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 loans. Greater Springfield Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Providence, and Hartford among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Greater Springfield 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. 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% | 12/3/24 |
| 30 Year Conventional Purchase | 6.55% | 12/3/24 |
| 30 Year Conventional Refi | 6.09% | 12/3/24 |
| 30 Year Cash-out Refi | 7.07% | 12/3/24 |
| 15 Year Conventional Purchase | 5.68% | 12/3/24 |
| 15 Year Conventional Refi | 5.27% | 12/3/24 |
| 15 Year Cash-out Refi | 5.27% | 12/3/24 |
| 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
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
86Origination Dollar Volume (All Markets)
$11,870,000Top 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 |
|---|---|---|---|---|---|
| SPRINGFIELD, MA (FHA|USDA|VA) | 83 | $11,195,000 | $134,880 | $3,622 | 4.12% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,437 | 4.38% |
| Outside of Metro Areas | 1 | $235,000 | $235,000 | $8,972 | 4.38% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,430 | 3.88% |
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 | 86 | $11,870,000 | $138,023 | $3,745 | 4.13% |
For 2019, Greater Springfield Credit Union's most frequently originated type of loan was Conventional, with 86 originations.
Loan Reason
For 2019, Greater Springfield Credit Union's most frequently cited loan purpose was Home Purchase, with 38 originations. The 2nd most popular reason was Home Improvement, with 19 originations.
Loan Duration/Length
For 2019, Greater Springfield Credit Union's most frequently cited loan duration was 30 Year, with 37 originations. The 2nd most popular length was 15 Year, with 19 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 86 | $11,870,000 | $138,023 |
Greater Springfield Credit Union's average total fees were $5,109, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 86 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 38 | $5,220,000 | $137,368 |
| 4-5% | 37 | $5,585,000 | $150,946 |
| 2.5-3% | 5 | $675,000 | $135,000 |
| 5-6% | 4 | $310,000 | $77,500 |
| 6-7% | 2 | $80,000 | $40,000 |
During 2019, Greater Springfield Credit Union's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 3-4%, with 38 originations.
Loan Sizing
2019 saw Greater Springfield Credit Union place emphasis on $100k-200k loans with 35 originations, totaling $4,915,000 in origination value.
Applicant Income
Greater Springfield Credit Union lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $50k-75k, with 21 originations.
Applicant Debt to Income Ratio
Greater Springfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? 30-36%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.09%
Greater Springfield Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination86.05%
Greater Springfield Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 86 | $11,870,000 | $138,023 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 86 | $11,870,000 | $138,023 |