Financial Center First Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300GYDLDVRYKJ3N02

Tax ID: 35-0928620

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Mortgage Data

Review & Overview

Financial Center First Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Financial Center First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Muncie, Kokomo, Lafayette, and Bloomington among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Center First Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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 5.44% 7/20/24
30 Year Conventional Refi 6.27% 7/20/24
15 Year Conventional Purchase 6.19% 7/20/24
15 Year Conventional Refi 6.13% 7/20/24
15 Year Cash-out Refi 6.13% 7/20/24
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 Center First Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Financial Center First 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

282

Origination Dollar Volume (All Markets)

$30,070,000

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
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 229 $25,415,000 $110,983 $1,370 7.34%
MUNCIE, IN (FHA|USDA|VA) 33 $2,665,000 $80,758 $511 7.39%
KOKOMO, IN (FHA|USDA|VA) 8 $1,120,000 $140,000 $739 6.47%
Outside of Metro Areas 4 $450,000 $112,500 $2,338 6.26%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $180,000 $90,000 $843 8.00%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $80,000 $40,000 $1,165 8.50%
New Castle, IN (FHA|USDA|VA) 2 $70,000 $35,000 $627 8.20%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $55,000 $55,000 $1,715 7.85%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $35,000 $35,000 $590 8.25%
Financial Center First Credit Union's top markets include Indianapolis, Muncie, Kokomo, Lafayette, and Bloomington among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 282 $30,070,000 $106,631 $1,251 7.33%

    For 2023, Financial Center First Credit Union's most frequently originated type of loan was Conventional, with 282 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 84 $8,270,000 $98,452 $601 7.07%
    Other 74 $3,630,000 $49,054 $513 7.72%
    Home Improvement 66 $3,350,000 $50,758 $358 7.81%
    Home Purchase 58 $14,820,000 $255,517 $4,266 6.67%

    For 2023, Financial Center First Credit Union's most frequently cited loan purpose was Refi, with 84 originations. The 2nd most popular reason was Other, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 137 $14,205,000 $103,686 $1,243 7.58%
    10 Year 107 $11,345,000 $106,028 $1,401 7.15%
    20 Year 20 $3,760,000 $188,000 $1,155 6.21%
    5 Year 9 $265,000 $29,444 $228 7.62%
    Other 9 $495,000 $55,000 $792 7.87%

    For 2023, Financial Center First Credit Union's most frequently cited loan duration was 15 Year, with 137 originations. The 2nd most popular length was 10 Year, with 107 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 244 $19,190,000 $78,648
    $5k+ 19 $8,265,000 $435,000
    $4k-5k 5 $1,065,000 $213,000
    $1k-2k 3 $235,000 $78,333
    $2k-3k 3 $245,000 $81,667
    $3k-4k 2 $310,000 $155,000

    Financial Center First Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 244 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 111 $6,705,000 $60,405
    7-8% 69 $4,865,000 $70,507
    5-6% 59 $9,995,000 $169,407
    6-7% 42 $8,460,000 $201,429
    4-5% 1 $45,000 $45,000

    During 2023, Financial Center First Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 111 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 203 $9,615,000 $47,365 $399 7.59%
    $100k-200k 41 $5,635,000 $137,439 $1,391 6.97%
    $200k-400k 26 $6,950,000 $267,308 $4,479 6.36%
    $400k-600k 6 $2,980,000 $496,667 $6,469 6.54%
    $600k-1MM 5 $3,765,000 $753,000 $8,437 6.25%
    $1MM+ 1 $1,125,000 $1,125,000 $17,196 5.70%

    2023 saw Financial Center First Credit Union place emphasis on $100,000 or less loans with 203 originations, totaling $9,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 72 $6,840,000 $95,000 $1,397 7.56%
    $50k-75k 70 $4,490,000 $64,143 $719 7.32%
    $75k-100k 50 $4,520,000 $90,400 $997 7.38%
    $150k-250k 44 $7,490,000 $170,227 $1,753 7.50%
    $50k or less 36 $2,090,000 $58,056 $623 6.66%
    $250k+ 10 $4,640,000 $464,000 $5,245 7.20%

    Financial Center First Credit Union lent most frequently to those with incomes in the $100k-150k range, with 72 originations. The second most popular income band? $50k-75k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 60 $4,370,000 $72,833 $837 7.16%
    30-36% 54 $5,680,000 $105,185 $1,744 7.28%
    <20% 33 $3,665,000 $111,061 $1,261 6.41%
    50-60% 24 $3,670,000 $152,917 $1,824 7.28%
    41% 14 $1,560,000 $111,429 $579 7.54%
    37% 13 $1,995,000 $153,462 $1,731 7.62%
    38% 12 $990,000 $82,500 $860 7.69%
    39% 11 $875,000 $79,545 $1,176 7.75%
    43% 11 $605,000 $55,000 $377 8.30%
    40% 9 $2,235,000 $248,333 $2,827 7.36%
    36% 8 $1,130,000 $141,250 $651 7.81%
    46% 6 $670,000 $111,667 $1,700 7.81%
    42% 5 $365,000 $73,000 $437 8.29%
    44% 5 $495,000 $99,000 $1,539 8.21%
    45% 5 $235,000 $47,000 $184 7.26%
    48% 5 $835,000 $167,000 $2,314 7.20%
    47% 4 $230,000 $57,500 $243 8.01%
    49% 2 $110,000 $55,000 $268 8.25%
    >60% 1 $355,000 $355,000 $0 6.35%

    Financial Center First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 54 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 227 $24,635,000 $108,524 $1,414 7.29%
    Black 32 $2,800,000 $87,500 $528 7.59%
    Not provided 14 $1,030,000 $73,571 $450 7.55%
    Asian 3 $745,000 $248,333 $733 6.67%
    Asian Indian 1 $655,000 $655,000 $1,544 7.10%
    American Indian 5 $205,000 $41,000 $784 7.47%

    Approval Rates

    Total approvals of all applications
    62.64%

    Financial Center First Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    98.94%

    Financial Center First Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 282 $30,070,000 $106,631

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    282 $30,070,000 $106,631

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 81 $6,325,000 $78,086 $529 7.34%
    40-60% 28 $3,430,000 $122,500 $1,334 6.66%
    60-80% 38 $10,040,000 $264,211 $4,278 6.44%
    80-100% 18 $5,770,000 $320,556 $4,279 6.21%
    Under 20% 117 $4,505,000 $38,504 $313 7.95%