Grove City Area Federal Credit Union Mortgage Rates, Fees & Info
Grove City, PALEI: 254900XJCLA0W3K4J455
Tax ID: 25-0970727
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Mortgage Data
Review & Overview
Grove City Area Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Grove City Area Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Youngstown, Pittsburgh, Oil City, and New Castle among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Grove City Area 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 4.23% | 12/16/24 |
| 15 Year Conventional Refi | 5.04% | 12/16/24 |
| 15 Year Cash-out Refi | 5.04% | 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. | ||
Grove City Area 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
132Origination Dollar Volume (All Markets)
$10,920,000Top 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 |
|---|---|---|---|---|---|
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 98 | $8,390,000 | $85,612 | $327 | 3.62% |
| PITTSBURGH, PA (FHA|USDA|VA) | 20 | $1,660,000 | $83,000 | $765 | 3.98% |
| Oil City, PA (FHA|USDA|VA) | 8 | $500,000 | $62,500 | $271 | 3.53% |
| New Castle, PA (FHA|USDA|VA) | 6 | $370,000 | $61,667 | $168 | 3.50% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 132 | $10,920,000 | $82,727 | $383 | 3.66% |
For 2020, Grove City Area Federal Credit Union's most frequently originated type of loan was Conventional, with 132 originations.
Loan Reason
For 2020, Grove City Area Federal Credit Union's most frequently cited loan purpose was Refi, with 47 originations. The 2nd most popular reason was Cash Out Refi, with 47 originations.
Loan Duration/Length
For 2020, Grove City Area Federal Credit Union's most frequently cited loan duration was 15 Year, with 72 originations. The 2nd most popular length was 10 Year, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 132 | $10,920,000 | $82,727 |
Grove City Area Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 132 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 117 | $10,195,000 | $87,137 |
| 2.5-3% | 13 | $575,000 | $44,231 |
| 5-6% | 2 | $150,000 | $75,000 |
During 2020, Grove City Area Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 117 originations.
Loan Sizing
2020 saw Grove City Area Federal Credit Union place emphasis on $100,000 or less loans with 88 originations, totaling $4,860,000 in origination value.
Applicant Income
Grove City Area Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 42 originations. The second most popular income band? $50k-75k, with 35 originations.
Applicant Debt to Income Ratio
Grove City Area Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 27 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 131 | $10,745,000 | $82,023 | $382 | 3.66% |
| American Indian | 1 | $175,000 | $175,000 | $537 | 4.00% |
Approval Rates
Total approvals of all applications94.77%
Grove City Area Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination76.52%
Grove City Area Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 132 | $10,920,000 | $82,727 |