Financial Builders Federal Credit Union Mortgage Rates, Fees & Info

Kokomo, IN

LEI: 549300TA2979XCT9L593

Tax ID: 35-1104078

5 stars - Updated: 3/28/24 - out of 5 stars, based on 11 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Review & Overview

Financial Builders Federal Credit Union is a smaller credit union specializing in Other and Cash Out Refi loans. Financial Builders Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Kokomo, Logansport, Lafayette, Marion, and Peru among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Builders Federal Credit Union has an above average approval rate when compared to the average across all lenders. Financial Builders Federal Credit Union is typically a low 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 relatively high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.27% 3/28/24
30 Year Conventional Refi 6.27% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
15 Year Conventional Purchase 5.68% 3/28/24
15 Year Conventional Refi 5.68% 3/28/24
15 Year Cash-out Refi 5.68% 3/28/24
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 Builders Federal 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 Builders Federal 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

120

Origination Dollar Volume (All Markets)

$7,570,000

Relative Rate

Financial Builders Federal Credit Union's average 30 year fixed mortgage rate was 7.9%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 1.42%.

Relative Fees (Closing Costs)

Financial Builders Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $1,597.

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 $9,089.

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
KOKOMO, IN (FHA|USDA|VA) 94 $6,010,000 $63,936 $829 9.05%
Outside of Metro Areas 10 $630,000 $63,000 $759 9.09%
Logansport, IN (FHA|USDA|VA) 6 $410,000 $68,333 $992 7.81%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,107 7.50%
Marion, IN (FHA|USDA|VA) 3 $135,000 $45,000 $412 9.83%
Peru, IN (FHA|USDA|VA) 3 $115,000 $38,333 $662 9.17%
Frankfort, IN (FHA|USDA|VA) 2 $90,000 $45,000 $813 10.00%
Wabash, IN (FHA|USDA|VA) 1 $35,000 $35,000 $1,107 7.13%
Financial Builders Federal Credit Union's top markets include Kokomo, Logansport, Lafayette, Marion, and Peru among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 120 $7,570,000 $63,083 $821 9.00%

    For 2023, Financial Builders Federal Credit Union's most frequently originated type of loan was Conventional, with 120 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 72 $3,590,000 $49,861 $476 9.93%
    Cash Out Refi 33 $2,325,000 $70,455 $1,257 7.58%
    Home Purchase 11 $1,365,000 $124,091 $1,460 7.52%
    Refi 4 $290,000 $72,500 $1,593 8.12%

    For 2023, Financial Builders Federal Credit Union's most frequently cited loan purpose was Other, with 72 originations. The 2nd most popular reason was Cash Out Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 57 $4,075,000 $71,491 $792 9.16%
    10 Year 47 $1,895,000 $40,319 $737 9.02%
    30 Year 9 $1,355,000 $150,556 $1,597 7.90%
    Other 5 $185,000 $37,000 $561 9.45%
    5 Year 2 $60,000 $30,000 $760 7.75%

    For 2023, Financial Builders Federal Credit Union's most frequently cited loan duration was 15 Year, with 57 originations. The 2nd most popular length was 10 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 52 $4,110,000 $79,038

    Financial Builders Federal Credit Union's average total fees were $1,597, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 52 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 80 $4,220,000 $52,750
    7-8% 21 $2,005,000 $95,476
    6-7% 19 $1,345,000 $70,789

    During 2023, Financial Builders Federal Credit Union's average interest rate for loans was 7.90%, while their most frequently originated rate bucket for loans was Over 8%, with 80 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 103 $4,955,000 $48,107 $740 9.18%
    $100k-200k 13 $1,695,000 $130,385 $1,306 7.97%
    $200k-400k 4 $920,000 $230,000 $1,296 7.59%

    2023 saw Financial Builders Federal Credit Union place emphasis on $100,000 or less loans with 103 originations, totaling $4,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $2,390,000 $59,750 $910 8.83%
    $100k-150k 28 $1,900,000 $67,857 $744 8.96%
    $75k-100k 24 $1,670,000 $69,583 $738 9.16%
    $50k or less 17 $645,000 $37,941 $881 9.24%
    $150k-250k 9 $645,000 $71,667 $718 9.11%
    $250k+ 2 $320,000 $160,000 $1,081 8.50%

    Financial Builders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $100k-150k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 38 $2,530,000 $66,579 $745 8.99%
    <20% 30 $1,380,000 $46,000 $931 8.33%
    30-36% 26 $1,520,000 $58,462 $876 9.42%
    39% 5 $365,000 $73,000 $904 9.13%
    37% 4 $210,000 $52,500 $866 8.88%
    38% 4 $490,000 $122,500 $381 9.81%
    36% 3 $365,000 $121,667 $772 9.58%
    50-60% 2 $180,000 $90,000 $412 10.63%
    41% 2 $110,000 $55,000 $412 10.63%
    43% 2 $160,000 $80,000 $2,073 8.94%
    49% 2 $130,000 $65,000 $412 9.50%
    42% 1 $75,000 $75,000 $1,182 7.75%
    40% 1 $55,000 $55,000 $1,107 7.38%

    Financial Builders Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? <20%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 112 $7,090,000 $63,304 $778 9.07%
    Black 8 $480,000 $60,000 $1,409 8.06%

    Approval Rates

    Total approvals of all applications
    100.00%

    Financial Builders Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 120 $7,570,000 $63,083

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    120 $7,570,000 $63,083

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $2,560,000 $47,407 $595 9.46%
    40-60% 18 $1,460,000 $81,111 $766 9.03%
    60-80% 27 $2,695,000 $99,815 $1,431 7.78%
    80-100% 4 $300,000 $75,000 $1,562 7.81%
    Under 20% 17 $555,000 $32,647 $439 9.71%