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 Home Purchase, Refi, and Cash Out Refi loans. Financial Plus has a high proportion of conventional loans. Their top markets by origination volume include: Ottawa, Chicago, Dixon, and Peoria 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 an above 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% 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






    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

    183

    Origination Dollar Volume (All Markets)

    $21,395,000

    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

    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) 156 $17,590,000 $112,756 $1,111 3.29%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 22 $3,220,000 $146,364 $1,740 3.27%
    Dixon, IL (FHA|USDA|VA) 4 $510,000 $127,500 $1,178 3.00%
    PEORIA, IL (FHA|USDA|VA) 1 $75,000 $75,000 $1,175 3.13%
    Financial Plus's top markets include Ottawa, Chicago, Dixon, and Peoria 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.

    First Savings Bank of Hegewisch
    Similarity Rank: 45
    Liberty Bank for Savings
    Similarity Rank: 153
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 861
    First Financial Credit Union
    Similarity Rank: 1090
    The Equitable Bank, S.S.B.
    Similarity Rank: 1166
    Providence Bank & Trust
    Similarity Rank: 1232
    CROWN MORTGAGE COMPANY
    Similarity Rank: 1252
    FINANCIAL PLUS
    Similarity Rank: 1320
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1560
    DuPage Credit Union
    Similarity Rank: 1866

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 183 $21,395,000 $116,913 $1,188 3.28%

    For 2021, Financial Plus's most frequently originated type of loan was Conventional, with 183 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 74 $8,520,000 $115,135 $1,371 3.27%
    Refi 67 $7,025,000 $104,851 $1,063 3.21%
    Cash Out Refi 42 $5,850,000 $139,286 $1,065 3.42%

    For 2021, Financial Plus's most frequently cited loan purpose was Home Purchase, with 74 originations. The 2nd most popular reason was Refi, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 114 $14,880,000 $130,526 $1,248 3.38%
    15 Year 37 $3,465,000 $93,649 $1,079 3.03%
    20 Year 27 $2,765,000 $102,407 $1,094 3.25%
    10 Year 5 $285,000 $57,000 $1,136 3.02%

    For 2021, Financial Plus's most frequently cited loan duration was 30 Year, with 114 originations. The 2nd most popular length was 15 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 183 $21,395,000 $116,913

    Financial Plus's average total fees were $1,248, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 183 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 86 $10,250,000 $119,186
    3-4% 75 $8,325,000 $111,000
    4-5% 17 $2,215,000 $130,294
    <2.5% 5 $605,000 $121,000

    During 2021, Financial Plus's average interest rate for loans was 3.38%, while their most frequently originated rate bucket for loans was 2.5-3%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 85 $11,705,000 $137,706 $1,222 3.35%
    $100,000 or less 79 $5,155,000 $65,253 $1,103 3.22%
    $200k-400k 19 $4,535,000 $238,684 $1,392 3.24%

    2021 saw Financial Plus place emphasis on $100k-200k loans with 85 originations, totaling $11,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $8,640,000 $154,286 $1,154 3.24%
    $50k-75k 42 $4,040,000 $96,190 $1,233 3.29%
    $75k-100k 38 $4,250,000 $111,842 $1,227 3.33%
    $50k or less 35 $2,715,000 $77,571 $1,159 3.32%
    $150k-250k 11 $1,505,000 $136,818 $1,154 3.20%
    $250k+ 1 $245,000 $245,000 $1,125 2.99%

    Financial Plus lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $50k-75k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 70 $8,470,000 $121,000 $1,239 3.33%
    30-36% 46 $5,660,000 $123,043 $1,226 3.22%
    <20% 38 $3,730,000 $98,158 $1,070 3.25%
    38% 6 $750,000 $125,000 $1,131 3.22%
    40% 5 $715,000 $143,000 $1,132 3.37%
    37% 4 $570,000 $142,500 $1,024 3.50%
    36% 3 $295,000 $98,333 $1,005 3.20%
    39% 3 $265,000 $88,333 $1,880 3.20%
    50-60% 2 $210,000 $105,000 $1,085 3.58%
    45% 1 $125,000 $125,000 $1,221 2.99%
    46% 1 $75,000 $75,000 $1,196 2.99%
    >60% 1 $105,000 $105,000 $1,044 4.10%
    41% 1 $25,000 $25,000 $624 3.13%
    42% 1 $235,000 $235,000 $946 2.99%
    43% 1 $165,000 $165,000 $1,221 2.99%

    Financial Plus lent most frequently to those with DTI ratios of 20-30%, with 70 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 180 $21,050,000 $116,944 $1,188 3.29%
    Not provided 1 $165,000 $165,000 $1,221 2.99%
    Asian 1 $115,000 $115,000 $1,140 2.99%
    American Indian 1 $65,000 $65,000 $1,190 2.99%

    Approval Rates

    Total approvals of all applications
    95.22%

    Financial Plus has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.16%

    Financial Plus has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 183 $21,395,000 $116,913

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    183 $21,395,000 $116,913

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $865,000 $66,538 $1,127 3.20%
    40-60% 35 $4,005,000 $114,429 $1,154 3.29%
    60-80% 72 $8,930,000 $124,028 $1,161 3.31%
    80-100% 59 $7,435,000 $126,017 $1,281 3.28%
    Under 20% 2 $70,000 $35,000 $735 2.75%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%