Power Financial Mortgage Rates, Fees & Info
Pembroke Pines, FLLEI: 549300BAZS5RZ8O98A51
Tax ID: 59-0690962
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Mortgage Data
Review & Overview
Power Financial is a smaller mortgage company specializing in Other and Home Purchase loans. Power Financial has a high proportion of conventional loans. Their top (well, only) market is Miami.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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.72% | 4/5/25 |
| 30 Year Conventional Purchase | 6.89% | 4/5/25 |
| 30 Year Conventional Refi | 6.72% | 4/5/25 |
| 30 Year Cash-out Refi | 6.69% | 4/5/25 |
| 15 Year Conventional Purchase | 6.27% | 4/5/25 |
| 15 Year Conventional Refi | 7.01% | 4/5/25 |
| 15 Year Cash-out Refi | 7.01% | 4/5/25 |
| 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
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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
215Origination Dollar Volume (All Markets)
$47,975,000Awards
POWER FINANCIAL - 2024
POWER FINANCIAL is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Power Financial's average 30 year fixed mortgage rate was
6.72%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.17%.
Relative Fees (Closing Costs)
Power Financial's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,898.
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 $8,356.
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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 214 | $47,860,000 | $223,645 | $6,817 | 7.52% |
| Outside of Metro Areas | 1 | $115,000 | $115,000 | $0 | 6.87% |
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.
Similarity Rank: 84
Similarity Rank: 270
Similarity Rank: 288
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Similarity Rank: 798
Similarity Rank: 1215
Similarity Rank: 1334
Similarity Rank: 1778
Similarity Rank: 1792
Similarity Rank: 2197
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 149 | $22,545,000 | $151,309 | n/a | 7.86% |
| Conventional | 66 | $25,430,000 | $385,303 | $6,817 | 6.71% |
For 2024, Power Financial's most frequently originated type of loan was HELOC, with 149 originations. Their 2nd most popular type was Conventional, with 66 originations.
Loan Reason
For 2024, Power Financial's most frequently cited loan purpose was Other, with 66 originations. The 2nd most popular reason was Home Improvement, with 54 originations.
Loan Duration/Length
For 2024, Power Financial's most frequently cited loan duration was Other, with 146 originations. The 2nd most popular length was 30 Year, with 48 originations.
Origination Fees/Closing Costs
Power Financial's average total fees were $6,898, 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% | 102 | $20,170,000 | $197,745 |
| Over 8% | 57 | $8,585,000 | $150,614 |
| 6-7% | 45 | $15,385,000 | $341,889 |
| 5-6% | 8 | $3,410,000 | $426,250 |
During 2024, Power Financial's average interest rate for loans was 6.72%, while their most frequently originated rate bucket for loans was 7-8%, with 102 originations.
Loan Sizing
2024 saw Power Financial place emphasis on $100k-200k loans with 70 originations, totaling $9,090,000 in origination value.
Applicant Income
Power Financial lent most frequently to those with incomes in the $150k-250k range, with 58 originations. The second most popular income band? $100k-150k, with 56 originations.
Applicant Debt to Income Ratio
Power Financial lent most frequently to those with DTI ratios of 50-60%, with 41 originations. The next most common DTI ratio? 30-36%, with 32 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.18%
Power Financial has a below average approval rate.
Pick Rate
Approvals leading to origination99.53%
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 | 215 | $47,975,000 | $223,140 |