Financial Center First Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300GYDLDVRYKJ3N02

Tax ID: 35-0928620

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 Center First Credit Union is a smaller credit union specializing in loans. Financial Center First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Muncie, Kokomo, Bloomington, and New Castle among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Financial Center First Credit Union 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.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    15 Year Conventional Purchase 7.12% 3/19/23
    15 Year Conventional Refi 6.79% 3/19/23
    15 Year Cash-out Refi 6.79% 3/19/23
    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.


    Originations

    627

    Origination Dollar Volume (All Markets)

    $91,295,000

    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) 518 $81,660,000 $157,645 $929 3.51%
    MUNCIE, IN (FHA|USDA|VA) 73 $5,835,000 $79,932 $526 3.44%
    KOKOMO, IN (FHA|USDA|VA) 16 $1,750,000 $109,375 $531 3.75%
    Outside of Metro Areas 8 $760,000 $95,000 $646 3.32%
    BLOOMINGTON, IN (FHA|USDA|VA) 4 $480,000 $120,000 $594 3.38%
    New Castle, IN (FHA|USDA|VA) 2 $340,000 $170,000 $751 3.14%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $145,000 $145,000 $454 3.39%
    Seymour, IN (FHA|USDA|VA) 1 $135,000 $135,000 $609 3.59%
    Logansport, IN (FHA|USDA|VA) 1 $95,000 $95,000 $943 3.70%
    Peru, IN (FHA|USDA|VA) 1 $45,000 $45,000 $790 3.29%
    COLUMBUS, IN (FHA|USDA|VA) 1 $45,000 $45,000 $355 5.80%
    Greensburg, IN (FHA|USDA|VA) 1 $5,000 $5,000 $600 5.75%
    Financial Center First Credit Union's top markets include Indianapolis, Muncie, Kokomo, Bloomington, and New Castle among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 627 $91,295,000 $145,606 $865 3.51%

    For 2021, Financial Center First Credit Union's most frequently originated type of loan was Conventional, with 627 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 481 $70,095,000 $145,728 $758 3.23%
    Home Purchase 72 $17,840,000 $247,778 $2,103 4.04%
    Home Improvement 44 $2,080,000 $47,273 $411 4.70%
    Other 30 $1,280,000 $42,667 $517 5.13%

    For 2021, Financial Center First Credit Union's most frequently cited loan purpose was Refi, with 481 originations. The 2nd most popular reason was Home Purchase, with 72 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 293 $53,425,000 $182,338 $1,246 3.71%
    10 Year 191 $17,315,000 $90,654 $254 3.17%
    20 Year 101 $17,565,000 $173,911 $987 3.23%
    Other 29 $2,645,000 $91,207 $865 4.27%
    5 Year 13 $345,000 $26,538 $331 4.80%

    For 2021, Financial Center First Credit Union's most frequently cited loan duration was 15 Year, with 293 originations. The 2nd most popular length was 10 Year, with 191 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 589 $83,075,000 $141,044
    $2k-3k 10 $1,380,000 $138,000
    $5k+ 7 $3,135,000 $447,857
    $3k-4k 5 $1,315,000 $263,000
    $4k-5k 3 $1,215,000 $405,000

    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 589 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 282 $36,730,000 $130,248
    3-4% 220 $44,680,000 $203,091
    5-6% 82 $4,690,000 $57,195
    4-5% 30 $4,390,000 $146,333
    6-7% 11 $335,000 $30,455
    <2.5% 2 $470,000 $235,000

    During 2021, Financial Center First Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 282 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 304 $17,450,000 $57,401 $471 3.83%
    $100k-200k 209 $29,665,000 $141,938 $914 3.17%
    $200k-400k 85 $22,645,000 $266,412 $1,547 3.31%
    $400k-600k 14 $6,800,000 $485,714 $1,777 3.18%
    $600k-1MM 8 $6,340,000 $792,500 $2,238 3.31%
    $1MM+ 7 $8,395,000 $1,199,286 $4,458 3.34%

    2021 saw Financial Center First Credit Union place emphasis on $100,000 or less loans with 304 originations, totaling $17,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 148 $15,430,000 $104,257 $797 3.40%
    $75k-100k 136 $16,430,000 $120,809 $794 3.60%
    $100k-150k 132 $18,900,000 $143,182 $834 3.51%
    $50k or less 100 $7,170,000 $71,700 $605 3.22%
    $150k-250k 75 $15,985,000 $213,133 $956 3.79%
    $250k+ 35 $17,125,000 $489,286 $2,065 3.87%

    Financial Center First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 148 originations. The second most popular income band? $75k-100k, with 136 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 209 $28,445,000 $136,100 $817 3.45%
    <20% 113 $12,615,000 $111,637 $659 3.00%
    30-36% 100 $15,200,000 $152,000 $960 3.57%
    50-60% 31 $5,825,000 $187,903 $1,112 3.65%
    38% 21 $3,385,000 $161,190 $1,024 3.70%
    42% 18 $1,790,000 $99,444 $677 4.08%
    47% 17 $4,045,000 $237,941 $1,137 3.71%
    44% 14 $2,080,000 $148,571 $1,292 4.03%
    41% 14 $2,340,000 $167,143 $1,149 4.05%
    36% 12 $2,390,000 $199,167 $839 3.79%
    37% 12 $2,030,000 $169,167 $867 3.66%
    46% 12 $1,910,000 $159,167 $781 3.78%
    39% 11 $1,235,000 $112,273 $1,696 3.71%
    40% 11 $2,385,000 $216,818 $619 3.93%
    43% 11 $1,595,000 $145,000 $571 3.91%
    45% 9 $1,065,000 $118,333 $660 3.74%
    48% 5 $805,000 $161,000 $753 4.19%
    49% 4 $1,480,000 $370,000 $1,615 3.84%
    >60% 2 $420,000 $210,000 $635 4.40%

    Financial Center First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? <20%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 450 $67,640,000 $150,311 $781 3.51%
    Not provided 92 $13,620,000 $148,043 $1,445 3.57%
    Black 78 $8,660,000 $111,026 $666 3.50%
    Native Hawaiian or Islander 2 $600,000 $300,000 $991 2.92%
    Asian 3 $415,000 $138,333 $211 2.72%
    Not applicable 1 $255,000 $255,000 $0 5.00%
    American Indian 1 $105,000 $105,000 $918 2.75%

    Approval Rates

    Total approvals of all applications
    82.10%

    Financial Center First Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.44%

    Financial Center First Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 627 $91,295,000 $145,606

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    627 $91,295,000 $145,606

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 108 $9,360,000 $86,667 $476 3.62%
    40-60% 147 $16,915,000 $115,068 $580 3.03%
    60-80% 217 $42,485,000 $195,783 $1,169 3.22%
    80-100% 64 $18,600,000 $290,625 $1,743 3.45%
    Under 20% 91 $3,935,000 $43,242 $460 4.92%

    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%