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 Cash Out Refi, Refi, and Home Purchase 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 Ann Arbor among others. We have data for 18 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

    601

    Origination Dollar Volume (All Markets)

    $76,035,000
    Show all (6) 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) 397 $46,555,000 $117,267 $2,827 3.04%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 81 $14,875,000 $183,642 $3,266 3.06%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 37 $3,985,000 $107,703 $2,602 3.10%
    Outside of Metro Areas 30 $3,820,000 $127,333 $2,818 2.94%
    SAGINAW, MI (FHA|USDA|VA) 30 $2,580,000 $86,000 $2,396 3.07%
    ANN ARBOR, MI (FHA|USDA|VA) 6 $1,180,000 $196,667 $3,294 3.09%
    MIDLAND, MI (FHA|USDA|VA) 3 $515,000 $171,667 $3,228 2.88%
    TOLEDO, OH (FHA|USDA|VA) 2 $410,000 $205,000 $0 4.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $400,000 $200,000 $5,075 2.88%
    Escanaba, MI (FHA|USDA|VA) 1 $375,000 $375,000 $0 4.95%
    Holland, MI (FHA|USDA|VA) 1 $325,000 $325,000 $5,134 2.38%
    BAY CITY, MI (FHA|USDA|VA) 5 $315,000 $63,000 $2,231 2.72%
    Traverse City, MI (FHA|USDA|VA) 1 $175,000 $175,000 $4,981 2.75%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $155,000 $155,000 $5,877 2.38%
    Adrian, MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,574 2.88%
    JACKSON, MI (FHA|USDA|VA) 1 $105,000 $105,000 $1,645 2.25%
    Coldwater, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,617 2.38%
    Alma, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.63%
    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)
  • Ohio (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.

    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 54
    Isabella Bank
    Similarity Rank: 84
    FinancialEdge Community Credit Union
    Similarity Rank: 112
    Lake Huron Credit Union
    Similarity Rank: 204
    Polish-American Federal Credit Union
    Similarity Rank: 212
    St James Mortgage Corporation
    Similarity Rank: 304
    1st State Financial, Ltd.
    Similarity Rank: 330
    JOLT CREDIT UNION
    Similarity Rank: 360
    UNITED FINANCIAL Credit Union
    Similarity Rank: 495
    T&I Credit union
    Similarity Rank: 618

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 599 $75,805,000 $126,553 $2,863 3.04%
    FHA 2 $230,000 $115,000 $4,366 2.81%

    For 2021, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 599 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 201 $27,325,000 $135,945 $3,611 2.87%
    Refi 188 $25,700,000 $136,702 $2,804 2.69%
    Home Purchase 106 $16,400,000 $154,717 $3,504 3.11%
    Other 62 $3,540,000 $57,097 $768 4.10%
    Home Improvement 44 $3,070,000 $69,773 $1,480 3.68%

    For 2021, Financial Plus Credit Union's most frequently cited loan purpose was Cash Out Refi, with 201 originations. The 2nd most popular reason was Refi, with 188 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 262 $38,470,000 $146,832 $3,784 2.97%
    15 Year 178 $21,030,000 $118,146 $2,461 2.78%
    10 Year 105 $8,965,000 $85,381 $868 3.64%
    20 Year 46 $5,740,000 $124,783 $3,413 2.76%
    5 Year 8 $1,580,000 $197,500 $0 4.65%
    Other 2 $250,000 $125,000 $1,867 3.81%

    For 2021, Financial Plus Credit Union's most frequently cited loan duration was 30 Year, with 262 originations. The 2nd most popular length was 15 Year, with 178 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 183 $19,505,000 $106,585
    $<1k 175 $10,695,000 $61,114
    $2k-3k 107 $17,365,000 $162,290
    $3k-4k 61 $10,505,000 $172,213
    $4k-5k 26 $5,150,000 $198,077
    $5k+ 25 $7,085,000 $283,400

    Financial Plus Credit Union's average total fees were $3,784, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 183 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 251 $33,545,000 $133,645
    <2.5% 179 $21,595,000 $120,642
    3-4% 104 $15,440,000 $148,462
    4-5% 50 $4,700,000 $94,000
    5-6% 17 $755,000 $44,412

    During 2021, Financial Plus Credit Union's average interest rate for loans was 2.97%, while their most frequently originated rate bucket for loans was 2.5-3%, with 251 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 271 $16,245,000 $59,945 $1,484 3.23%
    $100k-200k 244 $34,400,000 $140,984 $3,592 2.83%
    $200k-400k 76 $19,460,000 $256,053 $5,578 3.01%
    $400k-600k 6 $2,880,000 $480,000 $4,907 3.13%
    $600k-1MM 4 $3,050,000 $762,500 $4,917 3.41%

    2021 saw Financial Plus Credit Union place emphasis on $100,000 or less loans with 271 originations, totaling $16,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 177 $15,355,000 $86,751 $2,305 2.92%
    $50k-75k 170 $18,270,000 $107,471 $2,832 2.93%
    $75k-100k 108 $14,120,000 $130,741 $2,991 3.10%
    $100k-150k 80 $12,350,000 $154,375 $3,372 3.10%
    $150k-250k 40 $7,870,000 $196,750 $4,066 3.08%
    $250k+ 7 $2,665,000 $380,714 $3,560 3.16%

    Financial Plus Credit Union lent most frequently to those with incomes in the $50k or less range, with 177 originations. The second most popular income band? $50k-75k, with 170 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 151 $18,415,000 $121,954 $2,981 2.87%
    30-36% 130 $15,660,000 $120,462 $2,720 3.01%
    <20% 45 $5,375,000 $119,444 $2,457 2.91%
    41% 38 $3,790,000 $99,737 $2,656 3.34%
    40% 28 $3,630,000 $129,643 $2,960 3.03%
    42% 27 $3,535,000 $130,926 $2,888 3.26%
    44% 26 $3,460,000 $133,077 $3,819 2.85%
    37% 21 $2,555,000 $121,667 $2,401 3.21%
    38% 20 $2,040,000 $102,000 $2,277 3.33%
    43% 18 $2,640,000 $146,667 $3,777 2.98%
    39% 16 $1,830,000 $114,375 $3,132 2.99%
    36% 14 $1,390,000 $99,286 $2,316 3.45%
    47% 13 $1,735,000 $133,462 $2,905 2.75%
    48% 11 $1,215,000 $110,455 $2,755 2.75%
    45% 9 $785,000 $87,222 $2,739 2.58%
    46% 8 $1,110,000 $138,750 $3,689 2.84%
    49% 5 $1,005,000 $201,000 $3,465 2.70%
    50-60% 2 $460,000 $230,000 $4,059 2.63%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 151 originations. The next most common DTI ratio? 30-36%, with 130 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 532 $65,230,000 $122,613 $2,907 3.00%
    Not applicable 19 $5,405,000 $284,474 $0 4.31%
    Black 26 $2,950,000 $113,462 $2,900 2.81%
    Not provided 16 $1,250,000 $78,125 $1,253 3.48%
    Asian 3 $595,000 $198,333 $4,412 2.67%
    American Indian 4 $480,000 $120,000 $2,825 2.72%
    Other Asian 1 $125,000 $125,000 $2,850 2.88%

    Approval Rates

    Total approvals of all applications
    82.63%

    Financial Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    68.55%

    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 601 $76,035,000 $126,514

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    601 $76,035,000 $126,514

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 86 $5,400,000 $62,791 $1,403 3.13%
    40-60% 118 $15,400,000 $130,508 $2,514 2.79%
    60-80% 231 $35,645,000 $154,307 $3,876 2.88%
    80-100% 104 $17,050,000 $163,942 $3,856 2.87%
    Under 20% 57 $1,895,000 $33,246 $123 4.45%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%