Canvas Credit Union Mortgage Rates, Fees & Info
Lone Tree, COLEI: 549300E3QJQLKVB40W93
Tax ID: 84-6023137
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Mortgage Data
Review & Overview
Canvas Credit Union is a smaller credit union specializing in Home Improvement, Other, and Home Purchase loans. Canvas Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Fort Collins, Greeley, Colorado Springs, and Seattle among others. We have data for 60 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 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) | 6.45% | 11/17/24 |
| 30 Year Conventional Purchase | 6.54% | 11/17/24 |
| 30 Year Conventional Refi | 6.59% | 11/17/24 |
| 30 Year Cash-out Refi | 6.24% | 11/17/24 |
| 15 Year Conventional Purchase | 5.86% | 11/17/24 |
| 15 Year Conventional Refi | 6.00% | 11/17/24 |
| 15 Year Cash-out Refi | 6.00% | 11/17/24 |
| 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. | ||
Canvas Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Canvas 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
2,577Origination Dollar Volume (All Markets)
$404,035,000Awards
CANVAS CREDIT UNION - 2023
CANVAS CREDIT UNION is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Canvas Credit Union's average 30 year fixed mortgage rate was
7.81%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.33%.
Relative Fees (Closing Costs)
Canvas Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,329.
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 |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1,627 | $276,755,000 | $170,101 | $4,550 | 8.87% |
| FORT COLLINS, CO (FHA|USDA|VA) | 356 | $48,020,000 | $134,888 | $3,289 | 8.92% |
| GREELEY, CO (FHA|USDA|VA) | 239 | $20,895,000 | $87,427 | $2,868 | 9.50% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 36 | $8,920,000 | $247,778 | $6,108 | 8.78% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 40 | $6,660,000 | $166,500 | $0 | 9.77% |
| BOULDER, CO (FHA|USDA|VA) | 28 | $6,200,000 | $221,429 | $4,305 | 9.35% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 71 | $6,135,000 | $86,408 | $2,865 | 9.40% |
| Outside of Metro Areas | 16 | $3,770,000 | $235,625 | $3,743 | 9.16% |
| Edwards, CO (FHA|USDA|VA) | 7 | $3,195,000 | $456,429 | $3,588 | 7.36% |
| Breckenridge, CO (FHA|USDA|VA) | 7 | $2,365,000 | $337,857 | $3,095 | 9.12% |
| Glenwood Springs, CO (FHA|USDA|VA) | 13 | $1,905,000 | $146,538 | $2,724 | 9.43% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 10 | $1,760,000 | $176,000 | $0 | 10.72% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 12 | $1,690,000 | $140,833 | $0 | 10.56% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 10 | $1,560,000 | $156,000 | $0 | 10.28% |
| PROVO-OREM, UT (FHA|USDA|VA) | 6 | $1,500,000 | $250,000 | $0 | 9.79% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 5 | $1,005,000 | $201,000 | $0 | 10.75% |
| PUEBLO, CO (FHA|USDA|VA) | 7 | $785,000 | $112,143 | $3,142 | 7.90% |
| RENO, NV (FHA|USDA|VA) | 6 | $750,000 | $125,000 | $0 | 9.87% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 5 | $745,000 | $149,000 | $0 | 9.45% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 6 | $680,000 | $113,333 | $0 | 11.00% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $0 | 10.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 10.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $0 | 11.17% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 8.38% |
| CHEYENNE, WY (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,201 | 7.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $0 | 10.92% |
| Fort Morgan, CO (FHA|USDA|VA) | 6 | $350,000 | $58,333 | $2,221 | 9.86% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 10.88% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $0 | 10.33% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 9.88% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 11.75% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 10.91% |
| Laramie, WY (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,993 | 7.25% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $0 | 11.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 10.00% |
| Montrose, CO (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,575 | 7.95% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 11.50% |
| BEND, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 9.50% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $0 | 10.62% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 8.49% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 10.63% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $0 | 11.17% |
| MADERA, CA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 9.74% |
| LONGVIEW, WA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 11.25% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 11.50% |
| SALEM, OR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 11.50% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 11.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 11.75% |
| Craig, CO (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,774 | 6.00% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 11.75% |
| Shelton, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 10.50% |
| Cañon City, CO (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 8.70% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 12.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 11.25% |
| Prineville, OR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 12.00% |
| Vernal, UT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 10.75% |
| Ellensburg, WA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 11.00% |
| JACKSON, TN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 12.00% |
| Durango, CO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 8.89% |
| Sterling, CO (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 11.14% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 2,158 | $215,620,000 | $99,917 | n/a | 9.49% |
| Conventional | 419 | $188,415,000 | $449,678 | $4,284 | 6.75% |
For 2023, Canvas Credit Union's most frequently originated type of loan was HELOC, with 2,158 originations. Their 2nd most popular type was Conventional, with 419 originations.
Loan Reason
For 2023, Canvas Credit Union's most frequently cited loan purpose was Home Improvement, with 1,002 originations. The 2nd most popular reason was Other, with 895 originations.
Loan Duration/Length
For 2023, Canvas Credit Union's most frequently cited loan duration was 20 Year, with 1,990 originations. The 2nd most popular length was 30 Year, with 579 originations.
Origination Fees/Closing Costs
Canvas Credit Union's average total fees were $4,329, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 263 originations.
Interest Rates
During 2023, Canvas Credit Union's average interest rate for loans was 7.81%, while their most frequently originated rate bucket for loans was Over 8%, with 2,007 originations.
Loan Sizing
2023 saw Canvas Credit Union place emphasis on $100,000 or less loans with 1,283 originations, totaling $69,395,000 in origination value.
Applicant Income
Canvas Credit Union lent most frequently to those with incomes in the $150k-250k range, with 800 originations. The second most popular income band? $100k-150k, with 696 originations.
Applicant Debt to Income Ratio
Canvas Credit Union lent most frequently to those with DTI ratios of 20-30%, with 528 originations. The next most common DTI ratio? 30-36%, with 470 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.49%
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 origination46.64%
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 | 2,577 | $404,035,000 | $156,785 |