Grow Financial Federal Credit Union Mortgage Rates, Fees & Info

Tampa, FL

LEI: 549300FOCEH0X0ZOR362

Tax ID: 59-0772528

5 stars - Updated: 6/9/24 - out of 5 stars, based on 23 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Grow Financial Federal Credit Union is a smaller credit union specializing in 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, Lakeland, Columbia, and Jacksonville among others. We have data for 38 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 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 relatively high 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% 6/9/24
30 Year Conventional Purchase 6.31% 6/9/24
30 Year Conventional Refi 6.32% 6/9/24
30 Year Cash-out Refi 6.40% 6/9/24
15 Year Conventional Purchase 6.48% 6/9/24
15 Year Conventional Refi 5.83% 6/9/24
15 Year Cash-out Refi 5.83% 6/9/24
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.

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

541

Origination Dollar Volume (All Markets)

$110,555,000

Awards

Grow Financial Federal Credit Union 30 Year Conventional Loans gold Grow Financial Federal Credit Union 30 Year Conventional Loans gold Grow Financial Federal Credit Union 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Grow Financial Federal Credit Union's average 30 year fixed mortgage rate was 5.85%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.63%.

Relative Fees (Closing Costs)

Grow Financial Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,024.

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 $9,089.

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) 399 $71,345,000 $178,810 $3,119 7.90%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 38 $7,180,000 $188,947 $2,739 8.44%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 5 $4,465,000 $893,000 $1,391 7.71%
COLUMBIA, SC (FHA|USDA|VA) 12 $2,650,000 $220,833 $3,799 6.52%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $2,435,000 $487,000 $6,346 6.33%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $2,410,000 $401,667 $4,919 6.42%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 8 $2,100,000 $262,500 $2,871 7.29%
Outside of Metro Areas 6 $1,960,000 $326,667 $3,082 6.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,610,000 $402,500 $6,354 5.41%
GAINESVILLE, FL (FHA|USDA|VA) 4 $1,050,000 $262,500 $2,979 7.06%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,030,000 $257,500 $4,713 8.78%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $1,015,000 $338,333 $3,251 5.71%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $875,000 $291,667 $3,334 7.58%
OCALA, FL (FHA|USDA|VA) 3 $865,000 $288,333 $7,326 7.58%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $850,000 $425,000 $5,288 6.06%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $775,000 $110,714 $2,127 8.18%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $725,000 $725,000 $15,156 4.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $690,000 $345,000 $4,892 5.50%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $665,000 $665,000 $5,813 5.25%
WILMINGTON, NC (FHA|USDA|VA) 2 $620,000 $310,000 $3,396 8.63%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 4 $600,000 $150,000 $3,053 7.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $515,000 $515,000 $4,739 5.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $505,000 $168,333 $4,725 7.13%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $505,000 $505,000 $4,942 5.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $500,000 $250,000 $2,313 6.94%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $345,000 $345,000 $3,328 5.75%
THE VILLAGES, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,181 4.75%
Athens, TN (FHA|USDA|VA) 1 $285,000 $285,000 $5,157 7.38%
BURLINGTON, NC (FHA|USDA|VA) 1 $285,000 $285,000 $3,315 5.25%
ASHEVILLE, NC (FHA|USDA|VA) 2 $260,000 $130,000 $3,661 5.75%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $255,000 $255,000 $3,987 6.25%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $205,000 $205,000 $1,966 6.50%
Americus, GA (FHA|USDA|VA) 1 $155,000 $155,000 $3,200 6.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $7,234 4.88%
GAINESVILLE, GA (FHA|USDA|VA) 2 $130,000 $65,000 $1,661 9.06%
Jefferson, GA (FHA|USDA|VA) 1 $125,000 $125,000 $1,701 8.63%
ALBANY, GA (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.14%
Key West, FL (FHA|USDA|VA) 1 $55,000 $55,000 $523 11.38%
Grow Financial Federal Credit Union's top markets include Tampa, North Port, Lakeland, Columbia, and Jacksonville 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)
  • Similar Lenders

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

    SAFE FEDERAL CREDIT UNION
    Similarity Rank: 80
    Security Federal Bank
    Similarity Rank: 150
    Arthur State Bank
    Similarity Rank: 462
    NEAL COMMUNITIES FUNDING, LLC
    Similarity Rank: 668
    Brannen Bank
    Similarity Rank: 858
    ACHIEVA CREDIT UNION
    Similarity Rank: 882
    Suncoast Credit Union
    Similarity Rank: 912
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 962

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 375 $98,675,000 $263,133 $3,341 7.13%
    HELOC 166 $11,880,000 $71,566 n/a 9.15%

    For 2023, Grow Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 375 originations. Their 2nd most popular type was HELOC, with 166 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 192 $14,620,000 $76,146 $949 9.11%
    Home Purchase 176 $67,210,000 $381,875 $5,326 5.94%
    Other 91 $6,215,000 $68,297 $846 9.31%
    Cash Out Refi 56 $10,420,000 $186,071 $3,469 6.68%
    Refi 26 $12,090,000 $465,000 $3,574 6.76%

    For 2023, Grow Financial Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 192 originations. The 2nd most popular reason was Home Purchase, with 176 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 201 $70,635,000 $351,418 $5,024 5.85%
    20 Year 164 $11,650,000 $71,037 $3,743 9.18%
    15 Year 114 $8,490,000 $74,474 $1,008 9.20%
    10 Year 54 $18,300,000 $338,889 $789 7.58%
    5 Year 5 $1,135,000 $227,000 $0 5.96%
    Other 3 $345,000 $115,000 $0 7.55%

    For 2023, Grow Financial Federal Credit Union's most frequently cited loan duration was 30 Year, with 201 originations. The 2nd most popular length was 20 Year, with 164 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 189 $67,025,000 $354,630
    $<1k 142 $10,750,000 $75,704
    $2k-3k 8 $1,600,000 $200,000
    $3k-4k 4 $800,000 $200,000
    $5k+ 4 $1,300,000 $325,000
    $4k-5k 1 $245,000 $245,000

    Grow Financial Federal Credit Union's average total fees were $5,024, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 189 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 277 $17,515,000 $63,231
    5-6% 128 $48,790,000 $381,172
    6-7% 84 $30,020,000 $357,381
    4-5% 27 $10,635,000 $393,889
    7-8% 25 $3,595,000 $143,800

    During 2023, Grow Financial Federal Credit Union's average interest rate for loans was 5.85%, while their most frequently originated rate bucket for loans was Over 8%, with 277 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 256 $13,300,000 $51,953 $772 9.19%
    $200k-400k 103 $29,855,000 $289,854 $4,791 5.88%
    $100k-200k 101 $14,335,000 $141,931 $3,102 7.67%
    $400k-600k 51 $24,345,000 $477,353 $5,663 5.66%
    $600k-1MM 20 $14,530,000 $726,500 $7,729 5.60%
    $1MM+ 10 $14,190,000 $1,419,000 $8,894 5.78%

    2023 saw Grow Financial Federal Credit Union place emphasis on $100,000 or less loans with 256 originations, totaling $13,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 139 $23,135,000 $166,439 $2,816 8.01%
    $50k-75k 101 $11,495,000 $113,812 $2,573 7.98%
    $75k-100k 92 $13,200,000 $143,478 $2,716 8.05%
    $150k-250k 90 $24,690,000 $274,333 $4,363 7.21%
    $50k or less 56 $3,170,000 $56,607 $1,831 8.74%
    $250k+ 42 $20,950,000 $498,810 $6,617 6.27%

    Grow Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 139 originations. The second most popular income band? $50k-75k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 73 $18,035,000 $247,055 $3,995 7.20%
    20-30% 71 $15,645,000 $220,352 $3,780 7.35%
    49% 48 $5,010,000 $104,375 $1,909 8.99%
    48% 32 $2,900,000 $90,625 $1,251 8.64%
    43% 29 $3,665,000 $126,379 $2,742 8.05%
    40% 28 $8,030,000 $286,786 $5,070 7.18%
    47% 28 $2,700,000 $96,429 $1,953 8.91%
    <20% 27 $4,945,000 $183,148 $4,808 6.99%
    42% 26 $4,620,000 $177,692 $3,216 7.89%
    44% 25 $5,985,000 $239,400 $4,004 7.53%
    46% 23 $2,785,000 $121,087 $2,619 8.55%
    41% 22 $5,440,000 $247,273 $4,387 7.08%
    38% 20 $3,610,000 $180,500 $2,651 7.93%
    39% 18 $2,420,000 $134,444 $2,207 8.52%
    45% 17 $1,935,000 $113,824 $1,768 8.88%
    37% 14 $3,070,000 $219,286 $4,453 7.04%
    36% 9 $1,895,000 $210,556 $2,974 7.10%
    50-60% 1 $75,000 $75,000 $0 8.75%

    Grow Financial Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 73 originations. The next most common DTI ratio? 20-30%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 404 $75,170,000 $186,064 $3,316 7.90%
    Not applicable 26 $16,780,000 $645,385 $0 6.12%
    Not provided 50 $10,080,000 $201,600 $3,909 7.41%
    Black 43 $5,085,000 $118,256 $2,541 7.94%
    Asian 12 $2,430,000 $202,500 $2,660 7.08%
    Asian Indian 2 $600,000 $300,000 $7,826 6.13%
    Other Asian 1 $245,000 $245,000 $7,882 5.38%
    American Indian 2 $120,000 $60,000 $0 8.88%
    Other Pacific Islander 1 $45,000 $45,000 $0 9.75%

    Approval Rates

    Total approvals of all applications
    79.71%

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

    Pick Rate

    Approvals leading to origination
    87.62%

    Grow Financial Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 541 $110,555,000 $204,353

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    541 $110,555,000 $204,353

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 95 $11,655,000 $122,684 $2,394 8.43%
    40-60% 42 $13,500,000 $321,429 $4,393 6.18%
    60-80% 85 $36,435,000 $428,647 $5,234 5.84%
    80-100% 88 $36,550,000 $415,341 $5,379 5.80%
    Under 20% 231 $12,415,000 $53,745 $717 9.19%