General Electric Credit Union Mortgage Rates, Fees & Info

Cincinnati, OH

LEI: 549300MH5OXXJKWZZY83

Tax ID: 31-0568628

5 stars - Updated: 12/4/24 - out of 5 stars, based on 40 reviews

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

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Mortgage Data

Review & Overview

General Electric Credit Union is a smaller credit union specializing in Home Purchase loans. General Electric Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Cincinnati, Columbus, Dayton, Lexington, and Cape Coral among others. We have data for 50 markets. (Some data included below & more in-depth data is available with an active subscription.)

General Electric 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. General Electric 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 6.44% 12/4/24
30 Year Conventional Refi 6.47% 12/4/24
30 Year Cash-out Refi 6.45% 12/4/24
15 Year Conventional Purchase 5.44% 12/4/24
15 Year Conventional Refi 6.01% 12/4/24
15 Year Cash-out Refi 6.01% 12/4/24
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 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 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

1,590

Origination Dollar Volume (All Markets)

$446,470,000
Show all (8) awards

Relative Rate

General Electric Credit Union's average 30 year fixed mortgage rate was 5.85%.

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

This yields a difference of -0.63%.

Relative Fees (Closing Costs)

General Electric Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,598.

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
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1,365 $323,515,000 $237,007 $2,530 5.40%
COLUMBUS, OH (FHA|USDA|VA) 48 $46,570,000 $970,208 $4,299 5.84%
DAYTON-KETTERING, OH (FHA|USDA|VA) 56 $30,900,000 $551,786 $2,709 5.87%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 28 $10,320,000 $368,571 $3,568 6.02%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $5,370,000 $2,685,000 $12,519 5.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $4,650,000 $2,325,000 $12,471 5.56%
Outside of Metro Areas 21 $2,855,000 $135,952 $2,291 5.31%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $2,255,000 $2,255,000 $7,985 5.00%
KNOXVILLE, TN (FHA|USDA|VA) 3 $1,845,000 $615,000 $3,747 5.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,295,000 $431,667 $5,355 6.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $1,280,000 $640,000 $6,689 5.63%
Wilmington, OH (FHA|USDA|VA) 9 $1,235,000 $137,222 $1,933 6.07%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $1,175,000 $1,175,000 $6,366 5.50%
LOUISVILLE, KY (FHA|USDA|VA) 4 $1,100,000 $275,000 $2,742 6.34%
LIMA, OH (FHA|USDA|VA) 3 $1,015,000 $338,333 $3,713 4.74%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $925,000 $308,333 $2,432 5.54%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $775,000 $775,000 $4,687 4.99%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $675,000 $675,000 $2,947 5.99%
Richmond-Berea, KY (FHA|USDA|VA) 2 $670,000 $335,000 $3,526 5.69%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $625,000 $625,000 $4,269 6.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $495,000 $495,000 $5,491 5.12%
Sidney, OH (FHA|USDA|VA) 2 $490,000 $245,000 $2,648 5.31%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $455,000 $455,000 $6,488 5.63%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $455,000 $455,000 $4,637 5.38%
AMES, IA (FHA|USDA|VA) 1 $445,000 $445,000 $2,973 5.50%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $435,000 $435,000 $3,161 5.88%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $405,000 $405,000 $3,638 4.99%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,294 6.38%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $5,203 6.49%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $335,000 $335,000 $3,773 5.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $325,000 $325,000 $4,255 5.63%
Greensburg, IN (FHA|USDA|VA) 1 $325,000 $325,000 $4,498 6.13%
GAINESVILLE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,139 6.49%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,132 4.99%
Ada, OK (FHA|USDA|VA) 1 $245,000 $245,000 $4,356 6.25%
Madisonville, KY (FHA|USDA|VA) 2 $220,000 $110,000 $3,498 5.12%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $215,000 $215,000 $3,189 6.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,153 5.25%
TOLEDO, OH (FHA|USDA|VA) 2 $150,000 $75,000 $3,267 5.93%
Mount Sterling, KY (FHA|USDA|VA) 1 $145,000 $145,000 $4,249 6.38%
Paducah, KY-IL (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.49%
Sevierville, TN (FHA|USDA|VA) 1 $115,000 $115,000 $2,833 6.25%
AKRON, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.49%
Chillicothe, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.49%
Washington Court House, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.50%
SPRINGFIELD, OH (FHA|USDA|VA) 2 $100,000 $50,000 $1,275 5.75%
Frankfort, KY (FHA|USDA|VA) 1 $85,000 $85,000 $3,017 6.13%
Marion, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.49%
Wapakoneta, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.49%
Portsmouth, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.99%
General Electric Credit Union's top markets include Cincinnati, Columbus, Dayton, Lexington, and Cape Coral among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

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

    Whitaker Bank
    Similarity Rank: 153
    The Community Bank
    Similarity Rank: 216
    PARK COMMUNITY CREDIT UNION, INC.
    Similarity Rank: 323
    Minster Bank
    Similarity Rank: 324
    Peoples Exchange Bank
    Similarity Rank: 333
    Traditional Bank, Inc.
    Similarity Rank: 350
    Day Air Credit Union, Inc
    Similarity Rank: 391

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 963 $379,925,000 $394,522 $2,749 6.18%
    HELOC 627 $66,545,000 $106,132 n/a 4.31%

    For 2023, General Electric Credit Union's most frequently originated type of loan was Conventional, with 963 originations. Their 2nd most popular type was HELOC, with 627 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 626 $64,300,000 $102,716 $1,723 4.30%
    Home Purchase 535 $284,995,000 $532,701 $4,277 5.94%
    Cash Out Refi 396 $75,760,000 $191,313 $713 6.55%
    Refi 31 $18,845,000 $607,903 $2,449 5.86%
    Home Improvement 2 $2,570,000 $1,285,000 $0 7.74%

    For 2023, General Electric Credit Union's most frequently cited loan purpose was Other, with 626 originations. The 2nd most popular reason was Home Purchase, with 535 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 756 $74,960,000 $99,153 $575 4.78%
    30 Year 546 $257,260,000 $471,172 $3,598 5.85%
    10 Year 127 $7,585,000 $59,724 $173 6.65%
    Other 70 $51,780,000 $739,714 $1,788 6.57%
    5 Year 52 $8,920,000 $171,538 $7 6.32%
    30+ year 38 $45,810,000 $1,205,526 $9,777 5.60%
    20 Year 1 $155,000 $155,000 $1,650 4.99%

    For 2023, General Electric Credit Union's most frequently cited loan duration was 15 Year, with 756 originations. The 2nd most popular length was 30 Year, with 546 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 754 $227,620,000 $301,883
    $1k-2k 84 $21,320,000 $253,810
    $2k-3k 16 $7,080,000 $442,500
    $5k+ 12 $21,010,000 $1,750,833
    $3k-4k 8 $6,830,000 $853,750
    $4k-5k 4 $4,060,000 $1,015,000

    General Electric Credit Union's average total fees were $3,598, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 754 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 475 $195,765,000 $412,137
    6-7% 397 $127,825,000 $321,977
    3-4% 364 $37,630,000 $103,379
    4-5% 240 $64,480,000 $268,667
    7-8% 100 $14,390,000 $143,900
    Over 8% 14 $6,380,000 $455,714

    During 2023, General Electric Credit Union's average interest rate for loans was 5.85%, while their most frequently originated rate bucket for loans was 5-6%, with 475 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 714 $36,460,000 $51,064 $306 5.23%
    $200k-400k 336 $95,080,000 $282,976 $3,306 5.66%
    $100k-200k 257 $35,455,000 $137,957 $2,335 5.48%
    $400k-600k 146 $68,230,000 $467,329 $3,935 5.60%
    $600k-1MM 78 $58,780,000 $753,590 $4,941 5.77%
    $1MM+ 59 $152,465,000 $2,584,153 $9,991 5.81%

    2023 saw General Electric Credit Union place emphasis on $100,000 or less loans with 714 originations, totaling $36,460,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 438 $69,440,000 $158,539 $2,197 5.49%
    $150k-250k 401 $96,215,000 $239,938 $2,841 5.43%
    $75k-100k 235 $27,245,000 $115,936 $1,937 5.33%
    $250k+ 205 $147,745,000 $720,707 $6,012 5.30%
    $50k-75k 202 $17,930,000 $88,762 $1,555 5.38%
    $50k or less 68 $5,200,000 $76,471 $1,457 5.52%

    General Electric Credit Union lent most frequently to those with incomes in the $100k-150k range, with 438 originations. The second most popular income band? $150k-250k, with 401 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 395 $82,245,000 $208,215 $2,897 5.31%
    30-36% 340 $80,630,000 $237,147 $2,700 5.45%
    42% 175 $35,825,000 $204,714 $2,134 5.34%
    <20% 147 $35,895,000 $244,184 $2,701 5.16%
    41% 95 $17,115,000 $180,158 $2,419 5.49%
    38% 87 $20,565,000 $236,379 $2,715 5.51%
    40% 85 $22,445,000 $264,059 $2,772 5.71%
    36% 68 $17,360,000 $255,294 $2,818 5.55%
    39% 66 $23,940,000 $362,727 $3,434 5.60%
    37% 63 $14,325,000 $227,381 $2,712 5.52%
    43% 8 $4,020,000 $502,500 $3,217 6.07%
    44% 7 $5,225,000 $746,429 $5,341 5.51%
    47% 6 $1,450,000 $241,667 $3,487 5.12%
    45% 2 $680,000 $340,000 $3,192 6.19%
    46% 2 $950,000 $475,000 $3,605 6.38%
    50-60% 2 $380,000 $190,000 $2,255 6.38%
    48% 1 $385,000 $385,000 $3,611 5.63%
    49% 1 $375,000 $375,000 $6,483 7.75%

    General Electric Credit Union lent most frequently to those with DTI ratios of 20-30%, with 395 originations. The next most common DTI ratio? 30-36%, with 340 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,236 $263,200,000 $212,945 $2,576 5.38%
    Not applicable 40 $82,660,000 $2,066,500 $0 6.67%
    Asian 96 $44,330,000 $461,771 $3,506 5.76%
    Not provided 148 $42,460,000 $286,892 $3,434 5.45%
    Black 46 $6,060,000 $131,739 $2,934 5.45%
    Asian Indian 14 $5,630,000 $402,143 $3,244 5.56%
    American Indian 8 $1,990,000 $248,750 $2,920 5.29%
    Native Hawaiian or Islander 2 $140,000 $70,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    93.07%

    General Electric Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.81%

    General Electric Credit Union 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 1,590 $446,470,000 $280,799

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,590 $446,470,000 $280,799

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 333 $49,515,000 $148,694 $982 5.11%
    40-60% 123 $55,005,000 $447,195 $3,073 5.38%
    60-80% 297 $151,295,000 $509,411 $3,905 5.81%
    80-100% 312 $162,830,000 $521,891 $4,274 5.87%
    Over 100% 1 $975,000 $975,000 $0 5.35%
    Under 20% 524 $26,850,000 $51,240 $127 5.22%