Armco Credit Union Mortgage Rates, Fees & Info

Butler, PA

LEI: 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






Your Estimates

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

This is not an official calculator from Armco 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

531

Origination Dollar Volume (All Markets)

$47,485,000

Relative 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%
Armco Credit Union's top markets include Pittsburgh, New Castle, Youngstown, and Oil City among others.

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

    TRI BORO
    Similarity Rank: 24
    InFirst Bank
    Similarity Rank: 300
    AmeriServ Financial Bank
    Similarity Rank: 384
    Washington Financial Bank
    Similarity Rank: 510
    Community Bank
    Similarity Rank: 572
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 572
    1st Summit Bank
    Similarity Rank: 1026

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 199 $16,285,000 $81,834 $138 7.34%
    Home Improvement 198 $14,070,000 $71,061 $137 7.39%
    Refi 70 $8,160,000 $116,571 $150 6.99%
    Home Purchase 55 $7,945,000 $144,455 $118 7.18%
    Cash Out Refi 9 $1,025,000 $113,889 $150 6.81%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 278 $29,300,000 $105,396 $0 7.92%
    20 Year 77 $6,405,000 $83,182 $128 7.31%
    15 Year 65 $5,585,000 $85,923 $144 6.66%
    10 Year 42 $2,130,000 $50,714 $146 6.44%
    5 Year 33 $1,335,000 $40,455 $136 5.60%
    Other 31 $1,805,000 $58,226 $145 5.85%
    30+ year 3 $885,000 $295,000 $0 7.50%
    3 Year 2 $40,000 $20,000 $150 6.13%

    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

    Loan Rate Originations Total Value Average Loan
    Over 8% 161 $15,245,000 $94,689
    7-8% 156 $15,720,000 $100,769
    6-7% 109 $8,215,000 $75,367
    5-6% 76 $6,440,000 $84,737
    4-5% 24 $1,350,000 $56,250
    2.5-3% 2 $130,000 $65,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 370 $17,870,000 $48,297 $137 7.20%
    $100k-200k 105 $14,385,000 $137,000 $150 7.48%
    $200k-400k 51 $12,865,000 $252,255 $133 7.53%
    $400k-600k 5 $2,365,000 $473,000 $0 7.20%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 141 $10,505,000 $74,504 $143 7.24%
    $75k-100k 110 $9,000,000 $81,818 $128 7.39%
    $50k-75k 95 $7,785,000 $81,947 $140 7.30%
    $150k-250k 85 $10,075,000 $118,529 $134 7.48%
    $50k or less 60 $3,650,000 $60,833 $150 7.01%
    $250k+ 28 $5,020,000 $179,286 $125 7.36%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 143 $12,525,000 $87,587 $142 7.19%
    30-36% 100 $8,830,000 $88,300 $136 7.42%
    <20% 53 $4,445,000 $83,868 $144 7.18%
    50-60% 31 $3,685,000 $118,871 $115 7.61%
    >60% 19 $2,255,000 $118,684 $150 8.08%
    40% 19 $1,605,000 $84,474 $127 6.60%
    44% 17 $1,195,000 $70,294 $131 7.39%
    36% 17 $1,575,000 $92,647 $150 6.78%
    39% 16 $980,000 $61,250 $113 7.54%
    38% 16 $840,000 $52,500 $129 7.49%
    37% 14 $1,200,000 $85,714 $150 7.61%
    41% 12 $1,200,000 $100,000 $150 7.12%
    46% 12 $1,110,000 $92,500 $150 7.58%
    42% 11 $735,000 $66,818 $150 6.93%
    43% 10 $1,270,000 $127,000 $150 7.46%
    47% 9 $555,000 $61,667 $150 6.56%
    45% 9 $1,105,000 $122,778 $75 8.18%
    49% 7 $615,000 $87,857 $150 6.45%
    48% 4 $310,000 $77,500 $150 7.38%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 482 $42,550,000 $88,278 $137 7.29%
    Not applicable 16 $1,840,000 $115,000 $0 7.02%
    Not provided 22 $1,760,000 $80,000 $150 7.03%
    Asian Indian 2 $480,000 $240,000 $0 8.50%
    Asian 3 $255,000 $85,000 $150 7.92%
    Korean 1 $205,000 $205,000 $0 8.50%
    Vietnamese 2 $160,000 $80,000 $150 6.88%
    Other Pacific Islander 1 $125,000 $125,000 $0 8.00%
    Guamanian 1 $55,000 $55,000 $0 8.50%
    Black 1 $55,000 $55,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    85.44%

    Armco Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.75%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    531 $47,485,000 $89,426

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 133 $11,055,000 $83,120 $136 7.54%
    40-60% 61 $8,455,000 $138,607 $150 7.33%
    60-80% 58 $9,820,000 $169,310 $150 7.33%
    80-100% 45 $8,005,000 $177,889 $150 7.07%
    Over 100% 1 $265,000 $265,000 $0 7.50%
    Under 20% 233 $9,885,000 $42,425 $136 7.16%