Air Academy Mortgage Rates, Fees & Info

Colorado Springs, CO

LEI: 549300ELXS6PBT8OEE44

Tax ID: 84-0468072

5 stars - out of 5 stars, based on 24 reviews

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

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Mortgage Data

Review & Overview

Air Academy is a smaller mortgage company specializing in Other, Cash Out Refi, and Home Purchase loans. Air Academy has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Colorado Springs, Denver, Steamboat Springs, Fort Collins, and Greeley among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

Air Academy has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Air Academy is typically a low 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) 6.82% 4/2/23
30 Year Conventional Purchase 5.76% 4/2/23
30 Year Conventional Refi 5.77% 4/2/23
30 Year Cash-out Refi 6.21% 4/2/23
30 Year FHA Purchase 7.35% 4/2/23
30 Year VA Purchase 5.61% 4/2/23
15 Year Conventional Purchase 5.70% 4/2/23
15 Year Conventional Refi 5.18% 4/2/23
15 Year Cash-out Refi 5.18% 4/2/23
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.

Air Academy Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Air Academy. 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

561

Origination Dollar Volume (All Markets)

$110,655,000
Show all (6) awards

Relative Rate

Air Academy's average 30 year fixed mortgage rate was 4.38%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.38%.

Relative Fees (Closing Costs)

Air Academy's average total fees/closing costs for a 30 year fixed rate mortgage were $3,377.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
COLORADO SPRINGS, CO (FHA|USDA|VA) 299 $53,545,000 $179,080 $2,481 4.48%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 189 $35,115,000 $185,794 $2,557 4.48%
Steamboat Springs, CO (FHA|USDA|VA) 12 $3,660,000 $305,000 $2,148 3.89%
FORT COLLINS, CO (FHA|USDA|VA) 8 $3,280,000 $410,000 $4,287 4.67%
GREELEY, CO (FHA|USDA|VA) 6 $1,860,000 $310,000 $4,778 4.55%
Edwards, CO (FHA|USDA|VA) 3 $1,775,000 $591,667 $8,152 4.92%
Outside of Metro Areas 10 $1,620,000 $162,000 $2,694 4.26%
GRAND JUNCTION, CO (FHA|USDA|VA) 3 $895,000 $298,333 $1,632 3.46%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $885,000 $295,000 $3,258 5.33%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $790,000 $395,000 $3,690 5.13%
Newport, OR (FHA|USDA|VA) 1 $685,000 $685,000 $10,018 5.88%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $585,000 $585,000 $3,016 4.50%
Juneau, AK (FHA|USDA|VA) 1 $575,000 $575,000 $10,241 3.50%
BOULDER, CO (FHA|USDA|VA) 3 $495,000 $165,000 $427 5.75%
Centralia, WA (FHA|USDA|VA) 1 $485,000 $485,000 $7,247 4.75%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $455,000 $455,000 $3,392 4.25%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $415,000 $415,000 $2,239 5.38%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $375,000 $375,000 $7,419 2.75%
COLUMBIA, SC (FHA|USDA|VA) 1 $375,000 $375,000 $2,534 4.50%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $3,356 4.25%
PUEBLO, CO (FHA|USDA|VA) 2 $360,000 $180,000 $5,879 3.12%
AMARILLO, TX (FHA|USDA|VA) 1 $305,000 $305,000 $4,384 6.13%
Fort Morgan, CO (FHA|USDA|VA) 1 $305,000 $305,000 $5,895 3.23%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $275,000 $275,000 $2,956 4.25%
Silver City, NM (FHA|USDA|VA) 1 $225,000 $225,000 $3,258 5.35%
SANTA FE, NM (FHA|USDA|VA) 1 $225,000 $225,000 $6,686 3.10%
Cañon City, CO (FHA|USDA|VA) 2 $200,000 $100,000 $158 4.25%
GREAT FALLS, MT (FHA|USDA|VA) 1 $135,000 $135,000 $2,378 3.38%
NEW BERN, NC (FHA|USDA|VA) 1 $125,000 $125,000 $2,826 3.85%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $3,210 5.50%
Durango, CO (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.00%
Craig, CO (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.00%
Air Academy's top markets include Colorado Springs, Denver, Steamboat Springs, Fort Collins, and Greeley among others.

Their top states include:
  • Colorado (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Similar Lenders

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

    The District Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 768
    DENVER COMMUNITY
    Similarity Rank: 1078
    AVENTA Credit Union
    Similarity Rank: 1085
    FOOTHILLS
    Similarity Rank: 1116
    INFINITY MORTGAGE HOLDINGS, LLC
    Similarity Rank: 1178
    Red Rocks Credit Union
    Similarity Rank: 1464
    PRIORITY HOME MORTGAGE, L.P.
    Similarity Rank: 1488
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2184
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 2476

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 321 $34,365,000 $107,056 n/a 4.76%
    Conventional 238 $75,510,000 $317,269 $2,729 4.08%
    FHA 1 $405,000 $405,000 $9,726 5.25%
    VA 1 $375,000 $375,000 $7,419 2.75%

    For 2022, Air Academy's most frequently originated type of loan was HELOC, with 321 originations. Their 2nd most popular type was Conventional, with 238 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 254 $27,570,000 $108,543 $951 4.85%
    Cash Out Refi 164 $35,800,000 $218,293 $1,752 4.01%
    Home Purchase 101 $40,875,000 $404,703 $4,492 4.56%
    Home Improvement 28 $2,680,000 $95,714 $1,821 4.03%
    Refi 14 $3,730,000 $266,429 $2,523 3.06%

    For 2022, Air Academy's most frequently cited loan purpose was Other, with 254 originations. The 2nd most popular reason was Cash Out Refi, with 164 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 335 $39,185,000 $116,970 $3,016 4.69%
    30 Year 125 $45,895,000 $367,160 $3,377 4.38%
    15 Year 52 $12,800,000 $246,154 $1,432 3.88%
    Other 18 $4,880,000 $271,111 $1,882 2.84%
    10 Year 17 $2,855,000 $167,941 $430 3.92%
    5 Year 8 $580,000 $72,500 $485 4.38%
    1 Year 6 $4,460,000 $743,333 $9,821 5.33%

    For 2022, Air Academy's most frequently cited loan duration was 20 Year, with 335 originations. The 2nd most popular length was 30 Year, with 125 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 149 $37,895,000 $254,329
    $3k-4k 37 $15,595,000 $421,486
    $5k+ 15 $9,495,000 $633,000
    $1k-2k 11 $3,795,000 $345,000
    $4k-5k 7 $3,575,000 $510,714
    $2k-3k 4 $1,060,000 $265,000

    Air Academy's average total fees were $3,377, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 149 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 152 $29,500,000 $194,079
    5-6% 115 $20,675,000 $179,783
    4-5% 98 $20,800,000 $212,245
    2.5-3% 70 $15,000,000 $214,286
    6-7% 52 $10,860,000 $208,846
    <2.5% 43 $10,505,000 $244,302
    7-8% 29 $3,175,000 $109,483
    Over 8% 2 $140,000 $70,000

    During 2022, Air Academy's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 3-4%, with 152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 224 $12,500,000 $55,804 $499 4.87%
    $200k-400k 139 $40,675,000 $292,626 $2,606 4.14%
    $100k-200k 127 $17,545,000 $138,150 $1,014 4.18%
    $400k-600k 53 $25,065,000 $472,925 $4,445 4.16%
    $600k-1MM 15 $11,075,000 $738,333 $6,904 4.78%
    $1MM+ 3 $3,795,000 $1,265,000 $10,943 4.71%

    2022 saw Air Academy place emphasis on $100,000 or less loans with 224 originations, totaling $12,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 165 $33,485,000 $202,939 $3,008 4.48%
    $150k-250k 126 $29,800,000 $236,508 $3,318 4.40%
    $50k-75k 94 $13,090,000 $139,255 $1,709 4.45%
    $75k-100k 92 $15,450,000 $167,935 $2,647 4.45%
    $50k or less 43 $3,845,000 $89,419 $1,021 4.27%
    $250k+ 41 $14,985,000 $365,488 $5,680 4.88%

    Air Academy lent most frequently to those with incomes in the $100k-150k range, with 165 originations. The second most popular income band? $150k-250k, with 126 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 120 $24,250,000 $202,083 $2,687 4.08%
    30-36% 103 $25,455,000 $247,136 $2,773 4.18%
    42% 44 $10,000,000 $227,273 $3,542 4.37%
    <20% 40 $6,480,000 $162,000 $1,748 3.85%
    41% 37 $6,295,000 $170,135 $2,388 4.79%
    50-60% 36 $4,900,000 $136,111 $1,209 5.32%
    38% 22 $5,040,000 $229,091 $1,834 4.39%
    40% 22 $6,060,000 $275,455 $4,231 5.32%
    39% 21 $3,895,000 $185,476 $5,195 4.89%
    37% 18 $3,150,000 $175,000 $2,979 5.09%
    36% 18 $3,920,000 $217,778 $3,730 4.30%
    49% 14 $1,940,000 $138,571 $66 4.14%
    44% 12 $1,570,000 $130,833 $2,311 5.10%
    47% 10 $1,890,000 $189,000 $5,128 4.92%
    48% 10 $1,020,000 $102,000 $132 4.54%
    43% 10 $1,280,000 $128,000 $2,939 4.78%
    >60% 9 $2,155,000 $239,444 $5,063 5.44%
    45% 8 $930,000 $116,250 $9,726 4.94%
    46% 7 $425,000 $60,714 $3,210 4.93%

    Air Academy lent most frequently to those with DTI ratios of 20-30%, with 120 originations. The next most common DTI ratio? 30-36%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 357 $71,005,000 $198,894 $2,763 4.46%
    Not provided 177 $32,205,000 $181,949 $2,881 4.45%
    Asian 9 $2,915,000 $323,889 $2,738 4.60%
    Black 11 $2,735,000 $248,636 $3,925 5.25%
    American Indian 3 $1,035,000 $345,000 $866 2.91%
    Native Hawaiian or Islander 3 $425,000 $141,667 $1,851 5.46%
    Filipino 1 $335,000 $335,000 $4,615 3.00%

    Approval Rates

    Total approvals of all applications
    92.30%

    Air Academy has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.98%

    Air Academy has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 3 $545,000 $181,667
    NA 558 $110,110,000 $197,330

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    561 $110,655,000 $197,246

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 121 $22,265,000 $184,008 $1,333 4.12%
    40-60% 54 $16,830,000 $311,667 $2,416 3.89%
    60-80% 60 $23,820,000 $397,000 $3,950 3.86%
    80-100% 56 $24,130,000 $430,893 $3,518 4.63%
    Over 100% 4 $3,930,000 $982,500 $13,132 5.34%
    Under 20% 266 $19,680,000 $73,985 $594 4.83%