Gecu Mortgage Rates, Fees & Info
El Paso, TXLEI: 549300IV3BQZRSE82O16
Tax ID: 74-0650998
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Mortgage Data
Review & Overview
Gecu is a smaller mortgage company specializing in Home Purchase and Refi loans. Gecu has a high proportion of conventional loans. Their top (well, only) market is El Paso.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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 7.00% | 12/16/24 |
| 30 Year Conventional Refi | 6.66% | 12/16/24 |
| 30 Year Cash-out Refi | 9.23% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 7.06% | 12/16/24 |
| 15 Year Conventional Refi | 6.09% | 12/16/24 |
| 15 Year Cash-out Refi | 6.09% | 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. | ||
Gecu Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,072Origination Dollar Volume (All Markets)
$270,730,000Awards
GECU - 2021
GECU is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 1,992 | $257,670,000 | $129,352 | $2,795 | 3.55% |
| Outside of Metro Areas | 80 | $13,060,000 | $163,250 | $3,310 | 3.51% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2,072 | $270,730,000 | $130,661 | $2,815 | 3.55% |
For 2021, Gecu's most frequently originated type of loan was Conventional, with 2,072 originations.
Loan Reason
For 2021, Gecu's most frequently cited loan purpose was Home Purchase, with 814 originations. The 2nd most popular reason was Refi, with 792 originations.
Loan Duration/Length
For 2021, Gecu's most frequently cited loan duration was 30 Year, with 918 originations. The 2nd most popular length was 15 Year, with 691 originations.
Origination Fees/Closing Costs
Gecu's average total fees were $3,216, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,359 originations.
Interest Rates
During 2021, Gecu's average interest rate for loans was 3.57%, while their most frequently originated rate bucket for loans was 2.5-3%, with 655 originations.
Loan Sizing
2021 saw Gecu place emphasis on $100k-200k loans with 990 originations, totaling $141,220,000 in origination value.
Applicant Income
Gecu lent most frequently to those with incomes in the $50k-75k range, with 612 originations. The second most popular income band? $50k or less, with 563 originations.
Applicant Debt to Income Ratio
Gecu lent most frequently to those with DTI ratios of 30-36%, with 377 originations. The next most common DTI ratio? 20-30%, with 368 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.60%
Gecu has a below average approval rate.
Pick Rate
Approvals leading to origination43.34%
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 | 2,072 | $270,730,000 | $130,661 |