Canvas Credit Union Mortgage Rates, Fees & Info

Lone Tree, CO

LEI: 549300E3QJQLKVB40W93

Tax ID: 84-6023137

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

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Mortgage Data

Review & Overview

Canvas Credit Union is a smaller credit union specializing in Home Improvement, Refi, 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, Boulder, and Colorado Springs among others. We have data for 46 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.45% 3/27/24
30 Year Conventional Purchase 6.54% 3/27/24
30 Year Conventional Refi 6.59% 3/27/24
30 Year Cash-out Refi 6.24% 3/27/24
15 Year Conventional Purchase 5.86% 3/27/24
15 Year Conventional Refi 6.00% 3/27/24
15 Year Cash-out Refi 6.00% 3/27/24
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

5,656

Origination Dollar Volume (All Markets)

$925,080,000
Show all (5) awards

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) 3,682 $587,950,000 $159,682 $3,043 4.39%
FORT COLLINS, CO (FHA|USDA|VA) 1,007 $169,675,000 $168,496 $2,482 3.99%
GREELEY, CO (FHA|USDA|VA) 526 $75,960,000 $144,411 $2,804 4.46%
BOULDER, CO (FHA|USDA|VA) 112 $24,620,000 $219,821 $3,140 4.33%
COLORADO SPRINGS, CO (FHA|USDA|VA) 73 $9,285,000 $127,192 $3,027 4.42%
Outside of Metro Areas 35 $9,045,000 $258,429 $3,058 3.91%
Breckenridge, CO (FHA|USDA|VA) 19 $8,625,000 $453,947 $3,677 4.03%
PUEBLO, CO (FHA|USDA|VA) 13 $6,055,000 $465,769 $2,738 4.00%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 19 $4,525,000 $238,158 $0 5.28%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 22 $3,940,000 $179,091 $0 4.62%
Edwards, CO (FHA|USDA|VA) 14 $3,610,000 $257,857 $2,991 4.04%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 11 $2,585,000 $235,000 $0 4.42%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 11 $2,355,000 $214,091 $0 5.17%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 10 $2,190,000 $219,000 $0 5.22%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 9 $1,745,000 $193,889 $0 5.21%
Fort Morgan, CO (FHA|USDA|VA) 9 $1,285,000 $142,778 $2,897 4.70%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 7 $1,205,000 $172,143 $0 5.42%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 12 $1,150,000 $95,833 $0 5.82%
GRAND JUNCTION, CO (FHA|USDA|VA) 9 $1,055,000 $117,222 $2,942 3.73%
Steamboat Springs, CO (FHA|USDA|VA) 3 $1,045,000 $348,333 $0 4.80%
Glenwood Springs, CO (FHA|USDA|VA) 8 $1,010,000 $126,250 $0 4.30%
Durango, CO (FHA|USDA|VA) 3 $785,000 $261,667 $2,933 3.46%
VALLEJO, CA (FHA|USDA|VA) 2 $630,000 $315,000 $0 5.99%
Cañon City, CO (FHA|USDA|VA) 3 $465,000 $155,000 $2,564 2.75%
Montrose, CO (FHA|USDA|VA) 5 $465,000 $93,000 $2,371 3.71%
WENATCHEE, WA (FHA|USDA|VA) 2 $460,000 $230,000 $0 3.99%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 2 $410,000 $205,000 $0 4.24%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $360,000 $180,000 $7,320 2.69%
STOCKTON, CA (FHA|USDA|VA) 4 $330,000 $82,500 $0 5.37%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $300,000 $150,000 $0 4.74%
BEND, OR (FHA|USDA|VA) 2 $250,000 $125,000 $0 4.74%
RENO, NV (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.24%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $220,000 $110,000 $0 5.37%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $190,000 $95,000 $0 4.99%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.99%
Sterling, CO (FHA|USDA|VA) 2 $160,000 $80,000 $0 4.39%
BELLINGHAM, WA (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.74%
NAPA, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.74%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.74%
MEDFORD, OR (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.49%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.49%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
SALINAS, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
Shelton, WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
Craig, CO (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.14%
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)
  • Oregon (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.

    Grand Valley Bank
    Similarity Rank: 182
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    U S WIDE FINANCIAL LLC
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    DENVER COMMUNITY
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    Red Rocks Credit Union
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    PRIORITY HOME MORTGAGE, L.P.
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    INFINITY MORTGAGE HOLDINGS, LLC
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    Shea Mortgage Inc.
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 4,145 $442,585,000 $106,776 n/a 4.82%
    Conventional 1,511 $482,495,000 $319,322 $2,896 2.98%

    For 2021, Canvas Credit Union's most frequently originated type of loan was HELOC, with 4,145 originations. Their 2nd most popular type was Conventional, with 1,511 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 2,266 $227,220,000 $100,274 $6,540 4.74%
    Refi 1,454 $349,860,000 $240,619 $2,787 3.36%
    Other 1,358 $140,150,000 $103,203 $0 4.95%
    Home Purchase 556 $200,710,000 $360,989 $3,199 3.64%
    Cash Out Refi 22 $7,140,000 $324,545 $0 4.78%

    For 2021, Canvas Credit Union's most frequently cited loan purpose was Home Improvement, with 2,266 originations. The 2nd most popular reason was Refi, with 1,454 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 4,095 $439,865,000 $107,415 $2,821 4.76%
    30 Year 1,259 $407,845,000 $323,944 $2,984 3.34%
    15 Year 243 $51,875,000 $213,477 $2,614 2.45%
    10 Year 34 $13,980,000 $411,176 $2,237 2.56%
    Other 23 $7,505,000 $326,304 $2,786 3.18%
    3 Year 1 $2,005,000 $2,005,000 $0 3.75%
    5 Year 1 $2,005,000 $2,005,000 $0 3.38%

    For 2021, Canvas Credit Union's most frequently cited loan duration was 20 Year, with 4,095 originations. The 2nd most popular length was 30 Year, with 1,259 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,001 $317,675,000 $317,358
    $1k-2k 153 $40,335,000 $263,627
    $2k-3k 107 $28,595,000 $267,243
    $3k-4k 90 $29,370,000 $326,333
    $4k-5k 24 $9,520,000 $396,667
    $5k+ 20 $10,170,000 $508,500

    Canvas Credit Union's average total fees were $2,984, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,001 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,790 $208,340,000 $116,391
    3-4% 1,495 $327,285,000 $218,920
    5-6% 850 $78,040,000 $91,812
    2.5-3% 722 $221,440,000 $306,704
    6-7% 311 $24,165,000 $77,701
    <2.5% 216 $47,170,000 $218,380
    7-8% 139 $10,555,000 $75,935
    Over 8% 133 $8,085,000 $60,789

    During 2021, Canvas Credit Union's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 4-5%, with 1,790 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,263 $125,515,000 $55,464 $2,324 5.02%
    $100k-200k 1,884 $257,230,000 $136,534 $2,429 4.27%
    $200k-400k 1,113 $314,205,000 $282,305 $2,935 3.37%
    $400k-600k 311 $148,925,000 $478,859 $3,131 3.27%
    $600k-1MM 67 $47,795,000 $713,358 $4,164 3.29%
    $1MM+ 18 $31,410,000 $1,745,000 $4,269 3.39%

    2021 saw Canvas Credit Union place emphasis on $100,000 or less loans with 2,263 originations, totaling $125,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,448 $219,550,000 $151,623 $2,933 4.47%
    $150k-250k 1,205 $205,965,000 $170,925 $3,409 4.49%
    $50k-75k 983 $138,425,000 $140,819 $2,851 4.16%
    $75k-100k 879 $131,355,000 $149,437 $2,927 4.30%
    $250k+ 517 $111,255,000 $215,193 $4,097 4.48%
    $50k or less 481 $56,845,000 $118,181 $2,587 4.04%

    Canvas Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,448 originations. The second most popular income band? $150k-250k, with 1,205 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,375 $205,915,000 $149,756 $2,897 4.25%
    <20% 1,079 $150,495,000 $139,476 $2,553 4.12%
    30-36% 970 $156,030,000 $160,856 $2,905 4.35%
    50-60% 234 $26,630,000 $113,803 $3,305 5.01%
    44% 180 $38,240,000 $212,444 $3,176 4.39%
    43% 177 $33,495,000 $189,237 $2,805 4.38%
    36% 173 $30,435,000 $175,925 $2,992 4.41%
    42% 170 $31,090,000 $182,882 $2,863 4.46%
    41% 159 $27,655,000 $173,931 $3,075 4.54%
    39% 158 $30,920,000 $195,696 $2,746 4.60%
    40% 145 $26,885,000 $185,414 $3,014 4.29%
    38% 145 $24,875,000 $171,552 $2,672 4.46%
    37% 136 $24,260,000 $178,382 $2,968 4.24%
    45% 122 $21,950,000 $179,918 $3,057 4.38%
    46% 111 $16,905,000 $152,297 $2,816 4.32%
    47% 98 $18,950,000 $193,367 $3,013 4.27%
    48% 89 $20,875,000 $234,551 $3,055 4.29%
    49% 76 $13,390,000 $176,184 $2,763 4.28%
    >60% 43 $9,165,000 $213,140 $3,107 4.49%

    Canvas Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,375 originations. The next most common DTI ratio? <20%, with 1,079 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,968 $766,790,000 $154,346 $2,892 4.37%
    Not provided 255 $69,095,000 $270,961 $2,952 3.38%
    Asian 127 $29,545,000 $232,638 $2,701 4.23%
    Black 166 $25,650,000 $154,518 $3,050 4.57%
    Not applicable 18 $17,180,000 $954,444 $0 4.77%
    American Indian 61 $8,865,000 $145,328 $2,461 4.20%
    Asian Indian 18 $3,220,000 $178,889 $8,749 4.95%
    Filipino 13 $1,585,000 $121,923 $3,074 4.99%
    Chinese 8 $960,000 $120,000 $0 4.20%
    Other Asian 7 $895,000 $127,857 $0 4.21%
    Japanese 5 $375,000 $75,000 $3,389 4.44%
    Vietnamese 3 $355,000 $118,333 $0 4.39%
    Native Hawaiian or Islander 2 $260,000 $130,000 $1,991 3.57%
    Korean 2 $160,000 $80,000 $0 6.14%
    Other Pacific Islander 2 $100,000 $50,000 $0 4.52%
    Samoan 1 $45,000 $45,000 $0 5.14%

    Approval Rates

    Total approvals of all applications
    90.65%

    Canvas Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    57.41%

    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 5,656 $925,080,000 $163,557

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    5,656 $925,080,000 $163,557

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,553 $235,305,000 $151,516 $2,355 4.31%
    40-60% 587 $147,375,000 $251,065 $2,733 3.37%
    60-80% 605 $225,535,000 $372,785 $3,116 3.21%
    80-100% 315 $135,735,000 $430,905 $3,140 3.12%
    Under 20% 2,596 $181,130,000 $69,773 $2,375 4.96%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    COMPASS MORTGAGE, INC. Conventional home mortgage Closing on a mortgage 1 100.0%