Finex Credit Union Mortgage Rates, Fees & Info

East Hartford, CT

LEI: 549300DRZGISDSL1BX02

Tax ID: 06-0659505

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

    Finex Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Finex Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, Springfield, Worcester, Boston, and New Haven among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Finex Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Finex 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.

    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
    Home Equity Line of Credit (HELOC) 7.59% 4/28/24
    30 Year Conventional Purchase 6.08% 4/28/24
    30 Year Cash-out Refi 5.88% 4/28/24
    15 Year Conventional Purchase 6.67% 4/28/24
    15 Year Conventional Refi 5.93% 4/28/24
    15 Year Cash-out Refi 5.93% 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.

    Finex Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Finex 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

    103

    Origination Dollar Volume (All Markets)

    $17,215,000

    Awards

    FINEX CREDIT UNION 30 Year Conventional Loans bronze FINEX CREDIT UNION 30 Year Conventional Loans silver
    Show all (2) 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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 71 $9,905,000 $139,507 $5,175 3.39%
    SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,235,000 $247,000 $6,958 3.78%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $845,000 $281,667 $4,834 3.16%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $840,000 $420,000 $5,563 2.88%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $730,000 $182,500 $4,512 2.66%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $580,000 $290,000 $6,904 2.88%
    Lebanon, NH-VT (FHA|USDA|VA) 3 $565,000 $188,333 $5,653 2.79%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $510,000 $255,000 $5,125 2.94%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $485,000 $485,000 $5,269 2.38%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $415,000 $415,000 $8,075 2.88%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $280,000 $140,000 $3,765 2.56%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $255,000 $255,000 $6,931 2.88%
    Torrington, CT (FHA|USDA|VA) 1 $155,000 $155,000 $4,587 2.38%
    Outside of Metro Areas 2 $140,000 $70,000 $4,023 3.69%
    Keene, NH (FHA|USDA|VA) 1 $135,000 $135,000 $4,402 2.50%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $105,000 $105,000 $3,831 2.50%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.74%
    Finex Credit Union's top markets include Hartford, Springfield, Worcester, Boston, and New Haven among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)

    • Similar Lenders

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

    SIKORSKY FINANCIAL
    Similarity Rank: 354
    POLISH NATIONAL
    Similarity Rank: 376
    Sanborn Mortgage Corporation
    Similarity Rank: 435
    The Torrington Savings Bank
    Similarity Rank: 475
    Charter Oak Federal Credit Union
    Similarity Rank: 654
    Chelsea Groton Bank
    Similarity Rank: 784
    Newtown Savings Bank
    Similarity Rank: 815
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 820
    PeoplesBank
    Similarity Rank: 900
    Thomaston Savings Bank
    Similarity Rank: 905

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 75 $15,315,000 $204,200 $5,299 3.01%
    HELOC 28 $1,900,000 $67,857 n/a 4.02%

    For 2021, Finex Credit Union's most frequently originated type of loan was Conventional, with 75 originations. Their 2nd most popular type was HELOC, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 34 $2,150,000 $63,235 $429 4.37%
    Refi 28 $5,450,000 $194,643 $5,147 2.64%
    Cash Out Refi 23 $4,865,000 $211,522 $5,876 2.82%
    Home Purchase 18 $4,750,000 $263,889 $6,152 2.84%

    For 2021, Finex Credit Union's most frequently cited loan purpose was Home Improvement, with 34 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 38 $9,270,000 $243,947 $5,774 2.96%
    Other 27 $1,845,000 $68,333 $0 3.96%
    15 Year 24 $4,670,000 $194,583 $5,365 2.39%
    10 Year 7 $535,000 $76,429 $1,924 5.07%
    20 Year 5 $835,000 $167,000 $6,694 3.08%
    5 Year 2 $60,000 $30,000 $434 5.50%

    For 2021, Finex Credit Union's most frequently cited loan duration was 30 Year, with 38 originations. The 2nd most popular length was Other, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 30 $5,700,000 $190,000
    $2k-3k 16 $3,450,000 $215,625
    $5k+ 12 $3,300,000 $275,000
    $3k-4k 7 $1,755,000 $250,714
    $4k-5k 3 $795,000 $265,000
    $<1k 1 $65,000 $65,000

    Finex Credit Union's average total fees were $5,774, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 30 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 50 $8,930,000 $178,600
    <2.5% 26 $4,960,000 $190,769
    3-4% 15 $2,735,000 $182,333
    6-7% 4 $140,000 $35,000
    5-6% 3 $165,000 $55,000
    4-5% 3 $205,000 $68,333
    7-8% 1 $45,000 $45,000
    Over 8% 1 $35,000 $35,000

    During 2021, Finex Credit Union's average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 2.5-3%, with 50 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 36 $5,280,000 $146,667 $4,465 2.82%
    $100,000 or less 34 $1,780,000 $52,353 $2,036 4.23%
    $200k-400k 24 $6,160,000 $256,667 $7,236 2.81%
    $400k-600k 9 $3,995,000 $443,889 $6,943 2.88%

    2021 saw Finex Credit Union place emphasis on $100k-200k loans with 36 originations, totaling $5,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $5,410,000 $193,214 $4,983 3.52%
    $150k-250k 25 $4,885,000 $195,400 $6,627 3.21%
    $50k-75k 21 $2,535,000 $120,714 $5,280 3.38%
    $75k-100k 17 $2,645,000 $155,588 $4,729 3.28%
    $50k or less 8 $720,000 $90,000 $3,675 2.79%
    $250k+ 4 $1,020,000 $255,000 $5,899 2.65%

    Finex Credit Union lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $150k-250k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $5,955,000 $180,455 $4,961 3.12%
    30-36% 22 $3,770,000 $171,364 $5,123 3.25%
    44% 6 $670,000 $111,667 $2,782 3.81%
    48% 6 $1,060,000 $176,667 $5,205 3.81%
    <20% 6 $940,000 $156,667 $11,051 2.54%
    45% 5 $805,000 $161,000 $5,194 3.80%
    43% 5 $945,000 $189,000 $5,652 3.60%
    46% 4 $650,000 $162,500 $3,331 4.59%
    40% 3 $695,000 $231,667 $4,822 2.71%
    42% 2 $200,000 $100,000 $2,990 3.44%
    38% 2 $400,000 $200,000 $7,479 2.88%
    39% 2 $200,000 $100,000 $0 3.49%
    49% 2 $520,000 $260,000 $8,345 2.81%
    37% 1 $55,000 $55,000 $0 2.99%
    47% 1 $195,000 $195,000 $4,347 2.50%
    36% 1 $25,000 $25,000 $0 2.99%
    >60% 1 $75,000 $75,000 $3,066 2.88%
    41% 1 $55,000 $55,000 $0 2.99%

    Finex Credit Union lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 65 $12,875,000 $198,077 $5,086 2.91%
    Not provided 27 $2,695,000 $99,815 $4,070 4.33%
    Black 8 $1,080,000 $135,000 $4,275 2.97%
    Asian 3 $565,000 $188,333 $14,619 2.79%

    Approval Rates

    Total approvals of all applications
    90.76%

    Finex Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.15%

    Finex Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 103 $17,215,000 $167,136

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    103 $17,215,000 $167,136

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $1,295,000 $86,333 $3,570 3.54%
    40-60% 18 $3,250,000 $180,556 $4,093 2.64%
    60-80% 40 $8,980,000 $224,500 $6,400 2.81%
    80-100% 10 $2,860,000 $286,000 $6,065 3.13%
    Under 20% 20 $830,000 $41,500 $429 4.71%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Fein, Such, Kahn & Shepard, P.C. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Fein, Such, Kahn & Shepard, P.C. Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%