Financial Plus Credit Union Mortgage Rates, Fees & Info

Flint, MI

LEI: 5493009YUAJW70SG7L54

Tax ID: 38-1439120

5 stars - Updated: 4/5/25 - out of 5 stars, based on 20 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Financial Plus Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Financial Plus Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Flint, Detroit, Saginaw, Bay City, and Lansing among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Financial Plus 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. Financial Plus 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
    30 Year Conventional Purchase 6.92% 4/5/25
    30 Year Conventional Refi 6.64% 4/5/25
    30 Year Cash-out Refi 6.64% 4/5/25
    30 Year FHA Purchase 6.75% 4/5/25
    15 Year Conventional Purchase 8.44% 4/5/25
    15 Year Conventional Refi 7.12% 4/5/25
    15 Year Cash-out Refi 7.12% 4/5/25
    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.

    Financial Plus Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Financial Plus 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

    397

    Origination Dollar Volume (All Markets)

    $43,665,000
    Show all (9) awards

    Relative Rate

    Financial Plus Credit Union's average 30 year fixed mortgage rate was 6.59%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.04%.

    Relative Fees (Closing Costs)

    Financial Plus Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,388.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $8,356.

    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
    FLINT, MI (FHA|USDA|VA) 164 $14,230,000 $86,768 $1,214 7.82%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 44 $7,960,000 $180,909 $1,707 7.68%
    SAGINAW, MI (FHA|USDA|VA) 89 $7,175,000 $80,618 $1,491 7.47%
    BAY CITY, MI (FHA|USDA|VA) 34 $3,180,000 $93,529 $2,017 7.25%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 22 $3,120,000 $141,818 $1,376 7.72%
    Outside of Metro Areas 27 $2,655,000 $98,333 $1,381 7.48%
    MONROE, MI (FHA|USDA|VA) 1 $2,255,000 $2,255,000 $0 6.75%
    ANN ARBOR, MI (FHA|USDA|VA) 5 $1,495,000 $299,000 $811 7.32%
    MIDLAND, MI (FHA|USDA|VA) 7 $1,115,000 $159,286 $2,859 7.30%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $370,000 $185,000 $2,979 7.11%
    Cadillac, MI (FHA|USDA|VA) 1 $95,000 $95,000 $3,522 6.88%
    Alma, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.49%
    Financial Plus Credit Union's top markets include Flint, Detroit, Saginaw, Bay City, and Lansing among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 77
    JOLT CREDIT UNION
    Similarity Rank: 90
    Polish-American Federal Credit Union
    Similarity Rank: 90
    PFCU
    Similarity Rank: 90
    Dearborn Federal Savings Bank
    Similarity Rank: 100
    Isabella Bank
    Similarity Rank: 108
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 120
    LAFCU
    Similarity Rank: 210
    CASE
    Similarity Rank: 260
    Michigan Legacy Credit Union
    Similarity Rank: 405

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 384 $41,260,000 $107,448 $1,279 7.68%
    FHA 13 $2,405,000 $185,000 $6,449 6.03%

    For 2024, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 384 originations. Their 2nd most popular type was FHA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 129 $18,705,000 $145,000 $3,330 6.79%
    Home Improvement 97 $5,035,000 $51,907 $375 8.01%
    Other 86 $4,820,000 $56,047 $338 8.20%
    Cash Out Refi 65 $6,225,000 $95,769 $951 8.18%
    Refi 20 $8,880,000 $444,000 $2,182 6.92%

    For 2024, Financial Plus Credit Union's most frequently cited loan purpose was Home Purchase, with 129 originations. The 2nd most popular reason was Home Improvement, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 164 $10,660,000 $65,000 $410 8.52%
    30 Year 141 $20,885,000 $148,121 $3,388 6.59%
    10 Year 89 $11,605,000 $130,393 $258 7.64%
    5 Year 2 $480,000 $240,000 $0 7.44%
    20 Year 1 $35,000 $35,000 $2,108 6.50%

    For 2024, Financial Plus Credit Union's most frequently cited loan duration was 15 Year, with 164 originations. The 2nd most popular length was 30 Year, with 141 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 249 $15,395,000 $61,827
    $1k-2k 125 $18,805,000 $150,440
    $2k-3k 4 $650,000 $162,500

    Financial Plus Credit Union's average total fees were $3,388, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 249 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 141 $9,185,000 $65,142
    6-7% 120 $17,790,000 $148,250
    7-8% 113 $13,275,000 $117,478
    5-6% 19 $2,505,000 $131,842
    4-5% 4 $910,000 $227,500

    During 2024, Financial Plus Credit Union's average interest rate for loans was 6.59%, while their most frequently originated rate bucket for loans was Over 8%, with 141 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 264 $13,910,000 $52,689 $754 7.94%
    $100k-200k 93 $13,635,000 $146,613 $2,625 7.03%
    $200k-400k 33 $8,695,000 $263,485 $3,962 6.99%
    $600k-1MM 4 $3,260,000 $815,000 $0 6.95%
    $1MM+ 2 $3,710,000 $1,855,000 $0 7.10%
    $400k-600k 1 $455,000 $455,000 $3,230 4.88%

    2024 saw Financial Plus Credit Union place emphasis on $100,000 or less loans with 264 originations, totaling $13,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 103 $8,685,000 $84,320 $1,485 7.48%
    $50k or less 85 $5,335,000 $62,765 $1,501 7.53%
    $75k-100k 82 $8,500,000 $103,659 $1,777 7.70%
    $100k-150k 74 $7,930,000 $107,162 $1,230 7.79%
    $150k-250k 34 $3,210,000 $94,412 $841 7.89%
    $250k+ 8 $1,830,000 $228,750 $2,258 7.81%

    Financial Plus Credit Union lent most frequently to those with incomes in the $50k-75k range, with 103 originations. The second most popular income band? $50k or less, with 85 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 80 $6,680,000 $83,500 $1,405 7.58%
    30-36% 72 $6,820,000 $94,722 $1,349 7.67%
    42% 36 $2,820,000 $78,333 $1,022 7.74%
    39% 30 $2,750,000 $91,667 $1,277 7.79%
    41% 24 $2,080,000 $86,667 $1,061 7.93%
    40% 19 $1,685,000 $88,684 $1,471 7.79%
    38% 18 $1,720,000 $95,556 $1,295 7.88%
    <20% 17 $1,265,000 $74,412 $1,073 7.38%
    37% 16 $1,160,000 $72,500 $986 7.98%
    36% 13 $1,355,000 $104,231 $2,118 7.34%
    43% 13 $1,735,000 $133,462 $3,232 6.84%
    44% 13 $1,585,000 $121,923 $2,324 7.45%
    48% 11 $1,165,000 $105,909 $1,881 7.53%
    45% 7 $745,000 $106,429 $1,454 7.98%
    47% 6 $810,000 $135,000 $2,697 7.06%
    49% 6 $420,000 $70,000 $815 7.72%
    46% 4 $510,000 $127,500 $2,318 7.68%
    50-60% 1 $185,000 $185,000 $6,542 6.00%
    >60% 1 $385,000 $385,000 $0 7.50%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 80 originations. The next most common DTI ratio? 30-36%, with 72 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 319 $30,155,000 $94,530 $1,413 7.65%
    Not applicable 10 $7,790,000 $779,000 $0 7.13%
    Black 44 $3,100,000 $70,455 $1,489 7.61%
    Not provided 20 $2,060,000 $103,000 $1,670 7.61%
    American Indian 3 $395,000 $131,667 $3,628 7.25%
    Asian 1 $165,000 $165,000 $3,203 6.38%

    Approval Rates

    Total approvals of all applications
    83.36%

    Financial Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.32%

    Financial Plus Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 397 $43,665,000 $109,987

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    397 $43,665,000 $109,987

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 103 $6,985,000 $67,816 $538 8.25%
    40-60% 47 $6,135,000 $130,532 $1,377 7.66%
    60-80% 53 $12,655,000 $238,774 $2,605 6.95%
    80-100% 86 $13,370,000 $155,465 $3,528 6.79%
    Under 20% 108 $4,520,000 $41,852 $299 8.02%