Founders Federal Credit Union Mortgage Rates, Fees & Info

Lancaster, SC

LEI: 5493001AGQGPJ3N3YL33

Tax ID: 57-0762987

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

    Founders Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Founders Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Spartanburg, Greenville, Columbia, and Myrtle Beach among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Founders Federal 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. Founders Federal 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.35% 12/16/24
    30 Year Conventional Purchase 6.27% 12/16/24
    30 Year Conventional Refi 5.77% 12/16/24
    30 Year Cash-out Refi 6.48% 12/16/24
    15 Year Conventional Purchase 5.98% 12/16/24
    15 Year Conventional Refi 5.52% 12/16/24
    15 Year Cash-out Refi 5.52% 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.

    Founders Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Founders Federal 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

    2,276

    Origination Dollar Volume (All Markets)

    $297,870,000
    Show all (14) 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
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1,395 $195,085,000 $139,846 $2,702 4.88%
    SPARTANBURG, SC (FHA|USDA|VA) 334 $37,080,000 $111,018 $2,410 5.01%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 171 $19,375,000 $113,304 $1,940 5.26%
    COLUMBIA, SC (FHA|USDA|VA) 82 $14,020,000 $170,976 $2,292 4.55%
    Outside of Metro Areas 145 $13,015,000 $89,759 $2,440 5.70%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 15 $2,615,000 $174,333 $3,390 4.58%
    Gaffney, SC (FHA|USDA|VA) 25 $2,505,000 $100,200 $1,965 5.25%
    Union, SC (FHA|USDA|VA) 28 $1,960,000 $70,000 $1,978 5.87%
    RALEIGH-CARY, NC (FHA|USDA|VA) 8 $1,820,000 $227,500 $2,899 4.44%
    FLORENCE, SC (FHA|USDA|VA) 12 $1,600,000 $133,333 $2,941 5.31%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 6 $1,180,000 $196,667 $3,039 4.50%
    Bennettsville, SC (FHA|USDA|VA) 11 $985,000 $89,545 $2,825 5.64%
    Rockingham, NC (FHA|USDA|VA) 4 $890,000 $222,500 $1,966 4.50%
    Shelby, NC (FHA|USDA|VA) 7 $825,000 $117,857 $2,065 4.73%
    ASHEVILLE, NC (FHA|USDA|VA) 2 $810,000 $405,000 $7,476 3.88%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $595,000 $198,333 $3,702 4.58%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 3 $595,000 $198,333 $2,902 3.71%
    Georgetown, SC (FHA|USDA|VA) 2 $350,000 $175,000 $2,769 4.75%
    Seneca, SC (FHA|USDA|VA) 2 $340,000 $170,000 $1,981 4.75%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 3 $305,000 $101,667 $2,341 4.58%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $285,000 $285,000 $6,132 4.00%
    Newberry, SC (FHA|USDA|VA) 4 $250,000 $62,500 $1,969 6.50%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $245,000 $245,000 $1,375 2.88%
    SUMTER, SC (FHA|USDA|VA) 2 $240,000 $120,000 $2,272 4.63%
    Albemarle, NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,510 3.75%
    WINSTON-SALEM, NC (FHA|USDA|VA) 2 $150,000 $75,000 $2,895 4.63%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,420 3.50%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $95,000 $95,000 $2,879 3.50%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $95,000 $95,000 $2,648 3.50%
    TUCSON, AZ (FHA|USDA|VA) 1 $95,000 $95,000 $2,023 5.00%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.75%
    Greenwood, SC (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.00%
    Boone, NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.75%
    Founders Federal Credit Union's top markets include Charlotte, Spartanburg, Greenville, Columbia, and Myrtle Beach among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FOUNDERS FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Whitley Mortgage Associates, Inc.
    Similarity Rank: 258
    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 285
    Belmont Savings Bank, SSB
    Similarity Rank: 390
    REV FEDERAL CREDIT UNION
    Similarity Rank: 472
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 480
    NewDominion Bank
    Similarity Rank: 602
    BLMC, INC
    Similarity Rank: 755
    Coastal Carolina National Bank
    Similarity Rank: 756
    Entegra Bank
    Similarity Rank: 1036
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C.
    Similarity Rank: 1120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,743 $270,685,000 $155,298 $2,561 4.81%
    HELOC 533 $27,185,000 $51,004 n/a 5.56%

    For 2018, Founders Federal Credit Union's most frequently originated type of loan was Conventional, with 1,743 originations. Their 2nd most popular type was HELOC, with 533 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 917 $152,765,000 $166,592 $2,814 4.75%
    Refi 755 $114,335,000 $151,437 $2,416 4.64%
    Other 486 $25,380,000 $52,222 $1,709 5.78%
    Home Improvement 118 $5,390,000 $45,678 $1,678 5.72%

    For 2018, Founders Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 917 originations. The 2nd most popular reason was Refi, with 755 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,106 $206,940,000 $187,107 $2,606 4.43%
    Other 555 $28,755,000 $51,811 $3,012 5.62%
    15 Year 396 $31,320,000 $79,091 $2,064 5.50%
    20 Year 187 $21,885,000 $117,032 $2,626 5.34%
    30+ year 32 $8,970,000 $280,313 $5,974 4.42%

    For 2018, Founders Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,106 originations. The 2nd most popular length was Other, with 555 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,169 $156,545,000 $133,914
    $1k-2k 318 $46,550,000 $146,384
    $2k-3k 141 $34,625,000 $245,567
    $3k-4k 61 $21,035,000 $344,836
    $4k-5k 16 $7,080,000 $442,500
    $5k+ 5 $3,135,000 $627,000

    Founders Federal Credit Union's average total fees were $2,606, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,169 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 850 $113,880,000 $133,976
    3-4% 531 $100,085,000 $188,484
    5-6% 413 $40,145,000 $97,203
    6-7% 208 $14,640,000 $70,385
    Over 8% 95 $3,945,000 $41,526
    7-8% 91 $6,005,000 $65,989
    2.5-3% 87 $18,575,000 $213,506

    During 2018, Founders Federal Credit Union's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 4-5%, with 850 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,080 $57,290,000 $53,046 $1,881 5.67%
    $100k-200k 723 $105,355,000 $145,719 $2,427 4.51%
    $200k-400k 433 $115,105,000 $265,831 $3,427 4.15%
    $400k-600k 32 $14,720,000 $460,000 $5,252 3.96%
    $600k-1MM 8 $5,400,000 $675,000 $4,766 3.92%

    2018 saw Founders Federal Credit Union place emphasis on $100,000 or less loans with 1,080 originations, totaling $57,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 572 $69,340,000 $121,224 $2,365 5.06%
    $50k or less 567 $47,575,000 $83,907 $2,054 5.37%
    $100k-150k 460 $70,810,000 $153,935 $2,978 4.68%
    $75k-100k 412 $55,110,000 $133,762 $2,746 4.97%
    $150k-250k 176 $34,650,000 $196,875 $3,511 4.55%
    $250k+ 41 $13,875,000 $338,415 $4,038 4.31%

    Founders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 572 originations. The second most popular income band? $50k or less, with 567 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 716 $97,360,000 $135,978 $2,588 4.91%
    30-36% 535 $73,085,000 $136,607 $2,655 5.09%
    <20% 327 $37,655,000 $115,153 $2,358 4.80%
    41% 108 $14,080,000 $130,370 $2,640 5.06%
    42% 103 $13,025,000 $126,456 $2,560 5.04%
    38% 89 $11,245,000 $126,348 $2,442 5.00%
    39% 89 $11,005,000 $123,652 $2,445 5.20%
    40% 83 $11,095,000 $133,675 $2,480 5.05%
    37% 82 $11,930,000 $145,488 $2,925 5.07%
    36% 77 $11,505,000 $149,416 $2,540 4.93%
    45% 26 $1,900,000 $73,077 $5,766 5.52%
    44% 13 $585,000 $45,000 $1,644 5.42%
    43% 11 $1,395,000 $126,818 $1,425 5.00%
    >60% 6 $500,000 $83,333 $2,091 5.50%
    46% 4 $650,000 $162,500 $2,660 3.47%
    50-60% 4 $540,000 $135,000 $2,387 3.94%
    47% 1 $35,000 $35,000 $0 5.00%
    48% 1 $185,000 $185,000 $1,028 4.00%

    Founders Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 716 originations. The next most common DTI ratio? 30-36%, with 535 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,769 $236,535,000 $133,711 $2,615 4.90%
    Black 331 $38,825,000 $117,296 $2,251 5.40%
    Not provided 136 $16,240,000 $119,412 $2,585 5.12%
    Asian 30 $5,160,000 $172,000 $2,860 4.53%
    American Indian 8 $970,000 $121,250 $3,271 5.44%
    Other Asian 1 $105,000 $105,000 $2,437 3.50%
    Native Hawaiian or Islander 1 $35,000 $35,000 $1,370 5.25%

    Approval Rates

    Total approvals of all applications
    84.41%

    Founders Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.79%

    Founders Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,276 $297,870,000 $130,874

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 113 $6,545,000 $57,920
    Single Family (1-4 Units):Site-Built 2,163 $291,325,000 $134,686

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 300 $18,250,000 $60,833 $1,844 5.48%
    40-60% 213 $23,495,000 $110,305 $2,179 5.05%
    60-80% 396 $57,680,000 $145,657 $2,633 4.82%
    80-100% 1,044 $186,450,000 $178,592 $2,729 4.65%
    Over 100% 1 $155,000 $155,000 $1,638 4.00%
    Under 20% 322 $11,840,000 $36,770 $1,337 5.75%