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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.66% | 12/16/24 |
| 30 Year Conventional Refi | 7.06% | 12/16/24 |
| 30 Year Cash-out Refi | 6.67% | 12/16/24 |
| 15 Year Conventional Refi | 6.99% | 12/16/24 |
| 15 Year Cash-out Refi | 6.99% | 12/16/24 |
| 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
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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
284Origination Dollar Volume (All Markets)
$69,990,000Awards
POWER FINANCIAL - 2023
POWER FINANCIAL is a 2023 , due to their low .
For 2023, 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
6.45%.
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% |
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: 280
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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
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
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
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
2023 saw Power Financial place emphasis on $100,000 or less loans with 110 originations, totaling $6,620,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications84.20%
Power Financial has a below average approval rate.
Pick Rate
Approvals leading to origination99.65%
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 |