Empower Credit Union Mortgage Rates, Fees & Info

West Allis, WI

LEI: 549300L7JNOXBW10PN68

Tax ID: 39-1909991

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Empower Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Empower Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Racine, Chicago, Sheboygan, and Marinette among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Empower Credit Union 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. Empower Credit Union 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
    30 Year Conventional Purchase 5.94% 5/4/24
    30 Year Conventional Refi 6.10% 5/4/24
    30 Year Cash-out Refi 6.13% 5/4/24
    15 Year Conventional Purchase 5.29% 5/4/24
    15 Year Conventional Refi 5.53% 5/4/24
    15 Year Cash-out Refi 5.53% 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.

    Empower Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Empower Credit Union. 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

    164

    Origination Dollar Volume (All Markets)

    $29,970,000

    Awards

    Empower Credit Union 30 Year Conventional Loans gold Empower Credit Union 30 Year Conventional Loans gold Empower Credit Union 30 Year Conventional Loans gold
    Show all (3) 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
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 114 $21,000,000 $184,211 $1,278 3.20%
    RACINE, WI (FHA|USDA|VA) 23 $3,895,000 $169,348 $1,229 3.28%
    Outside of Metro Areas 18 $3,870,000 $215,000 $1,391 3.11%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $535,000 $178,333 $1,412 2.83%
    SHEBOYGAN, WI (FHA|USDA|VA) 1 $185,000 $185,000 $1,411 3.25%
    Marinette, WI-MI (FHA|USDA|VA) 1 $145,000 $145,000 $1,611 2.75%
    Beaver Dam, WI (FHA|USDA|VA) 2 $140,000 $70,000 $315 5.50%
    Shawano, WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,836 3.13%
    Iron Mountain, MI-WI (FHA|USDA|VA) 1 $95,000 $95,000 $1,658 3.13%
    Empower Credit Union's top markets include Milwaukee, Racine, Chicago, Sheboygan, and Marinette among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    Hometown Bank
    Similarity Rank: 144
    The Greenwood's State Bank
    Similarity Rank: 432
    Empower Credit Union
    Similarity Rank: 459
    Horicon Bank
    Similarity Rank: 540
    Westbury Bank
    Similarity Rank: 612
    Fox Valley Savings Bank
    Similarity Rank: 952
    Guardian Credit Union
    Similarity Rank: 999
    NORTHWESTERN MUTUAL
    Similarity Rank: 1016
    State Bank of Cross Plains
    Similarity Rank: 1120
    Commerce State Bank
    Similarity Rank: 1292

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 164 $29,970,000 $182,744 $1,283 3.22%

    For 2020, Empower Credit Union's most frequently originated type of loan was Conventional, with 164 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 68 $13,390,000 $196,912 $1,343 3.10%
    Cash Out Refi 59 $11,375,000 $192,797 $1,413 2.98%
    Home Purchase 22 $4,570,000 $207,727 $1,445 3.16%
    Home Improvement 12 $430,000 $35,833 $223 4.65%
    Other 3 $205,000 $68,333 $399 5.25%

    For 2020, Empower Credit Union's most frequently cited loan purpose was Refi, with 68 originations. The 2nd most popular reason was Cash Out Refi, with 59 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 76 $17,110,000 $225,132 $1,409 3.19%
    15 Year 50 $7,570,000 $151,400 $1,432 2.70%
    20 Year 18 $4,400,000 $244,444 $1,400 3.13%
    10 Year 16 $720,000 $45,000 $275 5.02%
    5 Year 3 $145,000 $48,333 $585 3.38%
    Other 1 $25,000 $25,000 $276 3.75%

    For 2020, Empower Credit Union's most frequently cited loan duration was 30 Year, with 76 originations. The 2nd most popular length was 15 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 164 $29,970,000 $182,744

    Empower Credit Union's average total fees were $1,409, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 164 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 75 $15,715,000 $209,533
    2.5-3% 62 $11,970,000 $193,065
    <2.5% 12 $1,590,000 $132,500
    4-5% 9 $355,000 $39,444
    5-6% 3 $105,000 $35,000
    6-7% 3 $235,000 $78,333

    During 2020, Empower Credit Union's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 75 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 70 $10,270,000 $146,714 $1,411 3.01%
    $200k-400k 52 $14,380,000 $276,538 $1,412 3.06%
    $100,000 or less 35 $1,995,000 $57,000 $812 3.86%
    $400k-600k 7 $3,325,000 $475,000 $1,389 3.20%

    2020 saw Empower Credit Union place emphasis on $100k-200k loans with 70 originations, totaling $10,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 55 $10,285,000 $187,000 $1,349 3.22%
    $150k-250k 38 $8,870,000 $233,421 $1,222 3.30%
    $50k-75k 38 $4,760,000 $125,263 $1,178 3.30%
    $75k-100k 23 $3,975,000 $172,826 $1,359 3.06%
    $250k+ 7 $1,725,000 $246,429 $1,366 2.88%
    $50k or less 3 $355,000 $118,333 $1,386 3.04%

    Empower Credit Union lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $150k-250k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 54 $10,730,000 $198,704 $1,267 3.34%
    <20% 44 $7,730,000 $175,682 $1,367 2.95%
    30-36% 35 $5,515,000 $157,571 $1,179 3.27%
    42% 7 $1,355,000 $193,571 $1,252 3.43%
    37% 6 $1,180,000 $196,667 $1,294 3.40%
    41% 5 $725,000 $145,000 $1,401 3.05%
    39% 4 $770,000 $192,500 $1,174 4.00%
    36% 4 $860,000 $215,000 $1,392 2.94%
    40% 4 $860,000 $215,000 $1,324 3.09%
    46% 1 $245,000 $245,000 $1,461 3.00%

    Empower Credit Union lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? <20%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 141 $25,425,000 $180,319 $1,286 3.22%
    Not provided 11 $2,575,000 $234,091 $1,261 3.39%
    Black 8 $740,000 $92,500 $1,260 3.17%
    American Indian 2 $730,000 $365,000 $1,224 2.94%
    Other Asian 1 $415,000 $415,000 $1,186 3.00%
    Asian 1 $85,000 $85,000 $1,436 2.50%

    Approval Rates

    Total approvals of all applications
    87.92%

    Empower Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.34%

    Empower Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 164 $29,970,000 $182,744

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 164 $29,970,000 $182,744

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $2,170,000 $120,556 $1,133 3.56%
    40-60% 50 $9,370,000 $187,400 $1,379 2.96%
    60-80% 60 $12,420,000 $207,000 $1,424 3.09%
    80-100% 22 $5,450,000 $247,727 $1,426 3.09%
    Under 20% 14 $560,000 $40,000 $304 4.45%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Empire Mortgage (NV) FHA mortgage Closing on a mortgage 1 100.0%