Greater Iowa Credit Union Mortgage Rates, Fees & Info

Ames, IA

LEI: 549300BB8TE7SXIUJI50

Tax ID: 42-0664060

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
  • 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

    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 by origination volume include: Des Moines, Ames, Marshalltown, Pella, and Fort Dodge among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Greater Iowa 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. Greater Iowa 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.34% 4/21/24
    30 Year Conventional Purchase 6.12% 4/21/24
    30 Year Conventional Refi 6.29% 4/21/24
    30 Year Cash-out Refi 5.97% 4/21/24
    30 Year FHA Purchase 6.51% 4/21/24
    30 Year VA Purchase 6.10% 4/21/24
    15 Year Conventional Purchase 5.75% 4/21/24
    15 Year Conventional Refi 6.18% 4/21/24
    15 Year Cash-out Refi 6.18% 4/21/24
    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.

    Greater Iowa Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Greater Iowa 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

    696

    Origination Dollar Volume (All Markets)

    $88,250,000

    Awards

    GREATER IOWA CREDIT UNION 30 Year Conventional Loans gold GREATER IOWA CREDIT UNION 30 Year Conventional Loans gold GREATER IOWA CREDIT UNION 30 Year Conventional Loans gold
    Show all (3) 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) 347 $45,925,000 $132,349 $1,065 3.90%
    AMES, IA (FHA|USDA|VA) 289 $36,795,000 $127,318 $942 3.90%
    Outside of Metro Areas 45 $3,635,000 $80,778 $1,317 3.98%
    Marshalltown, IA (FHA|USDA|VA) 4 $590,000 $147,500 $860 4.22%
    Pella, IA (FHA|USDA|VA) 4 $560,000 $140,000 $0 3.34%
    Fort Dodge, IA (FHA|USDA|VA) 3 $485,000 $161,667 $2,600 3.67%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $145,000 $145,000 $635 5.00%
    Mason City, IA (FHA|USDA|VA) 1 $75,000 $75,000 $1,719 4.25%
    Fairfield, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.74%
    IOWA CITY, IA (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.49%
    Greater Iowa Credit Union's top markets include Des Moines, Ames, Marshalltown, Pella, and Fort Dodge among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against GREATER IOWA 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
    Community Choice Credit Union
    Similarity Rank: 255
    Luana Savings Bank
    Similarity Rank: 322
    Peoples Bank
    Similarity Rank: 380
    Fidelity Bank
    Similarity Rank: 388
    Premier Credit Union
    Similarity Rank: 574
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 640
    GREATER IOWA 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 694 $87,640,000 $126,282 $1,049 3.91%
    HELOC 2 $610,000 $305,000 n/a 3.13%

    For 2019, Greater Iowa Credit Union's most frequently originated type of loan was Conventional, with 694 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 253 $44,985,000 $177,806 $1,413 3.44%
    Home Purchase 140 $26,320,000 $188,000 $1,755 3.80%
    Home Improvement 111 $4,205,000 $37,883 $200 4.10%
    Cash Out Refi 109 $8,725,000 $80,046 $251 4.18%
    Other 83 $4,015,000 $48,373 $316 4.88%

    For 2019, Greater Iowa Credit Union's most frequently cited loan purpose was Refi, with 253 originations. The 2nd most popular reason was Home Purchase, with 140 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 232 $46,270,000 $199,440 $1,670 3.79%
    10 Year 196 $14,310,000 $73,010 $467 4.27%
    15 Year 110 $17,170,000 $156,091 $1,425 3.16%
    5 Year 67 $1,835,000 $27,388 $180 4.14%
    Other 37 $2,805,000 $75,811 $521 5.24%
    20 Year 28 $5,070,000 $181,071 $1,623 3.56%
    3 Year 26 $790,000 $30,385 $109 3.28%

    For 2019, Greater Iowa Credit Union's most frequently cited loan duration was 30 Year, with 232 originations. The 2nd most popular length was 10 Year, with 196 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 208 $26,190,000 $125,913
    $2k-3k 2 $610,000 $305,000
    $3k-4k 2 $490,000 $245,000
    $1k-2k 1 $305,000 $305,000

    Greater Iowa Credit Union's average total fees were $1,670, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 208 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 404 $59,240,000 $146,634
    4-5% 149 $14,285,000 $95,872
    2.5-3% 83 $11,185,000 $134,759
    5-6% 38 $2,560,000 $67,368
    6-7% 21 $945,000 $45,000
    7-8% 1 $35,000 $35,000

    During 2019, Greater Iowa Credit Union's average interest rate for loans was 3.79%, while their most frequently originated rate bucket for loans was 3-4%, with 404 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 335 $16,135,000 $48,164 $588 4.15%
    $100k-200k 222 $32,810,000 $147,793 $1,364 3.73%
    $200k-400k 124 $32,490,000 $262,016 $1,568 3.60%
    $400k-600k 15 $6,815,000 $454,333 $2,743 3.54%

    2019 saw Greater Iowa Credit Union place emphasis on $100,000 or less loans with 335 originations, totaling $16,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 192 $28,510,000 $148,490 $1,109 3.87%
    $50k-75k 161 $17,015,000 $105,683 $964 3.92%
    $50k or less 122 $9,940,000 $81,475 $835 4.11%
    $75k-100k 115 $13,735,000 $119,435 $1,056 3.93%
    $150k-250k 86 $13,880,000 $161,395 $1,390 3.71%
    $250k+ 20 $5,170,000 $258,500 $1,618 3.57%

    Greater Iowa Credit Union lent most frequently to those with incomes in the $100k-150k range, with 192 originations. The second most popular income band? $50k-75k, with 161 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 284 $18,690,000 $65,810 $430 4.18%
    20-30% 169 $27,575,000 $163,166 $1,407 3.72%
    30-36% 88 $14,790,000 $168,068 $1,352 3.67%
    37% 20 $3,640,000 $182,000 $1,471 3.82%
    36% 15 $2,755,000 $183,667 $1,878 3.85%
    38% 15 $2,525,000 $168,333 $1,304 3.65%
    43% 14 $2,170,000 $155,000 $1,557 3.50%
    41% 12 $2,820,000 $235,000 $1,833 3.71%
    40% 11 $2,275,000 $206,818 $0 3.41%
    44% 10 $1,800,000 $180,000 $1,559 3.57%
    45% 10 $1,880,000 $188,000 $1,380 3.69%
    50-60% 9 $1,385,000 $153,889 $705 3.91%
    >60% 8 $1,100,000 $137,500 $110 4.46%
    42% 7 $1,015,000 $145,000 $1,599 3.50%
    39% 6 $1,010,000 $168,333 $1,358 3.58%
    48% 5 $945,000 $189,000 $837 3.78%
    49% 4 $650,000 $162,500 $1,954 3.94%
    46% 3 $455,000 $151,667 $0 3.54%
    47% 3 $505,000 $168,333 $0 3.38%

    Greater Iowa Credit Union lent most frequently to those with DTI ratios of <20%, with 284 originations. The next most common DTI ratio? 20-30%, with 169 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 641 $79,085,000 $123,378 $1,054 3.92%
    Asian 31 $5,235,000 $168,871 $730 3.79%
    Not provided 17 $2,585,000 $152,059 $1,153 3.84%
    Black 6 $1,190,000 $198,333 $1,501 3.64%
    American Indian 1 $155,000 $155,000 $0 3.50%

    Approval Rates

    Total approvals of all applications
    95.34%

    Greater Iowa Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.24%

    Greater Iowa Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 696 $88,250,000 $126,796

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 696 $88,250,000 $126,796

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 91 $6,235,000 $68,516 $690 4.08%
    40-60% 91 $10,355,000 $113,791 $755 3.87%
    60-80% 211 $37,645,000 $178,412 $1,362 3.66%
    80-100% 159 $30,135,000 $189,528 $1,703 3.79%
    Under 20% 144 $3,880,000 $26,944 $212 4.30%