Power Financial Mortgage Rates, Fees & InfoPembroke Pines, FL
Tax ID: 59-0690962
Review & OverviewPower Financial is a smaller mortgage company specializing in Cash Out Refi, Refi, 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 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.
|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||8.53%||12/4/22|
|30 Year Conventional Purchase||7.51%||12/4/22|
|30 Year Conventional Refi||7.08%||12/4/22|
|30 Year Cash-out Refi||7.12%||12/4/22|
|15 Year Conventional Purchase||5.76%||12/4/22|
|15 Year Conventional Refi||7.09%||12/4/22|
|15 Year Cash-out Refi||7.09%||12/4/22|
|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.|
Origination Dollar Volume (All Markets)$80,390,000
Power Financial's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.33%.
Relative Fees (Closing Costs)
Power Financial's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,487.
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.
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)||257||$52,055,000||$202,549||$2,103||3.40%|
|Outside of Metro Areas||67||$28,335,000||$422,910||$4,939||3.47%|
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: 167
Similarity Rank: 768
Similarity Rank: 1584
Similarity Rank: 1770
Similarity Rank: 1950
Similarity Rank: 2134
Similarity Rank: 2205
Similarity Rank: 2730
Similarity Rank: 3054
Similarity Rank: 3808
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Power Financial's most frequently originated type of loan was Conventional, with 201 originations. Their 2nd most popular type was HELOC, with 123 originations.
For 2021, Power Financial's most frequently cited loan purpose was Cash Out Refi, with 97 originations. The 2nd most popular reason was Other, with 70 originations.
For 2021, Power Financial's most frequently cited loan duration was Other, with 139 originations. The 2nd most popular length was 30 Year, with 125 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Power Financial's average total fees were $3,487, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 131 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Power Financial's average interest rate for loans was 3.48%, while their most frequently originated rate bucket for loans was 3-4%, with 186 originations.
2021 saw Power Financial place emphasis on $100,000 or less loans with 104 originations, totaling $6,340,000 in origination value.
Power Financial lent most frequently to those with incomes in the $100k-150k range, with 81 originations. The second most popular income band? $50k-75k, with 64 originations.
Applicant Debt to Income Ratio
Power Financial lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 45 originations.
Approval RatesTotal approvals of all applications
Power Financial has a below average approval rate.
Pick RateApprovals leading to origination
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|