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 Cash Out Refi loans. Financial Resources Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Allentown, Trenton, and Breckenridge among others. We have data for 20 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% 5/14/24
    30 Year Conventional Refi 5.86% 5/14/24
    30 Year Cash-out Refi 6.05% 5/14/24
    15 Year Conventional Purchase 5.68% 5/14/24
    15 Year Conventional Refi 6.34% 5/14/24
    15 Year Cash-out Refi 6.34% 5/14/24
    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

    181

    Origination Dollar Volume (All Markets)

    $42,315,000

    Awards

    FINANCIAL RESOURCES FEDERAL CREDIT UNION 30 Year Conventional Loans silver FINANCIAL RESOURCES FEDERAL CREDIT UNION 30 Year Conventional Loans bronze FINANCIAL RESOURCES FEDERAL CREDIT UNION 30 Year Conventional Loans bronze FINANCIAL RESOURCES FEDERAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (4) 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) 114 $27,380,000 $240,175 $2,614 4.46%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 23 $4,935,000 $214,565 $2,568 4.60%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 10 $2,400,000 $240,000 $3,165 4.50%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 7 $1,925,000 $275,000 $4,112 4.29%
    Breckenridge, CO (FHA|USDA|VA) 2 $1,260,000 $630,000 $2,681 4.13%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $685,000 $228,333 $2,969 4.08%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 4 $650,000 $162,500 $1,342 4.39%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $515,000 $515,000 $3,303 3.50%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $480,000 $240,000 $2,538 3.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $395,000 $131,667 $2,586 4.13%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $390,000 $195,000 $1,459 5.70%
    OCALA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,316 4.00%
    ROCHESTER, NY (FHA|USDA|VA) 1 $235,000 $235,000 $2,825 3.63%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.15%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $165,000 $165,000 $2,283 4.88%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $155,000 $155,000 $1,280 3.63%
    Outside of Metro Areas 1 $135,000 $135,000 $2,011 4.13%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $70,000 $35,000 $0 4.33%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.00%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.80%
    Financial Resources Federal Credit Union's top markets include New York, Philadelphia, Allentown, Trenton, and Breckenridge among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • New York (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.

    N C P D Federal Credit Union
    Similarity Rank: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
    Similarity Rank: 122
    Union County Savings Bank
    Similarity Rank: 150
    Prudential Bank
    Similarity Rank: 162
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 181 $42,315,000 $233,785 $2,590 4.46%

    For 2019, Financial Resources Federal Credit Union's most frequently originated type of loan was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 67 $21,375,000 $319,030 $4,712 4.01%
    Cash Out Refi 40 $12,560,000 $314,000 $2,922 3.87%
    Home Improvement 27 $1,605,000 $59,444 $15 5.22%
    Other 24 $1,770,000 $73,750 $0 5.88%
    Refi 23 $5,005,000 $217,609 $1,446 4.39%

    For 2019, Financial Resources Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 67 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 98 $32,370,000 $330,306 $4,072 3.95%
    10 Year 28 $1,940,000 $69,286 $0 5.38%
    15 Year 26 $3,610,000 $138,846 $1,199 4.78%
    20 Year 21 $3,885,000 $185,000 $1,584 5.14%
    Other 8 $510,000 $63,750 $348 4.57%

    For 2019, Financial Resources Federal Credit Union's most frequently cited loan duration was 30 Year, with 98 originations. The 2nd most popular length was 10 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 170 $38,820,000 $228,353
    $1k-2k 2 $650,000 $325,000
    $5k+ 1 $1,005,000 $1,005,000

    Financial Resources Federal Credit Union's average total fees were $4,072, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 170 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 80 $27,080,000 $338,500
    4-5% 68 $12,770,000 $187,794
    5-6% 23 $1,985,000 $86,304
    7-8% 5 $255,000 $51,000
    Over 8% 4 $180,000 $45,000
    6-7% 1 $45,000 $45,000

    During 2019, Financial Resources Federal Credit Union's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 3-4%, with 80 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 65 $19,195,000 $295,308 $3,812 3.96%
    $100,000 or less 53 $2,685,000 $50,660 $144 5.45%
    $100k-200k 36 $5,380,000 $149,444 $1,876 4.39%
    $400k-600k 18 $8,330,000 $462,778 $4,677 3.70%
    $600k-1MM 8 $5,720,000 $715,000 $5,186 3.97%
    $1MM+ 1 $1,005,000 $1,005,000 $17,786 3.75%

    2019 saw Financial Resources Federal Credit Union place emphasis on $200k-400k loans with 65 originations, totaling $19,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 56 $14,550,000 $259,821 $2,446 4.42%
    $100k-150k 48 $9,250,000 $192,708 $2,574 4.54%
    $75k-100k 28 $4,770,000 $170,357 $2,303 4.68%
    $250k+ 22 $9,900,000 $450,000 $3,970 4.10%
    $50k-75k 17 $2,195,000 $129,118 $1,851 4.63%
    $50k or less 6 $710,000 $118,333 $2,228 4.19%

    Financial Resources Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 56 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $7,625,000 $177,326 $1,918 4.59%
    30-36% 41 $11,095,000 $270,610 $3,120 4.21%
    <20% 20 $7,270,000 $363,500 $3,777 4.20%
    39% 11 $1,735,000 $157,727 $1,383 5.43%
    41% 11 $1,535,000 $139,545 $1,667 4.55%
    38% 10 $2,090,000 $209,000 $2,395 4.74%
    42% 8 $2,200,000 $275,000 $2,735 4.50%
    40% 7 $645,000 $92,143 $784 5.70%
    43% 6 $1,840,000 $306,667 $4,174 3.75%
    44% 5 $1,485,000 $297,000 $3,264 4.03%
    45% 4 $1,150,000 $287,500 $3,952 3.91%
    46% 4 $1,350,000 $337,500 $4,375 3.88%
    36% 3 $505,000 $168,333 $1,814 4.63%
    37% 2 $390,000 $195,000 $1,766 4.15%
    >60% 2 $400,000 $200,000 $2,050 4.16%
    47% 2 $260,000 $130,000 $3,008 3.88%
    48% 1 $315,000 $315,000 $395 4.25%
    49% 1 $425,000 $425,000 $3,194 3.63%

    Financial Resources Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 133 $29,275,000 $220,113 $2,320 4.50%
    Not provided 23 $6,985,000 $303,696 $3,271 4.48%
    Asian 9 $3,035,000 $337,222 $4,728 3.68%
    Black 14 $2,470,000 $176,429 $2,782 4.58%
    Asian Indian 2 $550,000 $275,000 $1,651 4.03%

    Approval Rates

    Total approvals of all applications
    82.55%

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

    Pick Rate

    Approvals leading to origination
    74.03%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 181 $42,315,000 $233,785

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 181 $42,315,000 $233,785

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,870,000 $116,875 $537 5.13%
    40-60% 19 $5,345,000 $281,316 $3,240 4.12%
    60-80% 50 $16,720,000 $334,400 $3,549 3.91%
    80-100% 50 $15,930,000 $318,600 $4,365 3.95%
    Under 20% 46 $2,450,000 $53,261 $9 5.52%

    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%