Gecu Mortgage Rates, Fees & Info

El Paso, TX

LEI: 549300IV3BQZRSE82O16

Tax ID: 74-0650998

5 stars - Updated: 5/26/24 - out of 5 stars, based on 39 reviews

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

Jump to:

Mortgage Data

Review & Overview

Gecu is a smaller mortgage company specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Gecu has a high proportion of conventional loans. Their top markets by origination volume include: El Paso, Las Cruces, Alamogordo, San Antonio, and Sherman among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Gecu has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Gecu 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.

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) 6.27% 5/26/24
30 Year Conventional Purchase 7.00% 5/26/24
30 Year Conventional Refi 6.66% 5/26/24
30 Year Cash-out Refi 9.23% 5/26/24
30 Year FHA Purchase 6.27% 5/26/24
30 Year VA Purchase 6.27% 5/26/24
15 Year Conventional Purchase 7.06% 5/26/24
15 Year Conventional Refi 6.09% 5/26/24
15 Year Cash-out Refi 6.09% 5/26/24
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.

Gecu Mortgage Calculator






Your Estimates

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

This is not an official calculator from Gecu. 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

1,492

Origination Dollar Volume (All Markets)

$166,680,000

Awards

GECU 30 Year Conventional Loans gold GECU 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Gecu's average 30 year fixed mortgage rate was 7.37%.

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

This yields a difference of 0.89%.

Relative Fees (Closing Costs)

Gecu's average total fees/closing costs for a 30 year fixed rate mortgage were $3,588.

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
EL PASO, TX (FHA|USDA|VA) 1,418 $156,530,000 $110,388 $2,071 7.34%
LAS CRUCES, NM (FHA|USDA|VA) 50 $6,880,000 $137,600 $3,009 7.09%
Alamogordo, NM (FHA|USDA|VA) 6 $760,000 $126,667 $4,251 7.56%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $610,000 $152,500 $3,175 7.66%
SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $475,000 $475,000 $10,384 7.13%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $385,000 $128,333 $3,367 6.50%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $335,000 $111,667 $2,373 6.96%
Outside of Metro Areas 2 $240,000 $120,000 $4,305 7.13%
Deming, NM (FHA|USDA|VA) 2 $220,000 $110,000 $3,156 6.38%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $195,000 $195,000 $5,972 7.38%
MIDLAND, TX (FHA|USDA|VA) 1 $35,000 $35,000 $1,562 6.88%
Ruidoso, NM (FHA|USDA|VA) 1 $15,000 $15,000 $1,523 6.25%
Gecu's top markets include El Paso, Las Cruces, Alamogordo, San Antonio, and Sherman among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Similar Lenders

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

    EVOLVE
    Similarity Rank: 18
    NUSENDA
    Similarity Rank: 108
    White Sands Federal Credit Union
    Similarity Rank: 117
    EL PASO AREA TEACHERS
    Similarity Rank: 132
    Rocky Mountain Mortgage Company
    Similarity Rank: 196
    PATRIOT MORTGAGE COMPANY
    Similarity Rank: 248
    SUN AMERICAN MORTGAGE COMPANY
    Similarity Rank: 252
    First American Bank
    Similarity Rank: 264
    Citizens Bank of Las Cruces
    Similarity Rank: 495
    FirstLight Federal Credit Union
    Similarity Rank: 568

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,491 $166,145,000 $111,432 $2,130 7.32%
    HELOC 1 $535,000 $535,000 n/a 7.75%

    For 2023, Gecu's most frequently originated type of loan was Conventional, with 1,491 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 520 $34,630,000 $66,596 $1,130 7.33%
    Cash Out Refi 405 $48,145,000 $118,877 $2,060 7.51%
    Home Purchase 347 $67,685,000 $195,058 $4,094 7.09%
    Other 187 $12,785,000 $68,369 $1,229 7.46%
    Refi 33 $3,435,000 $104,091 $3,398 6.64%

    For 2023, Gecu's most frequently cited loan purpose was Home Improvement, with 520 originations. The 2nd most popular reason was Cash Out Refi, with 405 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 492 $47,600,000 $96,748 $1,908 7.19%
    30 Year 443 $81,635,000 $184,278 $3,588 7.37%
    20 Year 268 $20,920,000 $78,060 $1,267 7.90%
    10 Year 210 $11,620,000 $55,333 $1,045 7.00%
    5 Year 67 $3,545,000 $52,910 $999 6.72%
    Other 12 $1,360,000 $113,333 $1,360 7.28%

    For 2023, Gecu's most frequently cited loan duration was 15 Year, with 492 originations. The 2nd most popular length was 30 Year, with 443 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,257 $121,445,000 $96,615
    $2k-3k 94 $13,910,000 $147,979
    $3k-4k 67 $15,565,000 $232,313
    $1k-2k 37 $3,695,000 $99,865
    $4k-5k 24 $6,450,000 $268,750
    $5k+ 3 $1,785,000 $595,000

    Gecu's average total fees were $3,588, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,257 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 621 $72,785,000 $117,206
    7-8% 439 $51,655,000 $117,665
    Over 8% 283 $27,025,000 $95,495
    5-6% 149 $15,215,000 $102,114

    During 2023, Gecu's average interest rate for loans was 7.37%, while their most frequently originated rate bucket for loans was 6-7%, with 621 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 842 $47,590,000 $56,520 $1,199 7.40%
    $100k-200k 459 $63,945,000 $139,314 $2,749 7.30%
    $200k-400k 178 $46,190,000 $259,494 $4,643 7.07%
    $400k-600k 10 $4,760,000 $476,000 $6,421 7.11%
    $1MM+ 2 $3,380,000 $1,690,000 $10,769 6.51%
    $600k-1MM 1 $815,000 $815,000 $15,167 7.98%

    2023 saw Gecu place emphasis on $100,000 or less loans with 842 originations, totaling $47,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 392 $36,490,000 $93,087 $1,926 7.27%
    $100k-150k 347 $43,545,000 $125,490 $2,413 7.28%
    $75k-100k 295 $30,955,000 $104,932 $1,997 7.35%
    $50k or less 232 $17,950,000 $77,371 $1,729 7.46%
    $150k-250k 180 $24,880,000 $138,222 $2,521 7.34%
    $250k+ 37 $9,085,000 $245,541 $3,320 7.18%

    Gecu lent most frequently to those with incomes in the $50k-75k range, with 392 originations. The second most popular income band? $100k-150k, with 347 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 340 $31,790,000 $93,500 $1,600 7.75%
    50-60% 287 $26,985,000 $94,024 $1,881 7.55%
    30-36% 153 $20,385,000 $133,235 $2,839 7.06%
    20-30% 138 $16,980,000 $123,043 $2,432 6.94%
    49% 53 $6,485,000 $122,358 $2,153 7.17%
    <20% 49 $4,635,000 $94,592 $1,945 6.71%
    46% 49 $5,515,000 $112,551 $2,087 7.20%
    40% 44 $6,390,000 $145,227 $2,476 7.26%
    45% 42 $4,680,000 $111,429 $2,200 7.05%
    44% 41 $4,675,000 $114,024 $2,254 7.20%
    47% 39 $5,185,000 $132,949 $2,621 7.22%
    42% 35 $4,335,000 $123,857 $2,553 7.63%
    38% 35 $4,225,000 $120,714 $2,348 6.86%
    41% 34 $3,650,000 $107,353 $2,254 6.95%
    48% 34 $4,300,000 $126,471 $2,242 6.91%
    39% 31 $3,425,000 $110,484 $2,401 6.83%
    43% 29 $3,635,000 $125,345 $2,966 7.09%
    36% 26 $2,800,000 $107,692 $2,039 7.47%
    37% 24 $2,830,000 $117,917 $2,483 7.44%

    Gecu lent most frequently to those with DTI ratios of >60%, with 340 originations. The next most common DTI ratio? 50-60%, with 287 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,143 $124,725,000 $109,121 $2,104 7.31%
    Not provided 313 $37,605,000 $120,144 $2,296 7.39%
    Not applicable 7 $1,615,000 $230,714 $0 7.29%
    Black 17 $1,595,000 $93,824 $1,487 7.60%
    Asian 9 $915,000 $101,667 $1,158 6.90%
    American Indian 2 $180,000 $90,000 $1,360 7.38%
    Native Hawaiian or Islander 1 $45,000 $45,000 $849 7.25%

    Approval Rates

    Total approvals of all applications
    80.49%

    Gecu has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    56.30%

    Gecu has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,492 $166,680,000 $111,716

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,492 $166,680,000 $111,716

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 443 $32,725,000 $73,871 $1,330 7.35%
    40-60% 206 $24,740,000 $120,097 $1,941 7.22%
    60-80% 239 $39,225,000 $164,121 $3,184 7.39%
    80-100% 264 $55,950,000 $211,932 $4,260 7.15%
    Under 20% 340 $14,040,000 $41,294 $912 7.43%