Financial Plus Credit Union Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300WQC1VYOW0EW528

Tax ID: 42-0802188

5 stars - Updated: 6/9/24 - out of 5 stars, based on 12 reviews

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

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Mortgage Data

Review & Overview

Financial Plus Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Financial Plus Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Ames, Davenport, and Pella among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Plus Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Financial Plus 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.68% 6/9/24
30 Year Conventional Refi 6.89% 6/9/24
30 Year Cash-out Refi 6.41% 6/9/24
15 Year Conventional Purchase 8.05% 6/9/24
15 Year Conventional Refi 6.25% 6/9/24
15 Year Cash-out Refi 6.25% 6/9/24
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 Plus 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 Plus 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

155

Origination Dollar Volume (All Markets)

$16,775,000

Awards

FINANCIAL PLUS Credit Union 30 Year Conventional Loans silver FINANCIAL PLUS Credit Union 30 Year Conventional Loans gold FINANCIAL PLUS Credit Union 30 Year Conventional Loans gold FINANCIAL PLUS Credit Union 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Financial Plus Credit Union's average 30 year fixed mortgage rate was 6.02%.

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

This yields a difference of -0.46%.

Relative Fees (Closing Costs)

Financial Plus Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,357.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 150 $16,360,000 $109,067 $1,489 6.38%
AMES, IA (FHA|USDA|VA) 3 $355,000 $118,333 $1,734 6.42%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.75%
Pella, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.00%
Financial Plus Credit Union's top markets include Des Moines, Ames, Davenport, and Pella among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FINANCIAL PLUS 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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    Similarity Rank: 60
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 146 $16,350,000 $111,986 $1,492 6.29%
    HELOC 9 $425,000 $47,222 n/a 8.22%

    For 2023, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 146 originations. Their 2nd most popular type was HELOC, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 76 $3,960,000 $52,105 $309 6.58%
    Home Purchase 43 $10,015,000 $232,907 $2,279 6.09%
    Other 21 $1,095,000 $52,143 $338 6.38%
    Cash Out Refi 11 $1,035,000 $94,091 $1,514 6.26%
    Refi 4 $670,000 $167,500 $1,359 6.47%

    For 2023, Financial Plus Credit Union's most frequently cited loan purpose was Home Improvement, with 76 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
    10 Year 47 $2,535,000 $53,936 $300 6.43%
    15 Year 35 $2,665,000 $76,143 $792 6.74%
    30 Year 35 $9,145,000 $261,286 $2,357 6.02%
    5 Year 19 $625,000 $32,895 $278 5.88%
    Other 10 $350,000 $35,000 $335 7.28%
    20 Year 8 $1,450,000 $181,250 $2,313 6.44%
    3 Year 1 $5,000 $5,000 $333 5.75%

    For 2023, Financial Plus Credit Union's most frequently cited loan duration was 10 Year, with 47 originations. The 2nd most popular length was 15 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 118 $9,100,000 $77,119
    $1k-2k 23 $6,145,000 $267,174
    $2k-3k 1 $255,000 $255,000
    $3k-4k 1 $385,000 $385,000
    $4k-5k 1 $395,000 $395,000

    Financial Plus Credit Union's average total fees were $2,357, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 118 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 67 $8,335,000 $124,403
    6-7% 65 $7,035,000 $108,231
    7-8% 16 $1,100,000 $68,750
    Over 8% 4 $130,000 $32,500
    4-5% 2 $140,000 $70,000

    During 2023, Financial Plus Credit Union's average interest rate for loans was 6.02%, while their most frequently originated rate bucket for loans was 5-6%, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 99 $4,015,000 $40,556 $505 6.51%
    $100k-200k 28 $4,100,000 $146,429 $1,779 6.30%
    $200k-400k 25 $7,165,000 $286,600 $2,436 6.10%
    $400k-600k 3 $1,495,000 $498,333 $2,340 5.88%

    2023 saw Financial Plus Credit Union place emphasis on $100,000 or less loans with 99 originations, totaling $4,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 41 $5,195,000 $126,707 $1,318 6.33%
    $150k-250k 33 $4,035,000 $122,273 $1,817 6.13%
    $50k-75k 24 $1,150,000 $47,917 $1,160 6.93%
    $50k or less 22 $840,000 $38,182 $575 6.23%
    $75k-100k 21 $3,555,000 $169,286 $2,484 6.36%
    $250k+ 12 $1,920,000 $160,000 $1,553 6.63%

    Financial Plus Credit Union lent most frequently to those with incomes in the $100k-150k range, with 41 originations. The second most popular income band? $150k-250k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $3,030,000 $84,167 $1,483 6.35%
    30-36% 33 $3,295,000 $99,848 $1,294 6.42%
    <20% 19 $2,445,000 $128,684 $1,485 6.42%
    36% 9 $1,045,000 $116,111 $1,053 6.53%
    43% 6 $520,000 $86,667 $1,412 6.13%
    42% 5 $235,000 $47,000 $0 7.55%
    39% 5 $465,000 $93,000 $2,316 6.70%
    44% 5 $825,000 $165,000 $1,445 6.25%
    >60% 4 $730,000 $182,500 $2,319 5.75%
    37% 4 $330,000 $82,500 $353 6.50%
    40% 4 $120,000 $30,000 $264 6.25%
    41% 3 $155,000 $51,667 $333 6.58%
    45% 3 $615,000 $205,000 $2,639 6.42%
    38% 2 $100,000 $50,000 $1,814 5.81%
    47% 1 $405,000 $405,000 $2,386 5.63%
    50-60% 1 $395,000 $395,000 $5,774 5.75%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 126 $13,380,000 $106,190 $1,438 6.38%
    Not provided 15 $1,875,000 $125,000 $2,055 6.25%
    Asian 5 $585,000 $117,000 $1,325 6.95%
    Black 7 $585,000 $83,571 $1,397 6.68%
    American Indian 2 $350,000 $175,000 $1,731 5.75%

    Approval Rates

    Total approvals of all applications
    89.77%

    Financial Plus Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    98.06%

    Financial Plus Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 155 $16,775,000 $108,226

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    155 $16,775,000 $108,226

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $2,170,000 $77,500 $793 6.63%
    40-60% 8 $960,000 $120,000 $1,360 6.22%
    60-80% 15 $3,175,000 $211,667 $1,860 6.36%
    80-100% 22 $5,880,000 $267,273 $2,582 6.01%
    Under 20% 73 $2,735,000 $37,466 $331 6.46%