Greater Springfield Credit Union Mortgage Rates, Fees & Info
Springfield, MALEI: 549300SE1WZDU07WPD35
Tax ID: 04-1859290
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Mortgage Data
Review & Overview
Greater Springfield Credit Union is a smaller credit union specializing in Home Purchase and Home Improvement loans. Greater Springfield Credit Union has a high proportion of conventional loans.Greater Springfield 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. Greater Springfield 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 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% | 5/4/24 |
| 30 Year Conventional Purchase | 6.55% | 5/4/24 |
| 30 Year Conventional Refi | 6.09% | 5/4/24 |
| 30 Year Cash-out Refi | 7.07% | 5/4/24 |
| 15 Year Conventional Purchase | 5.68% | 5/4/24 |
| 15 Year Conventional Refi | 5.27% | 5/4/24 |
| 15 Year Cash-out Refi | 5.27% | 5/4/24 |
| 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. | ||
Greater Springfield Credit Union Mortgage Calculator
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This is not an official calculator from Greater Springfield Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
58Origination Dollar Volume (All Markets)
$290,000Awards
GREATER SPRINGFIELD CREDIT UNION - 2018
GREATER SPRINGFIELD CREDIT UNION is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 58 | $290,000 | $5,000 | $3,102 | 4.39% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against GREATER SPRINGFIELD CREDIT UNION 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 | 58 | $290,000 | $5,000 | $3,102 | 4.39% |
For 2018, Greater Springfield Credit Union's most frequently originated type of loan was Conventional, with 58 originations.
Loan Reason
For 2018, Greater Springfield Credit Union's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Home Improvement, with 15 originations.
Loan Duration/Length
For 2018, Greater Springfield Credit Union's most frequently cited loan duration was 30 Year, with 27 originations. The 2nd most popular length was 15 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 58 | $290,000 | $5,000 |
Greater Springfield Credit Union's average total fees were $5,221, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 58 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 34 | $170,000 | $5,000 |
| 3-4% | 16 | $80,000 | $5,000 |
| 5-6% | 4 | $20,000 | $5,000 |
| 2.5-3% | 2 | $10,000 | $5,000 |
| 6-7% | 2 | $10,000 | $5,000 |
During 2018, Greater Springfield Credit Union's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 4-5%, with 34 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 58 | $290,000 | $5,000 | $3,102 | 4.39% |
2018 saw Greater Springfield Credit Union place emphasis on $100,000 or less loans with 58 originations, totaling $290,000 in origination value.
Applicant Income
Greater Springfield Credit Union lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $100k-150k, with 15 originations.
Applicant Debt to Income Ratio
Greater Springfield Credit Union lent most frequently to those with DTI ratios of <20%, with 24 originations. The next most common DTI ratio? 20-30%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.45%
Greater Springfield 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 origination91.38%
Greater Springfield Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 58 | $290,000 | $5,000 |