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 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. 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
318Origination Dollar Volume (All Markets)
$83,170,000Top 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) | 254 | $49,540,000 | $195,039 | $3,753 | 3.52% |
| Outside of Metro Areas | 64 | $33,630,000 | $525,469 | $6,916 | 3.42% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 196 | $71,150,000 | $363,010 | $4,786 | 3.43% |
| HELOC | 122 | $12,020,000 | $98,525 | n/a | 3.62% |
For 2020, Power Financial's most frequently originated type of loan was Conventional, with 196 originations. Their 2nd most popular type was HELOC, with 122 originations.
Loan Reason
For 2020, Power Financial's most frequently cited loan purpose was Cash Out Refi, with 116 originations. The 2nd most popular reason was Other, with 57 originations.
Loan Duration/Length
For 2020, Power Financial's most frequently cited loan duration was 30 Year, with 149 originations. The 2nd most popular length was Other, with 121 originations.
Origination Fees/Closing Costs
Power Financial's average total fees were $5,033, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 88 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 217 | $68,965,000 | $317,811 |
| 2.5-3% | 63 | $11,095,000 | $176,111 |
| 4-5% | 31 | $2,545,000 | $82,097 |
| 5-6% | 7 | $565,000 | $80,714 |
During 2020, Power Financial's average interest rate for loans was 3.47%, while their most frequently originated rate bucket for loans was 3-4%, with 217 originations.
Loan Sizing
2020 saw Power Financial place emphasis on $200k-400k loans with 94 originations, totaling $26,510,000 in origination value.
Applicant Income
Power Financial lent most frequently to those with incomes in the $100k-150k range, with 91 originations. The second most popular income band? $150k-250k, with 61 originations.
Applicant Debt to Income Ratio
Power Financial lent most frequently to those with DTI ratios of 20-30%, with 72 originations. The next most common DTI ratio? 30-36%, with 54 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.81%
Power Financial has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 318 | $83,170,000 | $261,541 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 318 | $83,170,000 | $261,541 |