Omega Federal Credit Union Mortgage Rates, Fees & Info
Wexford, PALEI: 549300PPIXNO2E1B5V55
Tax ID: 25-0977923
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Mortgage Data
Review & Overview
Omega Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Omega Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Pittsburgh, New Castle, and Youngstown among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Omega Federal 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. Omega Federal Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/21/24 |
| 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. | ||
Omega Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
183Origination Dollar Volume (All Markets)
$11,475,000Relative Rate
Omega Federal Credit Union's average 30 year fixed mortgage rate was
7.88%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.4%.
Relative Fees (Closing Costs)
Omega Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,254.
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 |
|---|---|---|---|---|---|
| PITTSBURGH, PA (FHA|USDA|VA) | 180 | $11,320,000 | $62,889 | $7,254 | 6.17% |
| New Castle, PA (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 5.39% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 150 | $9,550,000 | $63,667 | $7,254 | 5.72% |
| HELOC | 33 | $1,925,000 | $58,333 | n/a | 8.11% |
For 2023, Omega Federal Credit Union's most frequently originated type of loan was Conventional, with 150 originations. Their 2nd most popular type was HELOC, with 33 originations.
Loan Reason
For 2023, Omega Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 147 originations. The 2nd most popular reason was Home Improvement, with 30 originations.
Loan Duration/Length
For 2023, Omega Federal Credit Union's most frequently cited loan duration was 15 Year, with 97 originations. The 2nd most popular length was 10 Year, with 42 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $4k-5k | 1 | $185,000 | $185,000 |
Omega Federal Credit Union's average total fees were $7,254, while their most frequently occuring range of origination fees (closing costs) were in the $4k-5k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 92 | $6,620,000 | $71,957 |
| 4-5% | 39 | $1,185,000 | $30,385 |
| 7-8% | 22 | $1,760,000 | $80,000 |
| Over 8% | 20 | $1,360,000 | $68,000 |
| 6-7% | 9 | $525,000 | $58,333 |
During 2023, Omega Federal Credit Union's average interest rate for loans was 7.88%, while their most frequently originated rate bucket for loans was 5-6%, with 92 originations.
Loan Sizing
2023 saw Omega Federal Credit Union place emphasis on $100,000 or less loans with 156 originations, totaling $7,000,000 in origination value.
Applicant Income
Omega Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 52 originations. The second most popular income band? $50k-75k, with 42 originations.
Applicant Debt to Income Ratio
Omega Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? 30-36%, with 36 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.85%
Omega Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination75.41%
Omega Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 183 | $11,475,000 | $62,705 |