Air Academy Mortgage Rates, Fees & Info

Colorado Springs, CO

LEI: 549300ELXS6PBT8OEE44

Tax ID: 84-0468072

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Mortgage Data

Review & Overview

Air Academy is a smaller mortgage company specializing in Refi and Cash Out Refi 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, Edwards, Fort Collins, and Boulder among others. We have data for 45 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% 3/28/24
30 Year Conventional Purchase 5.76% 3/28/24
30 Year Conventional Refi 5.77% 3/28/24
30 Year Cash-out Refi 6.21% 3/28/24
30 Year FHA Purchase 7.35% 3/28/24
30 Year VA Purchase 5.61% 3/28/24
15 Year Conventional Purchase 5.70% 3/28/24
15 Year Conventional Refi 5.18% 3/28/24
15 Year Cash-out Refi 5.18% 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.

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

756

Origination Dollar Volume (All Markets)

$189,000,000

Awards

AIR ACADEMY 30 Year Conventional Loans gold AIR ACADEMY VA Loans bronze AIR ACADEMY 30 Year Conventional Loans gold AIR ACADEMY 30 Year Conventional Loans silver
Show all (4) awards

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) 422 $102,110,000 $241,967 $1,905 3.10%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 204 $54,230,000 $265,833 $1,589 3.01%
Edwards, CO (FHA|USDA|VA) 13 $3,935,000 $302,692 $1,230 2.66%
Outside of Metro Areas 18 $3,540,000 $196,667 $2,130 3.43%
FORT COLLINS, CO (FHA|USDA|VA) 12 $2,930,000 $244,167 $835 2.84%
BOULDER, CO (FHA|USDA|VA) 8 $2,740,000 $342,500 $1,818 2.90%
GRAND JUNCTION, CO (FHA|USDA|VA) 14 $2,680,000 $191,429 $542 2.72%
GREELEY, CO (FHA|USDA|VA) 7 $2,295,000 $327,857 $2,449 2.85%
Steamboat Springs, CO (FHA|USDA|VA) 5 $1,545,000 $309,000 $1,039 2.67%
Breckenridge, CO (FHA|USDA|VA) 4 $1,190,000 $297,500 $1,368 2.77%
PUEBLO, CO (FHA|USDA|VA) 8 $1,170,000 $146,250 $1,858 2.86%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,150,000 $575,000 $5,052 3.36%
Glenwood Springs, CO (FHA|USDA|VA) 3 $725,000 $241,667 $949 3.03%
Riverton, WY (FHA|USDA|VA) 1 $725,000 $725,000 $11,308 4.99%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $720,000 $360,000 $2,633 3.31%
Hilo, HI (FHA|USDA|VA) 1 $705,000 $705,000 $4,605 2.75%
Cañon City, CO (FHA|USDA|VA) 2 $470,000 $235,000 $748 2.54%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $465,000 $465,000 $7,665 4.49%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $425,000 $425,000 $3,400 2.88%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $410,000 $205,000 $4,438 3.49%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $375,000 $375,000 $5,792 2.49%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $375,000 $375,000 $2,200 2.63%
ALBUQUERQUE, NM (FHA|USDA|VA) 2 $330,000 $165,000 $2,684 2.50%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,117 4.24%
SANTA FE, NM (FHA|USDA|VA) 1 $255,000 $255,000 $1,402 3.99%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $245,000 $245,000 $11,933 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,593 2.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $215,000 $215,000 $2,957 3.38%
LOGAN, UT-ID (FHA|USDA|VA) 1 $205,000 $205,000 $2,356 2.88%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $205,000 $205,000 $2,999 3.25%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $205,000 $205,000 $2,721 2.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $195,000 $195,000 $2,217 2.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,632 2.50%
TUCSON, AZ (FHA|USDA|VA) 1 $175,000 $175,000 $2,957 2.63%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $2,024 3.88%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $155,000 $155,000 $1,139 2.49%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $145,000 $145,000 $2,303 2.74%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $135,000 $135,000 $1,362 2.25%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $135,000 $135,000 $3,300 3.50%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $135,000 $135,000 $2,386 2.88%
TULSA, OK (FHA|USDA|VA) 1 $125,000 $125,000 $2,087 2.75%
SPARTANBURG, SC (FHA|USDA|VA) 1 $115,000 $115,000 $1,775 3.25%
RICHMOND, VA (FHA|USDA|VA) 1 $105,000 $105,000 $1,781 4.49%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $85,000 $85,000 $2,088 3.25%
MUSKEGON, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,058 2.49%
Air Academy's top markets include Colorado Springs, Denver, Edwards, Fort Collins, and Boulder among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 719 $176,785,000 $245,876 $1,657 3.05%
    VA 35 $11,845,000 $338,429 $4,927 2.97%
    FHA 2 $370,000 $185,000 $7,780 4.25%

    For 2020, Air Academy's most frequently originated type of loan was Conventional, with 719 originations. Their 2nd most popular type was VA, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 347 $84,665,000 $243,991 $1,552 2.97%
    Cash Out Refi 283 $70,355,000 $248,604 $1,446 3.09%
    Home Purchase 87 $25,795,000 $296,494 $4,324 3.38%
    Home Improvement 33 $6,805,000 $206,212 $1,614 2.74%
    Other 6 $1,380,000 $230,000 $2,464 3.04%

    For 2020, Air Academy's most frequently cited loan purpose was Refi, with 347 originations. The 2nd most popular reason was Cash Out Refi, with 283 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 341 $96,445,000 $282,830 $2,789 3.20%
    Other 172 $43,040,000 $250,233 $775 2.79%
    15 Year 109 $22,765,000 $208,853 $917 3.16%
    10 Year 67 $10,835,000 $161,716 $539 2.69%
    20 Year 47 $11,475,000 $244,149 $1,726 3.22%
    5 Year 12 $1,160,000 $96,667 $418 2.28%
    1 Year 8 $3,280,000 $410,000 $7,222 4.24%

    For 2020, Air Academy's most frequently cited loan duration was 30 Year, with 341 originations. The 2nd most popular length was Other, with 172 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 594 $145,220,000 $244,478
    $1k-2k 46 $12,400,000 $269,565
    $3k-4k 41 $14,295,000 $348,659
    $2k-3k 18 $5,520,000 $306,667
    $4k-5k 4 $1,640,000 $410,000
    $5k+ 2 $1,270,000 $635,000

    Air Academy's average total fees were $2,789, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 594 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 290 $76,980,000 $265,448
    3-4% 237 $60,155,000 $253,819
    <2.5% 180 $41,510,000 $230,611
    4-5% 44 $9,730,000 $221,136
    5-6% 3 $555,000 $185,000
    7-8% 2 $70,000 $35,000

    During 2020, Air Academy's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 2.5-3%, with 290 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 382 $107,860,000 $282,356 $2,058 3.06%
    $100k-200k 221 $33,485,000 $151,516 $1,131 3.05%
    $400k-600k 81 $37,425,000 $462,037 $3,265 2.96%
    $100,000 or less 64 $4,680,000 $73,125 $389 3.07%
    $600k-1MM 8 $5,550,000 $693,750 $4,449 3.33%

    2020 saw Air Academy place emphasis on $200k-400k loans with 382 originations, totaling $107,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 215 $57,925,000 $269,419 $1,936 2.94%
    $50k-75k 159 $31,995,000 $201,226 $1,885 3.20%
    $75k-100k 146 $33,880,000 $232,055 $1,592 3.11%
    $150k-250k 120 $39,260,000 $327,167 $1,902 2.93%
    $50k or less 82 $13,770,000 $167,927 $1,825 3.24%
    $250k+ 34 $12,170,000 $357,941 $1,820 2.76%

    Air Academy lent most frequently to those with incomes in the $100k-150k range, with 215 originations. The second most popular income band? $50k-75k, with 159 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 236 $60,740,000 $257,373 $1,769 2.96%
    30-36% 141 $36,905,000 $261,738 $1,846 2.99%
    <20% 98 $19,170,000 $195,612 $1,291 2.92%
    38% 35 $7,325,000 $209,286 $2,531 3.08%
    39% 34 $8,750,000 $257,353 $1,646 3.41%
    42% 33 $8,375,000 $253,788 $2,541 3.16%
    41% 28 $7,270,000 $259,643 $1,366 2.91%
    36% 25 $6,685,000 $267,400 $1,899 3.11%
    40% 24 $6,770,000 $282,083 $2,080 3.01%
    37% 20 $5,100,000 $255,000 $1,585 3.01%
    50-60% 11 $2,665,000 $242,273 $1,852 3.77%
    43% 11 $2,455,000 $223,182 $2,885 3.24%
    47% 10 $2,130,000 $213,000 $2,120 3.28%
    48% 10 $2,840,000 $284,000 $1,671 3.11%
    46% 9 $3,005,000 $333,889 $3,116 3.25%
    >60% 8 $2,350,000 $293,750 $3,603 3.74%
    44% 8 $2,390,000 $298,750 $1,314 3.26%
    49% 7 $1,715,000 $245,000 $4,149 3.59%
    45% 7 $2,065,000 $295,000 $2,299 3.49%

    Air Academy lent most frequently to those with DTI ratios of 20-30%, with 236 originations. The next most common DTI ratio? 30-36%, with 141 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 595 $150,645,000 $253,185 $1,877 3.05%
    Not provided 121 $29,755,000 $245,909 $1,725 2.97%
    Asian 24 $5,600,000 $233,333 $1,661 3.18%
    Black 10 $1,730,000 $173,000 $1,405 3.27%
    American Indian 3 $645,000 $215,000 $1,726 3.29%
    Native Hawaiian or Islander 1 $325,000 $325,000 $901 3.38%
    Asian Indian 1 $225,000 $225,000 $0 3.24%
    Japanese 1 $75,000 $75,000 $253 2.49%

    Approval Rates

    Total approvals of all applications
    94.38%

    Air Academy has an average approval rate.

    Pick Rate

    Approvals leading to origination
    62.17%

    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 756 $189,000,000 $250,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 756 $189,000,000 $250,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 149 $22,995,000 $154,329 $759 2.85%
    40-60% 199 $50,555,000 $254,045 $1,455 2.96%
    60-80% 274 $81,970,000 $299,161 $2,080 3.17%
    80-100% 82 $25,280,000 $308,293 $3,174 3.26%
    Over 100% 12 $4,260,000 $355,000 $10,248 3.57%
    Under 20% 40 $3,940,000 $98,500 $629 2.80%