Florida Central Credit Union Mortgage Rates, Fees & Info
Tampa, FLLEI: 5493007WNCT2YQ8O4H14
Tax ID: 59-0857430
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Mortgage Data
Review & Overview
Florida Central Credit Union is a smaller credit union specializing in Refi loans. Florida Central 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: Tampa, North Port, Lakeland, Punta Gorda, and Ocala among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Florida Central Credit Union has a below average approval rate when compared to the average across all lenders. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.40% | 5/5/24 |
| 30 Year Conventional Refi | 6.63% | 5/5/24 |
| 15 Year Conventional Purchase | 5.68% | 5/5/24 |
| 15 Year Conventional Refi | 6.00% | 5/5/24 |
| 15 Year Cash-out Refi | 6.00% | 5/5/24 |
| 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. | ||
Florida Central 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
304Origination Dollar Volume (All Markets)
$19,110,000Top 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 |
|---|---|---|---|---|---|
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 171 | $10,315,000 | $60,322 | $0 | 4.77% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 66 | $4,240,000 | $64,242 | $0 | 4.73% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 31 | $2,425,000 | $78,226 | $0 | 4.81% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 30 | $1,540,000 | $51,333 | $0 | 4.87% |
| OCALA, FL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 3.44% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.38% |
| Outside of Metro Areas | 1 | $35,000 | $35,000 | $0 | 4.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 5.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 276 | $17,480,000 | $63,333 | $0 | 4.72% |
| HELOC | 27 | $1,305,000 | $48,333 | n/a | 5.28% |
| FHA | 1 | $325,000 | $325,000 | $0 | 4.25% |
For 2019, Florida Central Credit Union's most frequently originated type of loan was Conventional, with 276 originations. Their 2nd most popular type was HELOC, with 27 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 214 | $13,750,000 | $64,252 | $0 | 4.78% |
| Home Improvement | 73 | $2,405,000 | $32,945 | $0 | 4.89% |
| Home Purchase | 17 | $2,955,000 | $173,824 | $0 | 3.99% |
For 2019, Florida Central Credit Union's most frequently cited loan purpose was Refi, with 214 originations. The 2nd most popular reason was Home Improvement, with 73 originations.
Loan Duration/Length
For 2019, Florida Central Credit Union's most frequently cited loan duration was 10 Year, with 152 originations. The 2nd most popular length was 5 Year, with 61 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 164 | $7,740,000 | $47,195 |
| 5-6% | 83 | $3,975,000 | $47,892 |
| 3-4% | 44 | $6,800,000 | $154,545 |
| 6-7% | 10 | $480,000 | $48,000 |
| 7-8% | 2 | $80,000 | $40,000 |
During 2019, Florida Central Credit Union's average interest rate for loans was 4.16%, while their most frequently originated rate bucket for loans was 4-5%, with 164 originations.
Loan Sizing
2019 saw Florida Central Credit Union place emphasis on $100,000 or less loans with 252 originations, totaling $10,320,000 in origination value.
Applicant Income
Florida Central Credit Union lent most frequently to those with incomes in the $50k-75k range, with 92 originations. The second most popular income band? $75k-100k, with 65 originations.
Applicant Debt to Income Ratio
Florida Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 87 originations. The next most common DTI ratio? 30-36%, with 42 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications54.68%
Florida Central Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 304 | $19,110,000 | $62,862 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 304 | $19,110,000 | $62,862 |