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, Peru, Indianapolis, Lafayette, and Logansport among others. We have data for 11 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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
140Origination Dollar Volume (All Markets)
$7,500,000Top 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) | 97 | $5,435,000 | $56,031 | $1,031 | 6.01% |
| Outside of Metro Areas | 15 | $835,000 | $55,667 | $908 | 6.48% |
| Peru, IN (FHA|USDA|VA) | 10 | $270,000 | $27,000 | $433 | 6.89% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 5 | $255,000 | $51,000 | $1,066 | 6.00% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 4 | $250,000 | $62,500 | $1,002 | 7.33% |
| Logansport, IN (FHA|USDA|VA) | 4 | $190,000 | $47,500 | $1,337 | 5.31% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $807 | 3.88% |
| Scottsburg, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.38% |
| Wabash, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,688 | 3.75% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $412 | 7.45% |
| Marion, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $412 | 7.38% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 140 | $7,500,000 | $53,571 | $973 | 6.12% |
For 2019, Financial Builders Federal Credit Union's most frequently originated type of loan was Conventional, with 140 originations.
Loan Reason
For 2019, Financial Builders Federal Credit Union's most frequently cited loan purpose was Other, with 131 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
For 2019, Financial Builders Federal Credit Union's most frequently cited loan duration was 15 Year, with 75 originations. The 2nd most popular length was 10 Year, with 35 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 70 | $5,010,000 | $71,571 |
| $1k-2k | 1 | $135,000 | $135,000 |
Financial Builders Federal Credit Union's average total fees were $1,547, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 70 originations.
Interest Rates
During 2019, Financial Builders Federal Credit Union's average interest rate for loans was 5.58%, while their most frequently originated rate bucket for loans was 3-4%, with 31 originations.
Loan Sizing
2019 saw Financial Builders Federal Credit Union place emphasis on $100,000 or less loans with 123 originations, totaling $4,995,000 in origination value.
Applicant Income
Financial Builders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $50k or less, with 29 originations.
Applicant Debt to Income Ratio
Financial Builders Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 50 originations. The next most common DTI ratio? 20-30%, with 41 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 131 | $7,215,000 | $55,076 | $985 | 6.12% |
| Black | 9 | $285,000 | $31,667 | $823 | 6.12% |
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 140 | $7,500,000 | $53,571 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 4 | $170,000 | $42,500 |
| Single Family (1-4 Units):Site-Built | 136 | $7,330,000 | $53,897 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Financial Freedom Mortgage, LLC | VA mortgage | Trouble during payment process | 1 | 50.0% |