Financial Center First Credit Union Mortgage Rates, Fees & Info
Indianapolis, INLEI: 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, New Castle, and Columbus among others. We have data for 16 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. Financial Center First Credit Union is typically a high 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 | 5.44% | 9/25/23 |
| 30 Year Conventional Refi | 6.27% | 9/25/23 |
| 15 Year Conventional Purchase | 6.19% | 9/25/23 |
| 15 Year Conventional Refi | 6.13% | 9/25/23 |
| 15 Year Cash-out Refi | 6.13% | 9/25/23 |
| 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. | ||
Financial Center First Credit Union Mortgage Calculator
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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™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
465Origination Dollar Volume (All Markets)
$60,575,000Relative Rate
Financial Center First Credit Union's average 30 year fixed mortgage rate was
4.35%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.41%.
Relative Fees (Closing Costs)
Financial Center First Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,844.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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) | 370 | $51,750,000 | $139,865 | $1,334 | 4.84% |
| MUNCIE, IN (FHA|USDA|VA) | 48 | $3,530,000 | $73,542 | $573 | 5.05% |
| KOKOMO, IN (FHA|USDA|VA) | 14 | $1,430,000 | $102,143 | $656 | 4.68% |
| Outside of Metro Areas | 12 | $1,100,000 | $91,667 | $989 | 4.85% |
| New Castle, IN (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $1,563 | 4.46% |
| COLUMBUS, IN (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,364 | 5.38% |
| Vincennes, IN (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $1,515 | 3.25% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $7,429 | 5.50% |
| Marion, IN (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $786 | 3.98% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,465 | 4.90% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,173 | 3.05% |
| Logansport, IN (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $891 | 5.95% |
| Peru, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.29% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $598 | 4.25% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.84% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $680 | 7.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 465 | $60,575,000 | $130,269 | $1,242 | 4.86% |
For 2022, Financial Center First Credit Union's most frequently originated type of loan was Conventional, with 465 originations.
Loan Reason
For 2022, Financial Center First Credit Union's most frequently cited loan purpose was Refi, with 221 originations. The 2nd most popular reason was Home Improvement, with 91 originations.
Loan Duration/Length
For 2022, Financial Center First Credit Union's most frequently cited loan duration was 15 Year, with 230 originations. The 2nd most popular length was 10 Year, with 161 originations.
Origination Fees/Closing Costs
Financial Center First Credit Union's average total fees were $8,844, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 386 originations.
Interest Rates
During 2022, Financial Center First Credit Union's average interest rate for loans was 4.35%, while their most frequently originated rate bucket for loans was 3-4%, with 124 originations.
Loan Sizing
2022 saw Financial Center First Credit Union place emphasis on $100,000 or less loans with 262 originations, totaling $13,280,000 in origination value.
Applicant Income
Financial Center First Credit Union lent most frequently to those with incomes in the $100k-150k range, with 114 originations. The second most popular income band? $50k-75k, with 99 originations.
Applicant Debt to Income Ratio
Financial Center First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 87 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.54%
Financial Center First Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination89.68%
Financial Center First Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 465 | $60,575,000 | $130,269 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Finance of America Holdings LLC | Reverse mortgage | Trouble during payment process | 1 | 100.0% |