Financial Resources Federal Credit Union Mortgage Rates, Fees & Info

Bridgewater, NJ

LEI: 549300US45HOXL30J494

Tax ID: 22-1656665

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

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  • 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 Resources Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Financial Resources Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, Allentown, and Miami among others. We have data for 27 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 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 5.72% 11/22/24
    30 Year Conventional Refi 5.86% 11/22/24
    30 Year Cash-out Refi 6.05% 11/22/24
    15 Year Conventional Purchase 5.68% 11/22/24
    15 Year Conventional Refi 6.34% 11/22/24
    15 Year Cash-out Refi 6.34% 11/22/24
    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

    219

    Origination Dollar Volume (All Markets)

    $51,935,000
    Show all (5) 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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 146 $36,320,000 $248,767 $2,701 4.40%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 25 $5,735,000 $229,400 $2,321 4.31%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 5 $1,225,000 $245,000 $3,312 4.48%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 9 $905,000 $100,556 $797 4.32%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $820,000 $410,000 $4,946 3.81%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $715,000 $715,000 $4,923 4.63%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $565,000 $565,000 $5,546 4.63%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $545,000 $545,000 $4,556 3.38%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $535,000 $535,000 $6,289 3.50%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $530,000 $265,000 $2,230 5.15%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $530,000 $265,000 $2,525 3.88%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $440,000 $220,000 $2,108 4.35%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $415,000 $138,333 $2,594 4.43%
    Outside of Metro Areas 3 $365,000 $121,667 $1,179 6.22%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $355,000 $355,000 $1,350 3.38%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $315,000 $315,000 $1,832 4.50%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $305,000 $305,000 $4,150 3.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $215,000 $215,000 $1,558 4.75%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $185,000 $185,000 $3,891 3.00%
    READING, PA (FHA|USDA|VA) 1 $165,000 $165,000 $2,999 3.50%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $165,000 $165,000 $2,565 3.13%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $155,000 $155,000 $2,302 4.50%
    OCEAN CITY, NJ (FHA|USDA|VA) 2 $130,000 $65,000 $1,643 4.26%
    TALLAHASSEE, FL (FHA|USDA|VA) 2 $130,000 $65,000 $213 5.01%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $70,000 $35,000 $0 4.09%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.25%
    Concord, NH (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.65%
    Financial Resources Federal Credit Union's top markets include New York, Philadelphia, Trenton, Allentown, and Miami among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Massachusetts (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.

    N C P D Federal Credit Union
    Similarity Rank: 55
    Iron Workers Savings Bank
    Similarity Rank: 63
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    Haddon Savings Bank
    Similarity Rank: 116
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Freehold Savings Bank
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
    Similarity Rank: 126

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 219 $51,935,000 $237,146 $2,540 4.41%

    For 2018, Financial Resources Federal Credit Union's most frequently originated type of loan was Conventional, with 219 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 87 $28,775,000 $330,747 $4,633 3.97%
    Refi 50 $11,780,000 $235,600 $1,494 4.48%
    Home Improvement 29 $1,705,000 $58,793 $0 5.11%
    Other 29 $1,665,000 $57,414 $0 5.48%
    Cash Out Refi 24 $8,010,000 $333,750 $3,010 3.67%

    For 2018, Financial Resources Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Refi, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 112 $41,350,000 $369,196 $4,306 3.76%
    20 Year 39 $4,585,000 $117,564 $1,094 5.52%
    10 Year 33 $1,895,000 $57,424 $0 4.77%
    15 Year 20 $2,790,000 $139,500 $1,150 5.06%
    Other 15 $1,315,000 $87,667 $399 4.65%

    For 2018, Financial Resources Federal Credit Union's most frequently cited loan duration was 30 Year, with 112 originations. The 2nd most popular length was 20 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 212 $49,780,000 $234,811
    $1k-2k 2 $910,000 $455,000
    $5k+ 2 $660,000 $330,000

    Financial Resources Federal Credit Union's average total fees were $4,306, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 212 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 81 $18,715,000 $231,049
    3-4% 81 $25,615,000 $316,235
    5-6% 20 $1,410,000 $70,500
    2.5-3% 14 $4,940,000 $352,857
    6-7% 12 $540,000 $45,000
    7-8% 7 $575,000 $82,143
    Over 8% 4 $140,000 $35,000

    During 2018, Financial Resources Federal Credit Union's average interest rate for loans was 3.76%, while their most frequently originated rate bucket for loans was 4-5%, with 81 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 73 $21,275,000 $291,438 $4,044 3.88%
    $100,000 or less 70 $3,330,000 $47,571 $41 5.39%
    $100k-200k 36 $4,860,000 $135,000 $1,685 4.26%
    $400k-600k 31 $15,275,000 $492,742 $4,614 3.73%
    $600k-1MM 8 $5,590,000 $698,750 $5,728 3.92%
    $1MM+ 1 $1,605,000 $1,605,000 $5,700 4.25%

    2018 saw Financial Resources Federal Credit Union place emphasis on $200k-400k loans with 73 originations, totaling $21,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 75 $21,985,000 $293,133 $2,860 4.21%
    $100k-150k 59 $11,725,000 $198,729 $2,217 4.63%
    $75k-100k 31 $5,765,000 $185,968 $2,523 4.62%
    $250k+ 23 $8,695,000 $378,043 $3,164 4.28%
    $50k-75k 17 $2,145,000 $126,176 $2,134 4.44%
    $50k or less 9 $1,085,000 $120,556 $1,776 4.16%

    Financial Resources Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 75 originations. The second most popular income band? $100k-150k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 69 $14,615,000 $211,812 $2,387 4.31%
    30-36% 45 $11,935,000 $265,222 $2,717 4.54%
    42% 16 $2,880,000 $180,000 $2,290 4.83%
    41% 15 $2,555,000 $170,333 $1,780 4.96%
    39% 13 $3,005,000 $231,154 $2,117 4.44%
    37% 8 $1,920,000 $240,000 $1,981 4.61%
    40% 8 $2,150,000 $268,750 $3,365 4.41%
    38% 7 $1,875,000 $267,857 $3,366 4.84%
    44% 7 $2,095,000 $299,286 $2,964 3.73%
    <20% 6 $1,190,000 $198,333 $2,463 3.73%
    43% 6 $1,530,000 $255,000 $3,640 3.83%
    49% 4 $1,210,000 $302,500 $4,088 4.03%
    36% 3 $285,000 $95,000 $799 4.89%
    48% 3 $935,000 $311,667 $3,471 3.67%
    50-60% 3 $1,005,000 $335,000 $3,212 3.29%
    45% 2 $320,000 $160,000 $1,718 4.19%
    47% 2 $1,930,000 $965,000 $4,059 3.94%
    >60% 1 $35,000 $35,000 $0 4.30%
    46% 1 $465,000 $465,000 $4,149 3.63%

    Financial Resources Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 69 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 127 $24,335,000 $191,614 $1,994 4.65%
    Not provided 45 $13,995,000 $311,000 $3,559 4.02%
    Asian 18 $7,010,000 $389,444 $3,568 3.75%
    Asian Indian 8 $3,190,000 $398,750 $4,085 3.72%
    Black 19 $2,865,000 $150,789 $2,071 4.63%
    Other Asian 1 $315,000 $315,000 $1,832 4.50%
    American Indian 1 $225,000 $225,000 $4,681 3.88%

    Approval Rates

    Total approvals of all applications
    86.56%

    Financial Resources Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.74%

    Financial Resources Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 219 $51,935,000 $237,146

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 219 $51,935,000 $237,146

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $2,720,000 $104,615 $414 4.93%
    40-60% 21 $6,255,000 $297,857 $2,988 4.07%
    60-80% 64 $21,730,000 $339,531 $3,825 3.80%
    80-100% 50 $18,490,000 $369,800 $4,689 3.87%
    Under 20% 58 $2,740,000 $47,241 $0 5.42%

    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%