Aero Federal Credit Union Mortgage Rates, Fees & Info

Glendale, AZ

LEI: 54930072H82Z2RZW3210

Tax ID: 86-1039547

4.5 stars - out of 5 stars, based on 12 reviews

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

Jump to:

Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Aero Federal Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Aero Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Albuquerque, and Show Low among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Aero Federal 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. Aero 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 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
    30 Year Conventional Purchase 6.57% 1/29/23
    30 Year Conventional Refi 6.43% 1/29/23
    30 Year Cash-out Refi 6.57% 1/29/23
    15 Year Conventional Purchase 5.68% 1/29/23
    15 Year Conventional Refi 5.93% 1/29/23
    15 Year Cash-out Refi 5.93% 1/29/23
    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.


    Originations

    150

    Origination Dollar Volume (All Markets)

    $19,030,000

    Relative Rate

    Aero Federal Credit Union's average 30 year fixed mortgage rate was 3.08%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.07%.

    Relative Fees (Closing Costs)

    Aero Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,459.

    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.

    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
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 139 $17,435,000 $125,432 $2,166 3.99%
    ALBUQUERQUE, NM (FHA|USDA|VA) 9 $1,345,000 $149,444 $3,829 2.85%
    Show Low, AZ (FHA|USDA|VA) 2 $250,000 $125,000 $2,900 3.93%
    Aero Federal Credit Union's top markets include Phoenix, Albuquerque, and Show Low among others.

    Their top states include:
  • Arizona (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Similar Lenders

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

    First Credit Union
    Similarity Rank: 378
    ARIZONA CENTRAL
    Similarity Rank: 1166
    AERO Federal Credit Union
    Similarity Rank: 1428
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1950
    PIMA Federal Credit Union
    Similarity Rank: 2106
    OneAZ Credit Union
    Similarity Rank: 2376
    Western State Bank
    Similarity Rank: 2520
    CREDIT UNION WEST
    Similarity Rank: 2888
    VANTAGE WEST
    Similarity Rank: 3180
    WINNPOINTE CORPORATION
    Similarity Rank: 3266

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 150 $19,030,000 $126,867 $2,275 3.92%

    For 2021, Aero Federal Credit Union's most frequently originated type of loan was Conventional, with 150 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 64 $4,190,000 $65,469 $344 4.57%
    Cash Out Refi 56 $11,090,000 $198,036 $4,308 3.28%
    Refi 19 $2,715,000 $142,895 $3,417 3.10%
    Other 8 $550,000 $68,750 $264 5.30%
    Home Purchase 3 $485,000 $161,667 $3,681 3.54%

    For 2021, Aero Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 64 originations. The 2nd most popular reason was Cash Out Refi, with 56 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 88 $8,830,000 $100,341 $1,289 4.18%
    30 Year 32 $7,260,000 $226,875 $5,459 3.08%
    10 Year 19 $1,455,000 $76,579 $1,251 3.95%
    20 Year 5 $1,295,000 $259,000 $5,552 3.00%
    5 Year 3 $125,000 $41,667 $289 4.57%
    Other 3 $65,000 $21,667 $270 5.99%

    For 2021, Aero Federal Credit Union's most frequently cited loan duration was 15 Year, with 88 originations. The 2nd most popular length was 30 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 24 $3,430,000 $142,917
    $3k-4k 16 $3,710,000 $231,875
    $<1k 14 $870,000 $62,143
    $4k-5k 10 $3,350,000 $335,000
    $5k+ 6 $2,060,000 $343,333
    $1k-2k 5 $375,000 $75,000

    Aero Federal Credit Union's average total fees were $5,459, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 24 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 83 $6,105,000 $73,554
    2.5-3% 25 $6,255,000 $250,200
    <2.5% 23 $4,015,000 $174,565
    3-4% 12 $2,320,000 $193,333
    5-6% 5 $285,000 $57,000
    Over 8% 2 $50,000 $25,000

    During 2021, Aero Federal Credit Union's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 4-5%, with 83 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 81 $4,625,000 $57,099 $590 4.55%
    $100k-200k 38 $5,460,000 $143,684 $2,720 3.40%
    $200k-400k 29 $8,105,000 $279,483 $6,032 2.93%
    $400k-600k 2 $840,000 $420,000 $7,608 2.88%

    2021 saw Aero Federal Credit Union place emphasis on $100,000 or less loans with 81 originations, totaling $4,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 46 $6,090,000 $132,391 $2,035 3.99%
    $150k-250k 40 $5,440,000 $136,000 $1,870 4.01%
    $50k-75k 26 $2,850,000 $109,615 $2,723 3.73%
    $75k-100k 20 $2,770,000 $138,500 $2,639 3.96%
    $50k or less 15 $1,715,000 $114,333 $3,224 3.62%
    $250k+ 3 $165,000 $55,000 $310 4.49%

    Aero Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 46 originations. The second most popular income band? $150k-250k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 57 $7,825,000 $137,281 $2,526 3.70%
    30-36% 29 $4,135,000 $142,586 $2,706 3.76%
    <20% 20 $2,130,000 $106,500 $2,422 3.53%
    38% 9 $1,115,000 $123,889 $1,781 4.83%
    42% 7 $825,000 $117,857 $1,149 4.19%
    43% 6 $440,000 $73,333 $1,057 4.43%
    41% 6 $300,000 $50,000 $264 5.37%
    44% 5 $855,000 $171,000 $3,225 3.67%
    40% 2 $430,000 $215,000 $3,438 5.37%
    37% 2 $300,000 $150,000 $4,229 3.00%
    39% 2 $190,000 $95,000 $453 4.74%
    45% 2 $160,000 $80,000 $284 4.74%
    47% 1 $35,000 $35,000 $310 4.74%
    46% 1 $205,000 $205,000 $4,852 2.88%
    36% 1 $85,000 $85,000 $310 4.74%

    Aero Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 57 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 131 $15,975,000 $121,947 $2,091 3.95%
    Not provided 10 $1,820,000 $182,000 $4,548 3.10%
    Black 7 $845,000 $120,714 $2,154 4.37%
    Asian 1 $335,000 $335,000 $6,535 4.75%
    American Indian 1 $55,000 $55,000 $340 4.49%

    Approval Rates

    Total approvals of all applications
    96.80%

    Aero Federal 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 origination
    74.67%

    Aero Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 150 $19,030,000 $126,867

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    150 $19,030,000 $126,867

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $3,210,000 $123,462 $2,109 3.64%
    40-60% 23 $5,195,000 $225,870 $5,047 2.70%
    60-80% 18 $4,790,000 $266,111 $6,103 2.92%
    80-100% 5 $1,075,000 $215,000 $5,166 3.23%
    Under 20% 78 $4,760,000 $61,026 $445 4.65%