Empower Federal Credit Union Mortgage Rates, Fees & Info

Syracuse, NY

LEI: 549300YKTME1U7Z0UN20

Tax ID: 15-0547278

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 Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Empower Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Syracuse, Auburn, Buffalo, Binghamton, and Rochester among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Empower 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. Empower Federal 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
    Home Equity Line of Credit (HELOC) 5.75% 4/14/24
    30 Year Conventional Purchase 6.32% 4/14/24
    30 Year Conventional Refi 6.11% 4/14/24
    30 Year Cash-out Refi 6.21% 4/14/24
    15 Year Conventional Purchase 5.66% 4/14/24
    15 Year Conventional Refi 6.24% 4/14/24
    15 Year Cash-out Refi 6.24% 4/14/24
    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 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 Empower 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

    3,040

    Origination Dollar Volume (All Markets)

    $281,780,000
    Show all (5) 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
    SYRACUSE, NY (FHA|USDA|VA) 2,538 $226,620,000 $89,291 $1,745 4.88%
    Auburn, NY (FHA|USDA|VA) 122 $9,650,000 $79,098 $1,297 5.20%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 68 $8,670,000 $127,500 $1,751 5.15%
    BINGHAMTON, NY (FHA|USDA|VA) 60 $7,150,000 $119,167 $962 5.14%
    ROCHESTER, NY (FHA|USDA|VA) 42 $6,090,000 $145,000 $1,746 5.03%
    UTICA-ROME, NY (FHA|USDA|VA) 66 $5,920,000 $89,697 $1,893 4.92%
    ITHACA, NY (FHA|USDA|VA) 2 $2,960,000 $1,480,000 $3,080 3.59%
    Outside of Metro Areas 14 $2,250,000 $160,714 $3,605 4.56%
    Amsterdam, NY (FHA|USDA|VA) 29 $1,785,000 $61,552 $964 5.87%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 12 $1,520,000 $126,667 $1,519 4.31%
    ELMIRA, NY (FHA|USDA|VA) 25 $1,515,000 $60,600 $1,322 5.06%
    Seneca Falls, NY (FHA|USDA|VA) 8 $950,000 $118,750 $1,826 4.90%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $845,000 $281,667 $4,611 3.54%
    Cortland, NY (FHA|USDA|VA) 9 $805,000 $89,444 $720 5.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $730,000 $182,500 $3,179 4.78%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 7 $535,000 $76,429 $520 4.99%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $475,000 $158,333 $4,665 4.00%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $375,000 $375,000 $7,490 4.00%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $350,000 $175,000 $2,764 3.63%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 3 $335,000 $111,667 $1,922 4.62%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,966 3.75%
    NEW BERN, NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,212 3.50%
    Oneonta, NY (FHA|USDA|VA) 1 $225,000 $225,000 $3,823 3.63%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,654 3.13%
    LANCASTER, PA (FHA|USDA|VA) 1 $195,000 $195,000 $4,989 3.50%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,692 3.75%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,142 3.63%
    Olean, NY (FHA|USDA|VA) 2 $130,000 $65,000 $2,504 4.00%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $115,000 $115,000 $3,339 3.50%
    WILMINGTON, NC (FHA|USDA|VA) 1 $95,000 $95,000 $2,649 3.75%
    OCALA, FL (FHA|USDA|VA) 1 $75,000 $75,000 $3,344 4.50%
    Corning, NY (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.99%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $65,000 $65,000 $3,212 4.13%
    Malone, NY (FHA|USDA|VA) 2 $60,000 $30,000 $0 5.74%
    Gloversville, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.99%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.99%
    Batavia, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.50%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.50%
    Sayre, PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.49%
    Empower Federal Credit Union's top markets include Syracuse, Auburn, Buffalo, Binghamton, and Rochester among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    NIAGARA'S CHOICE
    Similarity Rank: 12
    SECNY Federal Credit Union
    Similarity Rank: 32
    Pittsford Federal Credit Union
    Similarity Rank: 36
    BUFFALO METROPOLITAN FEDERAL CREDIT UNION
    Similarity Rank: 50
    Adirondack Bank
    Similarity Rank: 63
    ONTARIO SHORES
    Similarity Rank: 90
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 102
    Geddes Federal Savings and Loan Association
    Similarity Rank: 108
    ESL Federal Credit Union
    Similarity Rank: 125
    Elmira Savings Bank
    Similarity Rank: 132

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,805 $267,025,000 $95,196 $1,722 4.84%
    HELOC 235 $14,755,000 $62,787 n/a 5.71%

    For 2019, Empower Federal Credit Union's most frequently originated type of loan was Conventional, with 2,805 originations. Their 2nd most popular type was HELOC, with 235 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,127 $146,975,000 $130,413 $2,829 4.16%
    Home Improvement 745 $30,575,000 $41,040 $47 5.66%
    Cash Out Refi 424 $45,970,000 $108,420 $1,870 4.92%
    Refi 399 $42,735,000 $107,105 $1,174 4.76%
    Other 345 $15,525,000 $45,000 $170 5.88%

    For 2019, Empower Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 1,127 originations. The 2nd most popular reason was Home Improvement, with 745 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,726 $171,360,000 $99,282 $2,547 4.71%
    15 Year 571 $72,915,000 $127,697 $1,397 5.15%
    10 Year 397 $19,585,000 $49,332 $378 5.44%
    5 Year 230 $6,000,000 $26,087 $0 5.15%
    Other 55 $4,515,000 $82,091 $1,272 4.72%
    20 Year 55 $6,695,000 $121,727 $3,076 3.82%
    3 Year 4 $260,000 $65,000 $0 4.87%
    30+ year 2 $450,000 $225,000 $5,972 3.56%

    For 2019, Empower Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,726 originations. The 2nd most popular length was 15 Year, with 571 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 740 $79,960,000 $108,054
    $1k-2k 373 $48,815,000 $130,871
    $2k-3k 125 $21,775,000 $174,200
    $3k-4k 39 $6,625,000 $169,872
    $4k-5k 14 $3,370,000 $240,714
    $5k+ 9 $2,215,000 $246,111

    Empower Federal Credit Union's average total fees were $2,547, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 740 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 936 $99,920,000 $106,752
    3-4% 849 $98,785,000 $116,355
    5-6% 654 $44,140,000 $67,492
    6-7% 319 $17,045,000 $53,433
    Over 8% 110 $4,080,000 $37,091
    2.5-3% 103 $14,345,000 $139,272
    7-8% 68 $3,270,000 $48,088
    <2.5% 1 $195,000 $195,000

    During 2019, Empower Federal Credit Union's average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 4-5%, with 936 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,975 $94,795,000 $47,997 $904 5.28%
    $100k-200k 875 $118,845,000 $135,823 $2,760 4.23%
    $200k-400k 170 $42,820,000 $251,882 $4,047 4.09%
    $1MM+ 9 $19,215,000 $2,135,000 $0 4.50%
    $400k-600k 8 $4,000,000 $500,000 $5,676 4.61%
    $600k-1MM 3 $2,105,000 $701,667 $0 4.91%

    2019 saw Empower Federal Credit Union place emphasis on $100,000 or less loans with 1,975 originations, totaling $94,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 870 $60,880,000 $69,977 $1,814 4.79%
    $50k-75k 794 $63,720,000 $80,252 $1,682 4.91%
    $75k-100k 524 $45,490,000 $86,813 $1,651 5.05%
    $100k-150k 522 $49,960,000 $95,709 $1,720 4.93%
    $150k-250k 238 $27,900,000 $117,227 $1,690 4.87%
    $250k+ 33 $6,305,000 $191,061 $2,404 4.35%

    Empower Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 870 originations. The second most popular income band? $50k-75k, with 794 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 703 $56,985,000 $81,060 $1,560 4.81%
    30-36% 571 $46,975,000 $82,268 $1,845 4.87%
    <20% 234 $17,740,000 $75,812 $1,398 4.72%
    50-60% 225 $16,855,000 $74,911 $1,122 5.55%
    >60% 115 $8,895,000 $77,348 $661 5.48%
    36% 106 $9,360,000 $88,302 $1,890 4.68%
    38% 104 $9,250,000 $88,942 $1,888 5.13%
    41% 97 $9,455,000 $97,474 $2,367 4.71%
    40% 94 $7,990,000 $85,000 $1,770 4.81%
    39% 89 $8,665,000 $97,360 $1,822 4.76%
    42% 85 $7,935,000 $93,353 $1,669 4.77%
    46% 83 $8,075,000 $97,289 $1,855 4.96%
    45% 80 $8,370,000 $104,625 $2,255 4.93%
    44% 78 $6,400,000 $82,051 $2,108 4.94%
    47% 77 $6,705,000 $87,078 $2,134 4.81%
    37% 73 $7,165,000 $98,151 $2,000 4.77%
    43% 72 $7,050,000 $97,917 $2,143 4.93%
    49% 65 $6,005,000 $92,385 $2,123 4.88%
    48% 52 $4,960,000 $95,385 $1,986 4.53%

    Empower Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 703 originations. The next most common DTI ratio? 30-36%, with 571 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,715 $227,845,000 $83,921 $1,660 4.92%
    Not applicable 34 $26,610,000 $782,647 $0 5.06%
    Black 129 $11,135,000 $86,318 $2,467 4.93%
    Not provided 79 $7,385,000 $93,481 $1,829 4.77%
    Asian 56 $6,610,000 $118,036 $2,495 4.18%
    American Indian 18 $1,290,000 $71,667 $1,297 5.66%
    Native Hawaiian or Islander 4 $330,000 $82,500 $808 4.40%
    Other Pacific Islander 3 $295,000 $98,333 $2,709 4.83%
    Other Asian 1 $165,000 $165,000 $5,459 3.38%
    Filipino 1 $115,000 $115,000 $1,587 4.13%

    Approval Rates

    Total approvals of all applications
    88.00%

    Empower Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.61%

    Empower Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,040 $281,780,000 $92,691

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 23 $24,855,000 $1,080,652
    Single Family (1-4 Units):Manufactured 58 $3,600,000 $62,069
    Single Family (1-4 Units):Site-Built 2,959 $253,325,000 $85,612

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 693 $37,855,000 $54,625 $149 5.70%
    40-60% 334 $29,510,000 $88,353 $1,215 5.09%
    60-80% 544 $77,860,000 $143,125 $2,693 4.31%
    80-100% 913 $122,735,000 $134,430 $2,854 4.21%
    Over 100% 1 $155,000 $155,000 $0 9.24%
    Under 20% 555 $13,665,000 $24,622 $9 5.53%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    EMBRACE HOME LOANS FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 50.0%
    EMBRACE HOME LOANS FHA mortgage Trouble during payment process 2 50.0%