General Electric Employees Federal Credit Union Mortgage Rates, Fees & Info

Milford, CT

LEI: 549300H68PK1CZUVUQ73

Tax ID: 06-0655031

5 stars - Updated: 12/16/24 - out of 5 stars, based on 9 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    General Electric Employees Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. General Electric Employees Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Bridgeport, Syracuse, Philadelphia, and Orlando among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    General Electric Employees Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. General Electric Employees Federal 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 relatively high 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
    30 Year Conventional Purchase 5.75% 12/16/24
    30 Year Conventional Refi 5.39% 12/16/24
    30 Year Cash-out Refi 5.28% 12/16/24
    15 Year Conventional Purchase 5.51% 12/16/24
    15 Year Conventional Refi 6.23% 12/16/24
    15 Year Cash-out Refi 6.23% 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.

    General Electric Employees Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from General Electric Employees Federal 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

    87

    Origination Dollar Volume (All Markets)

    $12,075,000

    Awards

    GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) awards

    Relative Rate

    General Electric Employees Federal Credit Union's average 30 year fixed mortgage rate was 5.39%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -1.09%.

    Relative Fees (Closing Costs)

    General Electric Employees Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,641.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 20 $2,860,000 $143,000 $4,259 5.76%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 20 $2,120,000 $106,000 $3,678 6.06%
    SYRACUSE, NY (FHA|USDA|VA) 12 $1,790,000 $149,167 $4,377 5.94%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 11 $1,365,000 $124,091 $5,255 5.91%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $750,000 $375,000 $4,930 5.13%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $655,000 $655,000 $5,358 5.50%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $595,000 $595,000 $6,528 4.88%
    LYNCHBURG, VA (FHA|USDA|VA) 9 $555,000 $61,667 $0 5.64%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $415,000 $415,000 $5,233 4.75%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,784 5.00%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $165,000 $165,000 $0 6.25%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.25%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.50%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.50%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.50%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.25%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.00%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $15,000 $15,000 $0 5.00%
    Auburn, NY (FHA|USDA|VA) 1 $15,000 $15,000 $0 5.25%
    General Electric Employees Federal Credit Union's top markets include New Haven, Bridgeport, Syracuse, Philadelphia, and Orlando among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SIKORSKY FINANCIAL
    Similarity Rank: 40
    The Torrington Savings Bank
    Similarity Rank: 40
    Thomaston Savings Bank
    Similarity Rank: 48
    Union Savings Bank
    Similarity Rank: 91
    Newtown Savings Bank
    Similarity Rank: 132
    The Milford Bank
    Similarity Rank: 132
    Savings Bank of Danbury
    Similarity Rank: 147
    Liberty Bank
    Similarity Rank: 196
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 200
    WASHINGTON TRUST MORTGAGE COMPANY LLC
    Similarity Rank: 684

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 87 $12,075,000 $138,793 $4,501 5.83%

    For 2023, General Electric Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 87 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 33 $2,175,000 $65,909 $0 5.91%
    Cash Out Refi 28 $3,590,000 $128,214 $3,996 5.83%
    Home Purchase 14 $4,460,000 $318,571 $4,688 5.60%
    Refi 12 $1,850,000 $154,167 $4,089 5.88%

    For 2023, General Electric Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 33 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 22 $1,440,000 $65,455 $0 5.73%
    20 Year 19 $2,715,000 $142,895 $1,967 6.58%
    30 Year 16 $6,060,000 $378,750 $4,641 5.39%
    15 Year 15 $1,305,000 $87,000 $4,788 6.19%
    5 Year 15 $555,000 $37,000 $0 5.13%

    For 2023, General Electric Employees Federal Credit Union's most frequently cited loan duration was 10 Year, with 22 originations. The 2nd most popular length was 20 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 17 $6,215,000 $365,588
    $<1k 1 $265,000 $265,000

    General Electric Employees Federal Credit Union's average total fees were $4,641, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 35 $4,185,000 $119,571
    6-7% 33 $4,335,000 $131,364
    4-5% 18 $3,290,000 $182,778
    7-8% 1 $265,000 $265,000

    During 2023, General Electric Employees Federal Credit Union's average interest rate for loans was 5.39%, while their most frequently originated rate bucket for loans was 5-6%, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 50 $2,500,000 $50,000 $0 5.76%
    $100k-200k 17 $2,385,000 $140,294 $4,788 6.21%
    $200k-400k 14 $3,740,000 $267,143 $4,126 5.87%
    $400k-600k 3 $1,465,000 $488,333 $5,881 5.38%
    $600k-1MM 3 $1,985,000 $661,667 $4,985 5.17%

    2023 saw General Electric Employees Federal Credit Union place emphasis on $100,000 or less loans with 50 originations, totaling $2,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 28 $5,990,000 $213,929 $4,769 5.78%
    $100k-150k 21 $1,815,000 $86,429 $3,519 5.85%
    $75k-100k 18 $2,030,000 $112,778 $4,197 6.10%
    $50k-75k 12 $670,000 $55,833 $4,788 5.80%
    $250k+ 5 $1,445,000 $289,000 $5,362 5.55%
    $50k or less 3 $125,000 $41,667 $0 5.17%

    General Electric Employees Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 28 originations. The second most popular income band? $100k-150k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $2,445,000 $128,684 $4,237 5.69%
    <20% 11 $1,275,000 $115,909 $5,218 5.95%
    30-36% 10 $1,990,000 $199,000 $5,078 6.11%
    36% 5 $315,000 $63,000 $0 5.75%
    44% 5 $1,195,000 $239,000 $5,073 5.60%
    38% 5 $405,000 $81,000 $0 5.75%
    39% 5 $1,255,000 $251,000 $3,570 6.23%
    40% 4 $950,000 $237,500 $4,089 5.56%
    45% 4 $560,000 $140,000 $4,286 5.91%
    49% 3 $375,000 $125,000 $0 6.42%
    42% 3 $155,000 $51,667 $0 5.42%
    48% 3 $135,000 $45,000 $0 5.50%
    41% 2 $130,000 $65,000 $0 6.38%
    46% 2 $70,000 $35,000 $0 6.00%
    47% 2 $30,000 $15,000 $0 5.38%
    37% 2 $700,000 $350,000 $6,528 5.69%
    43% 2 $90,000 $45,000 $0 5.50%

    General Electric Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? <20%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 66 $7,490,000 $113,485 $4,533 5.76%
    Asian 5 $1,865,000 $373,000 $5,714 5.63%
    Not provided 5 $1,525,000 $305,000 $4,016 5.75%
    Black 10 $1,110,000 $111,000 $1,967 6.45%
    Filipino 1 $85,000 $85,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    77.05%

    General Electric Employees Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    93.10%

    General Electric Employees Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 87 $12,075,000 $138,793

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    87 $12,075,000 $138,793

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $1,925,000 $113,235 $4,788 6.21%
    40-60% 4 $530,000 $132,500 $4,807 5.94%
    60-80% 17 $6,355,000 $373,824 $4,571 5.63%
    80-100% 3 $665,000 $221,667 $4,000 6.33%
    Under 20% 46 $2,600,000 $56,522 $0 5.72%