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 Cash Out Refi and Refi loans. Financial Plus Credit Union has a high proportion of conventional loans. Their top two markets are Des Moines and Mason City .

    Financial Plus Credit Union has an average approval rate when compared to the average across all lenders. They have an 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% 4/28/24
    30 Year Conventional Refi 6.89% 4/28/24
    30 Year Cash-out Refi 6.41% 4/28/24
    15 Year Conventional Purchase 8.05% 4/28/24
    15 Year Conventional Refi 6.25% 4/28/24
    15 Year Cash-out Refi 6.25% 4/28/24
    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

    124

    Origination Dollar Volume (All Markets)

    $22,810,000

    Awards

    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 bronze FINANCIAL PLUS Credit Union 30 Year Conventional Loans silver
    Show all (4) 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) 122 $22,380,000 $183,443 $1,659 3.86%
    Mason City, IA (FHA|USDA|VA) 1 $245,000 $245,000 $1,853 3.38%
    Outside of Metro Areas 1 $185,000 $185,000 $1,788 4.00%
    Financial Plus Credit Union's top markets include Des Moines and Mason City 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.

    FINANCIAL PLUS Credit Union
    Similarity Rank: 63
    Raccoon Valley Bank
    Similarity Rank: 145
    Luana Savings Bank
    Similarity Rank: 253
    Community Choice Credit Union
    Similarity Rank: 255
    Peoples Bank
    Similarity Rank: 380
    Fidelity Bank
    Similarity Rank: 388
    Premier Credit Union
    Similarity Rank: 469
    GREATER IOWA CREDIT UNION
    Similarity Rank: 480
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 640
    Farmers State Bank
    Similarity Rank: 1008

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 124 $22,810,000 $183,952 $1,661 3.85%

    For 2019, Financial Plus Credit Union's most frequently originated type of loan was Conventional, with 124 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 62 $11,520,000 $185,806 $1,680 3.84%
    Refi 37 $6,945,000 $187,703 $1,595 3.73%
    Home Purchase 25 $4,345,000 $173,800 $1,713 4.06%

    For 2019, Financial Plus Credit Union's most frequently cited loan purpose was Cash Out Refi, with 62 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 65 $11,865,000 $182,538 $1,639 3.91%
    20 Year 26 $4,350,000 $167,308 $1,665 3.85%
    15 Year 15 $2,665,000 $177,667 $1,714 3.71%
    10 Year 9 $1,075,000 $119,444 $1,657 3.78%
    Other 8 $2,640,000 $330,000 $1,741 3.75%
    5 Year 1 $215,000 $215,000 $1,672 3.88%

    For 2019, Financial Plus Credit Union's most frequently cited loan duration was 30 Year, with 65 originations. The 2nd most popular length was 20 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 124 $22,810,000 $183,952

    Financial Plus Credit Union's average total fees were $1,639, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 124 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 89 $15,965,000 $179,382
    4-5% 33 $6,025,000 $182,576
    2.5-3% 2 $820,000 $410,000

    During 2019, Financial Plus Credit Union's average interest rate for loans was 3.91%, while their most frequently originated rate bucket for loans was 3-4%, with 89 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 69 $10,205,000 $147,899 $1,689 3.89%
    $200k-400k 35 $9,155,000 $261,571 $1,577 3.74%
    $100,000 or less 16 $1,260,000 $78,750 $1,715 4.02%
    $400k-600k 3 $1,365,000 $455,000 $1,566 3.29%
    $600k-1MM 1 $825,000 $825,000 $2,128 4.25%

    2019 saw Financial Plus Credit Union place emphasis on $100k-200k loans with 69 originations, totaling $10,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $4,155,000 $166,200 $1,712 4.00%
    $75k-100k 16 $2,670,000 $166,875 $1,631 4.09%
    $100k-150k 15 $2,815,000 $187,667 $1,621 3.88%
    $150k-250k 7 $1,885,000 $269,286 $1,640 3.50%
    $50k or less 7 $855,000 $122,143 $1,717 4.05%
    $250k+ 3 $385,000 $128,333 $1,683 3.71%

    Financial Plus Credit Union lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $75k-100k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 25 $4,645,000 $185,800 $1,649 3.92%
    30-36% 12 $1,920,000 $160,000 $1,571 3.78%
    <20% 10 $1,260,000 $126,000 $1,697 3.89%
    39% 6 $1,080,000 $180,000 $1,681 3.92%
    37% 4 $860,000 $215,000 $1,634 4.06%
    41% 3 $625,000 $208,333 $1,538 3.88%
    40% 3 $535,000 $178,333 $1,736 3.67%
    46% 3 $525,000 $175,000 $1,733 4.04%
    42% 2 $360,000 $180,000 $1,763 4.25%
    43% 2 $300,000 $150,000 $1,713 3.81%
    45% 1 $165,000 $165,000 $1,738 4.75%
    50-60% 1 $235,000 $235,000 $1,692 4.50%
    48% 1 $335,000 $335,000 $1,822 4.63%
    36% 1 $135,000 $135,000 $1,708 4.25%

    Financial Plus Credit Union lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 120 $22,100,000 $184,167 $1,659 3.86%
    Black 3 $415,000 $138,333 $1,749 3.83%
    Asian 1 $295,000 $295,000 $1,648 3.63%

    Approval Rates

    Total approvals of all applications
    80.36%

    Financial Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    91.13%

    Financial Plus Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 124 $22,810,000 $183,952

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 124 $22,810,000 $183,952

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $130,000 $65,000 $1,682 3.81%
    40-60% 5 $635,000 $127,000 $1,650 3.73%
    60-80% 38 $6,800,000 $178,947 $1,679 3.87%
    80-100% 29 $5,415,000 $186,724 $1,626 4.06%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Financial Freedom Mortgage, LLC VA mortgage Trouble during payment process 1 50.0%