Omega Federal Credit Union Mortgage Rates, Fees & Info
Wexford, PALEI: 549300PPIXNO2E1B5V55
Tax ID: 25-0977923
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Omega Federal Credit Union is a smaller credit union specializing in Home Improvement loans. Their top two markets are Pittsburgh and New Castle .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.
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) | 6.27% | 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
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
58Origination Dollar Volume (All Markets)
$4,290,000Top 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) | 57 | $4,245,000 | $74,474 | $0 | 4.74% |
| New Castle, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.25% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 58 | $4,290,000 | $73,966 | n/a | 4.71% |
For 2022, Omega Federal Credit Union's most frequently originated type of loan was HELOC, with 58 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 57 | $4,165,000 | $73,070 | $0 | 4.70% |
| NA | 1 | $125,000 | $125,000 | $0 | 5.50% |
For 2022, Omega Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 57 originations. The 2nd most popular reason was NA, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 58 | $4,290,000 | $73,966 | $0 | 4.71% |
For 2022, Omega Federal Credit Union's most frequently cited loan duration was Other, with 58 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 28 | $1,900,000 | $67,857 |
| 5-6% | 12 | $860,000 | $71,667 |
| 6-7% | 9 | $1,045,000 | $116,111 |
| 4-5% | 8 | $430,000 | $53,750 |
| 7-8% | 1 | $55,000 | $55,000 |
During 2022, Omega Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 28 originations.
Loan Sizing
2022 saw Omega Federal Credit Union place emphasis on $100,000 or less loans with 48 originations, totaling $2,520,000 in origination value.
Applicant Income
Omega Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $50k-75k, with 10 originations.
Applicant Debt to Income Ratio
Omega Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? <20%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.97%
Omega Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.66%
Omega Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 58 | $4,290,000 | $73,966 |