Great Erie Federal Credit Union Mortgage Rates, Fees & Info

Orchard Park, NY

LEI: 549300P6D12TWGGIV170

Tax ID: 16-0786067

5 stars - Updated: 3/28/24 - out of 5 stars, based on 8 reviews

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

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Mortgage Data

Review & Overview

Great Erie Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Great Erie Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Buffalo.

Great Erie Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Great Erie Federal Credit Union is typically an average 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 6.84% 3/28/24
30 Year Cash-out Refi 6.47% 3/28/24
15 Year Conventional Purchase 6.01% 3/28/24
15 Year Conventional Refi 5.68% 3/28/24
15 Year Cash-out Refi 5.68% 3/28/24
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.

Great Erie 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 Great Erie 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

64

Origination Dollar Volume (All Markets)

$4,990,000

Relative Rate

Great Erie Federal Credit Union's average 30 year fixed mortgage rate was 6.66%.

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

This yields a difference of 0.18%.

Relative Fees (Closing Costs)

Great Erie Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,728.

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
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 62 $4,900,000 $79,032 $3,699 8.19%
Outside of Metro Areas 2 $90,000 $45,000 $0 7.88%
Great Erie Federal Credit Union's top markets include and Buffalo among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 64 $4,990,000 $77,969 $3,699 8.18%

    For 2023, Great Erie Federal Credit Union's most frequently originated type of loan was Conventional, with 64 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 29 $1,985,000 $68,448 $614 8.34%
    Refi 24 $1,470,000 $61,250 $0 8.27%
    Home Purchase 4 $660,000 $165,000 $5,043 6.56%
    Cash Out Refi 3 $295,000 $98,333 $4,097 7.38%
    Other 2 $480,000 $240,000 $0 8.38%
    NA 2 $100,000 $50,000 $0 9.13%

    For 2023, Great Erie Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 29 originations. The 2nd most popular reason was Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 53 $3,465,000 $65,377 $614 8.41%
    30 Year 7 $1,335,000 $190,714 $4,728 6.66%
    10 Year 2 $60,000 $30,000 $0 8.13%
    Other 2 $130,000 $65,000 $614 7.63%

    For 2023, Great Erie Federal Credit Union's most frequently cited loan duration was 15 Year, with 53 originations. The 2nd most popular length was 30 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 3 $555,000 $185,000
    $1k-2k 2 $260,000 $130,000
    $<1k 1 $95,000 $95,000

    Great Erie Federal Credit Union's average total fees were $4,728, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 3 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 42 $2,580,000 $61,429
    7-8% 13 $1,425,000 $109,615
    6-7% 7 $805,000 $115,000
    3-4% 1 $65,000 $65,000
    5-6% 1 $115,000 $115,000

    During 2023, Great Erie Federal Credit Union's average interest rate for loans was 6.66%, while their most frequently originated rate bucket for loans was Over 8%, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 48 $2,250,000 $46,875 $1,588 8.37%
    $100k-200k 12 $1,570,000 $130,833 $4,126 7.63%
    $200k-400k 3 $745,000 $248,333 $5,790 7.67%
    $400k-600k 1 $425,000 $425,000 $0 7.50%

    2023 saw Great Erie Federal Credit Union place emphasis on $100,000 or less loans with 48 originations, totaling $2,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $1,675,000 $88,158 $3,123 8.32%
    $50k-75k 16 $970,000 $60,625 $3,307 8.35%
    $75k-100k 13 $835,000 $64,231 $5,790 8.02%
    $150k-250k 8 $650,000 $81,250 $0 8.50%
    $50k or less 6 $330,000 $55,000 $4,328 7.29%
    $250k+ 1 $105,000 $105,000 $0 8.50%

    Great Erie Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $50k-75k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 14 $1,200,000 $85,714 $614 8.09%
    20-30% 14 $1,020,000 $72,857 $5,632 8.39%
    <20% 9 $445,000 $49,444 $0 8.14%
    44% 5 $355,000 $71,000 $5,790 8.30%
    36% 3 $255,000 $85,000 $0 8.17%
    38% 3 $95,000 $31,667 $0 7.92%
    39% 3 $195,000 $65,000 $0 8.75%
    45% 2 $130,000 $65,000 $0 9.00%
    43% 2 $260,000 $130,000 $4,241 6.88%
    >60% 1 $145,000 $145,000 $4,328 7.00%
    37% 1 $115,000 $115,000 $4,133 5.88%
    40% 1 $45,000 $45,000 $0 9.25%
    41% 1 $75,000 $75,000 $0 8.00%
    46% 1 $55,000 $55,000 $0 8.25%
    48% 1 $75,000 $75,000 $0 8.00%
    49% 1 $45,000 $45,000 $0 8.75%
    50-60% 1 $55,000 $55,000 $0 9.25%

    Great Erie Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 14 originations. The next most common DTI ratio? 20-30%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 64 $4,990,000 $77,969 $3,699 8.18%

    Approval Rates

    Total approvals of all applications
    100.00%

    Great Erie Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    98.44%

    Great Erie Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 64 $4,990,000 $77,969

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    64 $4,990,000 $77,969

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,150,000 $82,143 $1,588 7.85%
    40-60% 7 $1,055,000 $150,714 $5,250 7.36%
    60-80% 3 $935,000 $311,667 $0 8.08%
    80-100% 2 $280,000 $140,000 $5,027 6.50%
    Under 20% 38 $1,570,000 $41,316 $614 8.55%