Air Academy Mortgage Rates, Fees & Info
Colorado Springs, COLEI: 549300ELXS6PBT8OEE44
Tax ID: 84-0468072
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Mortgage Data
Review & Overview
Air Academy is a smaller mortgage company specializing in 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, Greeley, Pueblo, and Albuquerque 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.82% | 5/4/24 |
| 30 Year Conventional Purchase | 5.76% | 5/4/24 |
| 30 Year Conventional Refi | 5.77% | 5/4/24 |
| 30 Year Cash-out Refi | 6.21% | 5/4/24 |
| 30 Year FHA Purchase | 7.35% | 5/4/24 |
| 30 Year VA Purchase | 5.61% | 5/4/24 |
| 15 Year Conventional Purchase | 5.70% | 5/4/24 |
| 15 Year Conventional Refi | 5.18% | 5/4/24 |
| 15 Year Cash-out Refi | 5.18% | 5/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
401Origination Dollar Volume (All Markets)
$89,805,000Awards
AIR ACADEMY - 2018
AIR ACADEMY is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 228 | $46,530,000 | $204,079 | $2,297 | 4.28% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 116 | $29,030,000 | $250,259 | $2,005 | 4.17% |
| GREELEY, CO (FHA|USDA|VA) | 7 | $2,045,000 | $292,143 | $2,115 | 4.19% |
| Outside of Metro Areas | 8 | $1,660,000 | $207,500 | $1,525 | 3.82% |
| PUEBLO, CO (FHA|USDA|VA) | 7 | $1,195,000 | $170,714 | $3,004 | 4.51% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $19,451 | 3.75% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $5,118 | 4.31% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $2,939 | 4.19% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $2,280 | 3.71% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $4,991 | 4.25% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $2,756 | 4.75% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $3,374 | 3.88% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,775 | 5.50% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,998 | 4.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,467 | 3.88% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 4.50% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,012 | 4.38% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,301 | 5.50% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $1,950 | 3.50% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $1,909 | 4.50% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,782 | 4.75% |
| Breckenridge, CO (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $1,068 | 3.80% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,194 | 4.50% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,082 | 3.88% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,645 | 4.88% |
| Edwards, CO (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $154 | 3.50% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,324 | 5.13% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,637 | 4.10% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,982 | 5.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,432 | 3.75% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $124 | 4.38% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,751 | 4.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 363 | $77,965,000 | $214,780 | $1,782 | 4.21% |
| VA | 28 | $9,320,000 | $332,857 | $6,266 | 4.48% |
| FHA | 10 | $2,520,000 | $252,000 | $7,346 | 4.70% |
For 2018, Air Academy's most frequently originated type of loan was Conventional, with 363 originations. Their 2nd most popular type was VA, with 28 originations.
Loan Reason
For 2018, Air Academy's most frequently cited loan purpose was Cash Out Refi, with 170 originations. The 2nd most popular reason was Home Purchase, with 134 originations.
Loan Duration/Length
For 2018, Air Academy's most frequently cited loan duration was 30 Year, with 164 originations. The 2nd most popular length was 15 Year, with 76 originations.
Origination Fees/Closing Costs
Air Academy's average total fees were $3,612, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 291 originations.
Interest Rates
During 2018, Air Academy's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 184 originations.
Loan Sizing
2018 saw Air Academy place emphasis on $200k-400k loans with 173 originations, totaling $47,735,000 in origination value.
Applicant Income
Air Academy lent most frequently to those with incomes in the $100k-150k range, with 114 originations. The second most popular income band? $50k-75k, with 94 originations.
Applicant Debt to Income Ratio
Air Academy lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? 30-36%, with 80 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.26%
Air Academy has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination64.59%
Air Academy has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 401 | $89,805,000 | $223,953 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $245,000 | $245,000 |
| Single Family (1-4 Units):Site-Built | 400 | $89,560,000 | $223,900 |