Canvas Credit Union Mortgage Rates, Fees & Info

Lone Tree, CO

LEI: 549300E3QJQLKVB40W93

Tax ID: 84-6023137

5 stars - out of 5 stars, based on 73 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Canvas Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Canvas Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Denver, Fort Collins, Greeley, Boulder, and Colorado Springs among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Canvas 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. Canvas 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
    Home Equity Line of Credit (HELOC) 6.45% 3/27/23
    30 Year Conventional Purchase 6.54% 3/27/23
    30 Year Conventional Refi 6.59% 3/27/23
    30 Year Cash-out Refi 6.24% 3/27/23
    15 Year Conventional Purchase 5.86% 3/27/23
    15 Year Conventional Refi 6.00% 3/27/23
    15 Year Cash-out Refi 6.00% 3/27/23
    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.


    Originations

    5,331

    Origination Dollar Volume (All Markets)

    $742,525,000
    Show all (5) awards

    Relative Rate

    Canvas Credit Union's average 30 year fixed mortgage rate was 5.03%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.27%.

    Relative Fees (Closing Costs)

    Canvas Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,460.

    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 $4,750.

    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
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3,437 $475,525,000 $138,355 $3,428 5.42%
    FORT COLLINS, CO (FHA|USDA|VA) 838 $117,280,000 $139,952 $2,983 5.30%
    GREELEY, CO (FHA|USDA|VA) 514 $57,210,000 $111,304 $3,304 5.73%
    BOULDER, CO (FHA|USDA|VA) 94 $19,020,000 $202,340 $4,413 5.17%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 79 $12,725,000 $161,076 $4,031 5.66%
    GRAND JUNCTION, CO (FHA|USDA|VA) 102 $9,220,000 $90,392 $2,326 5.96%
    Outside of Metro Areas 30 $6,720,000 $224,000 $2,991 5.30%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 33 $6,265,000 $189,848 $0 6.02%
    CHEYENNE, WY (FHA|USDA|VA) 2 $5,160,000 $2,580,000 $0 3.87%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 28 $5,130,000 $183,214 $0 7.01%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 19 $3,975,000 $209,211 $0 5.67%
    Glenwood Springs, CO (FHA|USDA|VA) 19 $1,895,000 $99,737 $3,794 5.69%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 7 $1,815,000 $259,286 $0 5.64%
    Breckenridge, CO (FHA|USDA|VA) 8 $1,620,000 $202,500 $0 5.45%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 11 $1,515,000 $137,727 $0 5.47%
    Fort Morgan, CO (FHA|USDA|VA) 13 $1,465,000 $112,692 $2,881 6.20%
    Steamboat Springs, CO (FHA|USDA|VA) 5 $1,415,000 $283,000 $3,718 4.94%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $1,260,000 $157,500 $0 6.71%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 9 $1,155,000 $128,333 $0 5.80%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 7 $1,145,000 $163,571 $0 6.38%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 7 $1,085,000 $155,000 $0 6.31%
    PUEBLO, CO (FHA|USDA|VA) 12 $950,000 $79,167 $2,733 6.43%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $760,000 $380,000 $0 4.75%
    Edwards, CO (FHA|USDA|VA) 3 $705,000 $235,000 $3,724 4.51%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $650,000 $325,000 $0 4.62%
    RENO, NV (FHA|USDA|VA) 2 $610,000 $305,000 $0 5.62%
    VALLEJO, CA (FHA|USDA|VA) 2 $600,000 $300,000 $0 4.75%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 3 $565,000 $188,333 $0 5.08%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $505,000 $505,000 $0 4.49%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $455,000 $455,000 $0 7.24%
    BELLINGHAM, WA (FHA|USDA|VA) 3 $445,000 $148,333 $0 4.91%
    Cañon City, CO (FHA|USDA|VA) 4 $390,000 $97,500 $3,231 6.79%
    Oak Harbor, WA (FHA|USDA|VA) 1 $385,000 $385,000 $0 7.49%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $325,000 $108,333 $0 6.16%
    Sterling, CO (FHA|USDA|VA) 4 $290,000 $72,500 $0 6.02%
    Montrose, CO (FHA|USDA|VA) 4 $280,000 $70,000 $0 5.14%
    STOCKTON, CA (FHA|USDA|VA) 1 $255,000 $255,000 $0 6.49%
    Centralia, WA (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.24%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.00%
    WENATCHEE, WA (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.99%
    Durango, CO (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.14%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.50%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $160,000 $80,000 $0 7.75%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $145,000 $145,000 $0 7.00%
    VISALIA, CA (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.49%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.99%
    YUBA CITY, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 10.49%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.49%
    Canvas Credit Union's top markets include Denver, Fort Collins, Greeley, Boulder, and Colorado Springs among others.

    Their top states include:
  • Colorado (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Similar Lenders

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

    The District Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 768
    DENVER COMMUNITY
    Similarity Rank: 1078
    AVENTA Credit Union
    Similarity Rank: 1085
    FOOTHILLS
    Similarity Rank: 1116
    INFINITY MORTGAGE HOLDINGS, LLC
    Similarity Rank: 1178
    Red Rocks Credit Union
    Similarity Rank: 1464
    PRIORITY HOME MORTGAGE, L.P.
    Similarity Rank: 1488
    PARTNERS UNITED FINANCIAL, LLC
    Similarity Rank: 1962
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2184

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 4,752 $531,100,000 $111,763 n/a 5.58%
    Conventional 579 $211,425,000 $365,155 $3,304 4.51%

    For 2022, Canvas Credit Union's most frequently originated type of loan was HELOC, with 4,752 originations. Their 2nd most popular type was Conventional, with 579 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 2,685 $287,555,000 $107,097 $0 5.40%
    Other 1,643 $176,645,000 $107,514 $0 5.92%
    Refi 536 $124,090,000 $231,511 $2,905 4.65%
    Home Purchase 386 $141,270,000 $365,984 $3,882 5.12%
    Cash Out Refi 81 $12,965,000 $160,062 $1,971 5.61%

    For 2022, Canvas Credit Union's most frequently cited loan purpose was Home Improvement, with 2,685 originations. The 2nd most popular reason was Other, with 1,643 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 4,571 $498,165,000 $108,984 $2,587 5.56%
    30 Year 681 $218,655,000 $321,079 $3,460 5.03%
    15 Year 46 $11,040,000 $240,000 $2,659 3.61%
    10 Year 27 $12,135,000 $449,444 $1,933 4.68%
    Other 5 $1,515,000 $303,000 $2,406 4.10%
    5 Year 1 $1,015,000 $1,015,000 $0 4.13%

    For 2022, Canvas Credit Union's most frequently cited loan duration was 20 Year, with 4,571 originations. The 2nd most popular length was 30 Year, with 681 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 342 $116,420,000 $340,409
    $1k-2k 78 $27,250,000 $349,359
    $2k-3k 37 $16,005,000 $432,568
    $5k+ 24 $13,860,000 $577,500
    $3k-4k 18 $7,300,000 $405,556
    $4k-5k 12 $5,210,000 $434,167

    Canvas Credit Union's average total fees were $3,460, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 342 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 1,441 $190,535,000 $132,224
    4-5% 1,369 $205,005,000 $149,748
    3-4% 881 $174,475,000 $198,042
    6-7% 689 $75,075,000 $108,962
    7-8% 545 $54,715,000 $100,394
    Over 8% 358 $26,820,000 $74,916
    2.5-3% 41 $13,745,000 $335,244
    <2.5% 7 $2,155,000 $307,857

    During 2022, Canvas Credit Union's average interest rate for loans was 5.03%, while their most frequently originated rate bucket for loans was 5-6%, with 1,441 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,440 $136,100,000 $55,779 $1,787 5.91%
    $100k-200k 1,843 $246,195,000 $133,584 $2,602 5.30%
    $200k-400k 780 $207,290,000 $265,756 $3,062 4.76%
    $400k-600k 207 $99,155,000 $479,010 $3,761 4.65%
    $600k-1MM 49 $34,175,000 $697,449 $5,005 4.55%
    $1MM+ 12 $19,610,000 $1,634,167 $7,169 3.76%

    2022 saw Canvas Credit Union place emphasis on $100,000 or less loans with 2,440 originations, totaling $136,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,424 $181,850,000 $127,704 $3,669 5.54%
    $150k-250k 1,345 $186,235,000 $138,465 $3,754 5.44%
    $75k-100k 799 $92,855,000 $116,214 $3,189 5.69%
    $50k-75k 777 $87,745,000 $112,928 $2,925 5.50%
    $250k+ 647 $131,675,000 $203,516 $5,288 5.28%
    $50k or less 266 $26,920,000 $101,203 $2,711 5.08%

    Canvas Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,424 originations. The second most popular income band? $150k-250k, with 1,345 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,177 $152,655,000 $129,698 $3,181 5.30%
    30-36% 865 $113,445,000 $131,150 $3,274 5.52%
    <20% 772 $102,200,000 $132,383 $2,808 4.85%
    50-60% 376 $39,540,000 $105,160 $3,136 5.94%
    44% 201 $35,315,000 $175,697 $3,593 5.71%
    36% 169 $23,675,000 $140,089 $3,134 5.61%
    43% 165 $24,065,000 $145,848 $2,846 5.98%
    41% 161 $27,015,000 $167,795 $3,830 5.60%
    37% 160 $21,980,000 $137,375 $3,304 5.66%
    40% 152 $20,920,000 $137,632 $3,108 5.74%
    42% 146 $21,200,000 $145,205 $3,424 5.64%
    39% 144 $23,040,000 $160,000 $3,436 5.72%
    38% 138 $22,090,000 $160,072 $3,045 5.42%
    45% 136 $19,730,000 $145,074 $4,289 5.69%
    46% 122 $17,890,000 $146,639 $2,876 5.72%
    47% 118 $18,660,000 $158,136 $3,304 5.75%
    49% 109 $19,055,000 $174,817 $3,355 5.53%
    48% 107 $16,015,000 $149,673 $4,028 5.66%
    >60% 99 $11,595,000 $117,121 $3,226 5.71%

    Canvas Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,177 originations. The next most common DTI ratio? 30-36%, with 865 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,523 $610,505,000 $134,978 $3,379 5.45%
    Not provided 352 $56,390,000 $160,199 $3,073 5.40%
    Black 217 $25,205,000 $116,152 $2,675 5.92%
    Asian 116 $22,280,000 $192,069 $3,567 5.51%
    Not applicable 15 $12,675,000 $845,000 $0 5.50%
    American Indian 44 $6,220,000 $141,364 $2,824 5.73%
    Other Asian 10 $1,870,000 $187,000 $0 5.07%
    Chinese 11 $1,715,000 $155,909 $0 5.46%
    Asian Indian 7 $1,425,000 $203,571 $0 4.89%
    Filipino 11 $1,065,000 $96,818 $0 5.14%
    Native Hawaiian or Islander 6 $910,000 $151,667 $6,253 6.45%
    Vietnamese 5 $755,000 $151,000 $0 5.34%
    Japanese 6 $650,000 $108,333 $0 4.74%
    Korean 5 $585,000 $117,000 $0 5.24%
    Other Pacific Islander 2 $230,000 $115,000 $0 5.02%
    Native Hawaiian 1 $45,000 $45,000 $0 5.64%

    Approval Rates

    Total approvals of all applications
    96.18%

    Canvas 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 origination
    59.39%

    Canvas 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 5,331 $742,525,000 $139,284

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    5,331 $742,525,000 $139,284

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,387 $242,785,000 $175,043 $2,328 5.21%
    40-60% 271 $78,145,000 $288,358 $2,907 4.43%
    60-80% 250 $103,340,000 $413,360 $3,617 4.58%
    80-100% 152 $68,250,000 $449,013 $3,889 4.91%
    Under 20% 3,271 $250,005,000 $76,431 $2,008 5.75%