Financial Resources Federal Credit Union Mortgage Rates, Fees & Info
Bridgewater, NJLEI: 549300US45HOXL30J494
Tax ID: 22-1656665
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Mortgage Data
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, Trenton, Allentown, and Washington among others. We have data for 32 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.72% | 11/21/24 |
| 30 Year Conventional Refi | 5.86% | 11/21/24 |
| 30 Year Cash-out Refi | 6.05% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 15 Year Conventional Refi | 6.34% | 11/21/24 |
| 15 Year Cash-out Refi | 6.34% | 11/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
206Origination Dollar Volume (All Markets)
$67,080,000Awards
FINANCIAL RESOURCES FEDERAL CREDIT UNION - 2021
FINANCIAL RESOURCES FEDERAL CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 136 | $46,370,000 | $340,956 | $3,445 | 3.27% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 19 | $6,835,000 | $359,737 | $4,374 | 3.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 8 | $2,420,000 | $302,500 | $3,092 | 3.10% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 11 | $2,205,000 | $200,455 | $3,716 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $1,275,000 | $1,275,000 | $4,283 | 3.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $1,200,000 | $300,000 | $3,094 | 3.76% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $7,972 | 2.88% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $775,000 | $775,000 | $5,158 | 2.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $3,025 | 3.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $2,994 | 3.25% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,143 | 2.88% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,238 | 3.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,038 | 3.00% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,909 | 2.88% |
| Torrington, CT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,023 | 2.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,744 | 3.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,013 | 2.63% |
| Concord, NH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,661 | 3.25% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,783 | 3.00% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,663 | 3.25% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,865 | 3.00% |
| READING, PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,387 | 3.13% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,481 | 2.75% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,493 | 3.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,490 | 3.00% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,624 | 3.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,306 | 2.75% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 8.65% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,311 | 2.75% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $0 | 3.44% |
| DOVER, DE (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.40% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.65% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 206 | $67,080,000 | $325,631 | $3,489 | 3.23% |
For 2021, Financial Resources Federal Credit Union's most frequently originated type of loan was Conventional, with 206 originations.
Loan Reason
For 2021, 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 40 originations.
Loan Duration/Length
For 2021, Financial Resources Federal Credit Union's most frequently cited loan duration was 30 Year, with 113 originations. The 2nd most popular length was 20 Year, with 35 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 200 | $64,080,000 | $320,400 |
| $1k-2k | 2 | $710,000 | $355,000 |
| $3k-4k | 2 | $1,420,000 | $710,000 |
| $2k-3k | 1 | $835,000 | $835,000 |
Financial Resources Federal Credit Union's average total fees were $3,810, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 200 originations.
Interest Rates
During 2021, Financial Resources Federal Credit Union's average interest rate for loans was 3.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 144 originations.
Loan Sizing
2021 saw Financial Resources Federal Credit Union place emphasis on $200k-400k loans with 71 originations, totaling $20,125,000 in origination value.
Applicant Income
Financial Resources Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 58 originations. The second most popular income band? $100k-150k, with 43 originations.
Applicant Debt to Income Ratio
Financial Resources Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? 30-36%, with 46 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.24%
Financial Resources Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.10%
Financial Resources Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 3 | $215,000 | $71,667 |
| NA | 203 | $66,865,000 | $329,384 |
LTV Distribution
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% |