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 Home Purchase loans. Greater Iowa Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Des Moines, Ames, Davenport, Pella, and Iowa City among others. We have data for 15 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.

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    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

    475

    Origination Dollar Volume (All Markets)

    $55,975,000

    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) 237 $29,195,000 $123,186 $766 4.63%
    AMES, IA (FHA|USDA|VA) 161 $18,825,000 $116,925 $684 4.50%
    Outside of Metro Areas 52 $4,200,000 $80,769 $630 4.60%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $1,120,000 $560,000 $0 3.56%
    Pella, IA (FHA|USDA|VA) 4 $600,000 $150,000 $1,007 4.37%
    IOWA CITY, IA (FHA|USDA|VA) 2 $370,000 $185,000 $4,612 4.81%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $315,000 $105,000 $481 4.29%
    Ottumwa, IA (FHA|USDA|VA) 1 $315,000 $315,000 $2,245 4.75%
    Carroll, IA (FHA|USDA|VA) 2 $260,000 $130,000 $298 4.87%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 2 $210,000 $105,000 $976 5.00%
    Marshalltown, IA (FHA|USDA|VA) 3 $175,000 $58,333 $712 4.41%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $145,000 $145,000 $3,149 5.13%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 3 $85,000 $28,333 $77 4.32%
    Mason City, IA (FHA|USDA|VA) 1 $85,000 $85,000 $1,171 6.50%
    Fort Dodge, IA (FHA|USDA|VA) 1 $75,000 $75,000 $2,166 3.25%
    Greater Iowa Credit Union's top markets include Des Moines, Ames, Davenport, Pella, and Iowa City 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.

    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 150
    MEMBERS1st Community Credit Union
    Similarity Rank: 161
    FINANCIAL PLUS Credit Union
    Similarity Rank: 236
    Farmers State Bank
    Similarity Rank: 399
    Serve Credit Union
    Similarity Rank: 420
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 464
    Premier Credit Union
    Similarity Rank: 504
    GREATER IOWA CREDIT UNION
    Similarity Rank: 675
    Peoples Bank
    Similarity Rank: 712
    Luana Savings Bank
    Similarity Rank: 968

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 467 $54,295,000 $116,263 $711 4.58%
    VA 4 $910,000 $227,500 $2,519 5.00%
    HELOC 2 $460,000 $230,000 n/a 3.13%
    FHA 2 $310,000 $155,000 $5,155 4.75%

    For 2022, Greater Iowa Credit Union's most frequently originated type of loan was Conventional, with 467 originations. Their 2nd most popular type was VA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 128 $7,320,000 $57,188 $124 4.77%
    Cash Out Refi 114 $9,430,000 $82,719 $231 4.05%
    Home Purchase 109 $24,825,000 $227,752 $2,131 4.70%
    Refi 73 $10,745,000 $147,192 $948 4.56%
    Other 51 $3,655,000 $71,667 $302 5.03%

    For 2022, Greater Iowa Credit Union's most frequently cited loan purpose was Home Improvement, with 128 originations. The 2nd most popular reason was Cash Out Refi, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 165 $11,825,000 $71,667 $80 4.36%
    30 Year 129 $28,485,000 $220,814 $2,027 4.58%
    15 Year 104 $10,890,000 $104,712 $479 4.98%
    5 Year 55 $2,745,000 $49,909 $87 4.30%
    Other 17 $1,405,000 $82,647 $1,002 4.94%
    3 Year 3 $55,000 $18,333 $413 5.49%
    20 Year 2 $570,000 $285,000 $1,880 4.63%

    For 2022, Greater Iowa Credit Union's most frequently cited loan duration was 10 Year, with 165 originations. The 2nd most popular length was 30 Year, with 129 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 439 $49,725,000 $113,269
    $1k-2k 10 $1,370,000 $137,000
    $3k-4k 4 $1,090,000 $272,500
    $2k-3k 2 $390,000 $195,000
    $4k-5k 1 $155,000 $155,000

    Greater Iowa Credit Union's average total fees were $2,027, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 439 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 142 $20,670,000 $145,563
    4-5% 101 $11,325,000 $112,129
    5-6% 96 $12,130,000 $126,354
    2.5-3% 70 $6,080,000 $86,857
    6-7% 44 $4,330,000 $98,409
    7-8% 12 $630,000 $52,500
    Over 8% 8 $450,000 $56,250
    <2.5% 2 $360,000 $180,000

    During 2022, Greater Iowa Credit Union's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 3-4%, with 142 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 279 $13,605,000 $48,763 $292 4.71%
    $100k-200k 105 $14,895,000 $141,857 $1,028 4.35%
    $200k-400k 83 $22,925,000 $276,205 $1,829 4.40%
    $400k-600k 5 $2,555,000 $511,000 $2,024 5.35%
    $600k-1MM 3 $1,995,000 $665,000 $1,843 3.58%

    2022 saw Greater Iowa Credit Union place emphasis on $100,000 or less loans with 279 originations, totaling $13,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 124 $16,270,000 $131,210 $725 4.61%
    $50k-75k 124 $11,770,000 $94,919 $695 4.58%
    $75k-100k 81 $9,685,000 $119,568 $921 4.69%
    $150k-250k 69 $9,915,000 $143,696 $641 4.58%
    $50k or less 54 $3,470,000 $64,259 $645 4.34%
    $250k+ 21 $4,715,000 $224,524 $1,063 4.47%

    Greater Iowa Credit Union lent most frequently to those with incomes in the $100k-150k range, with 124 originations. The second most popular income band? $50k-75k, with 124 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 258 $18,680,000 $72,403 $285 4.63%
    20-30% 80 $11,210,000 $140,125 $1,077 4.36%
    30-36% 52 $10,990,000 $211,346 $1,346 4.35%
    50-60% 10 $1,390,000 $139,000 $987 5.58%
    41% 7 $1,155,000 $165,000 $1,819 4.84%
    42% 7 $1,025,000 $146,429 $1,216 4.12%
    36% 7 $945,000 $135,000 $1,518 5.19%
    37% 7 $1,475,000 $210,714 $1,495 4.36%
    39% 7 $1,055,000 $150,714 $1,239 5.12%
    43% 6 $1,170,000 $195,000 $1,494 4.48%
    44% 5 $885,000 $177,000 $1,370 3.70%
    40% 5 $1,235,000 $247,000 $1,933 5.05%
    38% 5 $995,000 $199,000 $1,851 3.90%
    47% 4 $660,000 $165,000 $1,391 5.19%
    45% 4 $860,000 $215,000 $1,974 4.88%
    46% 4 $1,110,000 $277,500 $1,945 5.22%
    >60% 3 $575,000 $191,667 $2,022 4.35%
    48% 2 $320,000 $160,000 $2,640 3.87%
    49% 1 $185,000 $185,000 $1,442 5.63%

    Greater Iowa Credit Union lent most frequently to those with DTI ratios of <20%, with 258 originations. The next most common DTI ratio? 20-30%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 379 $36,605,000 $96,583 $522 4.61%
    Not provided 72 $14,410,000 $200,139 $1,903 4.31%
    Black 10 $2,430,000 $243,000 $1,201 4.70%
    Asian 13 $2,295,000 $176,538 $562 4.91%
    Other Pacific Islander 1 $235,000 $235,000 $1,895 5.75%

    Approval Rates

    Total approvals of all applications
    95.37%

    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
    78.53%

    Greater Iowa Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 475 $55,975,000 $117,842

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    475 $55,975,000 $117,842

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 82 $5,770,000 $70,366 $392 5.22%
    40-60% 57 $6,065,000 $106,404 $486 4.35%
    60-80% 112 $19,550,000 $174,554 $1,114 4.08%
    80-100% 95 $20,185,000 $212,474 $1,584 4.53%
    Under 20% 129 $4,405,000 $34,147 $137 4.74%