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, Refi, 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, Peru, Frankfort, Logansport, and Indianapolis among others. We have data for 9 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 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% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    15 Year Conventional Refi 5.68% 4/28/24
    15 Year Cash-out Refi 5.68% 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 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

    176

    Origination Dollar Volume (All Markets)

    $12,140,000

    Awards

    FINANCIAL BUILDERS Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) 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) 128 $8,750,000 $68,359 $947 4.88%
    Outside of Metro Areas 19 $1,385,000 $72,895 $852 4.99%
    Peru, IN (FHA|USDA|VA) 7 $445,000 $63,571 $952 5.93%
    Frankfort, IN (FHA|USDA|VA) 5 $415,000 $83,000 $704 5.15%
    Logansport, IN (FHA|USDA|VA) 7 $395,000 $56,429 $1,030 3.96%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $270,000 $67,500 $882 5.84%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 3 $245,000 $81,667 $1,173 3.96%
    Marion, IN (FHA|USDA|VA) 2 $220,000 $110,000 $1,144 3.00%
    Wabash, IN (FHA|USDA|VA) 1 $15,000 $15,000 $287 4.38%
    Financial Builders Federal Credit Union's top markets include Kokomo, Peru, Frankfort, Logansport, and Indianapolis among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (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: 98
    Solidarity Community Federal Credit Union
    Similarity Rank: 266
    Community First Bank of Indiana
    Similarity Rank: 440
    First Farmers Bank and Trust Company
    Similarity Rank: 792
    Union Savings Bank
    Similarity Rank: 825
    STAR Financial Bank
    Similarity Rank: 858
    Horizon Bank
    Similarity Rank: 2541
    GVC MORTGAGE, INC.
    Similarity Rank: 7524
    KeyBank
    Similarity Rank: 7632
    The Huntington National Bank
    Similarity Rank: 8040

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 176 $12,140,000 $68,977 $934 4.89%

    For 2021, Financial Builders Federal Credit Union's most frequently originated type of loan was Conventional, with 176 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 89 $4,325,000 $48,596 $595 5.50%
    Refi 41 $3,695,000 $90,122 $1,305 3.84%
    Cash Out Refi 32 $2,530,000 $79,063 $1,196 4.95%
    Home Purchase 13 $1,515,000 $116,538 $1,461 3.68%
    Home Improvement 1 $75,000 $75,000 $412 7.50%

    For 2021, Financial Builders Federal Credit Union's most frequently cited loan purpose was Other, with 89 originations. The 2nd most popular reason was Refi, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 108 $8,070,000 $74,722 $1,033 4.93%
    10 Year 39 $1,495,000 $38,333 $614 4.98%
    30 Year 15 $2,015,000 $134,333 $1,402 4.45%
    5 Year 8 $250,000 $31,250 $337 5.22%
    Other 5 $165,000 $33,000 $708 4.40%
    30+ year 1 $145,000 $145,000 $1,306 3.63%

    For 2021, Financial Builders Federal Credit Union's most frequently cited loan duration was 15 Year, with 108 originations. The 2nd most popular length was 10 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 102 $9,320,000 $91,373

    Financial Builders Federal Credit Union's average total fees were $1,402, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 102 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 61 $6,065,000 $99,426
    4-5% 43 $1,805,000 $41,977
    Over 8% 26 $1,090,000 $41,923
    2.5-3% 21 $2,095,000 $99,762
    5-6% 10 $340,000 $34,000
    6-7% 9 $405,000 $45,000
    7-8% 6 $340,000 $56,667

    During 2021, Financial Builders Federal Credit Union's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 3-4%, with 61 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 139 $6,585,000 $47,374 $806 5.21%
    $100k-200k 33 $4,655,000 $141,061 $1,414 3.70%
    $200k-400k 4 $900,000 $225,000 $1,393 3.41%

    2021 saw Financial Builders Federal Credit Union place emphasis on $100,000 or less loans with 139 originations, totaling $6,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 81 $5,495,000 $67,840 $964 4.73%
    $50k or less 38 $1,950,000 $51,316 $902 5.01%
    $75k-100k 24 $1,570,000 $65,417 $878 5.42%
    $100k-150k 23 $2,105,000 $91,522 $938 4.93%
    $150k-250k 9 $775,000 $86,111 $851 4.43%
    $250k+ 1 $245,000 $245,000 $1,757 3.63%

    Financial Builders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 81 originations. The second most popular income band? $50k or less, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 66 $4,450,000 $67,424 $968 4.66%
    <20% 53 $3,375,000 $63,679 $977 5.08%
    30-36% 25 $1,885,000 $75,400 $897 5.21%
    39% 4 $360,000 $90,000 $768 4.88%
    40% 4 $490,000 $122,500 $1,123 3.75%
    50-60% 3 $245,000 $81,667 $849 4.42%
    36% 3 $225,000 $75,000 $1,228 4.21%
    37% 3 $225,000 $75,000 $1,156 5.17%
    43% 3 $225,000 $75,000 $717 4.63%
    46% 3 $205,000 $68,333 $632 4.25%
    45% 2 $120,000 $60,000 $412 6.69%
    38% 2 $100,000 $50,000 $263 6.69%
    47% 2 $50,000 $25,000 $375 4.69%
    48% 1 $85,000 $85,000 $1,616 3.50%
    41% 1 $75,000 $75,000 $412 5.25%
    49% 1 $25,000 $25,000 $0 6.38%

    Financial Builders Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? <20%, with 53 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 168 $11,560,000 $68,810 $939 4.86%
    Black 7 $335,000 $47,857 $706 5.82%
    Asian 1 $245,000 $245,000 $1,757 3.63%

    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 176 $12,140,000 $68,977

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    176 $12,140,000 $68,977

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $1,790,000 $44,750 $565 5.50%
    40-60% 27 $1,725,000 $63,889 $1,104 4.66%
    60-80% 58 $5,940,000 $102,414 $1,342 4.30%
    80-100% 16 $1,700,000 $106,250 $1,358 4.50%
    Under 20% 33 $895,000 $27,121 $301 5.55%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%