Air Academy Mortgage Rates, Fees & Info

Colorado Springs, CO

LEI: 549300ELXS6PBT8OEE44

Tax ID: 84-0468072

5 stars - Updated: 6/9/24 - out of 5 stars, based on 17 reviews

Latest/2023 | 2022 Data | 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 and Home Purchase loans. Air Academy has a high proportion of conventional loans. Their top markets by origination volume include: Colorado Springs, Denver, Phoenix, Fort Collins, and Steamboat Springs among others. We have data for 31 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 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 relatively high 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% 6/9/24
30 Year Conventional Purchase 5.76% 6/9/24
30 Year Conventional Refi 5.77% 6/9/24
30 Year Cash-out Refi 6.21% 6/9/24
30 Year FHA Purchase 7.35% 6/9/24
30 Year VA Purchase 5.61% 6/9/24
15 Year Conventional Purchase 5.70% 6/9/24
15 Year Conventional Refi 5.18% 6/9/24
15 Year Cash-out Refi 5.18% 6/9/24
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.

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

306

Origination Dollar Volume (All Markets)

$64,040,000

Awards

AIR ACADEMY 30 Year Conventional Loans bronze AIR ACADEMY 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Air Academy's average 30 year fixed mortgage rate was 6.35%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.13%.

Relative Fees (Closing Costs)

Air Academy's average total fees/closing costs for a 30 year fixed rate mortgage were $5,593.

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 $9,089.

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) 157 $27,095,000 $172,580 $4,390 7.94%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 102 $21,410,000 $209,902 $4,780 7.97%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $2,075,000 $415,000 $4,387 6.20%
FORT COLLINS, CO (FHA|USDA|VA) 6 $1,440,000 $240,000 $2,482 6.87%
Steamboat Springs, CO (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $10,648 6.03%
Outside of Metro Areas 3 $1,165,000 $388,333 $9,045 7.17%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $825,000 $825,000 $14,162 6.63%
BOULDER, CO (FHA|USDA|VA) 2 $770,000 $385,000 $8,196 6.61%
Breckenridge, CO (FHA|USDA|VA) 2 $710,000 $355,000 $8,165 6.90%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $640,000 $320,000 $6,105 5.55%
GRAND JUNCTION, CO (FHA|USDA|VA) 2 $630,000 $315,000 $7,929 6.75%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $575,000 $575,000 $8,085 6.38%
GREELEY, CO (FHA|USDA|VA) 4 $510,000 $127,500 $1,847 8.19%
PUEBLO, CO (FHA|USDA|VA) 1 $485,000 $485,000 $1,724 6.50%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $485,000 $485,000 $3,957 5.75%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $375,000 $375,000 $14,834 5.75%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $355,000 $355,000 $1,228 6.99%
WILMINGTON, NC (FHA|USDA|VA) 1 $335,000 $335,000 $2,271 6.50%
MADERA, CA (FHA|USDA|VA) 1 $305,000 $305,000 $7,750 5.75%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $295,000 $295,000 $5,074 6.98%
Taylorville, IL (FHA|USDA|VA) 1 $295,000 $295,000 $1,276 6.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $245,000 $245,000 $6,704 5.88%
ASHEVILLE, NC (FHA|USDA|VA) 1 $235,000 $235,000 $3,310 5.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $5,576 5.50%
Montrose, CO (FHA|USDA|VA) 1 $225,000 $225,000 $2,993 5.43%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $215,000 $215,000 $1,422 7.00%
WICHITA, KS (FHA|USDA|VA) 1 $205,000 $205,000 $3,437 6.38%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $155,000 $155,000 $3,203 5.50%
Taos, NM (FHA|USDA|VA) 1 $125,000 $125,000 $2,856 7.00%
Cañon City, CO (FHA|USDA|VA) 1 $125,000 $125,000 $0 9.75%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $95,000 $95,000 $2,723 6.75%
Air Academy's top markets include Colorado Springs, Denver, Phoenix, Fort Collins, and Steamboat Springs among others.

Their top states include:
  • Colorado (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Nevada (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.

    PRIORITY HOME MORTGAGE, L.P.
    Similarity Rank: 66
    SOUTHERN LENDING SERVICES, LTD.
    Similarity Rank: 300
    Shea Mortgage Inc.
    Similarity Rank: 589
    HOME MORTGAGE ALLIANCE, LLC
    Similarity Rank: 942
    ON TAP
    Similarity Rank: 1140
    WESTERRA CREDIT UNION
    Similarity Rank: 1275
    PREMIER MEMBERS CREDIT UNION
    Similarity Rank: 1792
    IDEAL HOME LOANS LLC
    Similarity Rank: 2093
    Raymond James Bank
    Similarity Rank: 2124

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 189 $21,215,000 $112,249 n/a 8.39%
    Conventional 109 $39,035,000 $358,119 $4,086 6.79%
    VA 8 $3,790,000 $473,750 $13,061 5.78%

    For 2023, Air Academy's most frequently originated type of loan was HELOC, with 189 originations. Their 2nd most popular type was Conventional, with 109 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 140 $14,400,000 $102,857 $626 8.42%
    Home Purchase 83 $34,605,000 $416,928 $5,868 6.30%
    Cash Out Refi 74 $12,550,000 $169,595 $2,137 8.14%
    Home Improvement 5 $445,000 $89,000 $0 8.20%
    Refi 4 $2,040,000 $510,000 $3,734 6.63%

    For 2023, Air Academy's most frequently cited loan purpose was Other, with 140 originations. The 2nd most popular reason was Home Purchase, with 83 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 192 $21,970,000 $114,427 $2,112 8.36%
    30 Year 78 $33,120,000 $424,615 $5,593 6.35%
    15 Year 11 $2,265,000 $205,909 $2,383 7.43%
    10 Year 8 $640,000 $80,000 $545 8.84%
    5 Year 8 $1,170,000 $146,250 $896 7.23%
    1 Year 4 $2,810,000 $702,500 $10,371 6.66%
    Other 3 $665,000 $221,667 $3,860 6.74%
    3 Year 2 $1,400,000 $700,000 $0 6.75%

    For 2023, Air Academy's most frequently cited loan duration was 20 Year, with 192 originations. The 2nd most popular length was 30 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 38 $8,770,000 $230,789
    $1k-2k 37 $10,915,000 $295,000
    $5k+ 31 $18,665,000 $602,097
    $4k-5k 3 $1,125,000 $375,000
    $3k-4k 2 $620,000 $310,000

    Air Academy's average total fees were $5,593, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 38 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 142 $15,110,000 $106,408
    7-8% 77 $11,825,000 $153,571
    6-7% 58 $23,330,000 $402,241
    5-6% 28 $13,570,000 $484,643
    4-5% 1 $205,000 $205,000

    During 2023, Air Academy's average interest rate for loans was 6.35%, while their most frequently originated rate bucket for loans was Over 8%, with 142 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 125 $6,875,000 $55,000 $748 8.40%
    $200k-400k 69 $19,535,000 $283,116 $4,177 7.03%
    $100k-200k 65 $8,675,000 $133,462 $1,988 8.16%
    $400k-600k 33 $15,915,000 $482,273 $6,916 6.47%
    $600k-1MM 12 $8,660,000 $721,667 $10,334 6.71%
    $1MM+ 2 $4,380,000 $2,190,000 $10,425 5.95%

    2023 saw Air Academy place emphasis on $100,000 or less loans with 125 originations, totaling $6,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 88 $17,430,000 $198,068 $5,463 7.76%
    $150k-250k 79 $16,885,000 $213,734 $6,529 7.77%
    $75k-100k 51 $8,665,000 $169,902 $2,779 7.79%
    $50k-75k 40 $4,580,000 $114,500 $2,884 7.76%
    $250k+ 35 $14,415,000 $411,857 $5,561 7.58%
    $50k or less 11 $885,000 $80,455 $2,676 7.99%

    Air Academy lent most frequently to those with incomes in the $100k-150k range, with 88 originations. The second most popular income band? $150k-250k, with 79 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $9,205,000 $167,364 $3,637 7.53%
    30-36% 52 $8,950,000 $172,115 $5,099 7.79%
    50-60% 26 $5,680,000 $218,462 $4,790 8.03%
    42% 25 $6,295,000 $251,800 $7,300 7.59%
    41% 19 $3,055,000 $160,789 $3,719 7.89%
    39% 17 $2,445,000 $143,824 $2,334 7.93%
    <20% 16 $6,940,000 $433,750 $7,657 7.25%
    40% 11 $1,985,000 $180,455 $3,517 8.69%
    36% 11 $1,285,000 $116,818 $4,895 8.01%
    46% 10 $1,730,000 $173,000 $2,921 7.89%
    49% 9 $1,515,000 $168,333 $5,442 7.96%
    >60% 9 $3,745,000 $416,111 $7,035 7.34%
    38% 9 $2,125,000 $236,111 $5,270 6.86%
    37% 9 $1,115,000 $123,889 $2,088 8.08%
    47% 8 $1,110,000 $138,750 $5,716 8.21%
    44% 6 $2,080,000 $346,667 $9,587 7.63%
    48% 5 $1,035,000 $207,000 $1,458 8.50%
    43% 4 $1,730,000 $432,500 $1,948 6.78%
    45% 3 $835,000 $278,333 $8,085 7.71%

    Air Academy lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? 30-36%, with 52 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 233 $50,285,000 $215,815 $4,344 7.74%
    Not provided 50 $9,850,000 $197,000 $5,931 7.62%
    Asian 7 $1,455,000 $207,857 $2,744 8.48%
    Black 7 $1,115,000 $159,286 $3,442 8.07%
    Native Hawaiian or Islander 4 $960,000 $240,000 $15,422 7.03%
    American Indian 5 $375,000 $75,000 $422 8.55%

    Approval Rates

    Total approvals of all applications
    90.65%

    Air Academy has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.20%

    Air Academy has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $65,000 $65,000
    NA 305 $63,975,000 $209,754

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    306 $64,040,000 $209,281

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 60 $12,410,000 $206,833 $2,783 8.09%
    40-60% 13 $4,505,000 $346,538 $4,033 6.83%
    60-80% 29 $14,325,000 $493,966 $5,215 6.37%
    80-100% 45 $18,285,000 $406,333 $5,106 6.43%
    Over 100% 6 $3,610,000 $601,667 $15,628 6.21%
    Under 20% 153 $10,905,000 $71,275 $608 8.40%