Grow Financial Federal Credit Union Mortgage Rates, Fees & Info

Tampa, FL

LEI: 549300FOCEH0X0ZOR362

Tax ID: 59-0772528

5 stars - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Grow Financial Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Grow Financial Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tampa, North Port, Columbia, Miami, and Lakeland among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)

Grow Financial Federal 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. Grow Financial Federal 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.

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) 6.82% 4/2/23
30 Year Conventional Purchase 6.31% 4/2/23
30 Year Conventional Refi 6.32% 4/2/23
30 Year Cash-out Refi 6.40% 4/2/23
15 Year Conventional Purchase 6.48% 4/2/23
15 Year Conventional Refi 5.83% 4/2/23
15 Year Cash-out Refi 5.83% 4/2/23
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.

Grow Financial Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Grow Financial Federal 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

866

Origination Dollar Volume (All Markets)

$130,980,000

Relative Rate

Grow Financial Federal Credit Union's average 30 year fixed mortgage rate was 4.15%.

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

This yields a difference of -0.61%.

Relative Fees (Closing Costs)

Grow Financial Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,412.

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
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 704 $102,010,000 $144,901 $3,006 4.93%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 54 $8,110,000 $150,185 $3,135 4.91%
COLUMBIA, SC (FHA|USDA|VA) 24 $4,310,000 $179,583 $3,370 4.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,455,000 $291,000 $5,769 4.48%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 7 $1,185,000 $169,286 $4,902 4.96%
Outside of Metro Areas 4 $1,180,000 $295,000 $4,047 5.41%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $1,145,000 $163,571 $3,558 4.89%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 4 $1,110,000 $277,500 $4,189 5.13%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $860,000 $430,000 $4,311 6.56%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $740,000 $185,000 $3,618 5.22%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $645,000 $215,000 $2,917 4.58%
OCALA, FL (FHA|USDA|VA) 4 $630,000 $157,500 $3,355 5.13%
GAINESVILLE, FL (FHA|USDA|VA) 2 $610,000 $305,000 $4,350 4.44%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $585,000 $195,000 $3,901 4.75%
Seneca, SC (FHA|USDA|VA) 1 $585,000 $585,000 $9,290 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $570,000 $95,000 $1,092 5.42%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 4 $500,000 $125,000 $2,871 5.00%
TALLAHASSEE, FL (FHA|USDA|VA) 2 $490,000 $245,000 $2,975 3.69%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $485,000 $485,000 $4,385 3.63%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $425,000 $425,000 $5,097 4.50%
Key West, FL (FHA|USDA|VA) 1 $405,000 $405,000 $5,691 5.38%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 5 $405,000 $81,000 $2,090 4.73%
Statesboro, GA (FHA|USDA|VA) 2 $360,000 $180,000 $2,386 4.75%
ASHEVILLE, NC (FHA|USDA|VA) 1 $345,000 $345,000 $5,726 3.50%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $220,000 $110,000 $0 6.50%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $215,000 $215,000 $2,680 5.25%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $215,000 $215,000 $3,115 3.13%
Clewiston, FL (FHA|USDA|VA) 1 $215,000 $215,000 $5,979 3.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $205,000 $205,000 $4,177 5.38%
Greenwood, SC (FHA|USDA|VA) 1 $165,000 $165,000 $3,228 4.13%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $130,000 $65,000 $1,118 6.13%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $125,000 $125,000 $4,435 3.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $115,000 $115,000 $928 7.88%
MOBILE, AL (FHA|USDA|VA) 1 $115,000 $115,000 $3,443 3.38%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $45,000 $45,000 $373 8.50%
ALBANY, GA (FHA|USDA|VA) 1 $45,000 $45,000 $3,048 5.88%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $25,000 $25,000 $1,336 5.63%
Grow Financial Federal Credit Union's top markets include Tampa, North Port, Columbia, Miami, and Lakeland among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 592 $109,590,000 $185,118 $3,092 4.74%
    HELOC 274 $21,390,000 $78,066 n/a 5.35%

    For 2022, Grow Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 592 originations. Their 2nd most popular type was HELOC, with 274 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 309 $22,925,000 $74,191 $1,286 5.46%
    Other 214 $19,170,000 $89,579 $1,779 5.42%
    Cash Out Refi 158 $36,740,000 $232,532 $4,083 3.90%
    Home Purchase 151 $45,325,000 $300,166 $5,010 4.46%
    Refi 33 $6,315,000 $191,364 $3,235 3.92%
    NA 1 $505,000 $505,000 $0 4.25%

    For 2022, Grow Financial Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 309 originations. The 2nd most popular reason was Other, with 214 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 289 $23,825,000 $82,439 $3,970 5.25%
    30 Year 266 $69,290,000 $260,489 $4,412 4.15%
    15 Year 225 $22,955,000 $102,022 $1,795 5.37%
    10 Year 69 $9,275,000 $134,420 $1,703 5.23%
    Other 11 $3,195,000 $290,455 $0 4.81%
    5 Year 6 $2,440,000 $406,667 $0 4.75%

    For 2022, Grow Financial Federal Credit Union's most frequently cited loan duration was 20 Year, with 289 originations. The 2nd most popular length was 30 Year, with 266 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 261 $61,895,000 $237,146
    $<1k 241 $20,055,000 $83,216
    $2k-3k 33 $9,235,000 $279,848
    $3k-4k 13 $2,995,000 $230,385
    $5k+ 10 $3,910,000 $391,000
    $4k-5k 5 $1,225,000 $245,000

    Grow Financial Federal Credit Union's average total fees were $4,412, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 261 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 296 $33,380,000 $112,770
    4-5% 216 $27,830,000 $128,843
    3-4% 193 $48,075,000 $249,093
    6-7% 56 $6,660,000 $118,929
    2.5-3% 45 $10,025,000 $222,778
    7-8% 45 $4,045,000 $89,889
    Over 8% 15 $965,000 $64,333

    During 2022, Grow Financial Federal Credit Union's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 5-6%, with 296 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 416 $23,210,000 $55,793 $1,444 5.42%
    $100k-200k 234 $32,810,000 $140,214 $2,982 4.73%
    $200k-400k 164 $45,570,000 $277,866 $4,560 4.19%
    $400k-600k 37 $17,835,000 $482,027 $6,474 4.29%
    $600k-1MM 13 $9,085,000 $698,846 $7,275 4.29%
    $1MM+ 2 $2,470,000 $1,235,000 $7,585 3.50%

    2022 saw Grow Financial Federal Credit Union place emphasis on $100,000 or less loans with 416 originations, totaling $23,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 203 $29,635,000 $145,985 $2,790 5.13%
    $50k-75k 175 $20,055,000 $114,600 $2,937 4.73%
    $75k-100k 173 $22,975,000 $132,803 $3,073 4.94%
    $150k-250k 136 $25,880,000 $190,294 $3,351 5.08%
    $50k or less 114 $10,180,000 $89,298 $2,807 4.81%
    $250k+ 45 $14,995,000 $333,222 $5,347 4.61%

    Grow Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 203 originations. The second most popular income band? $50k-75k, with 175 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 151 $24,825,000 $164,404 $3,568 4.52%
    30-36% 135 $22,785,000 $168,778 $3,735 4.70%
    49% 72 $7,110,000 $98,750 $1,993 5.54%
    <20% 64 $10,230,000 $159,844 $3,996 4.54%
    44% 41 $5,625,000 $137,195 $3,313 4.61%
    43% 41 $6,675,000 $162,805 $3,474 4.94%
    48% 40 $3,740,000 $93,500 $2,101 5.31%
    47% 37 $3,565,000 $96,351 $2,240 5.31%
    37% 33 $4,705,000 $142,576 $2,862 4.88%
    41% 33 $3,665,000 $111,061 $2,270 5.05%
    42% 30 $4,760,000 $158,667 $2,845 5.28%
    38% 30 $6,630,000 $221,000 $4,114 4.81%
    36% 29 $3,845,000 $132,586 $2,861 4.97%
    40% 27 $4,755,000 $176,111 $3,195 5.01%
    45% 25 $2,605,000 $104,200 $2,051 5.44%
    39% 23 $3,245,000 $141,087 $2,483 5.59%
    46% 22 $2,330,000 $105,909 $1,492 5.41%
    50-60% 5 $465,000 $93,000 $775 5.95%
    >60% 1 $55,000 $55,000 $0 5.50%

    Grow Financial Federal 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 135 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 638 $90,580,000 $141,975 $3,087 4.95%
    Not provided 112 $19,600,000 $175,000 $3,084 4.89%
    Black 63 $8,525,000 $135,317 $2,830 4.92%
    Not applicable 16 $5,140,000 $321,250 $0 4.82%
    Asian 20 $3,510,000 $175,500 $3,563 4.71%
    American Indian 7 $1,385,000 $197,857 $6,115 5.71%
    Native Hawaiian or Islander 4 $1,070,000 $267,500 $0 4.60%
    Asian Indian 2 $660,000 $330,000 $5,391 4.06%
    Other Asian 4 $510,000 $127,500 $1,908 4.22%

    Approval Rates

    Total approvals of all applications
    83.51%

    Grow Financial Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.53%

    Grow Financial Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 866 $130,980,000 $151,247

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    866 $130,980,000 $151,247

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 185 $22,795,000 $123,216 $2,436 4.95%
    40-60% 86 $17,010,000 $197,791 $4,088 4.04%
    60-80% 119 $35,955,000 $302,143 $4,927 3.93%
    80-100% 92 $29,730,000 $323,152 $4,878 4.40%
    Over 100% 1 $195,000 $195,000 $0 4.00%
    Under 20% 376 $22,420,000 $59,628 $1,143 5.58%