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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Armco Credit Union is a smaller credit union specializing in Refi and Home Improvement 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. Armco 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 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% 12/16/24
    30 Year Conventional Purchase 6.27% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    30 Year VA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 5.26% 12/16/24
    15 Year Conventional Refi 5.40% 12/16/24
    15 Year Cash-out Refi 5.40% 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.

    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

    581

    Origination Dollar Volume (All Markets)

    $38,945,000

    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) 560 $37,670,000 $67,268 $213 4.09%
    New Castle, PA (FHA|USDA|VA) 6 $530,000 $88,333 $150 4.60%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 6 $400,000 $66,667 $733 5.40%
    Outside of Metro Areas 5 $195,000 $39,000 $150 4.45%
    Oil City, PA (FHA|USDA|VA) 4 $150,000 $37,500 $150 4.71%
    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.

    Westmoreland Federal Savings
    Similarity Rank: 12
    TRI BORO
    Similarity Rank: 25
    Commercial Bank and Trust of PA
    Similarity Rank: 57
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 88
    West View Savings Bank
    Similarity Rank: 102
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 152
    M. S. Flynn, Inc.
    Similarity Rank: 204
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 348
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 570
    The Farmers National Bank of Emlenton
    Similarity Rank: 700

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 495 $32,785,000 $66,232 $211 3.99%
    HELOC 85 $5,995,000 $70,529 n/a 4.89%
    FHA 1 $165,000 $165,000 $2,768 4.25%

    For 2018, Armco Credit Union's most frequently originated type of loan was Conventional, with 495 originations. Their 2nd most popular type was HELOC, with 85 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 231 $20,715,000 $89,675 $150 3.82%
    Home Improvement 194 $8,700,000 $44,845 $149 4.23%
    Other 139 $7,495,000 $53,921 $152 4.38%
    Home Purchase 9 $1,315,000 $146,111 $2,900 4.74%
    Cash Out Refi 5 $605,000 $121,000 $2,498 4.87%
    NA 3 $115,000 $38,333 $150 4.50%

    For 2018, Armco Credit Union's most frequently cited loan purpose was Refi, with 231 originations. The 2nd most popular reason was Home Improvement, with 194 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 243 $20,505,000 $84,383 $200 4.37%
    10 Year 108 $6,490,000 $60,093 $150 3.90%
    Other 100 $5,630,000 $56,300 $150 4.10%
    5 Year 97 $3,475,000 $35,825 $150 3.51%
    30 Year 26 $2,540,000 $97,692 $2,832 5.16%
    3 Year 6 $230,000 $38,333 $150 3.10%
    20 Year 1 $75,000 $75,000 $150 4.50%

    For 2018, Armco Credit Union's most frequently cited loan duration was 15 Year, with 243 originations. The 2nd most popular length was 10 Year, with 108 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 480 $31,060,000 $64,708

    Armco Credit Union's average total fees were $2,832, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 480 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 244 $20,000,000 $81,967
    4-5% 174 $10,190,000 $58,563
    2.5-3% 78 $4,000,000 $51,282
    5-6% 27 $2,755,000 $102,037
    7-8% 26 $810,000 $31,154
    <2.5% 16 $450,000 $28,125
    6-7% 14 $490,000 $35,000

    During 2018, Armco Credit Union's average interest rate for loans was 5.16%, while their most frequently originated rate bucket for loans was 3-4%, with 244 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 446 $18,520,000 $41,525 $181 4.16%
    $100k-200k 116 $15,540,000 $133,966 $329 3.98%
    $200k-400k 18 $4,380,000 $243,333 $427 3.92%
    $400k-600k 1 $505,000 $505,000 $0 4.87%

    2018 saw Armco Credit Union place emphasis on $100,000 or less loans with 446 originations, totaling $18,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 148 $10,270,000 $69,392 $223 4.23%
    $50k-75k 127 $7,885,000 $62,087 $239 4.13%
    $75k-100k 122 $9,050,000 $74,180 $174 3.96%
    $50k or less 114 $5,340,000 $46,842 $235 4.02%
    $150k-250k 54 $4,540,000 $84,074 $208 4.11%
    $250k+ 4 $250,000 $62,500 $150 4.69%

    Armco Credit Union lent most frequently to those with incomes in the $100k-150k range, with 148 originations. The second most popular income band? $50k-75k, with 127 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 182 $11,700,000 $64,286 $237 3.97%
    30-36% 103 $6,585,000 $63,932 $152 4.19%
    <20% 89 $5,015,000 $56,348 $212 3.68%
    50-60% 25 $1,535,000 $61,400 $150 4.46%
    41% 19 $1,445,000 $76,053 $150 4.15%
    >60% 18 $1,390,000 $77,222 $394 4.51%
    36% 17 $1,505,000 $88,529 $338 4.21%
    43% 17 $1,165,000 $68,529 $368 4.62%
    44% 17 $1,415,000 $83,235 $372 4.20%
    40% 16 $1,090,000 $68,125 $150 4.87%
    37% 14 $790,000 $56,429 $150 4.02%
    42% 12 $830,000 $69,167 $330 4.09%
    39% 10 $640,000 $64,000 $150 4.58%
    45% 7 $315,000 $45,000 $150 3.93%
    38% 7 $785,000 $112,143 $150 4.36%
    46% 6 $360,000 $60,000 $150 4.35%
    48% 5 $525,000 $105,000 $150 4.65%
    49% 3 $195,000 $65,000 $150 3.83%
    47% 2 $50,000 $25,000 $150 4.63%

    Armco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 182 originations. The next most common DTI ratio? 30-36%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 551 $36,875,000 $66,924 $218 4.09%
    Not applicable 10 $1,050,000 $105,000 $0 5.11%
    Not provided 16 $770,000 $48,125 $150 4.56%
    Filipino 1 $105,000 $105,000 $150 3.50%
    Korean 1 $55,000 $55,000 $150 4.25%
    Native Hawaiian 1 $45,000 $45,000 $150 4.25%
    Asian 1 $45,000 $45,000 $150 3.50%

    Approval Rates

    Total approvals of all applications
    91.84%

    Armco Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.96%

    Armco Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 581 $38,945,000 $67,031

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 19 $1,455,000 $76,579
    Single Family (1-4 Units):Site-Built 562 $37,490,000 $66,708

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 168 $9,010,000 $53,631 $219 4.25%
    40-60% 86 $8,100,000 $94,186 $188 3.86%
    60-80% 91 $11,705,000 $128,626 $302 3.89%
    80-100% 31 $4,455,000 $143,710 $380 3.83%
    Under 20% 204 $5,510,000 $27,010 $149 4.26%