Greater Iowa Credit Union Mortgage Rates, Fees & Info

Ames, IA

LEI: 549300BB8TE7SXIUJI50

Tax ID: 42-0664060

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Greater Iowa Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Greater Iowa Credit Union has a high proportion of conventional loans. Their top markets include Des Moines, Ames, Pella, Marshalltown, and Carroll among others. Greater Iowa Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Greater Iowa Credit Union is typically a low fee lendor.


Originations

637

Origination Dollar Volume (All Markets)

$85,905,000
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Relative Rate

Greater Iowa Credit Union's average 30 year fixed rate mortgage of loans were 2.98%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.17%.

Relative Fees

Greater Iowa Credit Union's average total fees for a 30 year fixed rate mortgage are $1,648.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 341 $48,155,000 $141,217 $995 3.11%
AMES, IA (FHA|USDA|VA) 226 $31,820,000 $140,796 $971 3.06%
Outside of Metro Areas 50 $3,950,000 $79,000 $845 3.30%
Pella, IA (FHA|USDA|VA) 9 $945,000 $105,000 $704 3.11%
Marshalltown, IA (FHA|USDA|VA) 5 $465,000 $93,000 $1,066 3.35%
Carroll, IA (FHA|USDA|VA) 3 $285,000 $95,000 $1,383 3.71%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $165,000 $165,000 $2,091 1.88%
Storm Lake, IA (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.49%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.99%

Greater Iowa Credit Union's top markets include Des Moines, Ames, Pella, Marshalltown, and Carroll among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 637 $85,905,000 $134,859 $972 3.11%

For the 2021 period, Greater Iowa Credit Union's most frequently originated loan type of loans were Conventional, with 637 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 268 $44,920,000 $167,612 $1,333 2.74%
Home Purchase 125 $26,875,000 $215,000 $1,852 2.78%
Cash Out Refi 106 $8,030,000 $75,755 $47 3.44%
Home Improvement 78 $2,770,000 $35,513 $114 3.78%
Other 60 $3,310,000 $55,167 $290 4.00%

For the 2021, Greater Iowa Credit Union's most frequently cited loan purpose of loans were Refi, with 268 originations. The 2nd most popular reason of loans were Home Purchase, with 125 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 206 $41,920,000 $203,495 $1,648 2.98%
15 Year 168 $26,010,000 $154,821 $1,173 2.73%
10 Year 168 $11,130,000 $66,250 $169 3.37%
5 Year 45 $1,195,000 $26,556 $104 3.84%
Other 23 $1,845,000 $80,217 $732 4.09%
20 Year 22 $3,680,000 $167,273 $1,451 2.80%
3 Year 5 $125,000 $25,000 $57 3.09%

For the 2021, Greater Iowa Credit Union's most frequently cited loan length of loans were 30 Year, with 206 originations. The 2nd most popular length of loans were 15 Year, with 168 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 630 $84,470,000 $134,079
$1k-2k 4 $1,050,000 $262,500
$3k-4k 1 $75,000 $75,000

$1,648 of loans were Greater Iowa Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 630 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 277 $41,745,000 $150,704
3-4% 152 $16,050,000 $105,592
<2.5% 145 $24,495,000 $168,931
4-5% 42 $2,760,000 $65,714
5-6% 14 $470,000 $33,571
6-7% 6 $350,000 $58,333
7-8% 1 $35,000 $35,000

During 2021, Greater Iowa Credit Union's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 2.5-3%, with 277 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 274 $13,660,000 $49,854 $426 3.50%
$100k-200k 214 $31,150,000 $145,561 $1,200 2.86%
$200k-400k 139 $36,275,000 $260,971 $1,624 2.77%
$400k-600k 10 $4,820,000 $482,000 $1,987 2.71%

2021 saw Greater Iowa Credit Union place emphasis on $100,000 or less loans with 274 originations, totaling $13,660,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 162 $24,700,000 $152,469 $1,019 3.01%
$50k-75k 129 $13,985,000 $108,411 $903 3.20%
$75k-100k 125 $17,495,000 $139,960 $1,040 3.08%
$50k or less 122 $9,300,000 $76,230 $739 3.27%
$150k-250k 86 $17,490,000 $203,372 $1,201 2.97%
$250k+ 11 $2,695,000 $245,000 $1,033 3.15%

Greater Iowa Credit Union lent most frequently to those with incomes in the $100k-150k range, with 162 originations. The second most popular income band? $50k-75k, with 129 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
<20% 249 $19,845,000 $79,699 $446 3.51%
20-30% 180 $28,860,000 $160,333 $1,223 2.84%
30-36% 85 $15,555,000 $183,000 $1,341 2.83%
43% 14 $2,790,000 $199,286 $1,521 2.84%
41% 12 $1,990,000 $165,833 $1,455 2.73%
38% 11 $2,385,000 $216,818 $1,399 2.72%
39% 10 $1,800,000 $180,000 $1,392 3.12%
40% 9 $1,635,000 $181,667 $1,821 2.72%
37% 9 $1,245,000 $138,333 $1,183 2.92%
44% 9 $1,825,000 $202,778 $1,693 2.90%
48% 8 $1,620,000 $202,500 $1,438 2.83%
45% 8 $1,150,000 $143,750 $1,534 3.01%
36% 7 $925,000 $132,143 $933 3.03%
50-60% 6 $630,000 $105,000 $454 3.49%
42% 5 $815,000 $163,000 $1,499 2.60%
46% 5 $845,000 $169,000 $1,498 2.68%
47% 5 $1,005,000 $201,000 $1,744 2.93%
49% 4 $730,000 $182,500 $1,660 2.84%
>60% 1 $255,000 $255,000 $0 3.49%

Greater Iowa Credit Union lent most frequently to those with DTI ratios of <20%, with 249 originations. The next most common DTI ratio? 20-30%, with 180 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 487 $57,565,000 $118,203 $847 3.18%
Not provided 120 $23,900,000 $199,167 $1,525 2.75%
Asian 21 $3,395,000 $161,667 $820 3.22%
Black 8 $890,000 $111,250 $835 3.98%
American Indian 1 $155,000 $155,000 $0 2.99%

Approval Rates

Total approvals of all applications
94.70%

Greater Iowa Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
88.93%

Greater Iowa Credit Union has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 637 $85,905,000 $134,859

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
637 $85,905,000 $134,859

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 88 $6,720,000 $76,364 $503 3.44%
40-60% 122 $16,710,000 $136,967 $998 2.78%
60-80% 208 $36,820,000 $177,019 $1,292 2.86%
80-100% 110 $22,480,000 $204,364 $1,541 2.97%
Under 20% 109 $3,175,000 $29,128 $131 3.83%