Canvas Credit Union Mortgage Rates, Fees & Info

Lone Tree, CO

LEI: 549300E3QJQLKVB40W93

Tax ID: 84-6023137

5 stars - Updated: 12/5/24 - out of 5 stars, based on 51 reviews

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

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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.

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% 12/5/24
30 Year Conventional Purchase 6.54% 12/5/24
30 Year Conventional Refi 6.59% 12/5/24
30 Year Cash-out Refi 6.24% 12/5/24
15 Year Conventional Purchase 5.86% 12/5/24
15 Year Conventional Refi 6.00% 12/5/24
15 Year Cash-out Refi 6.00% 12/5/24
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

2,577

Origination Dollar Volume (All Markets)

$404,035,000

Awards

CANVAS CREDIT UNION 30 Year Conventional Loans silver CANVAS CREDIT UNION 30 Year Conventional Loans gold
Show all (2) awards

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%
CaƱon 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%
Canvas Credit Union's top markets include Denver, Fort Collins, Greeley, Colorado Springs, and Seattle among others.

Their top states include:
  • Colorado (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Illinois (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.

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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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,002 $94,350,000 $94,162 $0 9.13%
    Other 895 $84,105,000 $93,972 $0 9.87%
    Home Purchase 398 $174,880,000 $439,397 $4,399 7.09%
    Refi 248 $46,910,000 $189,153 $3,828 8.70%
    Cash Out Refi 34 $3,790,000 $111,471 $0 10.12%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 1,990 $190,540,000 $95,749 $2,522 9.41%
    30 Year 579 $211,885,000 $365,950 $4,329 7.81%
    15 Year 8 $1,610,000 $201,250 $2,823 6.27%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 263 $121,855,000 $463,327
    $1k-2k 46 $17,160,000 $373,043
    $5k+ 40 $20,370,000 $509,250
    $3k-4k 20 $10,500,000 $525,000
    $2k-3k 17 $6,135,000 $360,882
    $4k-5k 12 $5,070,000 $422,500

    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

    Loan Rate Originations Total Value Average Loan
    Over 8% 2,007 $198,345,000 $98,827
    7-8% 275 $75,355,000 $274,018
    6-7% 238 $106,980,000 $449,496
    5-6% 55 $22,735,000 $413,364
    3-4% 1 $85,000 $85,000
    4-5% 1 $535,000 $535,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,283 $69,395,000 $54,088 $3,280 9.67%
    $100k-200k 679 $88,945,000 $130,994 $3,025 9.08%
    $200k-400k 368 $98,050,000 $266,440 $4,018 8.22%
    $400k-600k 161 $78,545,000 $487,857 $4,436 6.94%
    $600k-1MM 74 $53,780,000 $726,757 $5,003 6.90%
    $1MM+ 12 $15,320,000 $1,276,667 $5,742 6.51%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 800 $134,510,000 $168,138 $4,377 9.06%
    $100k-150k 696 $96,680,000 $138,908 $4,448 9.12%
    $250k+ 360 $99,940,000 $277,611 $4,921 8.73%
    $75k-100k 341 $41,285,000 $121,070 $3,771 9.14%
    $50k-75k 283 $24,675,000 $87,191 $4,150 9.18%
    $50k or less 95 $6,245,000 $65,737 $2,939 8.91%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 528 $71,520,000 $135,455 $3,674 8.95%
    30-36% 470 $72,240,000 $153,702 $4,633 9.00%
    <20% 211 $23,525,000 $111,493 $3,760 8.76%
    50-60% 210 $25,260,000 $120,286 $4,557 9.48%
    44% 126 $20,180,000 $160,159 $3,868 9.48%
    42% 99 $21,865,000 $220,859 $4,184 9.01%
    43% 97 $19,745,000 $203,557 $3,667 9.05%
    37% 94 $16,000,000 $170,213 $3,793 9.13%
    39% 89 $16,325,000 $183,427 $3,516 9.28%
    36% 83 $13,735,000 $165,482 $3,235 9.08%
    41% 76 $14,410,000 $189,605 $5,465 9.21%
    40% 76 $12,900,000 $169,737 $4,477 9.00%
    38% 71 $9,835,000 $138,521 $3,068 9.04%
    47% 70 $11,860,000 $169,429 $4,267 9.08%
    45% 65 $11,215,000 $172,538 $4,743 9.15%
    49% 61 $12,985,000 $212,869 $5,963 8.44%
    46% 55 $9,085,000 $165,182 $3,678 8.97%
    48% 52 $11,460,000 $220,385 $5,426 8.48%
    >60% 44 $9,890,000 $224,773 $5,131 9.14%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,222 $328,420,000 $147,804 $4,161 9.09%
    Not provided 153 $41,015,000 $268,072 $4,117 8.34%
    Asian 60 $14,310,000 $238,500 $5,451 8.82%
    Black 89 $13,925,000 $156,461 $6,353 9.26%
    American Indian 27 $3,335,000 $123,519 $2,794 9.29%
    Asian Indian 7 $765,000 $109,286 $0 8.85%
    Korean 2 $760,000 $380,000 $0 7.89%
    Vietnamese 3 $425,000 $141,667 $0 9.18%
    Chinese 2 $270,000 $135,000 $0 8.77%
    Other Asian 2 $230,000 $115,000 $0 8.77%
    Native Hawaiian or Islander 2 $200,000 $100,000 $0 11.57%
    Samoan 1 $105,000 $105,000 $0 7.89%
    Filipino 3 $105,000 $35,000 $0 8.64%
    Native Hawaiian 2 $100,000 $50,000 $0 11.39%
    Japanese 1 $45,000 $45,000 $0 7.89%
    Other Pacific Islander 1 $25,000 $25,000 $0 8.39%

    Approval Rates

    Total approvals of all applications
    97.49%

    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 origination
    46.64%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,577 $404,035,000 $156,785

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 547 $95,125,000 $173,903 $3,231 9.11%
    40-60% 88 $26,000,000 $295,455 $2,986 7.94%
    60-80% 149 $70,535,000 $473,389 $4,904 6.97%
    80-100% 185 $97,145,000 $525,108 $4,419 6.69%
    Under 20% 1,608 $115,230,000 $71,660 $3,135 9.54%