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 loans. Financial Center First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Kokomo, Crawfordsville, Chicago, and Bloomington among others. We have data for 13 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
    30 Year Conventional Purchase 5.44% 5/4/24
    30 Year Conventional Refi 6.27% 5/4/24
    15 Year Conventional Purchase 6.19% 5/4/24
    15 Year Conventional Refi 6.13% 5/4/24
    15 Year Cash-out Refi 6.13% 5/4/24
    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

    680

    Origination Dollar Volume (All Markets)

    $95,150,000

    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) 627 $90,435,000 $144,234 $601 4.02%
    KOKOMO, IN (FHA|USDA|VA) 27 $2,915,000 $107,963 $536 3.97%
    Crawfordsville, IN (FHA|USDA|VA) 4 $540,000 $135,000 $993 4.14%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $270,000 $135,000 $482 3.00%
    BLOOMINGTON, IN (FHA|USDA|VA) 4 $260,000 $65,000 $601 4.62%
    MUNCIE, IN (FHA|USDA|VA) 5 $225,000 $45,000 $372 3.39%
    COLUMBUS, IN (FHA|USDA|VA) 2 $190,000 $95,000 $395 4.50%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $95,000 $95,000 $573 2.99%
    New Castle, IN (FHA|USDA|VA) 2 $70,000 $35,000 $760 4.35%
    TERRE HAUTE, IN (FHA|USDA|VA) 2 $70,000 $35,000 $0 4.64%
    Peru, IN (FHA|USDA|VA) 2 $50,000 $25,000 $393 3.79%
    Outside of Metro Areas 1 $25,000 $25,000 $0 6.60%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $5,000 $5,000 $270 6.05%
    Financial Center First Credit Union's top markets include Indianapolis, Kokomo, Crawfordsville, Chicago, 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 680 $95,150,000 $139,926 $595 4.02%

    For 2020, Financial Center First Credit Union's most frequently originated type of loan was Conventional, with 680 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 574 $77,600,000 $135,192 $546 3.97%
    Home Purchase 70 $15,270,000 $218,143 $1,144 4.22%
    Home Improvement 36 $2,280,000 $63,333 $304 4.40%

    For 2020, Financial Center First Credit Union's most frequently cited loan purpose was Refi, with 574 originations. The 2nd most popular reason was Home Purchase, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 357 $62,195,000 $174,216 $782 4.05%
    10 Year 245 $24,805,000 $101,245 $277 3.82%
    5 Year 27 $2,245,000 $83,148 $275 5.00%
    20 Year 26 $4,300,000 $165,385 $875 3.30%
    Other 25 $1,605,000 $64,200 $960 5.21%

    For 2020, Financial Center First Credit Union's most frequently cited loan duration was 15 Year, with 357 originations. The 2nd most popular length was 10 Year, with 245 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 663 $91,855,000 $138,544
    $1k-2k 6 $860,000 $143,333
    $3k-4k 2 $880,000 $440,000

    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 663 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 233 $44,715,000 $191,910
    2.5-3% 223 $29,685,000 $133,117
    4-5% 87 $12,875,000 $147,989
    5-6% 61 $2,695,000 $44,180
    6-7% 52 $2,190,000 $42,115
    <2.5% 15 $1,575,000 $105,000
    7-8% 7 $1,125,000 $160,714
    Over 8% 2 $290,000 $145,000

    During 2020, Financial Center First Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 233 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 349 $18,675,000 $53,510 $382 4.16%
    $100k-200k 215 $30,665,000 $142,628 $745 4.02%
    $200k-400k 83 $22,215,000 $267,651 $813 3.62%
    $400k-600k 17 $8,245,000 $485,000 $1,127 3.54%
    $600k-1MM 10 $7,140,000 $714,000 $1,418 3.44%
    $1MM+ 6 $8,210,000 $1,368,333 $1,950 3.69%

    2020 saw Financial Center First Credit Union place emphasis on $100,000 or less loans with 349 originations, totaling $18,675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 154 $13,660,000 $88,701 $506 3.90%
    $100k-150k 144 $20,670,000 $143,542 $531 4.61%
    $75k-100k 126 $13,830,000 $109,762 $678 3.89%
    $50k or less 124 $8,570,000 $69,113 $569 3.68%
    $150k-250k 82 $18,510,000 $225,732 $580 3.79%
    $250k+ 41 $18,355,000 $447,683 $1,002 3.70%

    Financial Center First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 154 originations. The second most popular income band? $100k-150k, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 189 $23,985,000 $126,905 $513 4.22%
    <20% 144 $18,000,000 $125,000 $480 3.33%
    30-36% 101 $15,375,000 $152,228 $608 3.93%
    50-60% 44 $6,810,000 $154,773 $741 4.32%
    37% 22 $2,160,000 $98,182 $471 3.81%
    38% 21 $1,705,000 $81,190 $442 4.29%
    39% 17 $3,145,000 $185,000 $604 4.39%
    41% 17 $2,195,000 $129,118 $544 4.92%
    42% 16 $2,550,000 $159,375 $830 3.75%
    36% 15 $3,825,000 $255,000 $686 3.52%
    44% 13 $2,325,000 $178,846 $2,352 3.97%
    48% 13 $1,565,000 $120,385 $610 4.48%
    40% 11 $1,055,000 $95,909 $422 4.58%
    46% 11 $2,245,000 $204,091 $742 4.09%
    47% 9 $1,685,000 $187,222 $711 4.70%
    45% 8 $2,080,000 $260,000 $750 3.91%
    43% 8 $610,000 $76,250 $396 4.76%
    49% 6 $1,140,000 $190,000 $860 3.37%
    >60% 6 $1,140,000 $190,000 $696 4.19%

    Financial Center First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 189 originations. The next most common DTI ratio? <20%, with 144 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 462 $68,370,000 $147,987 $652 3.82%
    Not provided 130 $17,300,000 $133,077 $462 4.71%
    Black 68 $6,440,000 $94,706 $435 3.68%
    Not applicable 9 $1,555,000 $172,778 $0 6.76%
    Asian 7 $1,115,000 $159,286 $750 3.98%
    Native Hawaiian or Islander 3 $295,000 $98,333 $775 4.71%
    American Indian 1 $75,000 $75,000 $340 2.79%

    Approval Rates

    Total approvals of all applications
    84.81%

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

    Pick Rate

    Approvals leading to origination
    70.00%

    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 680 $95,150,000 $139,926

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 680 $95,150,000 $139,926

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 117 $9,225,000 $78,846 $304 4.66%
    40-60% 148 $19,060,000 $128,784 $497 3.34%
    60-80% 234 $44,310,000 $189,359 $889 3.57%
    80-100% 62 $18,560,000 $299,355 $1,056 3.62%
    Under 20% 119 $3,995,000 $33,571 $190 5.33%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Financial Business and Consumer Solutions. Conventional home mortgage Trouble during payment process 1 100.0%