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 Home Improvement and Refi loans. Armco Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) 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 above 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 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) 6.27% 3/17/24
30 Year Conventional Purchase 6.27% 3/17/24
30 Year Conventional Refi 6.27% 3/17/24
30 Year Cash-out Refi 6.27% 3/17/24
30 Year VA Purchase 6.27% 3/17/24
15 Year Conventional Purchase 5.26% 3/17/24
15 Year Conventional Refi 5.40% 3/17/24
15 Year Cash-out Refi 5.40% 3/17/24
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

764

Origination Dollar Volume (All Markets)

$71,440,000

Relative Rate

Armco Credit Union's average 30 year fixed mortgage rate was 4.33%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.43%.

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) 722 $67,700,000 $93,767 $133 4.31%
New Castle, PA (FHA|USDA|VA) 12 $1,260,000 $105,000 $125 4.49%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 12 $1,100,000 $91,667 $150 4.72%
Outside of Metro Areas 10 $860,000 $86,000 $150 4.32%
Oil City, PA (FHA|USDA|VA) 8 $520,000 $65,000 $120 5.40%
Armco Credit Union's top markets include Pittsburgh, New Castle, Youngstown, and Oil City among others.

Their top states include:
  • Pennsylvania (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: 208
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 322
    Clear Mountain Bank
    Similarity Rank: 580
    AmeriServ Financial Bank
    Similarity Rank: 1056
    Washington Financial Bank
    Similarity Rank: 1290
    Community Bank
    Similarity Rank: 1680
    Sail Mortgage Corp.
    Similarity Rank: 1862

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 404 $36,480,000 $90,297 $133 4.38%
    HELOC 359 $34,925,000 $97,284 n/a 4.27%
    FHA 1 $35,000 $35,000 $0 3.25%

    For 2022, Armco Credit Union's most frequently originated type of loan was Conventional, with 404 originations. Their 2nd most popular type was HELOC, with 359 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 290 $19,690,000 $67,897 $125 4.45%
    Other 195 $13,925,000 $71,410 $133 4.51%
    Refi 186 $25,660,000 $137,957 $147 3.73%
    Home Purchase 74 $9,590,000 $129,595 $118 4.93%
    Cash Out Refi 19 $2,575,000 $135,526 $0 4.08%

    For 2022, Armco Credit Union's most frequently cited loan purpose was Home Improvement, with 290 originations. The 2nd most popular reason was Other, with 195 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 373 $37,595,000 $100,791 $0 4.33%
    15 Year 110 $10,920,000 $99,273 $130 4.26%
    20 Year 110 $12,490,000 $113,545 $127 4.83%
    10 Year 70 $5,260,000 $75,143 $136 4.22%
    5 Year 63 $2,585,000 $41,032 $139 3.90%
    Other 36 $2,060,000 $57,222 $141 3.86%
    30+ year 2 $530,000 $265,000 $0 6.25%

    For 2022, Armco Credit Union's most frequently cited loan duration was 30 Year, with 373 originations. The 2nd most popular length was 15 Year, with 110 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 307 $24,445,000 $79,625

    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 307 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 361 $36,735,000 $101,759
    4-5% 158 $11,430,000 $72,342
    5-6% 84 $8,890,000 $105,833
    2.5-3% 49 $5,705,000 $116,429
    6-7% 49 $4,645,000 $94,796
    7-8% 27 $1,495,000 $55,370
    <2.5% 22 $1,770,000 $80,455
    Over 8% 11 $645,000 $58,636

    During 2022, Armco Credit Union's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 3-4%, with 361 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 498 $23,350,000 $46,888 $127 4.44%
    $100k-200k 179 $24,325,000 $135,894 $148 4.12%
    $200k-400k 80 $20,390,000 $254,875 $150 4.10%
    $400k-600k 6 $2,720,000 $453,333 $0 4.38%
    $600k-1MM 1 $655,000 $655,000 $0 3.25%

    2022 saw Armco Credit Union place emphasis on $100,000 or less loans with 498 originations, totaling $23,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 186 $17,020,000 $91,505 $132 4.34%
    $75k-100k 161 $13,635,000 $84,689 $134 4.30%
    $50k-75k 158 $13,070,000 $82,722 $131 4.38%
    $150k-250k 115 $13,495,000 $117,348 $123 4.53%
    $50k or less 111 $8,945,000 $80,586 $147 4.07%
    $250k+ 24 $4,360,000 $181,667 $150 3.95%

    Armco Credit Union lent most frequently to those with incomes in the $100k-150k range, with 186 originations. The second most popular income band? $75k-100k, with 161 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 212 $18,100,000 $85,377 $131 4.28%
    30-36% 149 $12,405,000 $83,255 $137 4.41%
    <20% 111 $9,925,000 $89,414 $143 3.95%
    50-60% 38 $4,060,000 $106,842 $126 4.25%
    36% 25 $1,965,000 $78,600 $138 4.67%
    40% 23 $1,985,000 $86,304 $123 4.45%
    >60% 22 $2,350,000 $106,818 $125 4.64%
    42% 20 $3,140,000 $157,000 $94 4.76%
    38% 19 $1,515,000 $79,737 $129 4.40%
    41% 17 $1,715,000 $100,882 $150 3.97%
    37% 17 $1,985,000 $116,765 $150 4.31%
    39% 16 $1,470,000 $91,875 $135 4.28%
    47% 16 $1,850,000 $115,625 $150 4.16%
    44% 15 $1,935,000 $129,000 $100 4.50%
    45% 15 $1,895,000 $126,333 $150 4.69%
    43% 10 $1,170,000 $117,000 $150 4.28%
    46% 8 $1,000,000 $125,000 $150 3.86%
    48% 6 $490,000 $81,667 $0 4.86%
    49% 5 $365,000 $73,000 $75 5.04%

    Armco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 212 originations. The next most common DTI ratio? 30-36%, with 149 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 716 $67,120,000 $93,743 $134 4.31%
    Not provided 29 $2,495,000 $86,034 $124 4.21%
    Not applicable 11 $1,105,000 $100,455 $0 5.11%
    Black 2 $340,000 $170,000 $150 5.13%
    Asian 4 $140,000 $35,000 $75 5.79%
    Asian Indian 1 $125,000 $125,000 $150 5.00%
    Korean 1 $115,000 $115,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    90.00%

    Armco Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.48%

    Armco Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $25,000 $25,000
    NA 763 $71,415,000 $93,598

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    764 $71,440,000 $93,508

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 185 $14,695,000 $79,432 $132 4.31%
    40-60% 93 $11,655,000 $125,323 $146 4.05%
    60-80% 107 $16,795,000 $156,963 $150 3.87%
    80-100% 84 $15,320,000 $182,381 $150 4.39%
    Over 100% 5 $1,645,000 $329,000 $0 5.90%
    Under 20% 290 $11,330,000 $39,069 $124 4.55%