Pen Air Federal Credit Union Mortgage Rates, Fees & Info

Pensacola, FL

LEI: 254900T576VYG7I55390

Tax ID: 59-0642991

2.1 stars - Updated: 5/26/24 - out of 5 stars, based on 20 reviews

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

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Mortgage Data

Review & Overview

Pen Air Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Pen Air Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Pensacola, Daphne, Crestview, Atmore, and Panama City among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Pen Air Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Pen Air Federal Credit Union is typically an average 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) 5.87% 5/26/24
30 Year Conventional Purchase 6.68% 5/26/24
30 Year Conventional Refi 6.72% 5/26/24
30 Year Cash-out Refi 6.71% 5/26/24
30 Year FHA Purchase 6.27% 5/26/24
30 Year VA Purchase 6.27% 5/26/24
15 Year Conventional Purchase 5.68% 5/26/24
15 Year Conventional Refi 6.23% 5/26/24
15 Year Cash-out Refi 6.23% 5/26/24
15 Year VA Refi 5.68% 5/26/24
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.

Pen Air Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Pen Air Federal 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

414

Origination Dollar Volume (All Markets)

$55,020,000

Relative Rate

Pen Air Federal Credit Union's average 30 year fixed mortgage rate was 8.37%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 1.89%.

Relative Fees (Closing Costs)

Pen Air Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,302.

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
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 291 $40,385,000 $138,780 $3,643 8.10%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 98 $10,730,000 $109,490 $3,414 8.01%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 9 $1,565,000 $173,889 $5,201 7.97%
Atmore, AL (FHA|USDA|VA) 3 $825,000 $275,000 $4,535 6.42%
PANAMA CITY, FL (FHA|USDA|VA) 1 $565,000 $565,000 $12,037 6.75%
MOBILE, AL (FHA|USDA|VA) 5 $455,000 $91,000 $4,352 7.37%
Cullman, AL (FHA|USDA|VA) 1 $165,000 $165,000 $0 7.25%
Outside of Metro Areas 1 $125,000 $125,000 $4,420 7.38%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $75,000 $75,000 $0 9.25%
Enterprise, AL (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.74%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.24%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $25,000 $25,000 $377 6.63%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.49%
Pen Air Federal Credit Union's top markets include Pensacola, Daphne, Crestview, Atmore, and Panama City among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Similar Lenders

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

    Eglin Federal Credit Union
    Similarity Rank: 74
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 212 $21,800,000 $102,830 n/a 8.78%
    Conventional 196 $31,980,000 $163,163 $3,609 7.31%
    FHA 3 $545,000 $181,667 $6,692 6.83%
    VA 3 $695,000 $231,667 $6,141 6.04%

    For 2023, Pen Air Federal Credit Union's most frequently originated type of loan was HELOC, with 212 originations. Their 2nd most popular type was Conventional, with 196 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 139 $10,945,000 $78,741 $377 8.32%
    Home Improvement 120 $10,070,000 $83,917 $347 8.32%
    Home Purchase 77 $22,295,000 $289,545 $8,011 7.39%
    Refi 50 $6,560,000 $131,200 $2,009 8.29%
    Cash Out Refi 28 $5,150,000 $183,929 $5,015 6.99%

    For 2023, Pen Air Federal Credit Union's most frequently cited loan purpose was Other, with 139 originations. The 2nd most popular reason was Home Improvement, with 120 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 264 $34,480,000 $130,606 $6,302 8.37%
    20 Year 64 $5,360,000 $83,750 $433 7.51%
    15 Year 32 $1,880,000 $58,750 $483 7.25%
    30+ year 31 $11,175,000 $360,484 $10,697 7.77%
    10 Year 18 $1,290,000 $71,667 $363 7.42%
    5 Year 4 $270,000 $67,500 $249 8.06%
    Other 1 $565,000 $565,000 $0 6.25%

    For 2023, Pen Air Federal Credit Union's most frequently cited loan duration was 30 Year, with 264 originations. The 2nd most popular length was 20 Year, with 64 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 108 $7,360,000 $68,148
    $5k+ 22 $10,090,000 $458,636
    $3k-4k 19 $3,885,000 $204,474
    $4k-5k 19 $5,085,000 $267,632
    $2k-3k 12 $1,470,000 $122,500
    $1k-2k 11 $3,125,000 $284,091

    Pen Air Federal Credit Union's average total fees were $6,302, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 108 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 225 $28,445,000 $126,422
    7-8% 96 $9,590,000 $99,896
    6-7% 77 $12,675,000 $164,610
    5-6% 15 $3,615,000 $241,000
    3-4% 1 $695,000 $695,000

    During 2023, Pen Air Federal Credit Union's average interest rate for loans was 8.37%, while their most frequently originated rate bucket for loans was Over 8%, with 225 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 232 $12,930,000 $55,733 $656 8.14%
    $100k-200k 97 $12,575,000 $129,639 $3,979 8.13%
    $200k-400k 62 $16,470,000 $265,645 $7,796 7.71%
    $400k-600k 18 $9,010,000 $500,556 $10,066 8.04%
    $600k-1MM 4 $2,920,000 $730,000 $13,957 6.00%
    $1MM+ 1 $1,115,000 $1,115,000 $21,898 10.00%

    2023 saw Pen Air Federal Credit Union place emphasis on $100,000 or less loans with 232 originations, totaling $12,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 122 $16,350,000 $134,016 $3,724 8.07%
    $50k-75k 94 $8,600,000 $91,489 $2,728 7.87%
    $150k-250k 61 $10,505,000 $172,213 $4,604 8.32%
    $75k-100k 55 $5,225,000 $95,000 $2,618 7.94%
    $50k or less 36 $1,880,000 $52,222 $2,161 8.22%
    $250k+ 26 $8,480,000 $326,154 $10,006 7.96%

    Pen Air Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 122 originations. The second most popular income band? $50k-75k, with 94 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 70 $9,610,000 $137,286 $5,337 7.90%
    30-36% 69 $8,055,000 $116,739 $3,586 8.12%
    42% 48 $6,040,000 $125,833 $2,803 8.36%
    41% 28 $2,970,000 $106,071 $1,977 8.01%
    40% 27 $4,395,000 $162,778 $2,951 8.10%
    39% 25 $2,865,000 $114,600 $3,981 8.10%
    44% 24 $2,960,000 $123,333 $2,841 8.05%
    <20% 23 $2,185,000 $95,000 $3,059 8.10%
    43% 19 $2,765,000 $145,526 $3,628 8.27%
    45% 16 $2,150,000 $134,375 $596 8.35%
    38% 15 $3,255,000 $217,000 $9,605 8.23%
    37% 13 $1,735,000 $133,462 $4,943 7.80%
    36% 11 $885,000 $80,455 $1,250 7.60%
    46% 8 $1,050,000 $131,250 $5,319 7.95%
    47% 4 $880,000 $220,000 $8,970 6.84%
    50-60% 3 $1,015,000 $338,333 $6,580 6.71%

    Pen Air Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 70 originations. The next most common DTI ratio? 30-36%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 329 $40,065,000 $121,778 $3,302 8.10%
    Not provided 45 $7,985,000 $177,444 $5,709 7.87%
    Black 19 $3,105,000 $163,421 $4,172 7.55%
    Not applicable 10 $2,110,000 $211,000 $0 7.63%
    American Indian 4 $840,000 $210,000 $5,567 8.46%
    Asian 5 $715,000 $143,000 $0 8.64%
    Native Hawaiian or Islander 1 $105,000 $105,000 $0 8.74%
    Other Asian 1 $95,000 $95,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    58.22%

    Pen Air Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    51.69%

    Pen Air Federal 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 414 $55,020,000 $132,899

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    414 $55,020,000 $132,899

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 130 $13,460,000 $103,538 $1,140 8.26%
    40-60% 40 $7,760,000 $194,000 $5,725 8.08%
    60-80% 45 $11,525,000 $256,111 $7,449 7.54%
    80-100% 36 $13,230,000 $367,500 $9,534 7.44%
    Under 20% 163 $9,045,000 $55,491 $424 8.16%