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 Refi and Home Purchase loans. Founders Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Spartanburg, Greenville, Columbia, and Gaffney among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Founders Federal Credit Union has a below 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.35% 4/14/24
    30 Year Conventional Purchase 6.27% 4/14/24
    30 Year Conventional Refi 5.77% 4/14/24
    30 Year Cash-out Refi 6.48% 4/14/24
    15 Year Conventional Purchase 5.98% 4/14/24
    15 Year Conventional Refi 5.52% 4/14/24
    15 Year Cash-out Refi 5.52% 4/14/24
    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

    2,393

    Origination Dollar Volume (All Markets)

    $369,695,000
    Show all (6) 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) 1,482 $244,500,000 $164,980 $3,080 3.80%
    SPARTANBURG, SC (FHA|USDA|VA) 344 $45,050,000 $130,959 $2,746 4.00%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 151 $19,095,000 $126,457 $2,328 4.25%
    COLUMBIA, SC (FHA|USDA|VA) 99 $15,195,000 $153,485 $2,697 3.65%
    Outside of Metro Areas 113 $12,015,000 $106,327 $2,768 4.37%
    Gaffney, SC (FHA|USDA|VA) 49 $5,405,000 $110,306 $2,392 4.30%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 24 $5,020,000 $209,167 $4,086 3.51%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 13 $3,335,000 $256,538 $3,414 3.46%
    Union, SC (FHA|USDA|VA) 32 $2,750,000 $85,938 $1,697 4.99%
    Seneca, SC (FHA|USDA|VA) 9 $1,985,000 $220,556 $3,278 3.81%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $1,965,000 $1,965,000 $31,064 2.50%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 6 $1,610,000 $268,333 $3,539 3.75%
    ASHEVILLE, NC (FHA|USDA|VA) 4 $1,210,000 $302,500 $5,488 3.81%
    Greenwood, SC (FHA|USDA|VA) 6 $1,010,000 $168,333 $3,139 3.73%
    FLORENCE, SC (FHA|USDA|VA) 6 $820,000 $136,667 $2,626 3.88%
    Bennettsville, SC (FHA|USDA|VA) 10 $780,000 $78,000 $2,644 5.23%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 3 $665,000 $221,667 $5,003 3.50%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $660,000 $330,000 $5,060 3.50%
    Georgetown, SC (FHA|USDA|VA) 1 $625,000 $625,000 $9,098 3.38%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $605,000 $605,000 $9,441 3.50%
    Newberry, SC (FHA|USDA|VA) 7 $575,000 $82,143 $1,198 4.96%
    Albemarle, NC (FHA|USDA|VA) 4 $520,000 $130,000 $3,083 4.25%
    Rockingham, NC (FHA|USDA|VA) 5 $505,000 $101,000 $2,337 4.30%
    Cullowhee, NC (FHA|USDA|VA) 2 $440,000 $220,000 $3,216 5.25%
    Forest City, NC (FHA|USDA|VA) 3 $365,000 $121,667 $2,885 3.42%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1 $345,000 $345,000 $1,944 3.50%
    Shelby, NC (FHA|USDA|VA) 2 $340,000 $170,000 $3,888 3.88%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 2 $330,000 $165,000 $2,923 5.25%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $295,000 $295,000 $1,683 3.00%
    WINSTON-SALEM, NC (FHA|USDA|VA) 1 $275,000 $275,000 $4,662 2.50%
    SUMTER, SC (FHA|USDA|VA) 3 $265,000 $88,333 $2,442 4.00%
    HAMMOND, LA (FHA|USDA|VA) 1 $245,000 $245,000 $7,173 3.75%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $205,000 $205,000 $4,215 3.00%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $195,000 $195,000 $4,050 3.75%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $185,000 $185,000 $3,942 2.75%
    Mason City, IA (FHA|USDA|VA) 1 $165,000 $165,000 $3,475 2.50%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,336 3.00%
    Founders Federal Credit Union's top markets include Charlotte, Spartanburg, Greenville, Columbia, and Gaffney among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)
  • Utah (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.

    Greenville Heritage Federal Credit Union
    Similarity Rank: 438
    Barley Mortgage, LLC
    Similarity Rank: 441
    BLMC, INC
    Similarity Rank: 720
    Belmont Savings Bank, SSB
    Similarity Rank: 1040
    Kwik Mortgage Corporation
    Similarity Rank: 1157
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 1248
    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 1254
    Shea Mortgage Inc.
    Similarity Rank: 1260
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 1380
    Community First Bank, Inc.
    Similarity Rank: 1584

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,012 $346,980,000 $172,455 $2,964 3.85%
    HELOC 381 $22,715,000 $59,619 n/a 4.23%

    For 2020, Founders Federal Credit Union's most frequently originated type of loan was Conventional, with 2,012 originations. Their 2nd most popular type was HELOC, with 381 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,021 $173,625,000 $170,054 $2,852 3.51%
    Home Purchase 847 $151,145,000 $178,447 $3,205 4.18%
    Other 287 $17,045,000 $59,390 $1,824 4.33%
    Home Improvement 152 $13,730,000 $90,329 $2,506 4.36%
    Cash Out Refi 86 $14,150,000 $164,535 $2,894 3.78%

    For 2020, Founders Federal Credit Union's most frequently cited loan purpose was Refi, with 1,021 originations. The 2nd most popular reason was Home Purchase, with 847 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,269 $255,195,000 $201,099 $3,120 3.65%
    15 Year 446 $50,140,000 $112,422 $2,501 4.06%
    Other 393 $23,295,000 $59,275 $2,041 4.31%
    20 Year 272 $37,900,000 $139,338 $2,875 4.32%
    30+ year 12 $3,130,000 $260,833 $5,560 2.92%
    10 Year 1 $35,000 $35,000 $1,107 4.00%

    For 2020, Founders Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,269 originations. The 2nd most popular length was 15 Year, with 446 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 623 $92,625,000 $148,676
    $<1k 392 $31,710,000 $80,893
    $2k-3k 272 $65,210,000 $239,743
    $3k-4k 95 $31,795,000 $334,684
    $4k-5k 34 $14,860,000 $437,059
    $5k+ 14 $8,820,000 $630,000

    Founders Federal Credit Union's average total fees were $3,120, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 623 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 815 $126,345,000 $155,025
    4-5% 527 $68,905,000 $130,750
    2.5-3% 377 $71,765,000 $190,358
    <2.5% 296 $64,780,000 $218,851
    5-6% 255 $30,375,000 $119,118
    6-7% 60 $4,740,000 $79,000
    7-8% 39 $2,005,000 $51,410
    Over 8% 24 $780,000 $32,500

    During 2020, Founders Federal Credit Union's average interest rate for loans was 3.65%, while their most frequently originated rate bucket for loans was 3-4%, with 815 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 955 $140,655,000 $147,283 $2,703 3.77%
    $100,000 or less 793 $45,945,000 $57,938 $1,973 4.51%
    $200k-400k 582 $151,610,000 $260,498 $3,737 3.42%
    $400k-600k 56 $25,180,000 $449,643 $6,335 2.96%
    $600k-1MM 5 $3,185,000 $637,000 $6,154 3.13%
    $1MM+ 2 $3,120,000 $1,560,000 $17,535 3.00%

    2020 saw Founders Federal Credit Union place emphasis on $100k-200k loans with 955 originations, totaling $140,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 602 $82,110,000 $136,395 $2,836 4.21%
    $50k or less 463 $44,825,000 $96,814 $2,461 4.50%
    $75k-100k 442 $70,680,000 $159,910 $3,089 3.94%
    $100k-150k 431 $79,485,000 $184,420 $3,577 3.72%
    $150k-250k 191 $38,855,000 $203,429 $4,280 3.59%
    $250k+ 52 $16,210,000 $311,731 $5,756 3.44%

    Founders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 602 originations. The second most popular income band? $50k or less, with 463 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 808 $121,610,000 $150,507 $2,929 3.83%
    30-36% 521 $82,395,000 $158,148 $3,013 4.08%
    <20% 408 $56,070,000 $137,426 $2,700 3.54%
    42% 131 $20,495,000 $156,450 $3,117 4.19%
    36% 86 $15,640,000 $181,860 $3,273 3.96%
    38% 85 $15,185,000 $178,647 $3,313 3.99%
    40% 84 $14,950,000 $177,976 $3,193 4.12%
    37% 83 $12,555,000 $151,265 $2,890 4.08%
    41% 82 $13,290,000 $162,073 $3,128 4.24%
    39% 82 $11,880,000 $144,878 $2,579 4.23%
    43% 7 $2,645,000 $377,857 $8,587 3.71%
    >60% 4 $580,000 $145,000 $1,587 2.66%
    45% 4 $490,000 $122,500 $1,558 4.19%
    50-60% 3 $985,000 $328,333 $3,872 2.42%
    44% 2 $80,000 $40,000 $1,989 6.13%
    46% 1 $425,000 $425,000 $6,037 2.75%
    47% 1 $195,000 $195,000 $4,474 3.00%
    48% 1 $225,000 $225,000 $2,280 2.00%

    Founders Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 808 originations. The next most common DTI ratio? 30-36%, with 521 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,798 $278,360,000 $154,816 $2,958 3.86%
    Not provided 293 $49,535,000 $169,061 $3,342 3.72%
    Black 266 $34,650,000 $130,263 $2,595 4.49%
    Asian 20 $4,630,000 $231,500 $3,099 3.49%
    American Indian 10 $1,200,000 $120,000 $2,460 4.19%
    Native Hawaiian or Islander 3 $665,000 $221,667 $2,639 3.17%
    Other Asian 2 $460,000 $230,000 $4,318 3.50%
    Filipino 1 $195,000 $195,000 $1,961 5.00%

    Approval Rates

    Total approvals of all applications
    68.97%

    Founders Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    65.23%

    Founders Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,393 $369,695,000 $154,490

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 121 $8,565,000 $70,785
    Single Family (1-4 Units):Site-Built 2,272 $361,130,000 $158,948

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 252 $17,670,000 $70,119 $1,902 4.10%
    40-60% 269 $32,155,000 $119,535 $2,436 3.81%
    60-80% 524 $88,110,000 $168,149 $3,046 3.65%
    80-100% 1,139 $222,675,000 $195,500 $3,170 3.90%
    Over 100% 7 $555,000 $79,286 $3,051 5.54%
    Under 20% 202 $8,530,000 $42,228 $1,562 4.43%