 20 $2,150,000 $107,500 $1,350 8.02%
    $75k-100k 16 $1,860,000 $116,250 $2,003 7.96%
    $50k or less 14 $1,200,000 $85,714 $0 8.27%

    Technology lent most frequently to those with incomes in the $150k-250k range, with 128 originations. The second most popular income band? $250k+, with 116 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 74 $16,500,000 $222,973 $0 8.37%
    20-30% 64 $13,410,000 $209,531 $4,975 8.04%
    30-36% 61 $17,045,000 $279,426 $2,418 8.19%
    <20% 33 $6,355,000 $192,576 $3,726 7.74%
    42% 20 $6,160,000 $308,000 $2,028 8.21%
    41% 14 $5,100,000 $364,286 $2,666 8.06%
    38% 13 $3,035,000 $233,462 $5,864 8.08%
    43% 10 $2,860,000 $286,000 $2,326 7.90%
    48% 10 $2,460,000 $246,000 $0 8.40%
    39% 10 $2,520,000 $252,000 $0 8.25%
    44% 10 $2,750,000 $275,000 $2,071 7.85%
    36% 9 $3,505,000 $389,444 $6,174 8.26%
    45% 9 $2,425,000 $269,444 $5,118 8.10%
    46% 8 $2,620,000 $327,500 $0 8.47%
    49% 8 $2,970,000 $371,250 $0 8.41%
    37% 6 $1,110,000 $185,000 $2,051 7.92%
    47% 4 $890,000 $222,500 $0 8.56%
    40% 4 $1,640,000 $410,000 $0 8.69%

    Technology lent most frequently to those with DTI ratios of 50-60%, with 74 originations. The next most common DTI ratio? 20-30%, with 64 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 206 $48,180,000 $233,883 $1,547 8.23%
    Asian Indian 44 $14,660,000 $333,182 $0 8.37%
    Asian 40 $10,830,000 $270,750 $6,538 7.84%
    Not provided 22 $6,570,000 $298,636 $4,761 7.26%
    Chinese 17 $5,565,000 $327,353 $0 8.43%
    Vietnamese 8 $2,620,000 $327,500 $0 8.53%
    Filipino 14 $2,530,000 $180,714 $0 8.19%
    Korean 4 $860,000 $215,000 $0 8.25%
    Not applicable 1 $765,000 $765,000 $0 6.88%
    Black 7 $675,000 $96,429 $0 8.07%
    Japanese 3 $575,000 $191,667 $0 7.92%
    Native Hawaiian or Islander 1 $255,000 $255,000 $0 8.50%
    American Indian 1 $35,000 $35,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    71.92%

    Technology has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    63.04%

    Technology 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 368 $94,120,000 $255,761

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    368 $94,120,000 $255,761

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 80 $31,880,000 $398,500 $3,887 8.33%
    40-60% 8 $4,670,000 $583,750 $3,629 8.33%
    60-80% 7 $5,695,000 $813,571 $7,520 6.70%
    80-100% 3 $2,355,000 $785,000 $6,829 7.08%
    Under 20% 270 $49,520,000 $183,407 $1,164 8.15%