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, Pella, Omaha, and Marshalltown among others. We have data for 12 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 a below 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% 12/16/24
    30 Year Conventional Purchase 6.12% 12/16/24
    30 Year Conventional Refi 6.29% 12/16/24
    30 Year Cash-out Refi 5.97% 12/16/24
    30 Year FHA Purchase 6.51% 12/16/24
    30 Year VA Purchase 6.10% 12/16/24
    15 Year Conventional Purchase 5.75% 12/16/24
    15 Year Conventional Refi 6.18% 12/16/24
    15 Year Cash-out Refi 6.18% 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.

    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

    682

    Origination Dollar Volume (All Markets)

    $101,400,000
    Show all (6) 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) 334 $52,140,000 $156,108 $1,000 3.21%
    AMES, IA (FHA|USDA|VA) 295 $43,075,000 $146,017 $918 3.33%
    Outside of Metro Areas 35 $3,235,000 $92,429 $845 3.48%
    Pella, IA (FHA|USDA|VA) 5 $965,000 $193,000 $1,320 3.17%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $480,000 $240,000 $1,443 2.63%
    Marshalltown, IA (FHA|USDA|VA) 4 $440,000 $110,000 $1,054 3.03%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $285,000 $285,000 $1,715 2.25%
    Spirit Lake, IA (FHA|USDA|VA) 1 $285,000 $285,000 $1,951 3.00%
    Carroll, IA (FHA|USDA|VA) 2 $190,000 $95,000 $938 3.87%
    Mason City, IA (FHA|USDA|VA) 1 $125,000 $125,000 $1,896 3.13%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $125,000 $125,000 $1,446 2.50%
    Oskaloosa, IA (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.74%
    Greater Iowa Credit Union's top markets include Des Moines, Ames, Pella, Omaha, and Marshalltown 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: 172
    GREATER IOWA CREDIT UNION
    Similarity Rank: 276
    Fidelity Bank
    Similarity Rank: 387
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 442
    Premier Credit Union
    Similarity Rank: 588
    MEMBERS1st Community Credit Union
    Similarity Rank: 749
    Raccoon Valley Bank
    Similarity Rank: 828
    Luana Savings Bank
    Similarity Rank: 1248
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 1470
    Bank Iowa
    Similarity Rank: 1512

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 681 $101,355,000 $148,833 $963 3.27%
    HELOC 1 $45,000 $45,000 n/a 4.24%

    For 2020, Greater Iowa Credit Union's most frequently originated type of loan was Conventional, with 681 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 321 $57,405,000 $178,832 $1,185 2.83%
    Home Purchase 146 $29,880,000 $204,658 $1,715 2.82%
    Cash Out Refi 124 $8,380,000 $67,581 $62 4.24%
    Other 59 $4,575,000 $77,542 $260 4.37%
    Home Improvement 32 $1,160,000 $36,250 $57 3.98%

    For 2020, Greater Iowa Credit Union's most frequently cited loan purpose was Refi, with 321 originations. The 2nd most popular reason was Home Purchase, with 146 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 221 $45,425,000 $205,543 $1,531 3.02%
    15 Year 197 $33,325,000 $169,162 $1,195 2.61%
    10 Year 135 $11,265,000 $83,444 $254 4.04%
    Other 34 $2,000,000 $58,824 $102 4.64%
    5 Year 31 $945,000 $30,484 $50 4.21%
    30+ year 23 $3,255,000 $141,522 $683 3.75%
    20 Year 22 $4,510,000 $205,000 $1,240 3.10%
    3 Year 19 $675,000 $35,526 $34 3.37%

    For 2020, Greater Iowa Credit Union's most frequently cited loan duration was 30 Year, with 221 originations. The 2nd most popular length was 15 Year, with 197 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 678 $100,500,000 $148,230
    $2k-3k 1 $165,000 $165,000
    $3k-4k 1 $315,000 $315,000
    $4k-5k 1 $375,000 $375,000

    Greater Iowa Credit Union's average total fees were $1,531, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 678 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 228 $30,380,000 $133,246
    2.5-3% 185 $33,875,000 $183,108
    <2.5% 164 $30,330,000 $184,939
    4-5% 68 $4,950,000 $72,794
    5-6% 25 $1,485,000 $59,400
    6-7% 10 $330,000 $33,000
    7-8% 2 $50,000 $25,000

    During 2020, Greater Iowa Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 3-4%, with 228 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 271 $40,815,000 $150,609 $1,152 2.94%
    $100,000 or less 236 $12,490,000 $52,924 $405 3.96%
    $200k-400k 161 $41,945,000 $260,528 $1,425 2.87%
    $400k-600k 14 $6,150,000 $439,286 $1,340 2.90%

    2020 saw Greater Iowa Credit Union place emphasis on $100k-200k loans with 271 originations, totaling $40,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 174 $28,560,000 $164,138 $997 3.23%
    $50k-75k 166 $22,540,000 $135,783 $1,028 3.31%
    $75k-100k 123 $17,055,000 $138,659 $919 3.34%
    $150k-250k 115 $21,085,000 $183,348 $920 3.16%
    $50k or less 88 $7,960,000 $90,455 $880 3.31%
    $250k+ 16 $4,200,000 $262,500 $1,048 3.47%

    Greater Iowa Credit Union lent most frequently to those with incomes in the $100k-150k range, with 174 originations. The second most popular income band? $50k-75k, with 166 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 248 $21,970,000 $88,589 $457 3.86%
    20-30% 198 $33,010,000 $166,717 $1,126 2.97%
    30-36% 94 $16,980,000 $180,638 $1,315 2.89%
    41% 17 $3,795,000 $223,235 $1,395 2.87%
    44% 15 $3,375,000 $225,000 $1,341 2.98%
    39% 15 $2,765,000 $184,333 $1,407 2.91%
    37% 14 $2,660,000 $190,000 $1,450 2.85%
    38% 14 $3,070,000 $219,286 $1,321 2.74%
    45% 12 $2,750,000 $229,167 $1,912 2.85%
    46% 11 $2,365,000 $215,000 $1,245 3.10%
    36% 10 $2,170,000 $217,000 $1,691 2.94%
    43% 10 $1,430,000 $143,000 $1,185 2.71%
    42% 7 $1,325,000 $189,286 $1,233 3.00%
    40% 4 $570,000 $142,500 $1,000 2.78%
    48% 4 $1,090,000 $272,500 $1,307 3.09%
    47% 3 $745,000 $248,333 $1,626 3.21%
    49% 2 $690,000 $345,000 $1,448 2.88%
    50-60% 2 $230,000 $115,000 $846 3.75%
    >60% 2 $410,000 $205,000 $0 4.75%

    Greater Iowa Credit Union lent most frequently to those with DTI ratios of <20%, with 248 originations. The next most common DTI ratio? 20-30%, with 198 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 580 $82,390,000 $142,052 $898 3.35%
    Not provided 63 $11,415,000 $181,190 $1,379 2.83%
    Asian 26 $5,340,000 $205,385 $1,194 2.93%
    Black 9 $1,575,000 $175,000 $1,584 2.90%
    American Indian 3 $635,000 $211,667 $1,308 2.46%
    Other Asian 1 $45,000 $45,000 $135 4.49%

    Approval Rates

    Total approvals of all applications
    94.01%

    Greater Iowa Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.59%

    Greater Iowa Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 682 $101,400,000 $148,680

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $25,000 $25,000
    Single Family (1-4 Units):Site-Built 681 $101,375,000 $148,862

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $4,895,000 $73,060 $400 4.03%
    40-60% 115 $14,655,000 $127,435 $936 2.98%
    60-80% 263 $50,025,000 $190,209 $1,178 2.97%
    80-100% 144 $29,120,000 $202,222 $1,427 3.08%
    Under 20% 93 $2,705,000 $29,086 $87 4.26%