Financial Plus Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 549300GWJ5O0AQLJKV83

Tax ID: 36-2282191

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

    Financial Plus is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Financial Plus has a high proportion of conventional loans. Their top two markets are Ottawa and Chicago .

    Financial Plus 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. 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 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
    30 Year Conventional Purchase 5.95% 12/16/24
    30 Year Conventional Refi 6.13% 12/16/24
    30 Year Cash-out Refi 6.12% 12/16/24
    15 Year Conventional Purchase 5.71% 12/16/24
    15 Year Conventional Refi 6.22% 12/16/24
    15 Year Cash-out Refi 6.22% 12/16/24
    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

    112

    Origination Dollar Volume (All Markets)

    $12,780,000

    Awards

    FINANCIAL PLUS 30 Year Conventional Loans gold FINANCIAL PLUS 30 Year Conventional Loans gold FINANCIAL PLUS 30 Year Conventional Loans silver
    Show all (3) 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
    Ottawa, IL (FHA|USDA|VA) 99 $10,655,000 $107,626 $1,044 4.52%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 13 $2,125,000 $163,462 $1,292 4.45%
    Financial Plus's top markets include Ottawa and Chicago 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: 8
    UNITED
    Similarity Rank: 28
    Liberty Bank for Savings
    Similarity Rank: 104
    PACIFIC GLOBAL BANK
    Similarity Rank: 408
    The Equitable Bank, S.S.B.
    Similarity Rank: 533
    TECH Credit Union
    Similarity Rank: 759
    DuPage Credit Union
    Similarity Rank: 852
    First Financial Credit Union
    Similarity Rank: 870
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 921
    Community State Bank
    Similarity Rank: 1032

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 112 $12,780,000 $114,107 $1,073 4.51%

    For 2018, Financial Plus's most frequently originated type of loan was Conventional, with 112 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 43 $4,825,000 $112,209 $1,006 4.43%
    Home Purchase 40 $4,600,000 $115,000 $1,154 4.63%
    Cash Out Refi 28 $3,210,000 $114,643 $1,012 4.46%
    Home Improvement 1 $145,000 $145,000 $2,409 4.63%

    For 2018, Financial Plus's most frequently cited loan purpose was Refi, with 43 originations. The 2nd most popular reason was Home Purchase, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 66 $8,420,000 $127,576 $1,130 4.76%
    15 Year 28 $2,540,000 $90,714 $948 3.98%
    20 Year 16 $1,730,000 $108,125 $1,089 4.50%
    10 Year 2 $90,000 $45,000 $789 3.80%

    For 2018, Financial Plus's most frequently cited loan duration was 30 Year, with 66 originations. The 2nd most popular length was 15 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 112 $12,780,000 $114,107

    Financial Plus's average total fees were $1,130, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 112 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 88 $10,100,000 $114,773
    3-4% 13 $1,625,000 $125,000
    5-6% 11 $1,055,000 $95,909

    During 2018, Financial Plus's average interest rate for loans was 4.76%, while their most frequently originated rate bucket for loans was 4-5%, with 88 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 56 $3,720,000 $66,429 $981 4.48%
    $100k-200k 45 $6,265,000 $139,222 $1,112 4.55%
    $200k-400k 11 $2,795,000 $254,091 $1,378 4.50%

    2018 saw Financial Plus place emphasis on $100,000 or less loans with 56 originations, totaling $3,720,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 31 $3,495,000 $112,742 $1,024 4.36%
    $50k-75k 29 $2,845,000 $98,103 $1,078 4.60%
    $75k-100k 22 $2,450,000 $111,364 $1,059 4.54%
    $50k or less 15 $1,165,000 $77,667 $1,012 4.71%
    $150k-250k 11 $2,145,000 $195,000 $1,245 4.33%
    $250k+ 4 $680,000 $170,000 $1,245 4.58%

    Financial Plus lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $50k-75k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 39 $4,175,000 $107,051 $1,105 4.48%
    30-36% 27 $3,285,000 $121,667 $1,043 4.69%
    <20% 26 $2,960,000 $113,846 $1,028 4.27%
    38% 6 $620,000 $103,333 $1,283 4.60%
    37% 6 $800,000 $133,333 $1,019 4.57%
    39% 4 $410,000 $102,500 $1,083 4.60%
    36% 1 $155,000 $155,000 $971 4.63%
    41% 1 $65,000 $65,000 $834 5.15%
    44% 1 $115,000 $115,000 $819 4.63%
    47% 1 $195,000 $195,000 $1,409 4.63%

    Financial Plus lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 111 $12,715,000 $114,550 $1,075 4.50%
    Black 1 $65,000 $65,000 $834 5.13%

    Approval Rates

    Total approvals of all applications
    87.39%

    Financial Plus has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.50%

    Financial Plus has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 112 $12,780,000 $114,107

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 112 $12,780,000 $114,107

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $415,000 $83,000 $931 4.42%
    40-60% 13 $1,285,000 $98,846 $851 4.07%
    60-80% 55 $6,325,000 $115,000 $1,109 4.53%
    80-100% 38 $4,740,000 $124,737 $1,126 4.66%
    Under 20% 1 $15,000 $15,000 $619 4.10%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%