Tropical Financial Credit Union Mortgage Rates, Fees & Info

Miramar, FL

LEI: 549300BZDER2ZANLA242

Tax ID: 59-0637653

5 stars - out of 5 stars, based on 25 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Tropical Financial Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Tropical Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Port St. Lucie, Orlando, Cape Coral, and Tampa among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Tropical Financial Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Tropical Financial Credit Union is typically an average 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 6.33% 3/31/23
    30 Year Conventional Refi 6.24% 3/31/23
    30 Year Cash-out Refi 6.39% 3/31/23
    15 Year Conventional Purchase 5.51% 3/31/23
    15 Year Conventional Refi 5.76% 3/31/23
    15 Year Cash-out Refi 5.76% 3/31/23
    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.


    Originations

    634

    Origination Dollar Volume (All Markets)

    $106,270,000

    Awards

    TROPICAL FINANCIAL CREDIT UNION 30 Year Conventional Loans silver TROPICAL FINANCIAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Tropical Financial Credit Union's average 30 year fixed mortgage rate was 4.28%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.48%.

    Relative Fees (Closing Costs)

    Tropical Financial Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,867.

    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 $4,750.

    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
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 559 $93,205,000 $166,735 $3,660 4.61%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 23 $3,165,000 $137,609 $2,485 5.04%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 12 $2,790,000 $232,500 $6,053 4.55%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,585,000 $317,000 $8,764 4.23%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,160,000 $193,333 $4,959 4.33%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $885,000 $177,000 $3,804 3.35%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $740,000 $185,000 $2,027 5.68%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $465,000 $155,000 $4,686 6.00%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $365,000 $365,000 $6,561 3.88%
    Key West, FL (FHA|USDA|VA) 2 $360,000 $180,000 $0 3.75%
    Outside of Metro Areas 3 $355,000 $118,333 $4,594 3.33%
    OCALA, FL (FHA|USDA|VA) 2 $300,000 $150,000 $4,704 4.37%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $270,000 $135,000 $7,667 4.81%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $265,000 $265,000 $7,571 6.50%
    JACKSONVILLE, FL (FHA|USDA|VA) 3 $235,000 $78,333 $5,389 4.96%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.50%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.50%
    Tropical Financial Credit Union's top markets include Miami, Port St. Lucie, Orlando, Cape Coral, and Tampa among others.

    Their top states include:
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against TROPICAL FINANCIAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 560
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1170
    We Florida Financial
    Similarity Rank: 1416
    AMERANT BANK, NATIONAL ASSOCIATION
    Similarity Rank: 1746
    MIDFLORIDA
    Similarity Rank: 1798
    IVY MORTGAGE, INC.
    Similarity Rank: 2242
    Suncoast Credit Union
    Similarity Rank: 3010
    Auto Club Trust, FSB
    Similarity Rank: 3402
    MIAMI FIREFIGHTERS FCU
    Similarity Rank: 3465

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 359 $38,335,000 $106,783 n/a 4.79%
    Conventional 275 $67,935,000 $247,036 $3,781 4.39%

    For 2022, Tropical Financial Credit Union's most frequently originated type of loan was HELOC, with 359 originations. Their 2nd most popular type was Conventional, with 275 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 516 $65,100,000 $126,163 $2,357 4.72%
    Home Purchase 75 $28,635,000 $381,800 $6,642 4.56%
    Refi 43 $12,535,000 $291,512 $4,045 3.44%

    For 2022, Tropical Financial Credit Union's most frequently cited loan purpose was Cash Out Refi, with 516 originations. The 2nd most popular reason was Home Purchase, with 75 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 386 $41,480,000 $107,461 $1,315 4.86%
    30 Year 134 $45,600,000 $340,299 $5,867 4.28%
    15 Year 65 $14,825,000 $228,077 $2,642 4.17%
    10 Year 45 $3,255,000 $72,333 $111 4.29%
    Other 3 $945,000 $315,000 $5,586 3.25%
    5 Year 1 $165,000 $165,000 $0 4.75%

    For 2022, Tropical Financial Credit Union's most frequently cited loan duration was 20 Year, with 386 originations. The 2nd most popular length was 30 Year, with 134 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 126 $22,370,000 $177,540
    $2k-3k 46 $12,980,000 $282,174
    $1k-2k 44 $9,690,000 $220,227
    $3k-4k 20 $5,410,000 $270,500
    $5k+ 14 $8,480,000 $605,714
    $4k-5k 9 $2,565,000 $285,000

    Tropical Financial Credit Union's average total fees were $5,867, 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% 228 $42,910,000 $188,202
    4-5% 158 $27,920,000 $176,709
    5-6% 102 $15,410,000 $151,078
    6-7% 46 $5,740,000 $124,783
    2.5-3% 38 $6,340,000 $166,842
    7-8% 30 $2,700,000 $90,000
    <2.5% 18 $4,300,000 $238,889
    Over 8% 14 $950,000 $67,857

    During 2022, Tropical Financial Credit Union's average interest rate for loans was 4.28%, while their most frequently originated rate bucket for loans was 3-4%, with 228 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 294 $17,030,000 $57,925 $410 4.87%
    $100k-200k 153 $21,415,000 $139,967 $3,566 4.58%
    $200k-400k 140 $37,990,000 $271,357 $5,066 4.30%
    $400k-600k 33 $16,235,000 $491,970 $6,810 4.02%
    $600k-1MM 10 $7,740,000 $774,000 $9,483 3.90%
    $1MM+ 4 $5,860,000 $1,465,000 $13,708 4.25%

    2022 saw Tropical Financial Credit Union place emphasis on $100,000 or less loans with 294 originations, totaling $17,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 181 $21,865,000 $120,801 $3,241 4.85%
    $150k-250k 136 $27,600,000 $202,941 $5,075 4.44%
    $75k-100k 95 $12,235,000 $128,789 $3,217 4.79%
    $50k-75k 91 $10,205,000 $112,143 $3,276 4.71%
    $250k+ 70 $23,550,000 $336,429 $6,207 4.51%
    $50k or less 50 $4,640,000 $92,800 $2,358 4.01%

    Tropical Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 181 originations. The second most popular income band? $150k-250k, with 136 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 101 $17,505,000 $173,317 $4,879 4.40%
    20-30% 94 $17,870,000 $190,106 $4,100 4.29%
    44% 65 $6,515,000 $100,231 $1,786 5.10%
    43% 53 $6,595,000 $124,434 $1,870 4.77%
    42% 45 $6,345,000 $141,000 $3,104 5.36%
    40% 37 $5,455,000 $147,432 $2,929 4.51%
    38% 35 $5,635,000 $161,000 $3,611 4.49%
    41% 34 $5,350,000 $157,353 $3,924 5.19%
    45% 32 $3,410,000 $106,563 $2,394 4.17%
    37% 24 $4,290,000 $178,750 $4,047 4.57%
    36% 24 $3,010,000 $125,417 $3,307 4.86%
    39% 23 $4,435,000 $192,826 $3,940 5.04%
    <20% 20 $5,640,000 $282,000 $4,576 4.05%
    >60% 14 $2,100,000 $150,000 $3,697 4.69%
    49% 6 $1,750,000 $291,667 $4,790 3.69%
    47% 5 $1,595,000 $319,000 $4,635 4.18%
    48% 5 $1,355,000 $271,000 $4,718 4.23%
    46% 4 $920,000 $230,000 $3,700 3.72%
    50-60% 2 $320,000 $160,000 $5,740 3.50%

    Tropical Financial Credit Union lent most frequently to those with DTI ratios of 30-36%, with 101 originations. The next most common DTI ratio? 20-30%, with 94 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 474 $73,290,000 $154,620 $3,478 4.63%
    Black 98 $16,690,000 $170,306 $4,536 4.75%
    Not provided 37 $6,505,000 $175,811 $4,468 4.27%
    Not applicable 11 $6,175,000 $561,364 $0 4.01%
    Asian 6 $1,710,000 $285,000 $6,457 4.06%
    American Indian 3 $1,235,000 $411,667 $4,969 3.92%
    Other Asian 3 $355,000 $118,333 $0 5.50%
    Asian Indian 1 $255,000 $255,000 $0 3.50%
    Other Pacific Islander 1 $55,000 $55,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    66.18%

    Tropical Financial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    57.89%

    Tropical Financial 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 634 $106,270,000 $167,618

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    634 $106,270,000 $167,618

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 148 $24,370,000 $164,662 $2,566 4.58%
    40-60% 58 $14,420,000 $248,621 $4,328 3.71%
    60-80% 76 $26,270,000 $345,658 $5,745 4.09%
    80-100% 39 $17,805,000 $456,538 $6,875 4.55%
    Under 20% 313 $23,405,000 $74,776 $167 4.94%