Omega Federal Credit Union Mortgage Rates, Fees & Info

Wexford, PA

LEI: 549300PPIXNO2E1B5V55

Tax ID: 25-0977923

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
  • 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

    Omega Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Omega Federal Credit Union 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: Pittsburgh, Columbus, Youngstown, and Harrisburg among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Omega Federal Credit Union 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. 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% 11/23/24
    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






    Your Estimates

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

    This is not an official calculator from Omega Federal 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

    180

    Origination Dollar Volume (All Markets)

    $8,850,000

    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) 176 $7,020,000 $39,886 $193 4.52%
    COLUMBUS, OH (FHA|USDA|VA) 1 $1,725,000 $1,725,000 $5,931 5.59%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $55,000 $55,000 $155 4.75%
    Outside of Metro Areas 1 $45,000 $45,000 $246 5.25%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $5,000 $5,000 $168 3.99%
    Omega Federal Credit Union's top markets include Pittsburgh, Columbus, Youngstown, and Harrisburg among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 179 $8,745,000 $48,855 $229 4.52%
    FHA 1 $105,000 $105,000 $75 4.99%

    For 2019, Omega Federal Credit Union's most frequently originated type of loan was Conventional, with 179 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 98 $3,610,000 $36,837 $198 4.57%
    Other 66 $2,630,000 $39,848 $189 4.40%
    Refi 14 $800,000 $57,143 $184 4.72%
    Home Purchase 1 $1,725,000 $1,725,000 $5,931 5.59%
    NA 1 $85,000 $85,000 $100 4.49%

    For 2019, Omega Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 98 originations. The 2nd most popular reason was Other, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 69 $3,855,000 $55,870 $216 5.00%
    5 Year 54 $1,290,000 $23,889 $167 3.89%
    10 Year 51 $1,705,000 $33,431 $200 4.52%
    Other 3 $105,000 $35,000 $75 4.49%
    30 Year 1 $1,725,000 $1,725,000 $5,931 5.59%
    20 Year 1 $165,000 $165,000 $75 5.99%
    3 Year 1 $5,000 $5,000 $75 3.49%

    For 2019, Omega Federal Credit Union's most frequently cited loan duration was 15 Year, with 69 originations. The 2nd most popular length was 5 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1 $75,000 $75,000

    Omega Federal Credit Union's average total fees were $5,931, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 87 $4,125,000 $47,414
    3-4% 65 $1,755,000 $27,000
    5-6% 24 $2,830,000 $117,917
    7-8% 1 $45,000 $45,000

    During 2019, Omega Federal Credit Union's average interest rate for loans was 5.59%, while their most frequently originated rate bucket for loans was 4-5%, with 87 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 170 $5,900,000 $34,706 $184 4.49%
    $100k-200k 9 $1,225,000 $136,111 $424 5.13%
    $1MM+ 1 $1,725,000 $1,725,000 $5,931 5.59%

    2019 saw Omega Federal Credit Union place emphasis on $100,000 or less loans with 170 originations, totaling $5,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 58 $1,760,000 $30,345 $181 4.40%
    $75k-100k 40 $1,630,000 $40,750 $189 4.52%
    $50k or less 33 $1,165,000 $35,303 $173 4.48%
    $100k-150k 28 $1,280,000 $45,714 $269 4.59%
    $150k-250k 17 $1,125,000 $66,176 $162 4.73%
    $250k+ 3 $1,805,000 $601,667 $2,141 5.69%

    Omega Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 58 originations. The second most popular income band? $75k-100k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 41 $1,695,000 $41,341 $222 4.41%
    30-36% 35 $1,305,000 $37,286 $187 4.55%
    <20% 34 $1,500,000 $44,118 $195 4.53%
    37% 10 $330,000 $33,000 $181 4.47%
    38% 8 $200,000 $25,000 $180 4.27%
    39% 7 $225,000 $32,143 $216 4.03%
    44% 7 $285,000 $40,714 $131 4.63%
    43% 7 $295,000 $42,143 $160 4.67%
    50-60% 6 $1,860,000 $310,000 $1,163 4.88%
    42% 4 $160,000 $40,000 $201 4.68%
    41% 4 $200,000 $50,000 $244 4.87%
    49% 4 $230,000 $57,500 $144 4.37%
    45% 3 $75,000 $25,000 $164 5.66%
    46% 2 $50,000 $25,000 $172 4.49%
    48% 2 $130,000 $65,000 $80 4.49%
    36% 2 $100,000 $50,000 $242 4.99%
    40% 2 $30,000 $15,000 $158 3.99%
    >60% 1 $165,000 $165,000 $75 5.99%

    Omega Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 42 $3,410,000 $81,190 $278 4.57%
    White 66 $2,950,000 $44,697 $198 4.55%
    Not applicable 67 $2,315,000 $34,552 $228 4.49%
    Black 5 $175,000 $35,000 $242 4.39%

    Approval Rates

    Total approvals of all applications
    91.81%

    Omega Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.67%

    Omega Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    241.5 3 $75,000 $25,000
    NA 177 $8,775,000 $49,576

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 180 $8,850,000 $49,167

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 55 $2,735,000 $49,727 $194 4.52%
    40-60% 8 $490,000 $61,250 $435 4.99%
    60-80% 12 $940,000 $78,333 $177 4.76%
    80-100% 7 $555,000 $79,286 $106 4.92%
    Over 100% 1 $1,725,000 $1,725,000 $5,931 5.59%
    Under 20% 93 $2,305,000 $24,785 $182 4.42%