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, 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.

    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% 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






    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

    465

    Origination Dollar Volume (All Markets)

    $60,575,000

    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) 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%
    Financial Center First Credit Union's top markets include Indianapolis, Muncie, Kokomo, New Castle, and Columbus among others.

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

    • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 221 $33,605,000 $152,059 $995 4.00%
    Home Improvement 91 $5,375,000 $59,066 $401 5.74%
    Home Purchase 85 $17,685,000 $208,059 $3,334 5.00%
    Other 68 $3,910,000 $57,500 $649 6.30%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 230 $36,910,000 $160,478 $1,693 5.04%
    10 Year 161 $13,725,000 $85,248 $697 4.83%
    20 Year 56 $8,740,000 $156,071 $983 3.84%
    5 Year 11 $485,000 $44,091 $331 5.77%
    Other 6 $340,000 $56,667 $1,188 6.56%
    30 Year 1 $375,000 $375,000 $8,844 4.35%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 386 $45,600,000 $118,135
    $5k+ 20 $7,060,000 $353,000
    $3k-4k 15 $2,755,000 $183,667
    $4k-5k 8 $1,790,000 $223,750
    $2k-3k 7 $925,000 $132,143
    $1k-2k 1 $45,000 $45,000

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 124 $23,260,000 $187,581
    4-5% 87 $15,055,000 $173,046
    5-6% 73 $8,495,000 $116,370
    2.5-3% 59 $6,075,000 $102,966
    6-7% 57 $4,355,000 $76,404
    7-8% 52 $2,730,000 $52,500
    Over 8% 13 $605,000 $46,538

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 262 $13,280,000 $50,687 $455 5.37%
    $100k-200k 117 $16,675,000 $142,521 $1,300 4.15%
    $200k-400k 67 $17,425,000 $260,075 $3,240 4.32%
    $600k-1MM 9 $6,455,000 $717,222 $4,679 4.24%
    $400k-600k 8 $3,890,000 $486,250 $3,878 3.88%
    $1MM+ 2 $2,850,000 $1,425,000 $2,882 3.85%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 114 $15,220,000 $133,509 $1,462 4.93%
    $50k-75k 99 $9,195,000 $92,879 $970 4.78%
    $75k-100k 84 $8,380,000 $99,762 $1,258 5.00%
    $50k or less 81 $5,605,000 $69,198 $885 4.53%
    $150k-250k 66 $12,620,000 $191,212 $1,508 5.02%
    $250k+ 21 $9,555,000 $455,000 $1,855 4.99%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 114 $14,580,000 $127,895 $1,447 4.68%
    30-36% 87 $9,995,000 $114,885 $958 4.72%
    <20% 64 $6,120,000 $95,625 $992 4.53%
    50-60% 30 $4,840,000 $161,333 $1,522 4.52%
    46% 17 $3,415,000 $200,882 $1,275 5.47%
    45% 16 $2,440,000 $152,500 $1,630 5.03%
    36% 14 $1,590,000 $113,571 $575 4.55%
    39% 13 $1,725,000 $132,692 $836 4.31%
    48% 13 $1,225,000 $94,231 $1,265 5.69%
    37% 13 $2,155,000 $165,769 $2,878 4.71%
    41% 12 $1,200,000 $100,000 $586 6.00%
    40% 11 $1,425,000 $129,545 $2,021 5.46%
    44% 10 $1,140,000 $114,000 $756 5.78%
    38% 10 $1,060,000 $106,000 $1,176 4.83%
    47% 10 $2,370,000 $237,000 $2,263 5.91%
    42% 9 $1,205,000 $133,889 $1,081 5.24%
    43% 9 $1,805,000 $200,556 $684 6.48%
    49% 7 $555,000 $79,286 $1,185 5.33%
    >60% 6 $1,730,000 $288,333 $737 3.27%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 367 $50,205,000 $136,798 $1,337 4.86%
    Black 59 $6,355,000 $107,712 $791 4.51%
    Not provided 32 $2,840,000 $88,750 $568 5.42%
    Asian 5 $955,000 $191,000 $3,650 5.67%
    Other Pacific Islander 1 $165,000 $165,000 $954 3.05%
    American Indian 1 $55,000 $55,000 $522 3.55%

    Approval Rates

    Total approvals of all applications
    77.54%

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

    Pick Rate

    Approvals leading to origination
    89.68%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    465 $60,575,000 $130,269

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 95 $7,135,000 $75,105 $504 5.02%
    40-60% 78 $10,140,000 $130,000 $892 3.86%
    60-80% 134 $29,920,000 $223,284 $2,462 4.29%
    80-100% 33 $8,145,000 $246,818 $2,529 4.27%
    Under 20% 125 $5,235,000 $41,880 $365 6.11%

    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%