Power Financial Mortgage Rates, Fees & Info

Pembroke Pines, FL

LEI: 549300BAZS5RZ8O98A51

Tax ID: 59-0690962

5 stars - Updated: 4/14/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Power Financial is a smaller mortgage company specializing in Home Purchase loans. Power Financial has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Gainesville, Palm Bay, Deltona, and Naples among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Power Financial has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Power Financial 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 4/14/24
30 Year Conventional Purchase 6.66% 4/14/24
30 Year Conventional Refi 7.06% 4/14/24
30 Year Cash-out Refi 6.67% 4/14/24
15 Year Conventional Refi 6.99% 4/14/24
15 Year Cash-out Refi 6.99% 4/14/24
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.

Power Financial Mortgage Calculator






Your Estimates

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

This is not an official calculator from Power Financial. 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

284

Origination Dollar Volume (All Markets)

$69,990,000

Awards

POWER FINANCIAL 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Power Financial's average 30 year fixed mortgage rate was 6.45%.

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

This yields a difference of -0.03%.

Relative Fees (Closing Costs)

Power Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $4,356.

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
Outside of Metro Areas 54 $36,590,000 $677,593 $5,677 6.40%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 213 $30,425,000 $142,840 $3,607 7.43%
GAINESVILLE, FL (FHA|USDA|VA) 2 $680,000 $340,000 $2,263 7.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $615,000 $205,000 $8,231 5.87%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $475,000 $475,000 $0 5.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $285,000 $285,000 $5,776 7.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $255,000 $255,000 $5,045 6.38%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $225,000 $75,000 $0 6.60%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $150,000 $75,000 $0 6.93%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.45%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.11%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.99%
Power Financial's top markets include Miami, Gainesville, Palm Bay, Deltona, and Naples among others.

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

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

    FineMark National Bank & Trust
    Similarity Rank: 280
    We Florida Financial
    Similarity Rank: 476
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 588
    Terrabank
    Similarity Rank: 852
    Suncoast Credit Union
    Similarity Rank: 855
    POWER FINANCIAL
    Similarity Rank: 1128
    FIRSTBANK PUERTO RICO
    Similarity Rank: 1280
    SPACE COAST Credit Union
    Similarity Rank: 1300
    TROPICAL FINANCIAL CREDIT UNION
    Similarity Rank: 1410

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 186 $23,130,000 $124,355 n/a 7.55%
    Conventional 98 $46,860,000 $478,163 $4,387 6.47%

    For 2023, Power Financial's most frequently originated type of loan was HELOC, with 186 originations. Their 2nd most popular type was Conventional, with 98 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 94 $44,530,000 $473,723 $4,212 6.46%
    Other 91 $10,265,000 $112,802 $0 7.77%
    Home Improvement 57 $5,355,000 $93,947 $0 7.33%
    Refi 36 $6,840,000 $190,000 $3,897 7.45%
    Cash Out Refi 6 $3,000,000 $500,000 $6,063 6.36%

    For 2023, Power Financial's most frequently cited loan purpose was Home Purchase, with 94 originations. The 2nd most popular reason was Other, with 91 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 183 $22,475,000 $122,814 $0 7.55%
    30 Year 76 $44,610,000 $586,974 $4,356 6.45%
    20 Year 15 $1,515,000 $101,000 $0 6.52%
    15 Year 10 $1,390,000 $139,000 $5,480 7.49%

    For 2023, Power Financial's most frequently cited loan duration was Other, with 183 originations. The 2nd most popular length was 30 Year, with 76 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 20 $9,820,000 $491,000
    $<1k 18 $6,070,000 $337,222
    $2k-3k 14 $5,620,000 $401,429
    $5k+ 14 $16,290,000 $1,163,571
    $3k-4k 7 $3,935,000 $562,143
    $4k-5k 4 $3,180,000 $795,000

    Power Financial's average total fees were $4,356, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 104 $16,320,000 $156,923
    6-7% 103 $33,105,000 $321,408
    Over 8% 46 $5,000,000 $108,696
    5-6% 24 $14,610,000 $608,750
    % 1 $525,000 $525,000

    During 2023, Power Financial's average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 7-8%, with 104 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 110 $6,620,000 $60,182 $4,448 7.56%
    $100k-200k 72 $9,550,000 $132,639 $3,308 7.36%
    $200k-400k 49 $13,315,000 $271,735 $3,112 6.99%
    $400k-600k 30 $14,410,000 $480,333 $4,168 6.51%
    $600k-1MM 12 $8,900,000 $741,667 $9,925 6.45%
    $1MM+ 11 $17,195,000 $1,563,182 $13,250 6.23%

    2023 saw Power Financial place emphasis on $100,000 or less loans with 110 originations, totaling $6,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 70 $11,030,000 $157,571 $1,941 7.23%
    $150k-250k 70 $15,260,000 $218,000 $2,614 7.23%
    $250k+ 60 $36,810,000 $613,500 $8,280 6.83%
    $75k-100k 37 $3,675,000 $99,324 $1,902 7.28%
    $50k-75k 29 $2,215,000 $76,379 $4,448 7.60%
    $50k or less 18 $1,000,000 $55,556 $2,858 7.39%

    Power Financial lent most frequently to those with incomes in the $100k-150k range, with 70 originations. The second most popular income band? $150k-250k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 46 $7,360,000 $160,000 $0 7.75%
    30-36% 43 $11,765,000 $273,605 $5,867 7.17%
    20-30% 37 $10,555,000 $285,270 $2,284 6.95%
    41% 18 $3,320,000 $184,444 $4,225 7.04%
    44% 14 $2,810,000 $200,714 $0 7.21%
    39% 12 $3,920,000 $326,667 $8,116 7.07%
    45% 11 $3,825,000 $347,727 $0 7.53%
    43% 11 $4,525,000 $411,364 $3,155 6.58%
    37% 10 $2,650,000 $265,000 $8,642 6.71%
    38% 9 $1,795,000 $199,444 $2,224 7.04%
    <20% 9 $3,225,000 $358,333 $5,826 6.55%
    47% 9 $1,775,000 $197,222 $5,620 7.55%
    40% 9 $1,485,000 $165,000 $0 7.32%
    42% 8 $1,910,000 $238,750 $0 7.49%
    49% 8 $2,510,000 $313,750 $0 7.43%
    48% 7 $3,395,000 $485,000 $0 6.90%
    36% 7 $1,605,000 $229,286 $0 6.47%
    >60% 6 $380,000 $63,333 $2,858 7.14%
    46% 4 $720,000 $180,000 $0 7.75%

    Power Financial lent most frequently to those with DTI ratios of 50-60%, with 46 originations. The next most common DTI ratio? 30-36%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 181 $48,655,000 $268,812 $4,303 7.13%
    Not provided 83 $17,005,000 $204,880 $4,011 7.39%
    Black 13 $2,485,000 $191,154 $4,210 7.00%
    Asian 2 $780,000 $390,000 $2,858 7.03%
    Not applicable 4 $590,000 $147,500 $0 7.06%
    Asian Indian 1 $475,000 $475,000 $12,150 6.75%

    Approval Rates

    Total approvals of all applications
    84.20%

    Power Financial has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    99.65%

    Power Financial has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 284 $69,990,000 $246,444

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    284 $69,990,000 $246,444

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $11,740,000 $202,414 $4,993 7.36%
    40-60% 20 $6,220,000 $311,000 $6,165 7.05%
    60-80% 45 $24,975,000 $555,000 $4,353 6.46%
    80-100% 37 $16,965,000 $458,514 $3,645 6.46%
    Under 20% 119 $9,785,000 $82,227 $0 7.62%