Financial Plus Mortgage Rates, Fees & Info
Ottawa, ILLEI: 549300GWJ5O0AQLJKV83
Tax ID: 36-2282191
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Mortgage Data
Review & Overview
Financial Plus is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Financial Plus has a high proportion of conventional loans. Their top markets by origination volume include: Ottawa, Chicago, Dixon, Peoria, and Pontiac among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Financial Plus has an average approval rate when compared to the average across all lenders. They have an 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.95% | 11/17/24 |
| 30 Year Conventional Refi | 6.13% | 11/17/24 |
| 30 Year Cash-out Refi | 6.12% | 11/17/24 |
| 15 Year Conventional Purchase | 5.71% | 11/17/24 |
| 15 Year Conventional Refi | 6.22% | 11/17/24 |
| 15 Year Cash-out Refi | 6.22% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
135Origination Dollar Volume (All Markets)
$14,705,000Awards
FINANCIAL PLUS - 2019
FINANCIAL PLUS is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 114 | $12,390,000 | $108,684 | $1,078 | 4.46% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 18 | $1,920,000 | $106,667 | $1,387 | 4.53% |
| Dixon, IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,012 | 4.50% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $902 | 4.10% |
| Pontiac, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,706 | 4.10% |
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.
Similarity Rank: 75
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Similarity Rank: 950
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 135 | $14,705,000 | $108,926 | $1,122 | 4.46% |
For 2019, Financial Plus's most frequently originated type of loan was Conventional, with 135 originations.
Loan Reason
For 2019, Financial Plus's most frequently cited loan purpose was Home Purchase, with 51 originations. The 2nd most popular reason was Cash Out Refi, with 43 originations.
Loan Duration/Length
For 2019, Financial Plus's most frequently cited loan duration was 30 Year, with 77 originations. The 2nd most popular length was 15 Year, with 27 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 135 | $14,705,000 | $108,926 |
Financial Plus's average total fees were $1,197, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 135 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 114 | $12,880,000 | $112,982 |
| 3-4% | 13 | $1,155,000 | $88,846 |
| 5-6% | 8 | $670,000 | $83,750 |
During 2019, Financial Plus's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 4-5%, with 114 originations.
Loan Sizing
2019 saw Financial Plus place emphasis on $100,000 or less loans with 75 originations, totaling $4,925,000 in origination value.
Applicant Income
Financial Plus lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $75k-100k, with 32 originations.
Applicant Debt to Income Ratio
Financial Plus lent most frequently to those with DTI ratios of 20-30%, with 52 originations. The next most common DTI ratio? 30-36%, with 31 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 135 | $14,705,000 | $108,926 | $1,122 | 4.46% |
Approval Rates
Total approvals of all applications88.11%
Financial Plus has an average approval rate.
Pick Rate
Approvals leading to origination92.59%
Financial Plus has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 135 | $14,705,000 | $108,926 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $45,000 | $45,000 |
| Single Family (1-4 Units):Site-Built | 134 | $14,660,000 | $109,403 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Financial Freedom Mortgage, LLC | VA mortgage | Trouble during payment process | 1 | 50.0% |