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 Home Improvement and Refi loans. Florida Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tampa, North Port, Lakeland, Punta Gorda, and Naples among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Florida Central 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. 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% | 12/4/24 |
| 30 Year Conventional Refi | 6.63% | 12/4/24 |
| 15 Year Conventional Purchase | 5.68% | 12/4/24 |
| 15 Year Conventional Refi | 6.00% | 12/4/24 |
| 15 Year Cash-out Refi | 6.00% | 12/4/24 |
| 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
132Origination Dollar Volume (All Markets)
$12,170,000Top 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) | 68 | $6,700,000 | $98,529 | $0 | 4.65% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 41 | $3,385,000 | $82,561 | $0 | 4.78% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 12 | $1,060,000 | $88,333 | $0 | 4.79% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 7 | $685,000 | $97,857 | $0 | 4.20% |
| Outside of Metro Areas | 2 | $150,000 | $75,000 | $0 | 6.19% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 131 | $12,125,000 | $92,557 | $0 | 4.72% |
| HELOC | 1 | $45,000 | $45,000 | n/a | 4.00% |
For 2022, Florida Central Credit Union's most frequently originated type of loan was Conventional, with 131 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 94 | $4,840,000 | $51,489 | $0 | 5.31% |
| Refi | 33 | $5,655,000 | $171,364 | $0 | 3.21% |
| Home Purchase | 5 | $1,675,000 | $335,000 | $0 | 3.50% |
For 2022, Florida Central Credit Union's most frequently cited loan purpose was Home Improvement, with 94 originations. The 2nd most popular reason was Refi, with 33 originations.
Loan Duration/Length
For 2022, Florida Central Credit Union's most frequently cited loan duration was 15 Year, with 67 originations. The 2nd most popular length was 10 Year, with 31 originations.
Interest Rates
During 2022, Florida Central Credit Union's average interest rate for loans was 3.43%, while their most frequently originated rate bucket for loans was 5-6%, with 48 originations.
Loan Sizing
2022 saw Florida Central Credit Union place emphasis on $100,000 or less loans with 95 originations, totaling $4,695,000 in origination value.
Applicant Income
Florida Central Credit Union lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $50k-75k, with 31 originations.
Applicant Debt to Income Ratio
Florida Central Credit Union lent most frequently to those with DTI ratios of 30-36%, with 28 originations. The next most common DTI ratio? 20-30%, with 26 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.64%
Florida Central Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination59.85%
Florida Central 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 | 132 | $12,170,000 | $92,197 |