Armco Credit Union Mortgage Rates, Fees & Info

Butler, PA

LEI: 549300YL0FE99QLVY380

Tax ID: 25-1113410

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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.

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%	4/24/24
30 Year Conventional Purchase	6.27%	4/24/24
30 Year Conventional Refi	6.27%	4/24/24
30 Year Cash-out Refi	6.27%	4/24/24
30 Year VA Purchase	6.27%	4/24/24
15 Year Conventional Purchase	5.26%	4/24/24
15 Year Conventional Refi	5.40%	4/24/24
15 Year Cash-out Refi	5.40%	4/24/24
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

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

First Federal Savings and Loan Association of Greene Co
Similarity Rank: 77

HANCOCK COUNTY SAVINGS BANK, FSB, INC.
Similarity Rank: 128

InFirst Bank
Similarity Rank: 300

AmeriServ Financial Bank
Similarity Rank: 384

Washington Financial Bank
Similarity Rank: 510

PENNSYLVANIA STATE EMPLOYEES Credit Union
Similarity Rank: 570

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%