Financial Plus Credit Union Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300WQC1VYOW0EW528

Tax ID: 42-0802188

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 Plus Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Financial Plus Credit Union has a high proportion of conventional loans. Their top two markets are Des Moines and Pella .

    Financial Plus Credit Union has an above 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 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 6.68% 12/16/24
    30 Year Conventional Refi 6.89% 12/16/24
    30 Year Cash-out Refi 6.41% 12/16/24
    15 Year Conventional Purchase 8.05% 12/16/24
    15 Year Conventional Refi 6.25% 12/16/24
    15 Year Cash-out Refi 6.25% 12/16/24
    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

    77

    Origination Dollar Volume (All Markets)

    $5,135,000

    Awards

    FINANCIAL PLUS Credit Union 30 Year Conventional Loans gold FINANCIAL PLUS Credit Union 30 Year Conventional Loans bronze
    Show all (2) 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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 75 $4,905,000 $65,400 $439 4.49%
    Outside of Metro Areas 1 $165,000 $165,000 $1,838 4.38%
    Pella, IA (FHA|USDA|VA) 1 $65,000 $65,000 $169 5.50%
    Financial Plus Credit Union's top markets include Des Moines 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.

    Charter Bank
    Similarity Rank: 36
    Raccoon Valley Bank
    Similarity Rank: 96
    Guthrie County State Bank
    Similarity Rank: 166
    Community Choice Credit Union
    Similarity Rank: 187
    Collins Community Credit Union
    Similarity Rank: 273
    GREATER IOWA CREDIT UNION
    Similarity Rank: 286
    Luana Savings Bank
    Similarity Rank: 289
    Fidelity Bank
    Similarity Rank: 428
    Premier Credit Union
    Similarity Rank: 450
    American Trust & Savings Bank
    Similarity Rank: 486

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $4,795,000 $65,685 $455 4.47%
    HELOC 4 $340,000 $85,000 n/a 5.00%

    For 2018, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 73 originations. Their 2nd most popular type was HELOC, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 36 $2,110,000 $58,611 $306 4.58%
    Home Improvement 29 $1,015,000 $35,000 $173 4.36%
    Home Purchase 10 $1,730,000 $173,000 $1,456 4.53%
    Cash Out Refi 2 $280,000 $140,000 $1,705 4.81%

    For 2018, Financial Plus Credit Union's most frequently cited loan purpose was Refi, with 36 originations. The 2nd most popular reason was Home Improvement, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 40 $1,800,000 $45,000 $171 4.53%
    15 Year 12 $1,020,000 $85,000 $353 5.04%
    30 Year 11 $1,655,000 $150,455 $1,652 4.50%
    5 Year 9 $315,000 $35,000 $163 3.67%
    Other 3 $95,000 $31,667 $167 4.33%
    20 Year 2 $250,000 $125,000 $1,277 4.69%

    For 2018, Financial Plus Credit Union's most frequently cited loan duration was 10 Year, with 40 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 14 $2,260,000 $161,429

    Financial Plus Credit Union's average total fees were $1,652, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 35 $3,385,000 $96,714
    3-4% 31 $1,325,000 $42,742
    5-6% 8 $360,000 $45,000
    6-7% 2 $50,000 $25,000
    7-8% 1 $15,000 $15,000

    During 2018, Financial Plus Credit Union's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 4-5%, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 58 $2,190,000 $37,759 $198 4.48%
    $100k-200k 16 $2,180,000 $136,250 $1,213 4.59%
    $200k-400k 3 $765,000 $255,000 $1,621 4.33%

    2018 saw Financial Plus Credit Union place emphasis on $100,000 or less loans with 58 originations, totaling $2,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 20 $1,480,000 $74,000 $346 4.31%
    $50k-75k 18 $1,360,000 $75,556 $752 4.65%
    $75k-100k 15 $855,000 $57,000 $347 4.39%
    $50k or less 14 $840,000 $60,000 $489 4.83%
    $150k-250k 8 $480,000 $60,000 $218 4.47%
    $250k+ 2 $120,000 $60,000 $169 3.63%

    Financial Plus Credit Union lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $50k-75k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $1,115,000 $58,684 $388 4.01%
    30-36% 18 $1,160,000 $64,444 $380 4.56%
    <20% 18 $1,180,000 $65,556 $394 4.55%
    40% 3 $85,000 $28,333 $150 4.17%
    43% 3 $535,000 $178,333 $1,567 4.50%
    41% 3 $55,000 $18,333 $149 4.92%
    45% 3 $315,000 $105,000 $1,326 5.04%
    39% 2 $80,000 $40,000 $167 4.87%
    36% 2 $140,000 $70,000 $529 5.00%
    37% 2 $290,000 $145,000 $960 4.50%
    38% 2 $140,000 $70,000 $169 4.50%
    42% 1 $15,000 $15,000 $167 8.00%
    47% 1 $25,000 $25,000 $164 4.75%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 74 $4,840,000 $65,405 $463 4.48%
    Asian 2 $270,000 $135,000 $168 4.75%
    Black 1 $25,000 $25,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    93.33%

    Financial Plus Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.91%

    Financial Plus Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 77 $5,135,000 $66,688

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 77 $5,135,000 $66,688

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $1,095,000 $52,143 $264 4.62%
    40-60% 10 $820,000 $82,000 $511 4.58%
    60-80% 9 $1,195,000 $132,778 $763 4.56%
    80-100% 8 $1,320,000 $165,000 $1,517 4.58%
    Under 20% 29 $705,000 $24,310 $174 4.34%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%