Financial Center First Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300GYDLDVRYKJ3N02

Tax ID: 35-0928620

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
  • 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 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, Columbus, Terre Haute, Kokomo, and Bloomington among others. We have data for 6 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 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
    30 Year Conventional Purchase 5.44% 11/17/24
    30 Year Conventional Refi 6.27% 11/17/24
    15 Year Conventional Purchase 6.19% 11/17/24
    15 Year Conventional Refi 6.13% 11/17/24
    15 Year Cash-out Refi 6.13% 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 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

    186

    Origination Dollar Volume (All Markets)

    $23,080,000

    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) 178 $22,140,000 $124,382 $1,093 5.19%
    COLUMBUS, IN (FHA|USDA|VA) 2 $460,000 $230,000 $1,987 4.50%
    TERRE HAUTE, IN (FHA|USDA|VA) 2 $250,000 $125,000 $2,030 4.38%
    KOKOMO, IN (FHA|USDA|VA) 1 $125,000 $125,000 $1,052 3.75%
    BLOOMINGTON, IN (FHA|USDA|VA) 2 $70,000 $35,000 $1,040 4.13%
    Outside of Metro Areas 1 $35,000 $35,000 $545 6.85%
    Financial Center First Credit Union's top markets include Indianapolis, Columbus, Terre Haute, Kokomo, 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 186 $23,080,000 $124,086 $1,110 5.17%

    For 2018, Financial Center First Credit Union's most frequently originated type of loan was Conventional, with 186 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 136 $14,800,000 $108,824 $841 5.22%
    Home Purchase 43 $8,005,000 $186,163 $1,959 4.70%
    Home Improvement 5 $145,000 $29,000 $355 7.75%
    Other 2 $130,000 $65,000 $918 5.31%

    For 2018, Financial Center First Credit Union's most frequently cited loan purpose was Refi, with 136 originations. The 2nd most popular reason was Home Purchase, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 109 $16,495,000 $151,330 $1,193 4.88%
    10 Year 50 $4,190,000 $83,800 $865 4.88%
    Other 19 $1,925,000 $101,316 $1,475 7.55%
    5 Year 8 $470,000 $58,750 $877 5.12%

    For 2018, Financial Center First Credit Union's most frequently cited loan duration was 15 Year, with 109 originations. The 2nd most popular length was 10 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 175 $21,325,000 $121,857
    $1k-2k 2 $140,000 $70,000
    $2k-3k 1 $255,000 $255,000

    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 175 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 72 $10,610,000 $147,361
    3-4% 45 $7,005,000 $155,667
    6-7% 31 $1,965,000 $63,387
    5-6% 18 $2,110,000 $117,222
    7-8% 17 $795,000 $46,765
    Over 8% 3 $595,000 $198,333

    During 2018, Financial Center First Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 72 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 113 $5,695,000 $50,398 $839 5.56%
    $100k-200k 44 $5,950,000 $135,227 $1,208 4.43%
    $200k-400k 18 $4,830,000 $268,333 $1,654 4.55%
    $400k-600k 8 $3,890,000 $486,250 $3,097 5.27%
    $600k-1MM 2 $1,510,000 $755,000 $1,316 4.75%
    $1MM+ 1 $1,205,000 $1,205,000 $2,405 3.75%

    2018 saw Financial Center First Credit Union place emphasis on $100,000 or less loans with 113 originations, totaling $5,695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 41 $4,055,000 $98,902 $1,051 5.60%
    $50k or less 39 $2,865,000 $73,462 $1,010 4.64%
    $50k-75k 37 $3,345,000 $90,405 $1,104 5.05%
    $75k-100k 34 $3,310,000 $97,353 $1,036 4.96%
    $150k-250k 21 $4,695,000 $223,571 $1,042 5.02%
    $250k+ 6 $3,450,000 $575,000 $2,786 4.08%

    Financial Center First Credit Union lent most frequently to those with incomes in the $100k-150k range, with 41 originations. The second most popular income band? $50k or less, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $5,325,000 $113,298 $946 5.07%
    <20% 37 $5,425,000 $146,622 $1,222 4.18%
    30-36% 31 $3,475,000 $112,097 $1,088 5.61%
    47% 7 $915,000 $130,714 $1,374 5.65%
    37% 6 $400,000 $66,667 $898 4.85%
    48% 6 $600,000 $100,000 $1,078 4.81%
    >60% 5 $1,415,000 $283,000 $1,934 5.37%
    45% 5 $615,000 $123,000 $1,048 5.89%
    50-60% 4 $860,000 $215,000 $1,514 4.43%
    46% 4 $320,000 $80,000 $967 5.75%
    39% 4 $230,000 $57,500 $689 5.38%
    44% 4 $240,000 $60,000 $670 6.07%
    40% 3 $465,000 $155,000 $889 4.42%
    42% 3 $385,000 $128,333 $1,730 4.32%
    36% 3 $315,000 $105,000 $847 4.23%
    38% 3 $455,000 $151,667 $1,811 4.33%
    41% 3 $145,000 $48,333 $1,337 5.16%
    43% 2 $100,000 $50,000 $195 6.72%
    49% 1 $35,000 $35,000 $1,810 7.79%

    Financial Center First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? <20%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 128 $16,150,000 $126,172 $1,167 4.95%
    Not provided 20 $3,170,000 $158,500 $1,078 4.92%
    Black 26 $1,960,000 $75,385 $764 5.49%
    Not applicable 8 $1,360,000 $170,000 $0 8.13%
    Asian 2 $270,000 $135,000 $2,422 5.92%
    Asian Indian 1 $125,000 $125,000 $904 5.00%
    American Indian 1 $45,000 $45,000 $995 4.38%

    Approval Rates

    Total approvals of all applications
    69.55%

    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
    59.68%

    Financial Center First Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 186 $23,080,000 $124,086

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $75,000 $75,000
    Single Family (1-4 Units):Site-Built 185 $23,005,000 $124,351

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $1,595,000 $63,800 $796 4.91%
    40-60% 24 $2,260,000 $94,167 $1,190 4.73%
    60-80% 64 $11,130,000 $173,906 $1,407 4.73%
    80-100% 29 $5,605,000 $193,276 $1,426 4.74%
    Under 20% 37 $1,165,000 $31,486 $429 6.15%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%