Aero Federal Credit Union Mortgage Rates, Fees & Info

Glendale, AZ

LEI: 54930072H82Z2RZW3210

Tax ID: 86-1039547

5 stars - Updated: 2/26/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Aero Federal Credit Union is a smaller credit union specializing in Home Improvement, Other, 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, Prescott Valley, Tucson, and Payson among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Aero Federal Credit Union has an 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 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
30 Year Conventional Purchase 6.09% 2/26/24
30 Year Cash-out Refi 6.54% 2/26/24
15 Year Conventional Purchase 6.02% 2/26/24
15 Year Conventional Refi 7.01% 2/26/24
15 Year Cash-out Refi 7.01% 2/26/24
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.

Aero 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 Aero 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

198

Origination Dollar Volume (All Markets)

$16,510,000

Relative Rate

Aero Federal Credit Union's average 30 year fixed mortgage rate was 4.46%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.3%.

Relative Fees (Closing Costs)

Aero Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,459.

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) 184 $15,450,000 $83,967 $725 5.46%
ALBUQUERQUE, NM (FHA|USDA|VA) 5 $485,000 $97,000 $2,648 4.82%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 4 $230,000 $57,500 $469 4.49%
TUCSON, AZ (FHA|USDA|VA) 3 $185,000 $61,667 $351 4.49%
Payson, AZ (FHA|USDA|VA) 1 $105,000 $105,000 $235 4.74%
Show Low, AZ (FHA|USDA|VA) 1 $55,000 $55,000 $250 4.49%
Aero Federal Credit Union's top markets include Phoenix, Albuquerque, Prescott Valley, Tucson, and Payson 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
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    UNITED SECURITY FINANCIAL CORP
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    Western State Bank
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    ALL WESTERN MORTGAGE, INC.
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    OneAZ Credit Union
    Similarity Rank: 2574
    AERO Federal Credit Union
    Similarity Rank: 2856
    Chicago Financial Services, Inc.
    Similarity Rank: 3131

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 198 $16,510,000 $83,384 $757 5.40%

    For 2022, Aero Federal Credit Union's most frequently originated type of loan was Conventional, with 198 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 86 $5,830,000 $67,791 $297 5.29%
    Other 76 $4,930,000 $64,868 $320 5.96%
    Cash Out Refi 17 $3,555,000 $209,118 $4,286 3.98%
    Home Purchase 11 $1,405,000 $127,727 $1,982 5.11%
    Refi 8 $790,000 $98,750 $685 4.80%

    For 2022, Aero Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 86 originations. The 2nd most popular reason was Other, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 141 $11,475,000 $81,383 $415 5.40%
    10 Year 19 $1,285,000 $67,632 $510 5.65%
    Other 19 $545,000 $28,684 $263 5.87%
    30 Year 17 $3,145,000 $185,000 $4,459 4.46%
    5 Year 2 $60,000 $30,000 $510 6.55%

    For 2022, Aero Federal Credit Union's most frequently cited loan duration was 15 Year, with 141 originations. The 2nd most popular length was 10 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 177 $12,385,000 $69,972
    $2k-3k 8 $1,240,000 $155,000
    $1k-2k 6 $530,000 $88,333
    $3k-4k 4 $1,100,000 $275,000
    $4k-5k 2 $710,000 $355,000
    $5k+ 1 $545,000 $545,000

    Aero Federal Credit Union's average total fees were $4,459, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 177 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 100 $8,330,000 $83,300
    6-7% 41 $2,575,000 $62,805
    5-6% 27 $1,975,000 $73,148
    7-8% 11 $615,000 $55,909
    Over 8% 8 $320,000 $40,000
    3-4% 8 $2,090,000 $261,250
    2.5-3% 2 $320,000 $160,000
    <2.5% 1 $285,000 $285,000

    During 2022, Aero Federal Credit Union's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 4-5%, with 100 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 134 $6,480,000 $48,358 $336 5.65%
    $100k-200k 52 $6,500,000 $125,000 $976 5.11%
    $200k-400k 11 $2,985,000 $271,364 $4,174 4.01%
    $400k-600k 1 $545,000 $545,000 $8,271 3.38%

    2022 saw Aero Federal Credit Union place emphasis on $100,000 or less loans with 134 originations, totaling $6,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 64 $5,420,000 $84,688 $558 5.52%
    $150k-250k 55 $4,395,000 $79,909 $418 5.33%
    $50k-75k 28 $1,410,000 $50,357 $756 5.27%
    $75k-100k 28 $2,480,000 $88,571 $1,343 5.67%
    $250k+ 12 $1,690,000 $140,833 $459 5.19%
    $50k or less 11 $1,115,000 $101,364 $2,455 4.95%

    Aero Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $150k-250k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 68 $5,530,000 $81,324 $605 5.23%
    30-36% 39 $2,985,000 $76,538 $644 5.61%
    <20% 19 $1,405,000 $73,947 $751 5.10%
    43% 11 $755,000 $68,636 $613 5.38%
    44% 9 $775,000 $86,111 $1,105 5.34%
    39% 8 $670,000 $83,750 $904 4.86%
    42% 7 $615,000 $87,857 $1,092 5.76%
    37% 7 $385,000 $55,000 $372 6.54%
    38% 7 $1,255,000 $179,286 $3,057 5.10%
    41% 7 $775,000 $110,714 $1,188 5.80%
    40% 6 $380,000 $63,333 $331 6.73%
    36% 4 $600,000 $150,000 $463 4.49%
    45% 3 $145,000 $48,333 $259 5.52%
    50-60% 2 $200,000 $100,000 $275 4.49%
    46% 1 $35,000 $35,000 $401 6.09%

    Aero Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 160 $13,540,000 $84,625 $757 5.42%
    Not provided 26 $1,830,000 $70,385 $614 5.36%
    Black 3 $585,000 $195,000 $2,430 4.99%
    Asian 4 $260,000 $65,000 $264 4.99%
    American Indian 3 $245,000 $81,667 $1,315 5.91%
    Native Hawaiian or Islander 1 $25,000 $25,000 $251 6.34%
    Filipino 1 $25,000 $25,000 $276 4.74%

    Approval Rates

    Total approvals of all applications
    87.05%

    Aero Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.78%

    Aero Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 198 $16,510,000 $83,384

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    198 $16,510,000 $83,384

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $4,720,000 $131,111 $1,112 4.88%
    40-60% 8 $1,830,000 $228,750 $4,200 3.91%
    60-80% 4 $1,430,000 $357,500 $6,550 3.59%
    80-100% 1 $55,000 $55,000 $3,951 6.50%
    Under 20% 149 $8,475,000 $56,879 $310 5.65%