Power Financial Mortgage Rates, Fees & Info

Pembroke Pines, FL

LEI: 549300BAZS5RZ8O98A51

Tax ID: 59-0690962

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Power Financial is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Power Financial has a high proportion of conventional loans. Their top two markets are Miami and Port St. Lucie .

    Power Financial has an average approval rate when compared to the average across all 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.

    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

    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

    335

    Origination Dollar Volume (All Markets)

    $55,255,000

    Awards

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

    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) 308 $42,450,000 $137,825 $4,248 4.53%
    Outside of Metro Areas 26 $12,730,000 $489,615 $7,612 4.87%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.75%
    Power Financial's top markets include Miami and Port St. Lucie among others.

    Their top states include:
  • Florida (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.

    We Florida Financial
    Similarity Rank: 312
    Natbank
    Similarity Rank: 392
    POWER FINANCIAL
    Similarity Rank: 432
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 836
    MIAMI FIREFIGHTERS FCU
    Similarity Rank: 912
    Guardians Credit Union
    Similarity Rank: 948
    Biscayne Bank
    Similarity Rank: 1014
    TrustCo Bank
    Similarity Rank: 1275
    TROPICAL FINANCIAL CREDIT UNION
    Similarity Rank: 1938
    BRIGHTSTAR
    Similarity Rank: 2275

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 205 $15,945,000 $77,780 n/a 4.47%
    Conventional 130 $39,310,000 $302,385 $4,948 4.70%

    For 2018, Power Financial's most frequently originated type of loan was HELOC, with 205 originations. Their 2nd most popular type was Conventional, with 130 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 85 $6,775,000 $79,706 $3,643 4.38%
    Other 84 $5,340,000 $63,571 $4,478 4.66%
    Home Purchase 64 $22,260,000 $347,813 $5,926 4.70%
    Cash Out Refi 63 $13,925,000 $221,032 $4,276 4.65%
    Refi 39 $6,955,000 $178,333 $3,953 4.36%

    For 2018, Power Financial's most frequently cited loan purpose was Home Improvement, with 85 originations. The 2nd most popular reason was Other, with 84 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 195 $15,115,000 $77,513 $954 4.46%
    30 Year 106 $35,030,000 $330,472 $5,232 4.77%
    15 Year 23 $3,205,000 $139,348 $4,075 4.50%
    20 Year 9 $1,585,000 $176,111 $3,748 4.42%
    10 Year 2 $320,000 $160,000 $3,223 4.25%

    For 2018, Power Financial's most frequently cited loan duration was Other, with 195 originations. The 2nd most popular length was 30 Year, with 106 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 69 $17,555,000 $254,420
    $<1k 26 $5,080,000 $195,385
    $2k-3k 17 $7,295,000 $429,118
    $3k-4k 6 $3,870,000 $645,000
    $4k-5k 6 $4,190,000 $698,333
    $5k+ 3 $975,000 $325,000

    Power Financial's average total fees were $5,232, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 69 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 201 $40,045,000 $199,229
    3-4% 82 $7,590,000 $92,561
    5-6% 49 $7,525,000 $153,571
    6-7% 2 $60,000 $30,000

    During 2018, Power Financial's average interest rate for loans was 4.77%, while their most frequently originated rate bucket for loans was 4-5%, with 201 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 156 $8,110,000 $51,987 $2,731 4.57%
    $100k-200k 93 $13,355,000 $143,602 $3,272 4.43%
    $200k-400k 59 $16,365,000 $277,373 $4,706 4.65%
    $400k-600k 14 $6,930,000 $495,000 $7,564 4.67%
    $600k-1MM 12 $8,990,000 $749,167 $9,782 4.83%
    $1MM+ 1 $1,505,000 $1,505,000 $11,700 4.39%

    2018 saw Power Financial place emphasis on $100,000 or less loans with 156 originations, totaling $8,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 83 $12,965,000 $156,205 $4,602 4.57%
    $50k-75k 62 $6,810,000 $109,839 $3,458 4.70%
    $75k-100k 61 $6,555,000 $107,459 $3,787 4.55%
    $150k-250k 53 $10,515,000 $198,396 $5,949 4.38%
    $50k or less 38 $3,590,000 $94,474 $3,578 4.54%
    $250k+ 29 $13,875,000 $478,448 $9,360 4.63%

    Power Financial lent most frequently to those with incomes in the $100k-150k range, with 83 originations. The second most popular income band? $50k-75k, with 62 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 63 $11,075,000 $175,794 $5,088 4.48%
    30-36% 47 $6,935,000 $147,553 $4,716 4.55%
    50-60% 29 $3,425,000 $118,103 $5,330 4.65%
    <20% 20 $3,150,000 $157,500 $7,404 4.53%
    47% 15 $2,355,000 $157,000 $4,912 4.58%
    40% 15 $3,955,000 $263,667 $6,285 4.57%
    38% 13 $2,805,000 $215,769 $6,281 4.54%
    46% 13 $2,895,000 $222,692 $3,794 4.74%
    39% 12 $1,560,000 $130,000 $4,129 4.40%
    43% 11 $2,325,000 $211,364 $6,443 4.85%
    48% 10 $1,310,000 $131,000 $4,820 4.66%
    49% 10 $1,160,000 $116,000 $3,179 4.69%
    36% 10 $1,680,000 $168,000 $5,926 4.63%
    45% 9 $1,465,000 $162,778 $5,005 4.41%
    42% 8 $1,330,000 $166,250 $4,687 4.71%
    41% 8 $1,320,000 $165,000 $3,787 4.51%
    44% 6 $1,450,000 $241,667 $5,776 4.62%
    37% 5 $445,000 $89,000 $4,772 4.34%
    >60% 5 $195,000 $39,000 $0 4.14%

    Power Financial lent most frequently to those with DTI ratios of 20-30%, with 63 originations. The next most common DTI ratio? 30-36%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 247 $41,335,000 $167,348 $5,050 4.55%
    Not provided 58 $9,800,000 $168,966 $4,590 4.60%
    Black 22 $3,530,000 $160,455 $4,808 4.62%
    Asian 4 $330,000 $82,500 $0 4.27%
    American Indian 2 $140,000 $70,000 $0 4.75%
    Not applicable 2 $120,000 $60,000 $0 4.24%

    Approval Rates

    Total approvals of all applications
    77.40%

    Power Financial has a below average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 335 $55,255,000 $164,940

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 335 $55,255,000 $164,940

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $6,730,000 $101,970 $4,120 4.57%
    40-60% 38 $7,440,000 $195,789 $4,406 4.43%
    60-80% 64 $19,780,000 $309,063 $5,211 4.67%
    80-100% 27 $11,265,000 $417,222 $5,768 4.75%
    Under 20% 120 $6,290,000 $52,417 $954 4.49%