Armco Credit Union Mortgage Rates, Fees & Info
Butler, PALEI: 549300YL0FE99QLVY380
Tax ID: 25-1113410
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Mortgage Data
Review & Overview
Armco Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Armco Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Pittsburgh, New Castle, Youngstown, and Oil City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Armco 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. 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% | 12/3/24 |
30 Year Conventional Purchase | 6.27% | 12/3/24 |
30 Year Conventional Refi | 6.27% | 12/3/24 |
30 Year Cash-out Refi | 6.27% | 12/3/24 |
30 Year VA Purchase | 6.27% | 12/3/24 |
15 Year Conventional Purchase | 5.26% | 12/3/24 |
15 Year Conventional Refi | 5.40% | 12/3/24 |
15 Year Cash-out Refi | 5.40% | 12/3/24 |
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. |
Armco 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
531Origination Dollar Volume (All Markets)
$47,485,000Relative Rate
Armco Credit Union's average 30 year fixed mortgage rate was
7.92%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.44%.
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) | 504 | $45,330,000 | $89,940 | $137 | 7.30% |
New Castle, PA (FHA|USDA|VA) | 8 | $870,000 | $108,750 | $150 | 6.73% |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 7 | $625,000 | $89,286 | $150 | 6.96% |
Outside of Metro Areas | 10 | $580,000 | $58,000 | $150 | 7.20% |
Oil City, PA (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $150 | 7.06% |
Similar Lenders
We use machine learning to identify the top lenders compared against ARMCO CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 270 | $20,800,000 | $77,037 | $138 | 6.56% |
HELOC | 261 | $26,685,000 | $102,241 | n/a | 8.04% |
For 2023, Armco Credit Union's most frequently originated type of loan was Conventional, with 270 originations. Their 2nd most popular type was HELOC, with 261 originations.
Loan Reason
For 2023, Armco Credit Union's most frequently cited loan purpose was Other, with 199 originations. The 2nd most popular reason was Home Improvement, with 198 originations.
Loan Duration/Length
For 2023, Armco Credit Union's most frequently cited loan duration was 30 Year, with 278 originations. The 2nd most popular length was 20 Year, with 77 originations.
Origination Fees/Closing Costs
Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 219 | $13,905,000 | $63,493 |
Armco Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 219 originations.
Interest Rates
During 2023, Armco Credit Union's average interest rate for loans was 7.92%, while their most frequently originated rate bucket for loans was Over 8%, with 161 originations.
Loan Sizing
2023 saw Armco Credit Union place emphasis on $100,000 or less loans with 370 originations, totaling $17,870,000 in origination value.
Applicant Income
Armco Credit Union lent most frequently to those with incomes in the $100k-150k range, with 141 originations. The second most popular income band? $75k-100k, with 110 originations.
Applicant Debt to Income Ratio
Armco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 143 originations. The next most common DTI ratio? 30-36%, with 100 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.44%
Armco Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.75%
Armco Credit Union has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 531 | $47,485,000 | $89,426 |