Tropical Financial Credit Union Mortgage Rates, Fees & Info

Miramar, FL

LEI: 549300BZDER2ZANLA242

Tax ID: 59-0637653

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
  • 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, North Port, and Key West among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Tropical Financial 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. Tropical Financial 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 6.33% 11/22/24
    30 Year Conventional Refi 6.24% 11/22/24
    30 Year Cash-out Refi 6.39% 11/22/24
    15 Year Conventional Purchase 5.51% 11/22/24
    15 Year Conventional Refi 5.76% 11/22/24
    15 Year Cash-out Refi 5.76% 11/22/24
    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.

    Tropical Financial Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Tropical Financial 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

    701

    Origination Dollar Volume (All Markets)

    $124,645,000

    Awards

    TROPICAL FINANCIAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (1) 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
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 638 $114,300,000 $179,154 $3,974 4.52%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 20 $3,030,000 $151,500 $3,958 4.61%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,160,000 $290,000 $4,442 4.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 7 $915,000 $130,714 $3,736 4.54%
    Key West, FL (FHA|USDA|VA) 2 $910,000 $455,000 $5,176 3.63%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $720,000 $180,000 $4,809 3.97%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $585,000 $195,000 $5,043 3.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 3 $535,000 $178,333 $3,334 4.42%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $460,000 $230,000 $4,547 4.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 3 $365,000 $121,667 $3,432 4.25%
    OCALA, FL (FHA|USDA|VA) 2 $330,000 $165,000 $4,010 3.50%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 2 $290,000 $145,000 $4,679 4.31%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $225,000 $225,000 $1,927 4.75%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $210,000 $105,000 $3,698 4.81%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,941 3.63%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,542 4.38%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $120,000 $60,000 $500 5.50%
    Outside of Metro Areas 2 $80,000 $40,000 $500 4.44%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $65,000 $65,000 $500 3.75%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.25%
    Tropical Financial Credit Union's top markets include Miami, Port St. Lucie, Orlando, North Port, and Key West 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.

    POWER FINANCIAL
    Similarity Rank: 188
    We Florida Financial
    Similarity Rank: 572
    MIDFLORIDA
    Similarity Rank: 616
    AMERANT BANK, NATIONAL ASSOCIATION
    Similarity Rank: 755
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 940
    BANKING MORTGAGE SERVICES, B.M.S. CORP.
    Similarity Rank: 1230
    TrustCo Bank
    Similarity Rank: 1300
    CROSSFIRE FINANCIAL NETWORK, INC.
    Similarity Rank: 1440
    Malvern Bank N.A.
    Similarity Rank: 1548
    Suncoast Credit Union
    Similarity Rank: 1794

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 506 $109,960,000 $217,312 $3,963 4.12%
    HELOC 195 $14,685,000 $75,308 n/a 5.47%

    For 2019, Tropical Financial Credit Union's most frequently originated type of loan was Conventional, with 506 originations. Their 2nd most popular type was HELOC, with 195 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 411 $49,665,000 $120,839 $3,620 4.86%
    Home Purchase 197 $55,065,000 $279,518 $4,670 4.11%
    Refi 93 $19,915,000 $214,140 $2,923 3.72%

    For 2019, Tropical Financial Credit Union's most frequently cited loan purpose was Cash Out Refi, with 411 originations. The 2nd most popular reason was Home Purchase, with 197 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 318 $87,310,000 $274,560 $4,376 4.16%
    20 Year 210 $17,090,000 $81,381 $3,630 5.39%
    15 Year 84 $14,420,000 $171,667 $4,215 4.02%
    10 Year 74 $5,080,000 $68,649 $568 4.11%
    5 Year 13 $525,000 $40,385 $375 3.99%
    Other 2 $220,000 $110,000 $3,483 4.13%

    For 2019, Tropical Financial Credit Union's most frequently cited loan duration was 30 Year, with 318 originations. The 2nd most popular length was 20 Year, with 210 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 163 $36,025,000 $221,012
    $<1k 152 $45,910,000 $302,039
    $2k-3k 47 $12,175,000 $259,043
    $3k-4k 15 $4,385,000 $292,333
    $5k+ 6 $2,760,000 $460,000
    $4k-5k 4 $1,170,000 $292,500

    Tropical Financial Credit Union's average total fees were $4,376, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 163 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 279 $46,075,000 $165,143
    3-4% 272 $63,930,000 $235,037
    5-6% 72 $7,220,000 $100,278
    6-7% 62 $3,770,000 $60,806
    2.5-3% 12 $3,350,000 $279,167
    7-8% 4 $300,000 $75,000

    During 2019, Tropical Financial Credit Union's average interest rate for loans was 4.16%, while their most frequently originated rate bucket for loans was 4-5%, with 279 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 280 $14,590,000 $52,107 $1,761 5.00%
    $200k-400k 200 $55,500,000 $277,500 $4,571 4.18%
    $100k-200k 165 $23,865,000 $144,636 $3,253 4.26%
    $400k-600k 45 $22,185,000 $493,000 $5,379 3.89%
    $600k-1MM 9 $6,085,000 $676,111 $6,256 3.88%
    $1MM+ 2 $2,420,000 $1,210,000 $8,802 3.75%

    2019 saw Tropical Financial Credit Union place emphasis on $100,000 or less loans with 280 originations, totaling $14,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 187 $32,095,000 $171,631 $4,321 4.67%
    $50k-75k 154 $19,980,000 $129,740 $3,487 4.48%
    $75k-100k 150 $23,730,000 $158,200 $3,782 4.38%
    $150k-250k 105 $26,785,000 $255,095 $4,388 4.60%
    $50k or less 72 $7,700,000 $106,944 $2,864 4.39%
    $250k+ 32 $14,190,000 $443,438 $6,531 4.08%

    Tropical Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 187 originations. The second most popular income band? $50k-75k, with 154 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 127 $23,825,000 $187,598 $4,006 4.37%
    20-30% 117 $21,155,000 $180,812 $3,998 4.24%
    45% 51 $6,095,000 $119,510 $3,512 4.97%
    42% 46 $7,700,000 $167,391 $3,782 4.83%
    41% 46 $7,990,000 $173,696 $3,773 4.70%
    43% 41 $6,855,000 $167,195 $3,662 4.81%
    39% 37 $6,655,000 $179,865 $3,866 4.71%
    40% 35 $6,815,000 $194,714 $3,649 4.45%
    44% 34 $4,990,000 $146,765 $4,001 4.53%
    37% 31 $5,815,000 $187,581 $4,177 4.76%
    38% 30 $4,750,000 $158,333 $3,786 4.55%
    36% 27 $5,295,000 $196,111 $4,270 4.23%
    <20% 24 $4,880,000 $203,333 $3,887 4.02%
    48% 11 $2,515,000 $228,636 $4,072 4.13%
    49% 11 $2,295,000 $208,636 $4,697 4.22%
    47% 9 $1,695,000 $188,333 $3,857 4.10%
    >60% 9 $2,145,000 $238,333 $4,166 4.93%
    46% 8 $1,750,000 $218,750 $4,704 4.30%
    50-60% 6 $1,260,000 $210,000 $5,111 3.98%

    Tropical Financial Credit Union lent most frequently to those with DTI ratios of 30-36%, with 127 originations. The next most common DTI ratio? 20-30%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 555 $100,645,000 $181,342 $4,005 4.49%
    Black 100 $15,280,000 $152,800 $3,775 4.54%
    Not provided 28 $4,650,000 $166,071 $3,571 4.51%
    Asian 15 $3,575,000 $238,333 $4,428 4.26%
    Asian Indian 2 $330,000 $165,000 $3,420 5.69%
    Not applicable 1 $165,000 $165,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    80.29%

    Tropical Financial Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    56.78%

    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 701 $124,645,000 $177,810

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 701 $124,645,000 $177,810

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 109 $11,275,000 $103,440 $2,213 4.57%
    40-60% 87 $15,885,000 $182,586 $3,182 3.97%
    60-80% 159 $42,755,000 $268,899 $4,419 4.11%
    80-100% 142 $44,700,000 $314,789 $4,700 4.18%
    Under 20% 204 $10,030,000 $49,167 $479 5.22%