Pen Air Federal Credit Union Mortgage Rates, Fees & InfoPensacola, FL
Tax ID: 59-0642991
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewPen Air Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Pen Air Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Pensacola, Daphne, Crestview, Panama City, and Mobile among others. We have data for 12 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 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.
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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||5.87%||3/28/23|
|30 Year Conventional Purchase||6.68%||3/28/23|
|30 Year Conventional Refi||6.72%||3/28/23|
|30 Year Cash-out Refi||6.71%||3/28/23|
|30 Year FHA Purchase||6.27%||3/28/23|
|30 Year VA Purchase||6.27%||3/28/23|
|15 Year Conventional Purchase||5.68%||3/28/23|
|15 Year Conventional Refi||6.23%||3/28/23|
|15 Year Cash-out Refi||6.23%||3/28/23|
|15 Year VA Refi||5.68%||3/28/23|
|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.|
Origination Dollar Volume (All Markets)$99,225,000
Pen Air Federal Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.13%.
Relative Fees (Closing Costs)
Pen Air Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,463.
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 $4,750.
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)||514||$68,400,000||$133,074||$3,402||5.03%|
|DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA)||161||$17,125,000||$106,366||$2,143||5.19%|
|CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA)||27||$8,035,000||$297,593||$8,047||4.78%|
|PANAMA CITY, FL (FHA|USDA|VA)||8||$3,060,000||$382,500||$6,581||3.92%|
|MOBILE, AL (FHA|USDA|VA)||15||$1,525,000||$101,667||$2,313||4.88%|
|Outside of Metro Areas||4||$350,000||$87,500||$1,511||4.50%|
|Atmore, AL (FHA|USDA|VA)||7||$335,000||$47,857||$457||5.74%|
|JACKSONVILLE, FL (FHA|USDA|VA)||1||$155,000||$155,000||$0||6.24%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||1||$75,000||$75,000||$0||7.24%|
|ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)||1||$65,000||$65,000||$553||6.25%|
|BIRMINGHAM-HOOVER, AL (FHA|USDA|VA)||1||$65,000||$65,000||$0||3.99%|
|MONTGOMERY, AL (FHA|USDA|VA)||1||$35,000||$35,000||$0||4.24%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Pen Air Federal Credit Union's most frequently originated type of loan was HELOC, with 411 originations. Their 2nd most popular type was Conventional, with 330 originations.
For 2022, Pen Air Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 297 originations. The 2nd most popular reason was Other, with 213 originations.
For 2022, Pen Air Federal Credit Union's most frequently cited loan duration was 30 Year, with 503 originations. The 2nd most popular length was 20 Year, with 86 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Pen Air Federal Credit Union's average total fees were $4,463, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.
During 2022, Pen Air Federal Credit Union's average interest rate for loans was 4.89%, while their most frequently originated rate bucket for loans was 3-4%, with 209 originations.
2022 saw Pen Air Federal Credit Union place emphasis on $100,000 or less loans with 424 originations, totaling $22,600,000 in origination value.
Pen Air Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 192 originations. The second most popular income band? $50k-75k, with 144 originations.
Applicant Debt to Income Ratio
Pen Air Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 179 originations. The next most common DTI ratio? 30-36%, with 151 originations.
Approval RatesTotal approvals of all applications
Pen Air Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick RateApprovals leading to origination
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|