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

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, 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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	5.44%	4/28/24
30 Year Conventional Refi	6.27%	4/28/24
15 Year Conventional Purchase	6.19%	4/28/24
15 Year Conventional Refi	6.13%	4/28/24
15 Year Cash-out Refi	6.13%	4/28/24
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

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

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%