Financial Resources Federal Credit Union Mortgage Rates, Fees & Info

Bridgewater, NJ

LEI: 549300US45HOXL30J494

Tax ID: 22-1656665

5 stars - Updated: 7/14/24 - out of 5 stars, based on 14 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Financial Resources Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Financial Resources Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Charlotte, Raleigh, Philadelphia, and Trenton among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Resources Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Financial Resources Federal Credit Union is typically an average 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 5.72% 7/14/24
30 Year Conventional Refi 5.86% 7/14/24
30 Year Cash-out Refi 6.05% 7/14/24
15 Year Conventional Purchase 5.68% 7/14/24
15 Year Conventional Refi 6.34% 7/14/24
15 Year Cash-out Refi 6.34% 7/14/24
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 Resources 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 Resources 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

189

Origination Dollar Volume (All Markets)

$71,165,000
Show all (5) awards

Relative Rate

Financial Resources Federal Credit Union's average 30 year fixed mortgage rate was 5.99%.

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

This yields a difference of -0.49%.

Relative Fees (Closing Costs)

Financial Resources Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,987.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 99 $36,165,000 $365,303 $4,449 6.71%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 17 $7,605,000 $447,353 $4,010 5.53%
RALEIGH-CARY, NC (FHA|USDA|VA) 11 $6,695,000 $608,636 $4,027 6.29%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 17 $4,615,000 $271,471 $5,035 6.66%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 8 $3,430,000 $428,750 $5,169 6.56%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 8 $1,730,000 $216,250 $3,326 7.08%
RICHMOND, VA (FHA|USDA|VA) 2 $1,640,000 $820,000 $4,668 6.38%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $7,105 5.50%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $1,000,000 $500,000 $5,231 6.44%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $835,000 $835,000 $7,148 6.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $770,000 $385,000 $3,755 6.19%
Seneca, SC (FHA|USDA|VA) 1 $705,000 $705,000 $4,552 5.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $620,000 $310,000 $5,715 7.31%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $410,000 $205,000 $4,102 7.08%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $405,000 $405,000 $3,723 6.75%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $385,000 $385,000 $3,373 6.25%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $375,000 $375,000 $2,670 5.00%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $365,000 $365,000 $4,707 6.13%
OCALA, FL (FHA|USDA|VA) 1 $355,000 $355,000 $4,997 7.25%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $345,000 $345,000 $3,131 5.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $325,000 $325,000 $3,092 6.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,123 5.63%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.15%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $215,000 $215,000 $3,058 6.25%
COLUMBIA, SC (FHA|USDA|VA) 1 $125,000 $125,000 $0 10.95%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.45%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.30%
Outside of Metro Areas 1 $35,000 $35,000 $0 7.15%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.65%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.80%
Financial Resources Federal Credit Union's top markets include New York, Charlotte, Raleigh, Philadelphia, and Trenton among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FINANCIAL RESOURCES FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Republic Bank
    Similarity Rank: 21
    N C P D Federal Credit Union
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    Blue Foundry Bank
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    LYONS MORTGAGE SERVICES, INC.
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    Columbia Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 189 $71,165,000 $376,534 $4,368 6.57%

    For 2023, Financial Resources Federal Credit Union's most frequently originated type of loan was Conventional, with 189 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 114 $57,330,000 $502,895 $5,004 6.08%
    Other 30 $2,290,000 $76,333 $0 7.75%
    Home Improvement 25 $2,205,000 $88,200 $0 7.59%
    Refi 20 $9,340,000 $467,000 $4,017 6.34%

    For 2023, Financial Resources Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 114 originations. The 2nd most popular reason was Other, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 117 $61,995,000 $529,872 $4,987 5.99%
    15 Year 26 $4,450,000 $171,154 $2,854 7.15%
    20 Year 24 $3,370,000 $140,417 $1,951 8.08%
    10 Year 13 $565,000 $43,462 $0 7.87%
    Other 9 $785,000 $87,222 $1,705 6.64%

    For 2023, Financial Resources Federal Credit Union's most frequently cited loan duration was 30 Year, with 117 originations. The 2nd most popular length was 15 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 131 $59,445,000 $453,779
    $1k-2k 5 $2,715,000 $543,000
    $4k-5k 4 $1,820,000 $455,000
    $5k+ 4 $2,130,000 $532,500
    $3k-4k 2 $1,130,000 $565,000

    Financial Resources Federal Credit Union's average total fees were $4,987, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 131 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 83 $28,765,000 $346,566
    5-6% 45 $24,075,000 $535,000
    7-8% 29 $5,505,000 $189,828
    4-5% 18 $10,940,000 $607,778
    Over 8% 13 $1,275,000 $98,077
    3-4% 1 $605,000 $605,000

    During 2023, Financial Resources Federal Credit Union's average interest rate for loans was 5.99%, while their most frequently originated rate bucket for loans was 6-7%, with 83 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 53 $16,445,000 $310,283 $4,328 6.45%
    $400k-600k 40 $20,270,000 $506,750 $5,320 5.88%
    $100,000 or less 39 $1,865,000 $47,821 $0 7.61%
    $600k-1MM 33 $22,945,000 $695,303 $5,133 6.06%
    $100k-200k 19 $2,545,000 $133,947 $2,110 7.40%
    $1MM+ 5 $7,095,000 $1,419,000 $6,635 5.63%

    2023 saw Financial Resources Federal Credit Union place emphasis on $200k-400k loans with 53 originations, totaling $16,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 74 $28,910,000 $390,676 $4,603 6.35%
    $100k-150k 56 $17,630,000 $314,821 $4,135 6.53%
    $250k+ 34 $20,210,000 $594,412 $4,746 6.71%
    $75k-100k 15 $3,345,000 $223,000 $4,149 6.77%
    $50k-75k 8 $1,010,000 $126,250 $2,498 7.88%
    $50k or less 1 $25,000 $25,000 $0 6.95%

    Financial Resources Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 74 originations. The second most popular income band? $100k-150k, with 56 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 37 $13,975,000 $377,703 $4,351 6.21%
    20-30% 32 $7,170,000 $224,063 $4,057 6.78%
    42% 14 $2,420,000 $172,857 $2,335 7.34%
    37% 14 $3,080,000 $220,000 $2,724 6.96%
    49% 10 $5,300,000 $530,000 $4,733 6.21%
    44% 9 $4,105,000 $456,111 $5,317 6.01%
    43% 9 $5,745,000 $638,333 $5,858 5.96%
    41% 8 $2,320,000 $290,000 $3,452 7.61%
    36% 7 $4,405,000 $629,286 $4,945 5.96%
    46% 7 $4,435,000 $633,571 $6,583 6.30%
    38% 7 $2,845,000 $406,429 $5,987 6.27%
    <20% 6 $1,430,000 $238,333 $4,296 6.63%
    39% 6 $2,440,000 $406,667 $3,395 7.70%
    40% 6 $2,580,000 $430,000 $3,007 6.78%
    47% 6 $3,950,000 $658,333 $5,296 6.35%
    48% 6 $2,990,000 $498,333 $3,861 6.25%
    50-60% 3 $995,000 $331,667 $3,760 6.71%
    45% 2 $980,000 $490,000 $4,631 6.38%

    Financial Resources Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 37 originations. The next most common DTI ratio? 20-30%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 48 $28,600,000 $595,833 $5,120 6.00%
    White 69 $17,785,000 $257,754 $4,069 6.90%
    Not provided 38 $13,720,000 $361,053 $3,823 6.50%
    Asian Indian 23 $9,625,000 $418,478 $4,453 6.26%
    Black 9 $1,265,000 $140,556 $3,150 7.83%
    American Indian 2 $170,000 $85,000 $0 8.35%

    Approval Rates

    Total approvals of all applications
    88.70%

    Financial Resources Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    59.26%

    Financial Resources Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 189 $71,165,000 $376,534

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    189 $71,165,000 $376,534

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $3,465,000 $266,538 $2,847 7.77%
    40-60% 7 $3,115,000 $445,000 $5,072 6.82%
    60-80% 45 $22,625,000 $502,778 $4,959 6.12%
    80-100% 74 $38,380,000 $518,649 $4,922 5.98%
    Under 20% 49 $3,355,000 $68,469 $0 7.44%