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 Home Purchase and Cash Out 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, Saginaw, Lansing, and Bay City 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.79% 12/16/24
    30 Year Conventional Refi 6.54% 12/16/24
    30 Year Cash-out Refi 6.57% 12/16/24
    30 Year FHA Purchase 6.28% 12/16/24
    30 Year FHA Refi 7.03% 12/16/24
    15 Year Conventional Purchase 6.44% 12/16/24
    15 Year Conventional Refi 6.37% 12/16/24
    15 Year Cash-out Refi 6.37% 12/16/24
    15 Year FHA Purchase 5.68% 12/16/24
    15 Year FHA Refi 5.68% 12/16/24
    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

    388

    Origination Dollar Volume (All Markets)

    $49,350,000
    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) 201 $20,405,000 $101,517 $1,429 4.96%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 59 $14,855,000 $251,780 $1,268 5.02%
    SAGINAW, MI (FHA|USDA|VA) 46 $4,440,000 $96,522 $1,393 6.02%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 27 $2,715,000 $100,556 $2,298 4.52%
    BAY CITY, MI (FHA|USDA|VA) 20 $2,340,000 $117,000 $1,956 6.08%
    Outside of Metro Areas 19 $1,715,000 $90,263 $2,163 5.04%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $710,000 $355,000 $0 5.35%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $635,000 $635,000 $0 5.35%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $630,000 $315,000 $3,347 6.58%
    MIDLAND, MI (FHA|USDA|VA) 7 $555,000 $79,286 $1,952 5.28%
    Traverse City, MI (FHA|USDA|VA) 1 $195,000 $195,000 $5,005 5.38%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $65,000 $65,000 $3,023 4.63%
    Cadillac, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,491 5.13%
    Alma, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.24%
    Financial Plus Credit Union's top markets include Flint, Detroit, Saginaw, Lansing, and Bay City 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.

    Polish-American Federal Credit Union
    Similarity Rank: 57
    St James Mortgage Corporation
    Similarity Rank: 93
    FinancialEdge Community Credit Union
    Similarity Rank: 96
    Zeal Credit Union
    Similarity Rank: 108
    Wanigas Credit Union
    Similarity Rank: 165
    Wildfire Credit Union
    Similarity Rank: 170
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 216
    UNITED FINANCIAL Credit Union
    Similarity Rank: 230
    1st State Financial, Ltd.
    Similarity Rank: 273
    TEAM ONE CREDIT UNION
    Similarity Rank: 330

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 375 $47,385,000 $126,360 $1,419 5.20%
    FHA 13 $1,965,000 $151,154 $5,427 3.70%

    For 2022, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 375 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 Improvement 99 $5,445,000 $55,000 $353 5.13%
    Home Purchase 93 $17,615,000 $189,409 $3,808 5.25%
    Other 90 $5,050,000 $56,111 $165 5.34%
    Cash Out Refi 75 $15,435,000 $205,800 $2,116 4.95%
    Refi 31 $5,805,000 $187,258 $2,191 4.80%

    For 2022, Financial Plus Credit Union's most frequently cited loan purpose was Home Improvement, with 99 originations. The 2nd most popular reason was Home Purchase, with 93 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 158 $10,820,000 $68,481 $648 5.36%
    30 Year 119 $18,195,000 $152,899 $3,687 5.03%
    10 Year 100 $16,380,000 $163,800 $117 4.97%
    5 Year 7 $3,445,000 $492,143 $0 5.56%
    20 Year 4 $510,000 $127,500 $3,160 3.88%

    For 2022, Financial Plus Credit Union's most frequently cited loan duration was 15 Year, with 158 originations. The 2nd most popular length was 30 Year, with 119 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 249 $15,335,000 $61,586
    $1k-2k 66 $8,360,000 $126,667
    $2k-3k 28 $5,050,000 $180,357
    $3k-4k 8 $1,190,000 $148,750
    $4k-5k 8 $2,220,000 $277,500
    $5k+ 3 $925,000 $308,333

    Financial Plus Credit Union's average total fees were $3,687, 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
    5-6% 123 $12,915,000 $105,000
    4-5% 103 $18,455,000 $179,175
    3-4% 62 $6,510,000 $105,000
    6-7% 60 $7,910,000 $131,833
    7-8% 18 $1,370,000 $76,111
    2.5-3% 16 $1,700,000 $106,250
    Over 8% 6 $490,000 $81,667

    During 2022, Financial Plus Credit Union's average interest rate for loans was 5.03%, while their most frequently originated rate bucket for loans was 5-6%, with 123 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 241 $11,855,000 $49,191 $691 5.24%
    $100k-200k 100 $14,340,000 $143,400 $2,787 4.99%
    $200k-400k 29 $8,185,000 $282,241 $4,657 5.02%
    $1MM+ 6 $7,910,000 $1,318,333 $0 4.61%
    $400k-600k 6 $2,740,000 $456,667 $7,214 4.60%
    $600k-1MM 6 $4,320,000 $720,000 $0 5.50%

    2022 saw Financial Plus Credit Union place emphasis on $100,000 or less loans with 241 originations, totaling $11,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 104 $9,340,000 $89,808 $1,744 5.13%
    $50k or less 93 $6,175,000 $66,398 $1,538 4.96%
    $75k-100k 71 $5,955,000 $83,873 $1,410 5.33%
    $100k-150k 64 $7,130,000 $111,406 $1,533 5.21%
    $150k-250k 27 $3,615,000 $133,889 $1,295 5.24%
    $250k+ 4 $930,000 $232,500 $2,487 5.87%

    Financial Plus Credit Union lent most frequently to those with incomes in the $50k-75k range, with 104 originations. The second most popular income band? $50k or less, with 93 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 84 $7,970,000 $94,881 $1,810 4.89%
    30-36% 68 $4,790,000 $70,441 $996 5.31%
    42% 35 $2,605,000 $74,429 $630 5.37%
    <20% 22 $1,660,000 $75,455 $1,325 4.84%
    41% 22 $1,490,000 $67,727 $992 5.20%
    40% 21 $1,655,000 $78,810 $1,380 4.77%
    38% 19 $1,685,000 $88,684 $1,159 6.03%
    39% 17 $1,375,000 $80,882 $1,205 5.16%
    44% 15 $2,065,000 $137,667 $3,937 5.03%
    37% 11 $835,000 $75,909 $1,426 4.85%
    36% 11 $1,375,000 $125,000 $2,191 5.43%
    43% 10 $1,350,000 $135,000 $2,611 4.60%
    45% 9 $1,675,000 $186,111 $2,940 5.79%
    46% 7 $1,155,000 $165,000 $3,773 5.39%
    48% 6 $870,000 $145,000 $2,841 5.02%
    49% 3 $405,000 $135,000 $2,594 4.33%
    47% 1 $45,000 $45,000 $0 6.49%
    50-60% 1 $35,000 $35,000 $0 8.74%
    >60% 1 $105,000 $105,000 $0 5.74%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 84 originations. The next most common DTI ratio? 30-36%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 326 $30,110,000 $92,362 $1,596 5.09%
    Not applicable 25 $16,205,000 $648,200 $0 5.02%
    Black 18 $1,350,000 $75,000 $1,294 5.65%
    Not provided 16 $1,330,000 $83,125 $837 5.80%
    Asian 2 $320,000 $160,000 $3,697 6.13%
    American Indian 1 $35,000 $35,000 $1,853 5.13%

    Approval Rates

    Total approvals of all applications
    80.93%

    Financial Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    57.73%

    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 388 $49,350,000 $127,191

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    388 $49,350,000 $127,191

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 93 $6,245,000 $67,151 $375 5.45%
    40-60% 43 $5,125,000 $119,186 $1,727 4.69%
    60-80% 79 $20,325,000 $257,278 $3,334 4.78%
    80-100% 70 $13,530,000 $193,286 $3,701 5.25%
    Under 20% 103 $4,125,000 $40,049 $64 5.28%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Finance of America Holdings LLC Reverse mortgage Trouble during payment process 1 100.0%