Empower Federal Credit Union Mortgage Rates, Fees & Info

Syracuse, NY

LEI: 549300YKTME1U7Z0UN20

Tax ID: 15-0547278

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Mortgage Data

Review & Overview

Empower Federal Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. Empower Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Syracuse, Buffalo, Auburn, Utica, and Rochester among others. We have data for 47 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.75% 12/16/24
30 Year Conventional Purchase 6.32% 12/16/24
30 Year Conventional Refi 6.11% 12/16/24
30 Year Cash-out Refi 6.21% 12/16/24
15 Year Conventional Purchase 5.66% 12/16/24
15 Year Conventional Refi 6.24% 12/16/24
15 Year Cash-out Refi 6.24% 12/16/24
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

3,447

Origination Dollar Volume (All Markets)

$375,745,000

Awards

Empower Federal Credit Union 30 Year Conventional Loans silver Empower Federal Credit Union 30 Year Conventional Loans silver
Show all (2) 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) 2,910 $295,150,000 $101,426 $2,674 3.84%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 71 $27,205,000 $383,169 $2,131 4.80%
Auburn, NY (FHA|USDA|VA) 133 $11,015,000 $82,820 $2,740 3.99%
UTICA-ROME, NY (FHA|USDA|VA) 78 $8,490,000 $108,846 $2,286 4.44%
ROCHESTER, NY (FHA|USDA|VA) 49 $8,455,000 $172,551 $2,698 3.80%
BINGHAMTON, NY (FHA|USDA|VA) 52 $4,350,000 $83,654 $2,130 4.60%
Corning, NY (FHA|USDA|VA) 8 $3,460,000 $432,500 $2,378 4.64%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 20 $2,950,000 $147,500 $3,082 3.85%
Outside of Metro Areas 16 $1,610,000 $100,625 $3,049 4.01%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 9 $1,245,000 $138,333 $3,673 3.51%
ELMIRA, NY (FHA|USDA|VA) 19 $1,085,000 $57,105 $1,212 5.00%
Cortland, NY (FHA|USDA|VA) 10 $970,000 $97,000 $3,061 3.34%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 5 $855,000 $171,000 $3,758 3.20%
Amsterdam, NY (FHA|USDA|VA) 13 $755,000 $58,077 $349 5.47%
RALEIGH-CARY, NC (FHA|USDA|VA) 3 $675,000 $225,000 $6,652 3.29%
Ogdensburg-Massena, NY (FHA|USDA|VA) 7 $625,000 $89,286 $2,727 3.68%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $465,000 $465,000 $7,324 3.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $455,000 $151,667 $4,103 3.25%
Malone, NY (FHA|USDA|VA) 1 $415,000 $415,000 $6,028 3.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $415,000 $415,000 $5,209 3.25%
PITTSBURGH, PA (FHA|USDA|VA) 3 $385,000 $128,333 $2,342 4.41%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $370,000 $185,000 $4,513 3.50%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $360,000 $180,000 $2,100 5.00%
Gloversville, NY (FHA|USDA|VA) 4 $310,000 $77,500 $0 5.06%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $290,000 $145,000 $0 3.13%
ITHACA, NY (FHA|USDA|VA) 1 $285,000 $285,000 $3,956 3.38%
Sayre, PA (FHA|USDA|VA) 2 $280,000 $140,000 $6,086 3.44%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $5,151 3.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $270,000 $135,000 $3,965 3.88%
GLENS FALLS, NY (FHA|USDA|VA) 2 $250,000 $125,000 $3,822 2.81%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $235,000 $235,000 $3,690 4.25%
BURLINGTON, NC (FHA|USDA|VA) 1 $215,000 $215,000 $2,993 2.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $195,000 $195,000 $5,233 3.13%
KINGSTON, NY (FHA|USDA|VA) 1 $195,000 $195,000 $3,790 3.63%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $185,000 $185,000 $4,853 3.13%
Hudson, NY (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.00%
THE VILLAGES, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,821 3.38%
ERIE, PA (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.50%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $115,000 $115,000 $4,461 4.38%
Seneca Falls, NY (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $95,000 $95,000 $4,004 3.63%
Batavia, NY (FHA|USDA|VA) 1 $75,000 $75,000 $3,278 3.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $65,000 $65,000 $2,881 2.75%
LANCASTER, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.00%
Oneonta, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.99%
READING, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.99%
Olean, NY (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.25%
Empower Federal Credit Union's top markets include Syracuse, Buffalo, Auburn, Utica, and Rochester among others.

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

    Pittsford Federal Credit Union
    Similarity Rank: 70
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,706 $320,450,000 $118,422 $2,663 4.02%
    HELOC 741 $55,295,000 $74,622 n/a 3.47%

    For 2020, Empower Federal Credit Union's most frequently originated type of loan was Conventional, with 2,706 originations. Their 2nd most popular type was HELOC, with 741 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 971 $132,345,000 $136,298 $3,126 3.55%
    Home Improvement 833 $39,895,000 $47,893 $246 4.39%
    Cash Out Refi 656 $85,530,000 $130,381 $2,735 3.96%
    Refi 648 $95,750,000 $147,762 $2,734 3.34%
    Other 339 $22,225,000 $65,560 $1,113 4.61%

    For 2020, Empower Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 971 originations. The 2nd most popular reason was Home Improvement, with 833 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,103 $212,375,000 $100,987 $3,293 3.60%
    15 Year 665 $105,305,000 $158,353 $2,297 4.32%
    10 Year 296 $18,220,000 $61,554 $1,125 4.92%
    5 Year 167 $4,995,000 $29,910 $0 4.77%
    20 Year 151 $23,215,000 $153,742 $3,378 3.14%
    Other 56 $10,110,000 $180,536 $2,325 4.00%
    30+ year 5 $1,435,000 $287,000 $6,584 3.25%
    3 Year 4 $90,000 $22,500 $0 4.43%

    For 2020, Empower Federal Credit Union's most frequently cited loan duration was 30 Year, with 2,103 originations. The 2nd most popular length was 15 Year, with 665 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,912 $156,340,000 $81,768
    $1k-2k 494 $68,900,000 $139,474
    $2k-3k 186 $31,940,000 $171,720
    $3k-4k 58 $11,060,000 $190,690
    $4k-5k 19 $4,875,000 $256,579
    $5k+ 11 $3,215,000 $292,273

    Empower Federal Credit Union's average total fees were $3,293, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,912 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,245 $185,245,000 $148,791
    2.5-3% 998 $106,660,000 $106,874
    4-5% 731 $55,005,000 $75,246
    5-6% 189 $10,295,000 $54,471
    Over 8% 110 $4,320,000 $39,273
    6-7% 92 $4,290,000 $46,630
    <2.5% 52 $8,270,000 $159,038
    7-8% 30 $1,660,000 $55,333

    During 2020, Empower Federal Credit Union's average interest rate for loans was 3.60%, while their most frequently originated rate bucket for loans was 3-4%, with 1,245 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,013 $103,405,000 $51,369 $1,712 4.26%
    $100k-200k 1,146 $157,160,000 $137,138 $3,116 3.42%
    $200k-400k 256 $63,740,000 $248,984 $4,198 3.20%
    $400k-600k 16 $7,520,000 $470,000 $5,536 3.50%
    $1MM+ 13 $41,445,000 $3,188,077 $0 3.72%
    $600k-1MM 3 $2,475,000 $825,000 $7,550 3.31%

    2020 saw Empower Federal Credit Union place emphasis on $100,000 or less loans with 2,013 originations, totaling $103,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 882 $73,740,000 $83,605 $2,581 3.94%
    $50k or less 821 $65,375,000 $79,629 $2,464 3.94%
    $100k-150k 732 $78,850,000 $107,719 $2,736 3.92%
    $75k-100k 603 $57,965,000 $96,128 $2,668 3.87%
    $150k-250k 307 $43,295,000 $141,026 $3,397 3.67%
    $250k+ 42 $8,840,000 $210,476 $3,685 3.61%

    Empower Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 882 originations. The second most popular income band? $50k or less, with 821 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 844 $80,600,000 $95,498 $2,564 3.75%
    30-36% 666 $63,590,000 $95,480 $2,726 3.94%
    <20% 348 $30,270,000 $86,983 $2,403 3.50%
    50-60% 235 $21,105,000 $89,809 $2,469 4.42%
    40% 110 $11,340,000 $103,091 $2,750 3.98%
    37% 108 $10,070,000 $93,241 $2,603 3.95%
    44% 106 $11,740,000 $110,755 $3,047 3.77%
    41% 104 $11,310,000 $108,750 $2,795 3.86%
    42% 102 $10,400,000 $101,961 $2,964 3.94%
    38% 101 $9,785,000 $96,881 $2,290 4.04%
    39% 99 $10,255,000 $103,586 $2,656 3.98%
    36% 91 $9,575,000 $105,220 $2,787 3.70%
    43% 91 $9,965,000 $109,505 $3,152 3.74%
    45% 82 $7,740,000 $94,390 $2,618 3.91%
    46% 73 $7,715,000 $105,685 $2,628 4.03%
    >60% 71 $5,855,000 $82,465 $2,767 4.60%
    47% 71 $6,865,000 $96,690 $2,407 4.37%
    49% 61 $6,285,000 $103,033 $2,943 4.01%
    48% 59 $6,125,000 $103,814 $2,872 4.17%

    Empower Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 844 originations. The next most common DTI ratio? 30-36%, with 666 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,088 $297,030,000 $96,188 $2,650 3.89%
    Not applicable 24 $45,010,000 $1,875,417 $0 3.98%
    Not provided 114 $13,530,000 $118,684 $3,063 3.53%
    Black 151 $13,095,000 $86,722 $2,521 4.47%
    Asian 42 $4,710,000 $112,143 $2,740 3.48%
    American Indian 19 $1,315,000 $69,211 $2,592 4.26%
    Native Hawaiian or Islander 4 $480,000 $120,000 $0 4.12%
    Other Asian 2 $330,000 $165,000 $2,844 3.38%
    Chinese 2 $230,000 $115,000 $2,619 4.01%
    Asian Indian 1 $15,000 $15,000 $0 4.49%

    Approval Rates

    Total approvals of all applications
    86.96%

    Empower Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.52%

    Empower Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,447 $375,745,000 $109,006

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 21 $44,945,000 $2,140,238
    Single Family (1-4 Units):Manufactured 60 $3,270,000 $54,500
    Single Family (1-4 Units):Site-Built 3,366 $327,530,000 $97,305

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 724 $40,850,000 $56,423 $491 4.45%
    40-60% 446 $48,660,000 $109,103 $2,100 3.76%
    60-80% 768 $136,400,000 $177,604 $3,224 3.37%
    80-100% 957 $131,545,000 $137,456 $3,100 3.59%
    Over 100% 1 $75,000 $75,000 $0 7.99%
    Under 20% 551 $18,215,000 $33,058 $66 4.56%

    Complaints

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