Financial Plus Credit Union Mortgage Rates, Fees & Info

Flint, MI

LEI: 5493009YUAJW70SG7L54

Tax ID: 38-1439120

5 stars - Updated: 5/19/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Financial Plus Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase 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, Saginaw, Bay City, Detroit, and Midland among others. We have data for 13 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 relatively high 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 6.79% 5/19/24
30 Year Conventional Refi 6.54% 5/19/24
30 Year Cash-out Refi 6.57% 5/19/24
30 Year FHA Purchase 6.28% 5/19/24
30 Year FHA Refi 7.03% 5/19/24
15 Year Conventional Purchase 6.44% 5/19/24
15 Year Conventional Refi 6.37% 5/19/24
15 Year Cash-out Refi 6.37% 5/19/24
15 Year FHA Purchase 5.68% 5/19/24
15 Year FHA Refi 5.68% 5/19/24
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.

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

358

Origination Dollar Volume (All Markets)

$28,060,000
Show all (6) awards

Relative Rate

Financial Plus Credit Union's average 30 year fixed mortgage rate was 6.69%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.21%.

Relative Fees (Closing Costs)

Financial Plus Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,163.

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 $9,089.

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) 169 $13,795,000 $81,627 $1,164 7.57%
SAGINAW, MI (FHA|USDA|VA) 58 $4,630,000 $79,828 $1,422 7.71%
BAY CITY, MI (FHA|USDA|VA) 47 $3,235,000 $68,830 $1,167 7.53%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 34 $2,460,000 $72,353 $961 8.14%
Outside of Metro Areas 22 $1,890,000 $85,909 $1,851 7.34%
MIDLAND, MI (FHA|USDA|VA) 8 $710,000 $88,750 $1,967 7.68%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 12 $530,000 $44,167 $422 7.59%
MUSKEGON, MI (FHA|USDA|VA) 2 $230,000 $115,000 $1,756 6.43%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,243 5.63%
JACKSON, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,389 6.13%
ANN ARBOR, MI (FHA|USDA|VA) 2 $100,000 $50,000 $385 7.62%
Houghton, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,578 6.38%
Alma, MI (FHA|USDA|VA) 1 $75,000 $75,000 $814 10.24%
Financial Plus Credit Union's top markets include Flint, Saginaw, Bay City, Detroit, and Midland 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.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 68
    Total Community Credit Union
    Similarity Rank: 94
    PFCU
    Similarity Rank: 100
    St James Mortgage Corporation
    Similarity Rank: 104
    Wildfire Credit Union
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    Isabella Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 348 $26,120,000 $75,057 $1,080 7.66%
    FHA 10 $1,940,000 $194,000 $6,316 6.08%

    For 2023, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 348 originations. Their 2nd most popular type was FHA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 127 $5,745,000 $45,236 $482 7.92%
    Home Purchase 91 $13,155,000 $144,560 $3,169 6.69%
    Other 83 $4,545,000 $54,759 $556 8.23%
    Cash Out Refi 49 $4,115,000 $83,980 $895 7.65%
    Refi 8 $500,000 $62,500 $1,255 6.93%

    For 2023, Financial Plus Credit Union's most frequently cited loan purpose was Home Improvement, with 127 originations. The 2nd most popular reason was Home Purchase, with 91 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 185 $10,165,000 $54,946 $591 8.19%
    30 Year 94 $13,800,000 $146,809 $3,163 6.69%
    10 Year 77 $3,215,000 $41,753 $473 7.39%
    20 Year 1 $175,000 $175,000 $2,677 8.13%
    5 Year 1 $705,000 $705,000 $0 6.75%

    For 2023, Financial Plus Credit Union's most frequently cited loan duration was 15 Year, with 185 originations. The 2nd most popular length was 30 Year, with 94 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 289 $18,765,000 $64,931
    $1k-2k 60 $7,880,000 $131,333
    $2k-3k 1 $125,000 $125,000
    $3k-4k 1 $175,000 $175,000

    Financial Plus Credit Union's average total fees were $3,163, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 289 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 135 $9,535,000 $70,630
    Over 8% 105 $6,245,000 $59,476
    6-7% 100 $9,870,000 $98,700
    5-6% 17 $2,325,000 $136,765
    4-5% 1 $85,000 $85,000

    During 2023, Financial Plus Credit Union's average interest rate for loans was 6.69%, while their most frequently originated rate bucket for loans was 7-8%, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 274 $13,130,000 $47,920 $730 7.81%
    $100k-200k 61 $8,555,000 $140,246 $2,360 7.07%
    $200k-400k 21 $5,165,000 $245,952 $4,190 6.74%
    $400k-600k 1 $505,000 $505,000 $4,259 7.88%
    $600k-1MM 1 $705,000 $705,000 $0 6.75%

    2023 saw Financial Plus Credit Union place emphasis on $100,000 or less loans with 274 originations, totaling $13,130,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 123 $8,635,000 $70,203 $1,220 7.52%
    $50k or less 71 $3,635,000 $51,197 $1,215 7.58%
    $100k-150k 67 $5,735,000 $85,597 $1,094 7.82%
    $75k-100k 60 $5,990,000 $99,833 $1,407 7.60%
    $150k-250k 28 $2,520,000 $90,000 $1,112 7.73%
    $250k+ 7 $785,000 $112,143 $2,203 7.77%

    Financial Plus Credit Union lent most frequently to those with incomes in the $50k-75k range, with 123 originations. The second most popular income band? $50k or less, with 71 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 75 $5,045,000 $67,267 $1,090 7.59%
    20-30% 67 $4,505,000 $67,239 $1,117 7.36%
    42% 28 $2,170,000 $77,500 $987 8.16%
    41% 26 $1,500,000 $57,692 $864 8.15%
    <20% 24 $1,530,000 $63,750 $1,462 7.18%
    39% 21 $1,855,000 $88,333 $1,429 7.27%
    38% 17 $1,795,000 $105,588 $1,620 7.19%
    40% 16 $1,350,000 $84,375 $1,089 7.98%
    37% 13 $945,000 $72,692 $771 8.11%
    45% 12 $1,040,000 $86,667 $1,557 7.97%
    36% 12 $800,000 $66,667 $1,020 7.68%
    44% 12 $1,170,000 $97,500 $1,550 7.19%
    43% 10 $590,000 $59,000 $1,251 8.21%
    49% 7 $615,000 $87,857 $842 8.22%
    46% 6 $790,000 $131,667 $2,557 7.43%
    47% 6 $430,000 $71,667 $1,403 7.97%
    48% 2 $460,000 $230,000 $5,724 5.81%
    50-60% 1 $205,000 $205,000 $3,041 5.88%
    >60% 1 $505,000 $505,000 $4,259 7.88%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 30-36%, with 75 originations. The next most common DTI ratio? 20-30%, with 67 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 296 $22,750,000 $76,858 $1,157 7.65%
    Black 24 $1,830,000 $76,250 $2,116 7.28%
    Not provided 24 $1,680,000 $70,000 $1,164 7.58%
    Not applicable 2 $760,000 $380,000 $0 6.75%
    Asian 4 $620,000 $155,000 $3,185 7.90%
    American Indian 8 $420,000 $52,500 $398 7.68%

    Approval Rates

    Total approvals of all applications
    83.61%

    Financial Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    66.76%

    Financial Plus 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 358 $28,060,000 $78,380

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    358 $28,060,000 $78,380

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 101 $6,135,000 $60,743 $676 7.95%
    40-60% 30 $2,630,000 $87,667 $1,343 7.63%
    60-80% 43 $5,545,000 $128,953 $2,062 7.36%
    80-100% 58 $9,150,000 $157,759 $3,349 6.63%
    Under 20% 126 $4,600,000 $36,508 $433 7.89%