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. Their top markets by origination volume include: Pittsburgh, Youngstown, New Castle, 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. 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 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% 3/28/24
30 Year Conventional Purchase 6.27% 3/28/24
30 Year Conventional Refi 6.27% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
30 Year VA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 5.26% 3/28/24
15 Year Conventional Refi 5.40% 3/28/24
15 Year Cash-out Refi 5.40% 3/28/24
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

556

Origination Dollar Volume (All Markets)

$45,100,000

Awards

ARMCO CREDIT UNION 30 Year Conventional Loans gold
Show all (1) awards

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) 524 $43,010,000 $82,080 $398 3.77%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 8 $950,000 $118,750 $1,395 3.82%
Outside of Metro Areas 11 $635,000 $57,727 $150 3.55%
New Castle, PA (FHA|USDA|VA) 10 $420,000 $42,000 $75 4.05%
Oil City, PA (FHA|USDA|VA) 3 $85,000 $28,333 $150 3.75%
Armco Credit Union's top markets include Pittsburgh, Youngstown, New Castle, 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.

    M. S. Flynn, Inc.
    Similarity Rank: 236
    TRI BORO
    Similarity Rank: 264
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 456
    NEW FED MORTGAGE, CORP.
    Similarity Rank: 644
    ARMCO CREDIT UNION
    Similarity Rank: 645
    PRINCETON FINANCIAL LLC
    Similarity Rank: 754
    Standard Bank, PaSB
    Similarity Rank: 756

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 300 $25,130,000 $83,767 $403 3.94%
    HELOC 256 $19,970,000 $78,008 n/a 3.58%

    For 2020, Armco Credit Union's most frequently originated type of loan was Conventional, with 300 originations. Their 2nd most popular type was HELOC, with 256 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 193 $9,405,000 $48,731 $131 3.80%
    Refi 186 $21,290,000 $114,462 $373 3.62%
    Other 123 $7,155,000 $58,171 $140 3.78%
    Home Purchase 35 $3,945,000 $112,714 $1,613 4.26%
    Cash Out Refi 19 $3,305,000 $173,947 $3,216 4.04%

    For 2020, Armco Credit Union's most frequently cited loan purpose was Home Improvement, with 193 originations. The 2nd most popular reason was Refi, with 186 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 266 $21,910,000 $82,368 $3,041 3.55%
    15 Year 69 $8,955,000 $129,783 $433 4.06%
    5 Year 58 $2,530,000 $43,621 $144 3.47%
    10 Year 55 $2,845,000 $51,727 $184 4.07%
    20 Year 51 $5,795,000 $113,627 $280 4.75%
    Other 51 $2,785,000 $54,608 $147 3.67%
    3 Year 5 $75,000 $15,000 $150 3.15%
    1 Year 1 $205,000 $205,000 $0 2.75%

    For 2020, Armco Credit Union's most frequently cited loan duration was 30 Year, with 266 originations. The 2nd most popular length was 15 Year, with 69 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 266 $21,370,000 $80,338
    $1k-2k 2 $220,000 $110,000

    Armco Credit Union's average total fees were $3,041, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 266 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 369 $28,355,000 $76,843
    4-5% 101 $11,205,000 $110,941
    2.5-3% 48 $3,780,000 $78,750
    6-7% 23 $775,000 $33,696
    5-6% 11 $405,000 $36,818

    During 2020, Armco Credit Union's average interest rate for loans was 3.55%, while their most frequently originated rate bucket for loans was 3-4%, with 369 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 395 $17,475,000 $44,241 $160 3.80%
    $100k-200k 120 $15,870,000 $132,250 $664 3.67%
    $200k-400k 36 $9,220,000 $256,111 $1,881 3.75%
    $400k-600k 4 $1,930,000 $482,500 $4,153 3.94%
    $600k-1MM 1 $605,000 $605,000 $150 4.25%

    2020 saw Armco Credit Union place emphasis on $100,000 or less loans with 395 originations, totaling $17,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 156 $12,100,000 $77,564 $335 3.68%
    $50k-75k 120 $8,020,000 $66,833 $297 3.81%
    $75k-100k 110 $8,880,000 $80,727 $567 3.77%
    $50k or less 90 $5,220,000 $58,000 $288 3.73%
    $150k-250k 58 $6,730,000 $116,034 $738 3.83%
    $250k+ 5 $1,025,000 $205,000 $150 4.40%

    Armco Credit Union lent most frequently to those with incomes in the $100k-150k range, with 156 originations. The second most popular income band? $50k-75k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 154 $11,010,000 $71,494 $229 3.75%
    30-36% 102 $7,690,000 $75,392 $329 3.80%
    <20% 90 $6,300,000 $70,000 $411 3.56%
    >60% 24 $2,730,000 $113,750 $113 4.19%
    44% 22 $1,750,000 $79,545 $336 3.88%
    41% 19 $1,795,000 $94,474 $483 3.74%
    37% 16 $1,350,000 $84,375 $508 4.16%
    42% 16 $1,440,000 $90,000 $779 4.04%
    50-60% 16 $1,670,000 $104,375 $789 3.62%
    39% 15 $575,000 $38,333 $133 3.69%
    38% 13 $845,000 $65,000 $150 3.67%
    36% 13 $1,245,000 $95,769 $569 3.81%
    40% 13 $1,255,000 $96,538 $444 3.84%
    46% 7 $755,000 $107,857 $1,034 3.67%
    43% 7 $225,000 $32,143 $75 4.24%
    45% 7 $815,000 $116,429 $1,854 3.21%
    47% 5 $505,000 $101,000 $1,893 3.58%
    48% 3 $205,000 $68,333 $150 3.50%

    Armco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 520 $40,870,000 $78,596 $418 3.77%
    Not applicable 10 $2,550,000 $255,000 $0 4.23%
    Not provided 22 $1,500,000 $68,182 $150 3.45%
    Black 2 $100,000 $50,000 $0 5.98%
    American Indian 2 $80,000 $40,000 $75 4.00%

    Approval Rates

    Total approvals of all applications
    88.14%

    Armco Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.68%

    Armco Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 556 $45,100,000 $81,115

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $485,000 $485,000
    Single Family (1-4 Units):Manufactured 15 $1,125,000 $75,000
    Single Family (1-4 Units):Site-Built 540 $43,490,000 $80,537

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 146 $10,050,000 $68,836 $142 3.67%
    40-60% 84 $9,920,000 $118,095 $639 3.60%
    60-80% 80 $12,370,000 $154,625 $865 3.73%
    80-100% 42 $6,670,000 $158,810 $919 3.85%
    Under 20% 203 $6,025,000 $29,680 $130 3.91%