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

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 Resources Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Financial Resources Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Allentown, Key West, and Ocean City among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Financial Resources Federal Credit Union has an above 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.

    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% 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

    183

    Origination Dollar Volume (All Markets)

    $55,135,000

    Awards

    FINANCIAL RESOURCES FEDERAL CREDIT UNION 30 Year Conventional Loans silver
    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 127 $36,515,000 $287,520 $2,915 3.59%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 31 $11,955,000 $385,645 $3,979 3.56%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 7 $1,535,000 $219,286 $3,303 3.29%
    Key West, FL (FHA|USDA|VA) 1 $855,000 $855,000 $4,733 3.75%
    OCEAN CITY, NJ (FHA|USDA|VA) 2 $600,000 $300,000 $2,737 3.44%
    WILMINGTON, NC (FHA|USDA|VA) 1 $515,000 $515,000 $2,559 3.25%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $460,000 $230,000 $1,558 4.08%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $455,000 $455,000 $3,105 3.50%
    ST. GEORGE, UT (FHA|USDA|VA) 1 $375,000 $375,000 $3,241 3.50%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $355,000 $355,000 $3,262 3.50%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $265,000 $265,000 $2,215 3.25%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $245,000 $245,000 $1,892 3.88%
    Outside of Metro Areas 1 $225,000 $225,000 $4,370 3.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $225,000 $225,000 $2,347 3.38%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,438 3.25%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $115,000 $115,000 $2,590 3.75%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $105,000 $105,000 $2,806 3.13%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.65%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.06%
    Financial Resources Federal Credit Union's top markets include New York, Philadelphia, Allentown, Key West, and Ocean City among others.

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

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    First Citizens Community Bank
    Similarity Rank: 589
    BHCU
    Similarity Rank: 625
    Prudential Bank
    Similarity Rank: 640
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    TEG Federal Credit Union
    Similarity Rank: 715
    Hanover Community Bank
    Similarity Rank: 727

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 183 $55,135,000 $301,284 $3,082 3.59%

    For 2020, Financial Resources Federal Credit Union's most frequently originated type of loan was Conventional, with 183 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 117 $36,545,000 $312,350 $3,085 3.39%
    Home Purchase 43 $15,175,000 $352,907 $4,209 3.43%
    Home Improvement 9 $595,000 $66,111 $0 5.80%
    Other 8 $570,000 $71,250 $0 5.01%
    Cash Out Refi 6 $2,250,000 $375,000 $3,171 3.58%

    For 2020, Financial Resources Federal Credit Union's most frequently cited loan purpose was Refi, with 117 originations. The 2nd most popular reason was Home Purchase, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 110 $39,010,000 $354,636 $3,659 3.43%
    20 Year 31 $7,455,000 $240,484 $2,376 3.88%
    15 Year 25 $6,705,000 $268,200 $2,755 3.33%
    Other 10 $1,170,000 $117,000 $856 4.25%
    10 Year 7 $795,000 $113,571 $853 4.91%

    For 2020, Financial Resources Federal Credit Union's most frequently cited loan duration was 30 Year, with 110 originations. The 2nd most popular length was 20 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 177 $53,835,000 $304,153
    $1k-2k 3 $795,000 $265,000
    $4k-5k 1 $445,000 $445,000

    Financial Resources Federal Credit Union's average total fees were $3,659, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 177 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 144 $48,010,000 $333,403
    2.5-3% 19 $5,855,000 $308,158
    4-5% 11 $725,000 $65,909
    5-6% 5 $285,000 $57,000
    7-8% 3 $205,000 $68,333
    6-7% 1 $55,000 $55,000

    During 2020, Financial Resources Federal Credit Union's average interest rate for loans was 3.43%, while their most frequently originated rate bucket for loans was 3-4%, with 144 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 83 $23,425,000 $282,229 $3,132 3.38%
    $100k-200k 38 $5,760,000 $151,579 $2,517 3.53%
    $400k-600k 32 $14,940,000 $466,875 $4,169 3.36%
    $100,000 or less 17 $935,000 $55,000 $0 5.34%
    $600k-1MM 12 $8,910,000 $742,500 $5,221 3.49%
    $1MM+ 1 $1,165,000 $1,165,000 $6,213 3.13%

    2020 saw Financial Resources Federal Credit Union place emphasis on $200k-400k loans with 83 originations, totaling $23,425,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 50 $16,370,000 $327,400 $3,071 3.66%
    $100k-150k 49 $13,225,000 $269,898 $2,940 3.62%
    $75k-100k 31 $6,625,000 $213,710 $2,823 3.63%
    $250k+ 27 $13,645,000 $505,370 $3,864 3.57%
    $50k-75k 17 $3,355,000 $197,353 $2,862 3.35%
    $50k or less 6 $900,000 $150,000 $2,739 3.50%

    Financial Resources Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 50 originations. The second most popular income band? $100k-150k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 57 $16,075,000 $282,018 $3,066 3.58%
    30-36% 35 $11,505,000 $328,714 $3,008 3.60%
    <20% 11 $2,645,000 $240,455 $2,531 3.82%
    39% 8 $3,130,000 $391,250 $3,511 3.42%
    37% 8 $2,210,000 $276,250 $3,132 3.62%
    38% 8 $2,340,000 $292,500 $2,762 3.68%
    42% 7 $1,895,000 $270,714 $2,577 4.45%
    36% 7 $3,865,000 $552,143 $4,401 3.30%
    44% 7 $1,985,000 $283,571 $3,839 3.25%
    45% 6 $1,510,000 $251,667 $3,495 3.38%
    43% 5 $1,425,000 $285,000 $3,121 3.15%
    40% 5 $1,145,000 $229,000 $2,176 4.16%
    47% 5 $1,375,000 $275,000 $3,275 3.40%
    41% 5 $1,065,000 $213,000 $2,496 3.63%
    49% 3 $1,015,000 $338,333 $2,811 3.29%
    46% 3 $1,285,000 $428,333 $3,860 3.54%
    >60% 2 $520,000 $260,000 $2,899 3.38%
    48% 1 $145,000 $145,000 $2,993 3.75%

    Financial Resources Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 57 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 130 $38,790,000 $298,385 $3,010 3.62%
    Not provided 26 $7,880,000 $303,077 $3,275 3.41%
    Asian Indian 6 $3,280,000 $546,667 $4,751 3.35%
    Asian 8 $2,640,000 $330,000 $3,284 3.33%
    Black 11 $2,385,000 $216,818 $2,752 3.83%
    Other Asian 1 $105,000 $105,000 $2,351 3.25%
    American Indian 1 $55,000 $55,000 $0 6.78%

    Approval Rates

    Total approvals of all applications
    92.51%

    Financial Resources Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.77%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 183 $55,135,000 $301,284

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 183 $55,135,000 $301,284

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $2,485,000 $146,176 $1,386 4.26%
    40-60% 31 $8,485,000 $273,710 $3,031 3.29%
    60-80% 81 $30,045,000 $370,926 $3,395 3.37%
    80-100% 42 $13,600,000 $323,810 $3,938 3.46%
    Under 20% 12 $520,000 $43,333 $0 5.44%

    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%