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 Cash Out 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.

    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

    326

    Origination Dollar Volume (All Markets)

    $72,850,000

    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) 326 $72,850,000 $223,466 $5,176 4.30%
    Power Financial's top markets include and Miami 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.

    POWER FINANCIAL
    Similarity Rank: 188
    We Florida Financial
    Similarity Rank: 572
    TrustCo Bank
    Similarity Rank: 754
    AMERANT BANK, NATIONAL ASSOCIATION
    Similarity Rank: 755
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 940
    BANKING MORTGAGE SERVICES, B.M.S. CORP.
    Similarity Rank: 1230
    CROSSFIRE FINANCIAL NETWORK, INC.
    Similarity Rank: 1440
    Malvern Bank N.A.
    Similarity Rank: 1548
    Suncoast Credit Union
    Similarity Rank: 1794
    SPACE COAST Credit Union
    Similarity Rank: 1848

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 183 $60,415,000 $330,137 $5,176 3.90%
    HELOC 143 $12,435,000 $86,958 n/a 4.80%

    For 2019, Power Financial's most frequently originated type of loan was Conventional, with 183 originations. Their 2nd most popular type was HELOC, with 143 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 106 $32,610,000 $307,642 $4,706 3.84%
    Other 89 $6,995,000 $78,596 $0 4.88%
    Home Purchase 65 $22,565,000 $347,154 $6,231 4.18%
    Home Improvement 40 $3,500,000 $87,500 $0 4.72%
    Refi 26 $7,180,000 $276,154 $4,794 3.81%

    For 2019, Power Financial's most frequently cited loan purpose was Cash Out Refi, with 106 originations. The 2nd most popular reason was Other, with 89 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 140 $50,720,000 $362,286 $5,540 4.02%
    Other 126 $10,780,000 $85,556 $0 4.82%
    15 Year 48 $8,020,000 $167,083 $3,872 3.90%
    20 Year 8 $2,080,000 $260,000 $4,186 3.72%
    10 Year 4 $1,250,000 $312,500 $4,531 3.56%

    For 2019, Power Financial's most frequently cited loan duration was 30 Year, with 140 originations. The 2nd most popular length was Other, with 126 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 103 $25,445,000 $247,039
    $<1k 39 $10,045,000 $257,564
    $2k-3k 25 $9,535,000 $381,400
    $5k+ 7 $8,875,000 $1,267,857
    $4k-5k 6 $4,410,000 $735,000
    $3k-4k 3 $2,105,000 $701,667

    Power Financial's average total fees were $5,540, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 103 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 148 $46,860,000 $316,622
    4-5% 132 $22,110,000 $167,500
    5-6% 43 $3,175,000 $73,837
    2.5-3% 3 $705,000 $235,000

    During 2019, Power Financial's average interest rate for loans was 4.02%, while their most frequently originated rate bucket for loans was 3-4%, with 148 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 100 $5,190,000 $51,900 $3,387 4.83%
    $100k-200k 96 $13,470,000 $140,313 $3,313 4.26%
    $200k-400k 90 $24,520,000 $272,444 $4,499 3.95%
    $400k-600k 20 $9,170,000 $458,500 $6,552 3.88%
    $600k-1MM 13 $10,235,000 $787,308 $10,674 3.76%
    $1MM+ 7 $10,265,000 $1,466,429 $15,761 3.85%

    2019 saw Power Financial place emphasis on $100,000 or less loans with 100 originations, totaling $5,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 78 $13,150,000 $168,590 $4,341 4.38%
    $50k-75k 67 $8,615,000 $128,582 $3,709 4.48%
    $150k-250k 61 $13,885,000 $227,623 $5,318 4.21%
    $75k-100k 53 $9,025,000 $170,283 $4,022 4.26%
    $250k+ 42 $25,570,000 $608,810 $10,286 3.99%
    $50k or less 23 $2,155,000 $93,696 $3,293 4.39%

    Power Financial lent most frequently to those with incomes in the $100k-150k range, with 78 originations. The second most popular income band? $50k-75k, with 67 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 65 $14,395,000 $221,462 $4,805 4.23%
    30-36% 63 $11,475,000 $182,143 $5,085 4.32%
    50-60% 23 $2,385,000 $103,696 $4,572 4.64%
    <20% 19 $7,345,000 $386,579 $7,560 4.02%
    45% 17 $5,165,000 $303,824 $5,598 4.23%
    38% 16 $3,180,000 $198,750 $4,005 4.11%
    43% 16 $5,090,000 $318,125 $6,133 4.44%
    39% 13 $3,935,000 $302,692 $4,679 4.39%
    44% 13 $2,795,000 $215,000 $4,889 4.22%
    42% 11 $3,435,000 $312,273 $7,101 4.54%
    40% 11 $1,745,000 $158,636 $3,356 4.12%
    41% 11 $1,635,000 $148,636 $4,203 4.37%
    47% 10 $2,190,000 $219,000 $5,361 4.33%
    37% 8 $3,060,000 $382,500 $6,088 3.87%
    46% 8 $1,500,000 $187,500 $4,216 4.36%
    48% 7 $1,275,000 $182,143 $4,880 4.39%
    49% 6 $980,000 $163,333 $4,471 4.35%
    36% 3 $825,000 $275,000 $4,612 3.87%
    >60% 3 $305,000 $101,667 $0 4.82%

    Power Financial lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 256 $59,630,000 $232,930 $5,192 4.27%
    Not provided 37 $7,385,000 $199,595 $6,346 4.41%
    Black 28 $4,960,000 $177,143 $4,442 4.41%
    American Indian 2 $330,000 $165,000 $4,028 4.13%
    Other Pacific Islander 1 $275,000 $275,000 $4,299 3.88%
    Asian 1 $155,000 $155,000 $4,989 4.52%
    Asian Indian 1 $115,000 $115,000 $2,300 4.75%

    Approval Rates

    Total approvals of all applications
    81.46%

    Power Financial has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    99.69%

    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 326 $72,850,000 $223,466

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 326 $72,850,000 $223,466

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $11,080,000 $167,879 $4,138 4.55%
    40-60% 47 $9,025,000 $192,021 $3,898 3.93%
    60-80% 91 $33,545,000 $368,626 $5,790 3.92%
    80-100% 40 $14,770,000 $369,250 $5,688 4.11%
    Under 20% 81 $4,385,000 $54,136 $0 4.82%