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

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  • 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 Refi and Cash Out Refi loans. Financial Plus Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Flint, Detroit, Lansing, Saginaw, and Ann Arbor among others. We have data for 14 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    545

    Origination Dollar Volume (All Markets)

    $72,705,000
    Show all (5) 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) 353 $44,135,000 $125,028 $2,720 2.81%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 91 $17,725,000 $194,780 $3,630 2.72%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 31 $3,545,000 $114,355 $2,900 2.83%
    Outside of Metro Areas 37 $3,135,000 $84,730 $2,355 2.76%
    SAGINAW, MI (FHA|USDA|VA) 19 $2,235,000 $117,632 $2,984 2.55%
    ANN ARBOR, MI (FHA|USDA|VA) 3 $395,000 $131,667 $2,802 2.58%
    MIDLAND, MI (FHA|USDA|VA) 2 $340,000 $170,000 $3,961 2.56%
    Adrian, MI (FHA|USDA|VA) 1 $295,000 $295,000 $9,666 3.63%
    Traverse City, MI (FHA|USDA|VA) 2 $280,000 $140,000 $2,148 2.81%
    Ludington, MI (FHA|USDA|VA) 2 $250,000 $125,000 $3,945 2.50%
    JACKSON, MI (FHA|USDA|VA) 1 $145,000 $145,000 $3,688 2.75%
    BAY CITY, MI (FHA|USDA|VA) 1 $95,000 $95,000 $1,826 2.75%
    Alma, MI (FHA|USDA|VA) 1 $75,000 $75,000 $3,523 2.63%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,592 2.50%
    Financial Plus Credit Union's top markets include Flint, Detroit, Lansing, Saginaw, and Ann Arbor 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.

    Great Lakes Federal Credit Union
    Similarity Rank: 28
    FinancialEdge Community Credit Union
    Similarity Rank: 54
    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 55
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 154
    JOLT CREDIT UNION
    Similarity Rank: 171
    MEMBERS FIRST Credit Union
    Similarity Rank: 224
    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    St James Mortgage Corporation
    Similarity Rank: 408
    Polish-American Federal Credit Union
    Similarity Rank: 434
    SECURITY CREDIT UNION
    Similarity Rank: 441

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 545 $72,705,000 $133,404 $2,889 2.78%

    For 2020, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 545 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 205 $27,935,000 $136,268 $2,435 2.52%
    Cash Out Refi 189 $29,555,000 $156,376 $3,837 2.61%
    Home Purchase 86 $11,830,000 $137,558 $3,643 2.80%
    Other 34 $1,700,000 $50,000 $554 4.10%
    Home Improvement 31 $1,685,000 $54,355 $619 4.07%

    For 2020, Financial Plus Credit Union's most frequently cited loan purpose was Refi, with 205 originations. The 2nd most popular reason was Cash Out Refi, with 189 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 224 $35,210,000 $157,188 $3,803 2.74%
    15 Year 198 $24,770,000 $125,101 $2,337 2.54%
    10 Year 68 $4,710,000 $69,265 $1,114 3.40%
    20 Year 45 $7,195,000 $159,889 $3,533 2.76%
    5 Year 8 $740,000 $92,500 $0 4.47%
    Other 2 $80,000 $40,000 $1,982 3.69%

    For 2020, Financial Plus Credit Union's most frequently cited loan duration was 30 Year, with 224 originations. The 2nd most popular length was 15 Year, with 198 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 221 $26,685,000 $120,747
    $<1k 135 $7,855,000 $58,185
    $2k-3k 91 $15,435,000 $169,615
    $3k-4k 44 $8,420,000 $191,364
    $5k+ 25 $7,825,000 $313,000
    $4k-5k 21 $5,875,000 $279,762

    Financial Plus Credit Union's average total fees were $3,803, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 221 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 234 $31,030,000 $132,607
    2.5-3% 213 $33,405,000 $156,831
    3-4% 54 $5,930,000 $109,815
    4-5% 37 $2,115,000 $57,162
    5-6% 6 $190,000 $31,667
    6-7% 1 $35,000 $35,000

    During 2020, Financial Plus Credit Union's average interest rate for loans was 2.74%, while their most frequently originated rate bucket for loans was <2.5%, with 234 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 230 $32,260,000 $140,261 $3,098 2.64%
    $100,000 or less 218 $13,820,000 $63,394 $1,570 3.00%
    $200k-400k 88 $22,490,000 $255,568 $5,093 2.63%
    $400k-600k 9 $4,135,000 $459,444 $7,285 2.54%

    2020 saw Financial Plus Credit Union place emphasis on $100k-200k loans with 230 originations, totaling $32,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 155 $16,705,000 $107,774 $2,550 2.76%
    $100k-150k 115 $19,215,000 $167,087 $3,294 2.77%
    $75k-100k 109 $14,445,000 $132,523 $2,877 2.73%
    $50k or less 98 $8,150,000 $83,163 $2,169 2.76%
    $150k-250k 53 $10,875,000 $205,189 $3,803 2.80%
    $250k+ 8 $2,810,000 $351,250 $6,481 2.44%

    Financial Plus Credit Union lent most frequently to those with incomes in the $50k-75k range, with 155 originations. The second most popular income band? $100k-150k, with 115 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 158 $21,820,000 $138,101 $2,898 2.72%
    30-36% 132 $16,730,000 $126,742 $2,742 2.81%
    <20% 74 $8,640,000 $116,757 $2,561 2.61%
    42% 22 $2,940,000 $133,636 $3,296 2.60%
    41% 21 $2,535,000 $120,714 $2,453 3.23%
    36% 21 $3,395,000 $161,667 $3,239 2.80%
    37% 21 $2,535,000 $120,714 $2,639 3.06%
    38% 17 $2,545,000 $149,706 $3,420 2.69%
    43% 15 $2,435,000 $162,333 $4,517 2.81%
    44% 13 $1,915,000 $147,308 $3,283 2.59%
    40% 12 $1,720,000 $143,333 $2,467 2.86%
    45% 9 $1,335,000 $148,333 $3,224 2.51%
    39% 9 $1,665,000 $185,000 $3,266 3.12%
    46% 6 $850,000 $141,667 $2,848 2.58%
    47% 3 $535,000 $178,333 $3,486 2.42%
    49% 3 $345,000 $115,000 $2,888 2.42%
    48% 2 $260,000 $130,000 $2,215 2.38%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 158 originations. The next most common DTI ratio? 30-36%, with 132 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 504 $68,270,000 $135,456 $2,914 2.75%
    Black 24 $2,770,000 $115,417 $2,494 2.79%
    Not applicable 7 $505,000 $72,143 $0 4.61%
    Asian 3 $495,000 $165,000 $2,328 2.46%
    American Indian 4 $440,000 $110,000 $3,757 3.28%
    Not provided 3 $225,000 $75,000 $1,211 2.79%

    Approval Rates

    Total approvals of all applications
    82.43%

    Financial Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    62.20%

    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 545 $72,705,000 $133,404

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 7 $745,000 $106,429
    Single Family (1-4 Units):Site-Built 538 $71,960,000 $133,755

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $5,320,000 $78,235 $1,476 3.09%
    40-60% 137 $15,745,000 $114,927 $2,285 2.57%
    60-80% 203 $32,575,000 $160,468 $3,611 2.60%
    80-100% 100 $17,440,000 $174,400 $4,114 2.71%
    Under 20% 33 $1,025,000 $31,061 $139 4.38%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Financial Business and Consumer Solutions. Conventional home mortgage Trouble during payment process 1 100.0%