Canvas Credit Union Mortgage Rates, Fees & Info
Lone Tree, COLEI: 549300E3QJQLKVB40W93
Tax ID: 84-6023137
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
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% | 4/28/24 |
| 30 Year Conventional Purchase | 6.54% | 4/28/24 |
| 30 Year Conventional Refi | 6.59% | 4/28/24 |
| 30 Year Cash-out Refi | 6.24% | 4/28/24 |
| 15 Year Conventional Purchase | 5.86% | 4/28/24 |
| 15 Year Conventional Refi | 6.00% | 4/28/24 |
| 15 Year Cash-out Refi | 6.00% | 4/28/24 |
| 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
5,331Origination Dollar Volume (All Markets)
$742,525,000Awards
CANVAS CREDIT UNION - 2022
CANVAS CREDIT UNION is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
Work for CANVAS CREDIT UNION?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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% |
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.
Similarity Rank: 155
Similarity Rank: 384
Similarity Rank: 434
Similarity Rank: 450
Similarity Rank: 651
Similarity Rank: 714
Similarity Rank: 1020
Similarity Rank: 1056
Similarity Rank: 1624
Similarity Rank: 1755
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications96.18%
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 origination59.39%
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 |