Pen Air Federal Credit Union Mortgage Rates, Fees & Info

Pensacola, FL

LEI: 254900T576VYG7I55390

Tax ID: 59-0642991

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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. Their top markets by origination volume include: Pensacola, Daphne, Crestview, Atmore, and Mobile among others. We have data for 8 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.

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) 5.87% 3/28/24
30 Year Conventional Purchase 6.68% 3/28/24
30 Year Conventional Refi 6.72% 3/28/24
30 Year Cash-out Refi 6.71% 3/28/24
30 Year FHA Purchase 6.27% 3/28/24
30 Year VA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 5.68% 3/28/24
15 Year Conventional Refi 6.23% 3/28/24
15 Year Cash-out Refi 6.23% 3/28/24
15 Year VA Refi 5.68% 3/28/24
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.

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

542

Origination Dollar Volume (All Markets)

$63,450,000

Awards

Pen Air Federal Credit Union 30 Year Conventional Loans gold Pen Air Federal Credit Union 30 Year Conventional Loans silver
Show all (2) 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
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 414 $52,000,000 $125,604 $5,657 4.72%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 101 $8,605,000 $85,198 $3,226 5.21%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 15 $1,915,000 $127,667 $5,594 4.74%
Atmore, AL (FHA|USDA|VA) 4 $370,000 $92,500 $6,753 4.77%
MOBILE, AL (FHA|USDA|VA) 5 $265,000 $53,000 $0 4.89%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.99%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $115,000 $115,000 $3,085 3.63%
Outside of Metro Areas 1 $25,000 $25,000 $0 2.99%
Pen Air Federal Credit Union's top markets include Pensacola, Daphne, Crestview, Atmore, and Mobile among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Alabama (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: 24
    Gulf Winds Credit Union
    Similarity Rank: 225
    ALABAMA CREDIT UNION
    Similarity Rank: 288
    HARVESTERS FEDERAL CREDIT UNION
    Similarity Rank: 500
    Pen Air Federal Credit Union
    Similarity Rank: 520
    MORTGAGE ONE OF THE SOUTH, INC.
    Similarity Rank: 524
    First Federal Bank, A FSB
    Similarity Rank: 2142
    FBT Mortgage, L.L.C.
    Similarity Rank: 2548
    DSLD MORTGAGE, LLC
    Similarity Rank: 2632
    The Home Loan Expert LLC
    Similarity Rank: 2744

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 362 $23,290,000 $64,337 n/a 5.02%
    Conventional 180 $40,160,000 $223,111 $5,288 4.40%

    For 2019, Pen Air Federal Credit Union's most frequently originated type of loan was HELOC, with 362 originations. Their 2nd most popular type was Conventional, with 180 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 193 $11,735,000 $60,803 $159 5.04%
    Other 187 $10,765,000 $57,567 $184 4.97%
    Home Purchase 124 $36,130,000 $291,371 $7,420 4.30%
    Refi 33 $3,405,000 $103,182 $822 4.68%
    Cash Out Refi 5 $1,415,000 $283,000 $5,235 3.90%

    For 2019, Pen Air Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 193 originations. The 2nd most popular reason was Other, with 187 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 379 $27,565,000 $72,731 $4,437 4.97%
    30+ year 110 $32,470,000 $295,182 $7,742 4.30%
    20 Year 28 $1,820,000 $65,000 $195 4.68%
    15 Year 13 $465,000 $35,769 $160 4.57%
    5 Year 7 $995,000 $142,143 $148 5.25%
    10 Year 5 $135,000 $27,000 $159 5.08%

    For 2019, Pen Air Federal Credit Union's most frequently cited loan duration was 30 Year, with 379 originations. The 2nd most popular length was 30+ year, with 110 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 53 $3,215,000 $60,660
    $2k-3k 50 $9,360,000 $187,200
    $3k-4k 28 $7,830,000 $279,643
    $5k+ 22 $12,980,000 $590,000
    $1k-2k 13 $1,515,000 $116,538
    $4k-5k 11 $4,345,000 $395,000

    Pen Air Federal Credit Union's average total fees were $4,437, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 146 $11,590,000 $79,384
    2.5-3% 135 $8,565,000 $63,444
    4-5% 105 $22,725,000 $216,429
    6-7% 105 $6,335,000 $60,333
    3-4% 51 $14,235,000 $279,118

    During 2019, Pen Air Federal Credit Union's average interest rate for loans was 4.97%, while their most frequently originated rate bucket for loans was 5-6%, with 146 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 348 $16,360,000 $47,011 $439 5.02%
    $100k-200k 103 $14,405,000 $139,854 $4,941 4.56%
    $200k-400k 63 $16,925,000 $268,651 $6,907 4.31%
    $400k-600k 17 $8,305,000 $488,529 $10,646 4.24%
    $600k-1MM 11 $7,455,000 $677,727 $13,223 4.50%

    2019 saw Pen Air Federal Credit Union place emphasis on $100,000 or less loans with 348 originations, totaling $16,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 130 $16,210,000 $124,692 $5,040 4.79%
    $50k-75k 126 $10,310,000 $81,825 $4,247 4.79%
    $75k-100k 125 $11,545,000 $92,360 $4,382 4.81%
    $150k-250k 66 $14,500,000 $219,697 $7,727 4.82%
    $50k or less 64 $3,490,000 $54,531 $2,721 4.85%
    $250k+ 17 $5,875,000 $345,588 $12,947 4.69%

    Pen Air Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 130 originations. The second most popular income band? $50k-75k, with 126 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 153 $19,155,000 $125,196 $5,573 4.80%
    30-36% 142 $19,070,000 $134,296 $5,766 4.70%
    <20% 47 $3,045,000 $64,787 $3,115 4.92%
    42% 46 $4,100,000 $89,130 $3,256 4.99%
    39% 37 $2,955,000 $79,865 $5,332 5.16%
    36% 33 $4,705,000 $142,576 $6,491 4.74%
    41% 24 $2,430,000 $101,250 $2,985 5.16%
    38% 22 $1,900,000 $86,364 $3,093 4.76%
    37% 18 $3,350,000 $186,111 $7,918 4.24%
    40% 16 $1,720,000 $107,500 $5,381 4.61%
    48% 1 $105,000 $105,000 $2,447 4.63%

    Pen Air Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 142 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 469 $53,525,000 $114,126 $5,140 4.80%
    Not provided 24 $4,190,000 $174,583 $6,048 4.77%
    Black 26 $2,460,000 $94,615 $8,033 5.26%
    American Indian 6 $1,060,000 $176,667 $6,490 4.56%
    Asian 12 $940,000 $78,333 $3,319 4.02%
    Not applicable 3 $915,000 $305,000 $0 5.58%
    Other Pacific Islander 1 $255,000 $255,000 $0 6.49%
    Vietnamese 1 $105,000 $105,000 $0 6.99%

    Approval Rates

    Total approvals of all applications
    67.28%

    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
    54.43%

    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 542 $63,450,000 $117,066

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 542 $63,450,000 $117,066

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 182 $12,350,000 $67,857 $721 5.06%
    40-60% 45 $4,675,000 $103,889 $6,091 4.91%
    60-80% 64 $13,190,000 $206,094 $6,905 4.73%
    80-100% 94 $27,720,000 $294,894 $7,711 4.28%
    Under 20% 157 $5,515,000 $35,127 $163 4.85%