Financial Builders Federal Credit Union Mortgage Rates, Fees & Info

Kokomo, IN

LEI: 549300TA2979XCT9L593

Tax ID: 35-1104078

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
  • Similar Lenders
  • 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 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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Kokomo, Indianapolis, Peru, Logansport, and Frankfort 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. 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 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 6.27% 4/21/24
    30 Year Conventional Refi 6.27% 4/21/24
    30 Year Cash-out Refi 6.27% 4/21/24
    15 Year Conventional Purchase 5.68% 4/21/24
    15 Year Conventional Refi 5.68% 4/21/24
    15 Year Cash-out Refi 5.68% 4/21/24
    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

    166

    Origination Dollar Volume (All Markets)

    $10,260,000

    Awards

    FINANCIAL BUILDERS Federal Credit Union 30 Year Conventional Loans gold FINANCIAL BUILDERS Federal Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    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) 125 $7,415,000 $59,320 $957 5.09%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 7 $815,000 $116,429 $1,186 4.70%
    Peru, IN (FHA|USDA|VA) 9 $785,000 $87,222 $1,155 4.85%
    Outside of Metro Areas 14 $750,000 $53,571 $783 4.74%
    Logansport, IN (FHA|USDA|VA) 7 $255,000 $36,429 $448 4.81%
    Frankfort, IN (FHA|USDA|VA) 2 $100,000 $50,000 $412 5.94%
    Marion, IN (FHA|USDA|VA) 1 $75,000 $75,000 $1,492 3.13%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $65,000 $65,000 $1,283 3.38%
    Financial Builders Federal Credit Union's top markets include Kokomo, Indianapolis, Peru, Logansport, and Frankfort among others.

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

    • 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.

    Security Federal Savings Bank
    Similarity Rank: 105
    FINANCIAL BUILDERS Federal Credit Union
    Similarity Rank: 136
    Community First Bank of Indiana
    Similarity Rank: 242
    First Farmers Bank and Trust Company
    Similarity Rank: 572
    STAR Financial Bank
    Similarity Rank: 672
    Horizon Bank
    Similarity Rank: 1035
    GVC MORTGAGE, INC.
    Similarity Rank: 3825
    NEW DAY FINANCIAL, LLC
    Similarity Rank: 4095
    STOCKTON MORTGAGE CORPORATION
    Similarity Rank: 4324
    AMERIFIRST FINANCIAL CORPORATION
    Similarity Rank: 5124

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 165 $10,185,000 $61,727 $934 4.98%
    FHA 1 $75,000 $75,000 $1,643 9.88%

    For 2020, Financial Builders Federal Credit Union's most frequently originated type of loan was Conventional, with 165 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 134 $7,570,000 $56,493 $857 5.12%
    Refi 21 $1,845,000 $87,857 $1,165 3.99%
    Home Purchase 8 $600,000 $75,000 $1,641 4.97%
    Home Improvement 2 $90,000 $45,000 $1,028 8.84%
    Cash Out Refi 1 $155,000 $155,000 $1,598 3.63%

    For 2020, Financial Builders Federal Credit Union's most frequently cited loan purpose was Other, with 134 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 87 $5,975,000 $68,678 $1,129 4.84%
    10 Year 46 $1,870,000 $40,652 $513 5.38%
    5 Year 15 $335,000 $22,333 $539 4.98%
    30 Year 14 $1,870,000 $133,571 $1,723 4.51%
    Other 4 $210,000 $52,500 $609 6.28%

    For 2020, Financial Builders Federal Credit Union's most frequently cited loan duration was 15 Year, with 87 originations. The 2nd most popular length was 10 Year, with 46 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 83 $7,075,000 $85,241

    Financial Builders Federal Credit Union's average total fees were $1,723, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 53 $4,715,000 $88,962
    4-5% 36 $1,280,000 $35,556
    Over 8% 25 $1,245,000 $49,800
    2.5-3% 21 $1,845,000 $87,857
    6-7% 16 $660,000 $41,250
    5-6% 9 $345,000 $38,333
    7-8% 6 $170,000 $28,333

    During 2020, Financial Builders Federal Credit Union's average interest rate for loans was 4.51%, while their most frequently originated rate bucket for loans was 3-4%, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 139 $6,235,000 $44,856 $810 5.21%
    $100k-200k 24 $3,290,000 $137,083 $1,568 4.06%
    $200k-400k 3 $735,000 $245,000 $1,693 3.08%

    2020 saw Financial Builders Federal Credit Union place emphasis on $100,000 or less loans with 139 originations, totaling $6,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 56 $3,310,000 $59,107 $982 5.11%
    $100k-150k 36 $2,850,000 $79,167 $929 4.81%
    $50k or less 36 $1,560,000 $43,333 $895 5.29%
    $75k-100k 34 $2,160,000 $63,529 $936 4.82%
    $150k-250k 4 $380,000 $95,000 $844 4.34%

    Financial Builders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 56 originations. The second most popular income band? $100k-150k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 59 $3,535,000 $59,915 $913 4.52%
    <20% 58 $3,520,000 $60,690 $1,079 5.02%
    30-36% 24 $1,500,000 $62,500 $825 5.72%
    >60% 5 $175,000 $35,000 $621 6.02%
    50-60% 4 $280,000 $70,000 $692 4.83%
    39% 4 $250,000 $62,500 $734 6.27%
    36% 3 $305,000 $101,667 $1,084 4.54%
    37% 2 $60,000 $30,000 $375 5.50%
    38% 2 $300,000 $150,000 $1,523 3.31%
    45% 1 $115,000 $115,000 $1,728 9.88%
    46% 1 $45,000 $45,000 $412 6.13%
    49% 1 $75,000 $75,000 $412 6.13%
    43% 1 $85,000 $85,000 $1,233 3.13%
    41% 1 $15,000 $15,000 $412 4.75%

    Financial Builders Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 59 originations. The next most common DTI ratio? <20%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 157 $9,595,000 $61,115 $935 5.00%
    Black 9 $665,000 $73,889 $998 5.16%

    Approval Rates

    Total approvals of all applications
    99.43%

    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
    95.18%

    Financial Builders Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 166 $10,260,000 $61,807

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $50,000 $25,000
    Single Family (1-4 Units):Site-Built 164 $10,210,000 $62,256

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 46 $2,110,000 $45,870 $673 5.80%
    40-60% 29 $1,935,000 $66,724 $1,010 4.77%
    60-80% 44 $4,240,000 $96,364 $1,494 4.34%
    80-100% 11 $1,155,000 $105,000 $1,567 3.50%
    Under 20% 36 $820,000 $22,778 $363 5.47%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Financial Business and Consumer Solutions. Conventional home mortgage Trouble during payment process 1 100.0%