Financial Plus Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 549300GWJ5O0AQLJKV83

Tax ID: 36-2282191

5 stars - Updated: 3/28/24 - out of 5 stars, based on 9 reviews

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

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Mortgage Data

Review & Overview

Financial Plus is a smaller mortgage company specializing in Home Purchase loans. Financial Plus has a high proportion of conventional loans. Their top markets by origination volume include: Ottawa, Chicago, Dixon, and Pontiac among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Plus has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Financial Plus 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 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
30 Year Conventional Purchase 5.95% 3/28/24
30 Year Conventional Refi 6.13% 3/28/24
30 Year Cash-out Refi 6.12% 3/28/24
15 Year Conventional Purchase 5.71% 3/28/24
15 Year Conventional Refi 6.22% 3/28/24
15 Year Cash-out Refi 6.22% 3/28/24
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.

Financial Plus Mortgage Calculator






Your Estimates

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

This is not an official calculator from Financial Plus. 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

83

Origination Dollar Volume (All Markets)

$11,525,000

Awards

FINANCIAL PLUS 30 Year Conventional Loans gold FINANCIAL PLUS 30 Year Conventional Loans gold FINANCIAL PLUS 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Financial Plus's average 30 year fixed mortgage rate was 6.55%.

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

This yields a difference of 0.07%.

Relative Fees (Closing Costs)

Financial Plus's average total fees/closing costs for a 30 year fixed rate mortgage were $1,356.

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
Ottawa, IL (FHA|USDA|VA) 70 $9,490,000 $135,571 $1,276 6.47%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 10 $1,550,000 $155,000 $2,315 6.70%
Dixon, IL (FHA|USDA|VA) 2 $340,000 $170,000 $1,281 6.75%
Pontiac, IL (FHA|USDA|VA) 1 $145,000 $145,000 $1,716 7.15%
Financial Plus's top markets include Ottawa, Chicago, Dixon, and Pontiac among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Similar Lenders

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

    FINANCIAL PLUS
    Similarity Rank: 12
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Central Bank Illinois
    Similarity Rank: 189
    Liberty Bank for Savings
    Similarity Rank: 279
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423
    CROWN MORTGAGE COMPANY
    Similarity Rank: 523
    First Financial Credit Union
    Similarity Rank: 934
    EDUCATORS CREDIT UNION
    Similarity Rank: 1000

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 83 $11,525,000 $138,855 $1,406 6.52%

    For 2023, Financial Plus's most frequently originated type of loan was Conventional, with 83 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 54 $7,990,000 $147,963 $1,462 6.47%
    Cash Out Refi 20 $2,210,000 $110,500 $1,392 6.53%
    Refi 9 $1,325,000 $147,222 $1,102 6.74%

    For 2023, Financial Plus's most frequently cited loan purpose was Home Purchase, with 54 originations. The 2nd most popular reason was Cash Out Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 68 $10,210,000 $150,147 $1,356 6.55%
    15 Year 10 $900,000 $90,000 $1,846 6.18%
    20 Year 5 $415,000 $83,000 $1,206 6.73%

    For 2023, Financial Plus's most frequently cited loan duration was 30 Year, with 68 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 83 $11,525,000 $138,855

    Financial Plus's average total fees were $1,356, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 43 $5,605,000 $130,349
    5-6% 32 $5,200,000 $162,500
    7-8% 8 $720,000 $90,000

    During 2023, Financial Plus's average interest rate for loans was 6.55%, while their most frequently originated rate bucket for loans was 6-7%, with 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 32 $4,160,000 $130,000 $1,404 6.55%
    $100,000 or less 30 $2,000,000 $66,667 $1,179 6.61%
    $200k-400k 20 $4,920,000 $246,000 $1,747 6.34%
    $400k-600k 1 $445,000 $445,000 $1,491 6.00%

    2023 saw Financial Plus place emphasis on $100k-200k loans with 32 originations, totaling $4,160,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 23 $4,195,000 $182,391 $1,769 6.36%
    $100k-150k 20 $2,920,000 $146,000 $1,425 6.58%
    $50k-75k 16 $1,620,000 $101,250 $1,161 6.46%
    $75k-100k 12 $1,300,000 $108,333 $1,201 6.58%
    $250k+ 6 $1,060,000 $176,667 $1,258 6.51%
    $50k or less 6 $430,000 $71,667 $1,166 6.93%

    Financial Plus lent most frequently to those with incomes in the $150k-250k range, with 23 originations. The second most popular income band? $100k-150k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $5,050,000 $140,278 $1,331 6.54%
    <20% 21 $2,755,000 $131,190 $1,355 6.46%
    30-36% 12 $2,090,000 $174,167 $1,540 6.13%
    39% 3 $505,000 $168,333 $1,926 6.83%
    40% 2 $180,000 $90,000 $1,523 6.38%
    50-60% 2 $150,000 $75,000 $1,329 6.93%
    36% 2 $420,000 $210,000 $1,247 6.65%
    37% 2 $180,000 $90,000 $2,482 7.10%
    >60% 1 $25,000 $25,000 $641 7.55%
    38% 1 $115,000 $115,000 $879 7.15%
    41% 1 $55,000 $55,000 $1,409 7.00%

    Financial Plus lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? <20%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 82 $11,310,000 $137,927 $1,407 6.52%
    Black 1 $215,000 $215,000 $1,369 6.00%

    Approval Rates

    Total approvals of all applications
    91.46%

    Financial Plus has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.16%

    Financial Plus has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 83 $11,525,000 $138,855

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    83 $11,525,000 $138,855

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $725,000 $103,571 $1,519 6.39%
    40-60% 8 $880,000 $110,000 $1,102 6.49%
    60-80% 33 $4,155,000 $125,909 $1,562 6.55%
    80-100% 33 $5,605,000 $169,848 $1,327 6.46%
    Under 20% 1 $25,000 $25,000 $641 7.55%