Financial Plus Credit Union Mortgage Rates, Fees & Info

Flint, MI

LEI: 5493009YUAJW70SG7L54

Tax ID: 38-1439120

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
  • Complaints
  • 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 Cash Out Refi, Home Purchase, and Refi loans. Financial Plus 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: Flint, Detroit, Lansing, Saginaw, and Monroe among others. We have data for 11 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 6.79% 4/28/24
    30 Year Conventional Refi 6.54% 4/28/24
    30 Year Cash-out Refi 6.57% 4/28/24
    30 Year FHA Purchase 6.28% 4/28/24
    30 Year FHA Refi 7.03% 4/28/24
    15 Year Conventional Purchase 6.44% 4/28/24
    15 Year Conventional Refi 6.37% 4/28/24
    15 Year Cash-out Refi 6.37% 4/28/24
    15 Year FHA Purchase 5.68% 4/28/24
    15 Year FHA Refi 5.68% 4/28/24
    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

    287

    Origination Dollar Volume (All Markets)

    $28,955,000

    Awards

    FINANCIAL PLUS CREDIT UNION 30 Year Conventional Loans gold FINANCIAL PLUS CREDIT UNION 30 Year Conventional Loans gold FINANCIAL PLUS CREDIT UNION 30 Year Conventional Loans gold FINANCIAL PLUS CREDIT UNION 30 Year Conventional Loans gold
    Show all (4) 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
    FLINT, MI (FHA|USDA|VA) 196 $19,130,000 $97,602 $2,026 4.05%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 30 $4,070,000 $135,667 $2,670 4.28%
    Outside of Metro Areas 22 $2,200,000 $100,000 $2,777 3.72%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 19 $1,445,000 $76,053 $1,743 4.07%
    SAGINAW, MI (FHA|USDA|VA) 12 $1,060,000 $88,333 $2,372 3.72%
    MONROE, MI (FHA|USDA|VA) 1 $245,000 $245,000 $8,013 4.00%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $215,000 $215,000 $3,776 3.63%
    Big Rapids, MI (FHA|USDA|VA) 2 $190,000 $95,000 $2,996 3.63%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,210 3.88%
    BAY CITY, MI (FHA|USDA|VA) 2 $140,000 $70,000 $1,305 4.31%
    Traverse City, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,904 3.38%
    Financial Plus Credit Union's top markets include Flint, Detroit, Lansing, Saginaw, and Monroe 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.

    United Bay Community Credit Union
    Similarity Rank: 32
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 96
    Lake Huron Credit Union
    Similarity Rank: 120
    Isabella Bank
    Similarity Rank: 144
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Wanigas Credit Union
    Similarity Rank: 224
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    PFCU
    Similarity Rank: 420

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 277 $27,645,000 $99,801 $2,112 4.00%
    FHA 6 $940,000 $156,667 $5,567 3.96%
    HELOC 4 $370,000 $92,500 n/a 6.25%

    For 2019, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 277 originations. Their 2nd most popular type was FHA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 99 $4,475,000 $45,202 $325 4.82%
    Cash Out Refi 73 $8,475,000 $116,096 $3,103 3.71%
    Home Purchase 61 $8,145,000 $133,525 $3,661 3.73%
    Refi 51 $7,655,000 $150,098 $2,640 3.32%
    Home Improvement 3 $205,000 $68,333 $2,050 4.08%

    For 2019, Financial Plus Credit Union's most frequently cited loan purpose was Other, with 99 originations. The 2nd most popular reason was Cash Out Refi, with 73 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 107 $15,605,000 $145,841 $3,693 3.71%
    15 Year 85 $7,565,000 $89,000 $1,648 4.05%
    10 Year 79 $3,605,000 $45,633 $487 4.45%
    20 Year 13 $1,815,000 $139,615 $3,464 3.59%
    5 Year 3 $365,000 $121,667 $0 5.67%

    For 2019, Financial Plus Credit Union's most frequently cited loan duration was 30 Year, with 107 originations. The 2nd most popular length was 15 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 126 $5,790,000 $45,952
    $1k-2k 92 $10,370,000 $112,717
    $2k-3k 30 $5,120,000 $170,667
    $3k-4k 18 $3,590,000 $199,444
    $5k+ 9 $2,195,000 $243,889
    $4k-5k 5 $1,155,000 $231,000

    Financial Plus Credit Union's average total fees were $3,693, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 126 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 119 $16,785,000 $141,050
    4-5% 99 $5,815,000 $58,737
    2.5-3% 41 $4,715,000 $115,000
    5-6% 24 $1,380,000 $57,500
    6-7% 4 $260,000 $65,000

    During 2019, Financial Plus Credit Union's average interest rate for loans was 3.71%, while their most frequently originated rate bucket for loans was 3-4%, with 119 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 170 $8,940,000 $52,588 $1,095 4.32%
    $100k-200k 88 $12,200,000 $138,636 $3,280 3.60%
    $200k-400k 28 $7,410,000 $264,643 $5,296 3.67%
    $400k-600k 1 $405,000 $405,000 $5,340 3.38%

    2019 saw Financial Plus Credit Union place emphasis on $100,000 or less loans with 170 originations, totaling $8,940,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 93 $8,435,000 $90,699 $2,228 3.94%
    $50k or less 61 $4,205,000 $68,934 $1,753 3.97%
    $100k-150k 60 $7,840,000 $130,667 $2,578 4.03%
    $75k-100k 52 $5,130,000 $98,654 $1,997 4.15%
    $150k-250k 19 $3,035,000 $159,737 $2,636 4.33%
    $250k+ 2 $310,000 $155,000 $2,653 4.06%

    Financial Plus Credit Union lent most frequently to those with incomes in the $50k-75k range, with 93 originations. The second most popular income band? $50k or less, with 61 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 83 $8,105,000 $97,651 $2,129 3.95%
    30-36% 60 $6,190,000 $103,167 $2,015 4.01%
    <20% 26 $1,840,000 $70,769 $1,646 3.94%
    41% 21 $2,245,000 $106,905 $2,311 4.35%
    40% 18 $1,590,000 $88,333 $2,243 3.97%
    37% 15 $1,745,000 $116,333 $2,678 4.15%
    39% 10 $710,000 $71,000 $1,190 4.80%
    36% 9 $905,000 $100,556 $2,191 4.01%
    38% 8 $690,000 $86,250 $1,599 4.66%
    43% 8 $1,030,000 $128,750 $3,042 3.84%
    42% 7 $615,000 $87,857 $2,495 4.09%
    47% 5 $535,000 $107,000 $2,720 3.50%
    46% 5 $695,000 $139,000 $2,803 3.35%
    44% 4 $670,000 $167,500 $4,360 3.34%
    45% 3 $665,000 $221,667 $4,086 3.33%
    50-60% 2 $330,000 $165,000 $0 5.75%
    49% 2 $180,000 $90,000 $2,162 3.56%
    48% 1 $215,000 $215,000 $3,776 3.63%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 83 originations. The next most common DTI ratio? 30-36%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 271 $27,665,000 $102,085 $2,200 4.03%
    Black 11 $1,015,000 $92,273 $2,404 3.94%
    Not provided 2 $150,000 $75,000 $1,273 4.44%
    American Indian 3 $125,000 $41,667 $748 4.00%

    Approval Rates

    Total approvals of all applications
    76.69%

    Financial Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    55.75%

    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 287 $28,955,000 $100,889

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $255,000 $255,000
    Single Family (1-4 Units):Manufactured 5 $415,000 $83,000
    Single Family (1-4 Units):Site-Built 281 $28,285,000 $100,658

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $2,355,000 $52,333 $482 4.68%
    40-60% 45 $3,815,000 $84,778 $1,986 3.76%
    60-80% 80 $11,410,000 $142,625 $3,446 3.52%
    80-100% 62 $9,640,000 $155,484 $3,686 3.71%
    Under 20% 55 $1,735,000 $31,545 $194 4.83%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Financial Freedom Mortgage, LLC VA mortgage Trouble during payment process 1 50.0%