Financial Builders Federal Credit Union Mortgage Rates, Fees & Info
Kokomo, INLEI: 549300TA2979XCT9L593
Tax ID: 35-1104078
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Mortgage Data
Review & Overview
Financial Builders Federal Credit Union is a smaller credit union specializing in Other loans. Financial Builders Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Kokomo, Indianapolis, Frankfort, Logansport, and Florence among others. We have data for 10 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. They have an above average pick rate when compared to similar 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 5/4/24 |
| 30 Year Conventional Refi | 6.27% | 5/4/24 |
| 30 Year Cash-out Refi | 6.27% | 5/4/24 |
| 15 Year Conventional Purchase | 5.68% | 5/4/24 |
| 15 Year Conventional Refi | 5.68% | 5/4/24 |
| 15 Year Cash-out Refi | 5.68% | 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 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
139Origination Dollar Volume (All Markets)
$8,845,000Top 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) | 98 | $5,810,000 | $59,286 | $929 | 5.55% |
| Outside of Metro Areas | 12 | $840,000 | $70,000 | $592 | 6.32% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 8 | $710,000 | $88,750 | $1,066 | 5.81% |
| Frankfort, IN (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $710 | 5.74% |
| Logansport, IN (FHA|USDA|VA) | 7 | $335,000 | $47,857 | $651 | 5.48% |
| FLORENCE, SC (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,869 | 4.69% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 3 | $115,000 | $38,333 | $435 | 4.58% |
| Peru, IN (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $394 | 5.38% |
| Wabash, IN (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $458 | 5.25% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $432 | 5.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against FINANCIAL BUILDERS Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 117
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 139 | $8,845,000 | $63,633 | $898 | 5.59% |
For 2018, Financial Builders Federal Credit Union's most frequently originated type of loan was Conventional, with 139 originations.
Loan Reason
For 2018, Financial Builders Federal Credit Union's most frequently cited loan purpose was Other, with 118 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
For 2018, Financial Builders Federal Credit Union's most frequently cited loan duration was 10 Year, with 57 originations. The 2nd most popular length was 15 Year, with 50 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 74 | $5,450,000 | $73,649 |
| $1k-2k | 7 | $375,000 | $53,571 |
Financial Builders Federal Credit Union's average total fees were $1,745, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 74 originations.
Interest Rates
During 2018, Financial Builders Federal Credit Union's average interest rate for loans was 5.38%, while their most frequently originated rate bucket for loans was 4-5%, with 64 originations.
Loan Sizing
2018 saw Financial Builders Federal Credit Union place emphasis on $100,000 or less loans with 116 originations, totaling $5,000,000 in origination value.
Applicant Income
Financial Builders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 60 originations. The second most popular income band? $50k or less, with 26 originations.
Applicant Debt to Income Ratio
Financial Builders Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? <20%, with 44 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 origination94.24%
Financial Builders Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 333.5 | 1 | $25,000 | $25,000 |
| 55.0 | 1 | $35,000 | $35,000 |
| NA | 137 | $8,785,000 | $64,124 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 71 | $4,175,000 | $58,803 |
| Single Family (1-4 Units):Site-Built | 68 | $4,670,000 | $68,676 |
LTV Distribution
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% |