Gfa Federal Credit Union Mortgage Rates, Fees & Info

Gardner, MA

LEI: 549300MYAXFDGEI4NZ65

Tax ID: 04-1355545

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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

    Gfa Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Gfa Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Keene, Boston, Manchester, and Portland among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Gfa Federal Credit Union 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. Gfa 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 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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    Originations

    272

    Origination Dollar Volume (All Markets)

    $52,010,000

    Awards

    GFA Federal Credit Union 30 Year Conventional Loans silver
    Show all (1) 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
    WORCESTER, MA-CT (FHA|USDA|VA) 183 $34,195,000 $186,858 $2,202 3.48%
    Keene, NH (FHA|USDA|VA) 33 $5,425,000 $164,394 $2,124 3.39%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 13 $4,445,000 $341,923 $2,729 3.13%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 22 $3,510,000 $159,545 $1,705 3.75%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $805,000 $268,333 $3,271 3.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $715,000 $238,333 $2,904 3.54%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $670,000 $167,500 $2,120 4.25%
    PITTSFIELD, MA (FHA|USDA|VA) 3 $615,000 $205,000 $3,905 3.38%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $510,000 $255,000 $2,994 3.06%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.50%
    Outside of Metro Areas 2 $280,000 $140,000 $2,009 3.75%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $245,000 $245,000 $2,596 3.75%
    Concord, NH (FHA|USDA|VA) 1 $225,000 $225,000 $2,658 2.88%
    Laconia, NH (FHA|USDA|VA) 1 $85,000 $85,000 $2,529 3.50%
    Gfa Federal Credit Union's top markets include Worcester, Keene, Boston, Manchester, and Portland among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

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

    Bridgewater Savings Bank
    Similarity Rank: 102
    LENDERFI, INC.
    Similarity Rank: 474
    Centreville Bank
    Similarity Rank: 512
    Middlesex Savings Bank
    Similarity Rank: 546
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 565
    Northern Bank & Trust Company
    Similarity Rank: 630
    Jeanne D'Arc Credit Union
    Similarity Rank: 684
    CorePlus Federal Credit Union
    Similarity Rank: 710
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 711
    Cambridge Savings Bank
    Similarity Rank: 800

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $52,010,000 $191,213 $2,225 3.48%

    For 2020, Gfa Federal Credit Union's most frequently originated type of loan was Conventional, with 272 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 100 $21,890,000 $218,900 $2,351 3.27%
    Home Purchase 70 $15,330,000 $219,000 $2,796 3.63%
    Refi 67 $12,735,000 $190,075 $2,354 3.12%
    Home Improvement 23 $1,225,000 $53,261 $318 4.52%
    Other 12 $830,000 $69,167 $772 4.35%

    For 2020, Gfa Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 100 originations. The 2nd most popular reason was Home Purchase, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 79 $18,735,000 $237,152 $2,822 3.41%
    Other 75 $16,515,000 $220,200 $2,464 3.38%
    15 Year 43 $7,105,000 $165,233 $2,283 3.22%
    20 Year 40 $7,710,000 $192,750 $2,130 3.71%
    10 Year 23 $1,625,000 $70,652 $805 3.85%
    5 Year 12 $320,000 $26,667 $0 3.99%

    For 2020, Gfa Federal Credit Union's most frequently cited loan duration was 30 Year, with 79 originations. The 2nd most popular length was Other, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 258 $48,570,000 $188,256
    $1k-2k 6 $1,060,000 $176,667
    $2k-3k 5 $1,095,000 $219,000
    $5k+ 1 $535,000 $535,000

    Gfa Federal Credit Union's average total fees were $2,822, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 258 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 118 $26,460,000 $224,237
    3-4% 115 $22,175,000 $192,826
    4-5% 27 $2,455,000 $90,926
    6-7% 5 $355,000 $71,000
    7-8% 4 $170,000 $42,500
    5-6% 3 $395,000 $131,667

    During 2020, Gfa Federal Credit Union's average interest rate for loans was 3.41%, while their most frequently originated rate bucket for loans was 2.5-3%, with 118 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 108 $28,410,000 $263,056 $2,734 3.18%
    $100k-200k 95 $14,715,000 $154,895 $2,506 3.32%
    $100,000 or less 57 $2,895,000 $50,789 $656 4.37%
    $400k-600k 10 $4,430,000 $443,000 $2,957 3.25%
    $600k-1MM 2 $1,560,000 $780,000 $3,305 3.00%

    2020 saw Gfa Federal Credit Union place emphasis on $200k-400k loans with 108 originations, totaling $28,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 72 $13,490,000 $187,361 $2,156 3.46%
    $50k-75k 57 $8,865,000 $155,526 $2,134 3.53%
    $150k-250k 51 $11,285,000 $221,275 $2,314 3.67%
    $75k-100k 51 $9,795,000 $192,059 $2,451 3.26%
    $50k or less 22 $2,440,000 $110,909 $1,916 3.48%
    $250k+ 18 $5,810,000 $322,778 $2,322 3.39%

    Gfa Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 72 originations. The second most popular income band? $50k-75k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $15,880,000 $203,590 $2,331 3.26%
    30-36% 70 $13,570,000 $193,857 $2,115 3.51%
    <20% 25 $4,205,000 $168,200 $1,924 3.55%
    42% 12 $2,240,000 $186,667 $2,731 3.39%
    44% 11 $1,885,000 $171,364 $2,502 3.22%
    37% 11 $1,745,000 $158,636 $2,055 3.54%
    41% 10 $1,720,000 $172,000 $2,206 3.64%
    39% 10 $1,910,000 $191,000 $2,135 3.87%
    40% 9 $1,495,000 $166,111 $2,020 3.79%
    38% 6 $1,070,000 $178,333 $2,142 3.46%
    45% 6 $1,010,000 $168,333 $2,190 3.98%
    43% 5 $1,315,000 $263,000 $2,479 3.48%
    36% 4 $720,000 $180,000 $2,134 3.31%
    50-60% 2 $330,000 $165,000 $3,353 3.88%
    >60% 2 $390,000 $195,000 $2,709 3.06%
    46% 1 $175,000 $175,000 $400 5.99%

    Gfa Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 266 $49,860,000 $187,444 $2,226 3.47%
    Asian 1 $835,000 $835,000 $3,466 3.00%
    Not applicable 2 $750,000 $375,000 $0 4.75%
    Black 1 $345,000 $345,000 $2,528 3.00%
    Not provided 2 $220,000 $110,000 $1,279 3.88%

    Approval Rates

    Total approvals of all applications
    84.74%

    Gfa Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.16%

    Gfa Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 272 $52,010,000 $191,213

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $750,000 $375,000
    Single Family (1-4 Units):Site-Built 270 $51,260,000 $189,852

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $2,655,000 $106,200 $1,383 4.04%
    40-60% 50 $8,330,000 $166,600 $2,332 3.15%
    60-80% 118 $27,080,000 $229,492 $2,676 3.27%
    80-100% 41 $11,245,000 $274,268 $2,870 3.34%
    Under 20% 29 $975,000 $33,621 $50 4.60%