Financial Plus Credit Union Mortgage Rates, Fees & Info
West Des Moines, IALEI: 549300WQC1VYOW0EW528
Tax ID: 42-0802188
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.68% | 11/11/24 |
| 30 Year Conventional Refi | 6.89% | 11/11/24 |
| 30 Year Cash-out Refi | 6.41% | 11/11/24 |
| 15 Year Conventional Purchase | 8.05% | 11/11/24 |
| 15 Year Conventional Refi | 6.25% | 11/11/24 |
| 15 Year Cash-out Refi | 6.25% | 11/11/24 |
| 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
155Origination Dollar Volume (All Markets)
$16,775,000Awards
FINANCIAL PLUS Credit Union - 2023
FINANCIAL PLUS Credit Union is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 26
Similarity Rank: 60
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Similarity Rank: 175
Similarity Rank: 272
Similarity Rank: 300
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Similarity Rank: 456
Similarity Rank: 460
Similarity Rank: 486
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications89.77%
Financial Plus Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination98.06%
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 |