Mypoint Credit Union Mortgage Rates, Fees & Info

San Diego, CA

LEI: 549300BYGLNAWS20VR43

Tax ID: 95-1679450

5 stars - Updated: 6/9/24 - out of 5 stars, based on 13 reviews

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

Jump to:

Mortgage Data

Review & Overview

Mypoint Credit Union is a smaller credit union specializing in Cash Out Refi loans. Mypoint Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: San Diego, Riverside, San Francisco, Los Angeles, and El Centro among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mypoint Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Mypoint 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.

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 11.16% 6/9/24
30 Year Conventional Refi 11.22% 6/9/24
30 Year Cash-out Refi 9.92% 6/9/24
15 Year Conventional Refi 5.68% 6/9/24
15 Year Cash-out Refi 5.68% 6/9/24
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.

Mypoint Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Mypoint 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

172

Origination Dollar Volume (All Markets)

$26,390,000

Relative Rate

Mypoint Credit Union's average 30 year fixed mortgage rate was 6.27%.

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

This yields a difference of -0.21%.

Relative Fees (Closing Costs)

Mypoint Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,027.

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) 158 $25,120,000 $158,987 $2,101 7.64%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 9 $575,000 $63,889 $0 7.59%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $515,000 $171,667 $0 7.74%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
EL CENTRO, CA (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.38%
Mypoint Credit Union's top markets include San Diego, Riverside, San Francisco, Los Angeles, and El Centro among others.

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

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

    FRONTWAVE
    Similarity Rank: 77
    MISSION
    Similarity Rank: 93
    ALTURA
    Similarity Rank: 128
    CALIFORNIA CREDIT UNION
    Similarity Rank: 208
    SAN DIEGO COUNTY CREDIT UNION
    Similarity Rank: 312
    San Diego Funding
    Similarity Rank: 738
    East West Bank
    Similarity Rank: 814
    First Republic Bank
    Similarity Rank: 927
    THE GOLDEN 1
    Similarity Rank: 1120
    SCHOOLSFIRST
    Similarity Rank: 1254

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 146 $21,660,000 $148,356 n/a 7.73%
    Conventional 26 $4,730,000 $181,923 $2,101 7.13%

    For 2023, Mypoint Credit Union's most frequently originated type of loan was HELOC, with 146 originations. Their 2nd most popular type was Conventional, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 168 $25,580,000 $152,262 $1,268 7.66%
    Home Purchase 2 $580,000 $290,000 $4,676 6.25%
    Other 1 $135,000 $135,000 $0 7.74%
    Refi 1 $95,000 $95,000 $1,952 6.25%

    For 2023, Mypoint Credit Union's most frequently cited loan purpose was Cash Out Refi, with 168 originations. The 2nd most popular reason was Home Purchase, with 2 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 146 $21,660,000 $148,356 $0 7.73%
    15 Year 20 $2,140,000 $107,000 $250 7.39%
    30 Year 6 $2,590,000 $431,667 $3,027 6.27%

    For 2023, Mypoint Credit Union's most frequently cited loan duration was Other, with 146 originations. The 2nd most popular length was 15 Year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 6 $2,590,000 $431,667

    Mypoint Credit Union's average total fees were $3,027, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 6 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 147 $21,965,000 $149,422
    Over 8% 14 $1,420,000 $101,429
    6-7% 10 $1,600,000 $160,000
    5-6% 1 $1,405,000 $1,405,000

    During 2023, Mypoint Credit Union's average interest rate for loans was 6.27%, while their most frequently originated rate bucket for loans was 7-8%, with 147 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 65 $8,675,000 $133,462 $250 7.77%
    $100,000 or less 59 $3,365,000 $57,034 $817 7.62%
    $200k-400k 43 $10,895,000 $253,372 $3,414 7.51%
    $400k-600k 3 $1,435,000 $478,333 $0 7.66%
    $1MM+ 1 $1,405,000 $1,405,000 $2,552 5.25%
    $600k-1MM 1 $615,000 $615,000 $0 8.00%

    2023 saw Mypoint Credit Union place emphasis on $100k-200k loans with 65 originations, totaling $8,675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 65 $9,295,000 $143,000 $250 7.76%
    $100k-150k 36 $4,680,000 $130,000 $3,200 7.55%
    $250k+ 25 $7,575,000 $303,000 $2,552 7.57%
    $75k-100k 23 $2,685,000 $116,739 $1,518 7.58%
    $50k-75k 12 $850,000 $70,833 $1,952 7.45%
    $50k or less 6 $390,000 $65,000 $0 7.79%

    Mypoint Credit Union lent most frequently to those with incomes in the $150k-250k range, with 65 originations. The second most popular income band? $100k-150k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $5,260,000 $187,857 $2,252 7.58%
    30-36% 26 $4,120,000 $158,462 $2,441 7.56%
    44% 14 $2,430,000 $173,571 $0 7.57%
    43% 13 $1,095,000 $84,231 $0 7.61%
    40% 12 $1,860,000 $155,000 $0 7.64%
    <20% 11 $1,965,000 $178,636 $0 7.94%
    48% 10 $1,350,000 $135,000 $0 7.54%
    49% 8 $620,000 $77,500 $0 7.60%
    42% 8 $790,000 $98,750 $0 7.84%
    41% 6 $960,000 $160,000 $0 7.74%
    39% 6 $1,540,000 $256,667 $2,196 7.47%
    38% 6 $910,000 $151,667 $250 7.74%
    46% 6 $800,000 $133,333 $0 7.91%
    45% 5 $385,000 $77,000 $0 7.54%
    47% 4 $610,000 $152,500 $0 7.68%
    36% 3 $545,000 $181,667 $0 7.58%
    37% 2 $300,000 $150,000 $0 7.69%

    Mypoint Credit Union lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 137 $21,085,000 $153,905 $1,639 7.62%
    Not provided 7 $1,755,000 $250,714 $5,209 7.55%
    Asian 10 $1,530,000 $153,000 $0 7.91%
    Black 7 $925,000 $132,143 $2,227 7.51%
    American Indian 8 $730,000 $91,250 $0 7.51%
    Other Pacific Islander 1 $155,000 $155,000 $0 9.50%
    Native Hawaiian 1 $105,000 $105,000 $0 7.49%
    Filipino 1 $105,000 $105,000 $0 7.74%

    Approval Rates

    Total approvals of all applications
    64.44%

    Mypoint Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    99.42%

    Mypoint Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 172 $26,390,000 $153,430

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    172 $26,390,000 $153,430

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $7,645,000 $246,613 $1,164 7.54%
    40-60% 3 $825,000 $275,000 $3,185 6.91%
    60-80% 1 $1,405,000 $1,405,000 $2,552 5.25%
    Under 20% 133 $15,665,000 $117,782 $1,915 7.70%