Power Mortgage Rates, Fees & Info
Pueblo, COLEI: 549300JD2HS86SAFVA88
Tax ID: 84-0160254
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Power is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Power has a high proportion of conventional loans. Their top two markets are Pueblo and Cañon City .Power has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Power 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 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 |
|---|---|---|
| 15 Year Conventional Refi | 5.68% | 11/11/24 |
| 15 Year Cash-out Refi | 5.68% | 11/11/24 |
| 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. | ||
Power Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Power. 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
26Origination Dollar Volume (All Markets)
$2,090,000Relative Rate
Power's average 30 year fixed mortgage rate was
6.41%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.07%.
Relative Fees (Closing Costs)
Power's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,776.
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 |
|---|---|---|---|---|---|
| PUEBLO, CO (FHA|USDA|VA) | 18 | $1,560,000 | $86,667 | $1,365 | 7.12% |
| Outside of Metro Areas | 7 | $505,000 | $72,143 | $1,111 | 6.95% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $354 | 7.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 26 | $2,090,000 | $80,385 | $1,232 | 7.07% |
For 2023, Power's most frequently originated type of loan was Conventional, with 26 originations.
Loan Reason
For 2023, Power's most frequently cited loan purpose was Cash Out Refi, with 14 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
For 2023, Power's most frequently cited loan duration was 15 Year, with 13 originations. The 2nd most popular length was 10 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $3k-4k | 2 | $330,000 | $165,000 |
| $<1k | 1 | $25,000 | $25,000 |
| $1k-2k | 1 | $175,000 | $175,000 |
| $2k-3k | 1 | $115,000 | $115,000 |
Power's average total fees were $3,776, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 13 | $1,055,000 | $81,154 |
| 7-8% | 10 | $750,000 | $75,000 |
| Over 8% | 2 | $110,000 | $55,000 |
| 5-6% | 1 | $175,000 | $175,000 |
During 2023, Power's average interest rate for loans was 6.41%, while their most frequently originated rate bucket for loans was 6-7%, with 13 originations.
Loan Sizing
2023 saw Power place emphasis on $100,000 or less loans with 17 originations, totaling $865,000 in origination value.
Applicant Debt to Income Ratio
Ethnicity Mix
Approval Rates
Total approvals of all applications87.18%
Power has an average approval rate.
Pick Rate
Approvals leading to origination69.23%
Power 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 | 26 | $2,090,000 | $80,385 |