Power Financial Mortgage Rates, Fees & Info

Pembroke Pines, FL

LEI: 549300BAZS5RZ8O98A51

Tax ID: 59-0690962

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

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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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 6.66% 3/28/24
30 Year Conventional Refi 7.06% 3/28/24
30 Year Cash-out Refi 6.67% 3/28/24
15 Year Conventional Refi 6.99% 3/28/24
15 Year Cash-out Refi 6.99% 3/28/24
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

318

Origination Dollar Volume (All Markets)

$83,170,000

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) 254 $49,540,000 $195,039 $3,753 3.52%
Outside of Metro Areas 64 $33,630,000 $525,469 $6,916 3.42%
Power Financial's top markets include and Miami among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • (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.

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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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 116 $37,590,000 $324,052 $4,153 3.44%
    Other 57 $4,855,000 $85,175 $0 3.74%
    Home Purchase 52 $23,150,000 $445,192 $6,629 3.42%
    Refi 48 $14,100,000 $293,750 $4,629 3.45%
    Home Improvement 45 $3,475,000 $77,222 $0 3.49%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 149 $60,565,000 $406,477 $5,033 3.47%
    Other 121 $11,945,000 $98,719 $0 3.62%
    20 Year 22 $5,160,000 $234,545 $4,097 3.38%
    15 Year 21 $4,465,000 $212,619 $3,933 3.30%
    10 Year 5 $1,035,000 $207,000 $3,877 2.98%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 88 $22,340,000 $253,864
    $<1k 54 $13,760,000 $254,815
    $2k-3k 26 $11,290,000 $434,231
    $5k+ 13 $13,575,000 $1,044,231
    $3k-4k 9 $5,005,000 $556,111
    $4k-5k 6 $5,180,000 $863,333

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 94 $26,510,000 $282,021 $3,997 3.33%
    $100k-200k 82 $11,510,000 $140,366 $2,655 3.41%
    $100,000 or less 81 $4,155,000 $51,296 $3,000 3.80%
    $400k-600k 36 $17,020,000 $472,778 $5,885 3.41%
    $600k-1MM 16 $11,660,000 $728,750 $7,886 3.55%
    $1MM+ 9 $12,315,000 $1,368,333 $15,432 3.59%

    2020 saw Power Financial place emphasis on $200k-400k loans with 94 originations, totaling $26,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 91 $19,455,000 $213,791 $4,274 3.45%
    $150k-250k 61 $17,925,000 $293,852 $4,531 3.48%
    $50k-75k 51 $6,855,000 $134,412 $3,510 3.53%
    $75k-100k 49 $8,585,000 $175,204 $3,065 3.56%
    $250k+ 39 $27,365,000 $701,667 $8,919 3.49%
    $50k or less 27 $2,985,000 $110,556 $3,191 3.56%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 72 $18,050,000 $250,694 $4,335 3.49%
    30-36% 54 $13,700,000 $253,704 $4,849 3.52%
    <20% 31 $7,095,000 $228,871 $3,559 3.40%
    50-60% 23 $3,625,000 $157,609 $7,243 3.45%
    43% 15 $3,055,000 $203,667 $4,417 3.63%
    37% 12 $2,800,000 $233,333 $4,314 3.70%
    39% 12 $3,830,000 $319,167 $6,793 3.64%
    40% 11 $3,335,000 $303,182 $4,396 3.68%
    42% 10 $3,840,000 $384,000 $7,063 3.64%
    36% 10 $4,520,000 $452,000 $5,705 3.27%
    41% 10 $3,660,000 $366,000 $6,139 3.24%
    49% 10 $1,970,000 $197,000 $3,460 3.46%
    46% 9 $3,145,000 $349,444 $6,214 3.56%
    44% 9 $2,445,000 $271,667 $5,162 3.38%
    38% 8 $2,820,000 $352,500 $5,915 3.47%
    45% 8 $1,840,000 $230,000 $3,618 3.50%
    47% 6 $820,000 $136,667 $4,463 3.77%
    48% 5 $1,985,000 $397,000 $6,153 3.54%
    >60% 2 $210,000 $105,000 $0 3.12%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 238 $65,060,000 $273,361 $4,906 3.50%
    Not provided 45 $7,685,000 $170,778 $3,772 3.57%
    Black 24 $6,810,000 $283,750 $4,899 3.50%
    Asian 8 $2,590,000 $323,750 $5,754 3.25%
    American Indian 2 $590,000 $295,000 $3,917 3.63%
    Asian Indian 1 $435,000 $435,000 $0 3.00%

    Approval Rates

    Total approvals of all applications
    72.81%

    Power Financial has a below average approval rate.

    Pick Rate

    Approvals leading to origination

    Points 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

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $8,525,000 $144,492 $2,335 3.47%
    40-60% 57 $17,095,000 $299,912 $4,154 3.40%
    60-80% 101 $42,575,000 $421,535 $5,460 3.44%
    80-100% 30 $10,810,000 $360,333 $5,566 3.42%
    Under 20% 68 $4,000,000 $58,824 $2,939 3.75%