Southwest Airlines Federal Credit Union Mortgage Rates, Fees & Info

Dallas, TX

LEI: 549300DQLGJ1YQRRHH73

Tax ID: 75-1486899

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

Review & Overview

Southwest Airlines Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Southwest Airlines Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Dallas, Phoenix, Houston, Las Vegas, and Atlanta among others. We have data for 94 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southwest Airlines Federal Credit Union has an average approval rate when compared to the average across all lenders. Southwest Airlines Federal Credit Union 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
30 Year Conventional Purchase	5.91%	12/16/24
30 Year Conventional Refi	5.94%	12/16/24
30 Year Cash-out Refi	6.62%	12/16/24
15 Year Conventional Purchase	5.63%	12/16/24
15 Year Conventional Refi	5.53%	12/16/24
15 Year Cash-out Refi	5.53%	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.

Southwest Airlines Federal Credit Union Mortgage Calculator

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This is not an official calculator from Southwest Airlines Federal Credit Union. 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

425

Origination Dollar Volume (All Markets)

$81,275,000

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
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	133	$25,265,000	$189,962	$4,085	3.25%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	43	$6,595,000	$153,372	$2,810	3.72%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	35	$4,285,000	$122,429	$2,856	3.39%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	14	$3,330,000	$237,857	$4,765	2.70%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	13	$2,555,000	$196,538	$4,649	2.84%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	10	$2,350,000	$235,000	$5,654	2.75%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	7	$1,965,000	$280,714	$5,570	3.77%
Outside of Metro Areas	8	$1,730,000	$216,250	$5,282	2.58%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	10	$1,600,000	$160,000	$3,760	2.93%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	5	$1,525,000	$305,000	$5,928	3.05%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	8	$1,120,000	$140,000	$3,601	2.73%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA\|USDA\|VA)	3	$1,105,000	$368,333	$8,479	3.33%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	7	$1,095,000	$156,429	$3,359	3.55%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	6	$1,050,000	$175,000	$4,853	3.04%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	2	$1,010,000	$505,000	$7,853	2.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	3	$995,000	$331,667	$6,598	2.88%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	3	$985,000	$328,333	$7,654	2.92%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	4	$960,000	$240,000	$4,079	3.25%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	3	$935,000	$311,667	$5,279	3.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	6	$930,000	$155,000	$2,611	3.54%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	2	$910,000	$455,000	$7,701	2.94%
OGDEN-CLEARFIELD, UT (FHA\|USDA\|VA)	2	$900,000	$450,000	$5,774	2.56%
SALEM, OR (FHA\|USDA\|VA)	2	$820,000	$410,000	$7,950	3.00%
MOBILE, AL (FHA\|USDA\|VA)	1	$755,000	$755,000	$11,233	2.63%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	4	$730,000	$182,500	$3,851	3.41%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA\|USDA\|VA)	3	$695,000	$231,667	$3,192	3.58%
PANAMA CITY, FL (FHA\|USDA\|VA)	2	$630,000	$315,000	$6,978	2.63%
San Francisco-Oakland-Berkeley, CA (FHA\|USDA\|VA)	5	$625,000	$125,000	$3,123	3.83%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA\|USDA\|VA)	2	$550,000	$275,000	$4,852	2.88%
FORT COLLINS, CO (FHA\|USDA\|VA)	2	$530,000	$265,000	$5,393	2.88%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	2	$490,000	$245,000	$5,258	2.75%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	2	$430,000	$215,000	$5,670	2.94%
WINSTON-SALEM, NC (FHA\|USDA\|VA)	1	$425,000	$425,000	$3,324	2.88%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	1	$425,000	$425,000	$7,499	3.00%
RENO, NV (FHA\|USDA\|VA)	2	$420,000	$210,000	$6,333	2.88%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	2	$410,000	$205,000	$5,271	2.50%
SPOKANE-SPOKANE VALLEY, WA (FHA\|USDA\|VA)	1	$405,000	$405,000	$7,221	3.38%
WARNER ROBINS, GA (FHA\|USDA\|VA)	1	$385,000	$385,000	$6,806	2.63%
GREELEY, CO (FHA\|USDA\|VA)	1	$385,000	$385,000	$6,844	2.50%
JACKSONVILLE, FL (FHA\|USDA\|VA)	3	$385,000	$128,333	$2,617	3.13%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	3	$365,000	$121,667	$2,871	3.54%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	2	$330,000	$165,000	$2,820	3.56%
CHARLESTON-NORTH CHARLESTON, SC (FHA\|USDA\|VA)	1	$315,000	$315,000	$6,400	2.88%
Granbury, TX (FHA\|USDA\|VA)	1	$315,000	$315,000	$7,446	2.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	1	$305,000	$305,000	$6,517	2.50%
NEW ORLEANS-METAIRIE, LA (FHA\|USDA\|VA)	1	$305,000	$305,000	$6,185	3.38%
Roswell, NM (FHA\|USDA\|VA)	1	$275,000	$275,000	$4,971	3.13%
VICTORIA, TX (FHA\|USDA\|VA)	1	$245,000	$245,000	$5,593	2.88%
GULFPORT-BILOXI, MS (FHA\|USDA\|VA)	1	$245,000	$245,000	$5,329	2.75%
BUFFALO-CHEEKTOWAGA, NY (FHA\|USDA\|VA)	2	$240,000	$120,000	$3,637	2.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA\|USDA\|VA)	2	$240,000	$120,000	$2,590	3.63%
Bogalusa, LA (FHA\|USDA\|VA)	1	$235,000	$235,000	$5,819	2.88%
OCALA, FL (FHA\|USDA\|VA)	1	$235,000	$235,000	$5,369	2.63%
MADERA, CA (FHA\|USDA\|VA)	1	$235,000	$235,000	$6,199	3.00%
COLUMBUS, OH (FHA\|USDA\|VA)	1	$225,000	$225,000	$4,159	2.50%
ROME, GA (FHA\|USDA\|VA)	1	$225,000	$225,000	$4,945	2.75%
ALBANY-SCHENECTADY-TROY, NY (FHA\|USDA\|VA)	1	$215,000	$215,000	$5,028	3.13%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA\|USDA\|VA)	1	$215,000	$215,000	$5,383	2.25%
GRAND JUNCTION, CO (FHA\|USDA\|VA)	1	$215,000	$215,000	$5,203	2.75%
KAHULUI-WAILUKU-LAHAINA, HI (FHA\|USDA\|VA)	1	$205,000	$205,000	$5,813	2.63%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,698	3.38%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	1	$195,000	$195,000	$5,015	2.75%
AKRON, OH (FHA\|USDA\|VA)	1	$175,000	$175,000	$4,329	3.25%
JACKSON, MS (FHA\|USDA\|VA)	1	$175,000	$175,000	$4,697	2.88%
Vidalia, GA (FHA\|USDA\|VA)	1	$175,000	$175,000	$3,861	2.88%
PITTSBURGH, PA (FHA\|USDA\|VA)	2	$160,000	$80,000	$2,369	3.50%
COLLEGE STATION-BRYAN, TX (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,886	4.00%
TULSA, OK (FHA\|USDA\|VA)	1	$155,000	$155,000	$4,519	2.75%
Fort Payne, AL (FHA\|USDA\|VA)	1	$135,000	$135,000	$4,253	2.25%
OKLAHOMA CITY, OK (FHA\|USDA\|VA)	2	$130,000	$65,000	$0	4.25%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,382	4.25%
COLORADO SPRINGS, CO (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	4.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA\|USDA\|VA)	1	$115,000	$115,000	$3,544	2.63%
Bonham, TX (FHA\|USDA\|VA)	1	$115,000	$115,000	$4,389	3.38%
Port Angeles, WA (FHA\|USDA\|VA)	1	$105,000	$105,000	$606	4.50%
TUCSON, AZ (FHA\|USDA\|VA)	1	$105,000	$105,000	$3,620	3.50%
Sulphur Springs, TX (FHA\|USDA\|VA)	1	$105,000	$105,000	$4,948	2.25%
CHAMPAIGN-URBANA, IL (FHA\|USDA\|VA)	1	$105,000	$105,000	$3,240	2.38%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	4.25%
FLINT, MI (FHA\|USDA\|VA)	1	$95,000	$95,000	$3,639	2.88%
MEMPHIS, TN-MS-AR (FHA\|USDA\|VA)	1	$85,000	$85,000	$3,176	2.25%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	1	$65,000	$65,000	$2,977	2.13%
ALBUQUERQUE, NM (FHA\|USDA\|VA)	1	$65,000	$65,000	$514	4.25%
ST. LOUIS, MO-IL (FHA\|USDA\|VA)	1	$55,000	$55,000	$616	4.25%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	1	$55,000	$55,000	$359	4.00%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	1	$55,000	$55,000	$444	4.50%
BIRMINGHAM-HOOVER, AL (FHA\|USDA\|VA)	1	$45,000	$45,000	$3,115	2.13%
Payson, AZ (FHA\|USDA\|VA)	1	$45,000	$45,000	$289	4.50%
LAKE HAVASU CITY-KINGMAN, AZ (FHA\|USDA\|VA)	1	$45,000	$45,000	$281	4.50%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA\|USDA\|VA)	1	$35,000	$35,000	$364	4.00%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	1	$25,000	$25,000	$314	4.25%
Ottumwa, IA (FHA\|USDA\|VA)	1	$25,000	$25,000	$314	4.50%
CLEVELAND-ELYRIA, OH (FHA\|USDA\|VA)	1	$25,000	$25,000	$809	4.50%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	1	$15,000	$15,000	$306	4.50%

Southwest Airlines Federal Credit Union's top markets include Dallas, Phoenix, Houston, Las Vegas, and Atlanta among others.

Their top states include:

Texas (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Nevada (FHA|USDA|VA)

California (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Southwest Airlines Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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Similarity Rank: 378

AMOCO
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ALOHA PACIFIC
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S&S Financial
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ARIZONA CENTRAL
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AAXY L.L.C.
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SCHLUMBERGER EMPLOYEES CREDIT UNION
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SIMPLIFI MORTGAGE, LLC
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U S WIDE FINANCIAL LLC
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	400	$79,430,000	$198,575	$4,087	3.17%
HELOC	25	$1,845,000	$73,800	n/a	4.25%

For 2021, Southwest Airlines Federal Credit Union's most frequently originated type of loan was Conventional, with 400 originations. Their 2nd most popular type was HELOC, with 25 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	137	$21,585,000	$157,555	$3,249	3.66%
Refi	116	$24,400,000	$210,345	$4,586	2.66%
Home Purchase	90	$25,530,000	$283,667	$6,094	2.75%
Home Improvement	53	$3,395,000	$64,057	$608	4.30%
Other	29	$6,365,000	$219,483	$4,667	3.12%

For 2021, Southwest Airlines Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 137 originations. The 2nd most popular reason was Refi, with 116 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	163	$45,835,000	$281,196	$5,707	3.02%
15 Year	130	$18,020,000	$138,615	$2,937	3.24%
20 Year	62	$10,740,000	$173,226	$5,280	3.44%
10 Year	55	$6,075,000	$110,455	$2,245	3.44%
5 Year	15	$605,000	$40,333	$359	3.98%

For 2021, Southwest Airlines Federal Credit Union's most frequently cited loan duration was 30 Year, with 163 originations. The 2nd most popular length was 15 Year, with 130 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$2k-3k	118	$24,700,000	$209,322
$<1k	114	$9,120,000	$80,000
$1k-2k	71	$8,255,000	$116,268
$3k-4k	53	$16,495,000	$311,226
$4k-5k	27	$10,595,000	$392,407
$5k+	16	$9,700,000	$606,250

Southwest Airlines Federal Credit Union's average total fees were $5,707, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 118 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	164	$41,980,000	$255,976
4-5%	99	$6,755,000	$68,232
3-4%	82	$17,360,000	$211,707
<2.5%	77	$14,415,000	$187,208
5-6%	2	$200,000	$100,000

During 2021, Southwest Airlines Federal Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 164 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	153	$41,425,000	$270,752	$5,615	2.90%
$100,000 or less	126	$6,920,000	$54,921	$1,002	3.94%
$100k-200k	116	$16,950,000	$146,121	$3,642	2.99%
$400k-600k	21	$9,845,000	$468,810	$8,249	2.95%
$600k-1MM	9	$6,135,000	$681,667	$10,886	3.00%

2021 saw Southwest Airlines Federal Credit Union place emphasis on $200k-400k loans with 153 originations, totaling $41,425,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	117	$21,555,000	$184,231	$3,950	3.19%
$150k-250k	90	$20,160,000	$224,000	$4,688	3.27%
$75k-100k	80	$14,010,000	$175,125	$3,965	3.22%
$50k-75k	64	$9,490,000	$148,281	$3,555	3.18%
$250k+	40	$11,860,000	$296,500	$5,637	3.30%
$50k or less	28	$3,050,000	$108,929	$2,687	3.46%

Southwest Airlines Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 117 originations. The second most popular income band? $150k-250k, with 90 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	141	$26,585,000	$188,546	$4,076	3.23%
<20%	90	$16,380,000	$182,000	$4,136	2.99%
30-36%	85	$17,855,000	$210,059	$4,477	3.34%
42%	18	$2,570,000	$142,778	$2,149	3.84%
41%	12	$2,110,000	$175,833	$3,984	3.47%
38%	11	$1,745,000	$158,636	$3,725	3.59%
36%	11	$1,965,000	$178,636	$3,502	3.42%
40%	10	$1,900,000	$190,000	$3,572	3.34%
37%	10	$2,210,000	$221,000	$5,149	3.10%
39%	10	$1,910,000	$191,000	$3,914	3.34%
44%	8	$1,070,000	$133,750	$3,888	2.94%
45%	6	$1,620,000	$270,000	$5,252	3.29%
43%	5	$1,145,000	$229,000	$4,578	3.25%
46%	1	$285,000	$285,000	$5,319	2.25%
47%	1	$425,000	$425,000	$3,324	2.88%
49%	1	$155,000	$155,000	$4,519	2.75%

Southwest Airlines Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? <20%, with 90 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	184	$45,710,000	$248,424	$5,255	2.85%
Not provided	193	$24,225,000	$125,518	$2,531	3.70%
Black	26	$5,430,000	$208,846	$4,636	2.91%
American Indian	6	$1,920,000	$320,000	$6,047	2.96%
Asian	7	$1,885,000	$269,286	$5,754	2.86%
Filipino	5	$815,000	$163,000	$4,068	2.43%
Other Pacific Islander	1	$615,000	$615,000	$13,064	2.88%
Guamanian	1	$395,000	$395,000	$5,570	3.00%
Korean	1	$205,000	$205,000	$4,223	2.75%
Native Hawaiian	1	$75,000	$75,000	$744	4.25%

Approval Rates

Total approvals of all applications
72.91%

Southwest Airlines Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination

Points and Fees

Points	Originations	Total Value	Average Loan
NA	425	$81,275,000	$191,235

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	425	$81,275,000	$191,235

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	55	$6,115,000	$111,182	$2,719	3.45%
40-60%	75	$15,125,000	$201,667	$4,494	2.78%
60-80%	117	$30,015,000	$256,538	$5,516	2.87%
80-100%	78	$23,210,000	$297,564	$5,982	2.89%
Under 20%	95	$5,465,000	$57,526	$530	4.23%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
Southwest Business Corporation	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	3	15.0%
Southwest Business Corporation	Conventional home mortgage	Struggling to pay mortgage	3	15.0%
Southwest Business Corporation	Conventional home mortgage	Closing on a mortgage	1	5.0%
Southwest Business Corporation	VA mortgage	Struggling to pay mortgage	3	15.0%
Southwest Business Corporation	FHA mortgage	Trouble during payment process	3	15.0%
Southwest Business Corporation	FHA mortgage	Struggling to pay mortgage	2	10.0%
Southwest Business Corporation	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	5.0%
Southwest Business Corporation	Conventional home mortgage	Trouble during payment process	4	20.0%