Greater Springfield Credit Union Mortgage Rates, Fees & Info

Springfield, MA

LEI: 549300SE1WZDU07WPD35

Tax ID: 04-1859290

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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

    Greater Springfield Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Greater Springfield Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Boston, Worcester, and Providence among others. We have data for 7 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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 11/17/24
    30 Year Conventional Purchase 6.55% 11/17/24
    30 Year Conventional Refi 6.09% 11/17/24
    30 Year Cash-out Refi 7.07% 11/17/24
    15 Year Conventional Purchase 5.68% 11/17/24
    15 Year Conventional Refi 5.27% 11/17/24
    15 Year Cash-out Refi 5.27% 11/17/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Greater Springfield 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

    253

    Origination Dollar Volume (All Markets)

    $40,485,000

    Awards

    GREATER SPRINGFIELD CREDIT UNION 30 Year Conventional Loans gold GREATER SPRINGFIELD CREDIT UNION 30 Year Conventional Loans gold
    Show all (2) 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
    SPRINGFIELD, MA (FHA|USDA|VA) 234 $35,300,000 $150,855 $1,446 3.41%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 12 $3,410,000 $284,167 $2,507 2.75%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $685,000 $228,333 $1,237 3.13%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $405,000 $405,000 $2,673 2.38%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $265,000 $265,000 $1,691 3.38%
    Outside of Metro Areas 1 $245,000 $245,000 $2,298 2.75%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $175,000 $175,000 $2,564 3.00%
    Greater Springfield Credit Union's top markets include Springfield, Hartford, Boston, Worcester, and Providence among others.

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

    • 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.

    Florence Bank
    Similarity Rank: 174
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 259
    HOLYOKE
    Similarity Rank: 357
    LUSO
    Similarity Rank: 378
    POLISH NATIONAL
    Similarity Rank: 414
    Adams Community Bank
    Similarity Rank: 490
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 510
    GREYLOCK
    Similarity Rank: 705
    Westfield Bank
    Similarity Rank: 912
    WILLIAM RAVEIS MORTGAGE, LLC
    Similarity Rank: 986

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 250 $39,970,000 $159,880 $1,508 3.37%
    HELOC 3 $515,000 $171,667 n/a 2.96%

    For 2020, Greater Springfield Credit Union's most frequently originated type of loan was Conventional, with 250 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 113 $15,525,000 $137,389 $1,227 3.60%
    Refi 85 $17,175,000 $202,059 $1,847 2.82%
    Home Purchase 27 $5,335,000 $197,593 $2,294 3.43%
    Home Improvement 25 $2,255,000 $90,200 $886 4.06%
    Other 3 $195,000 $65,000 $728 3.95%

    For 2020, Greater Springfield Credit Union's most frequently cited loan purpose was Cash Out Refi, with 113 originations. The 2nd most popular reason was Refi, with 85 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 90 $19,020,000 $211,333 $2,057 3.30%
    15 Year 82 $13,690,000 $166,951 $1,572 3.05%
    10 Year 36 $3,440,000 $95,556 $874 3.58%
    20 Year 30 $3,780,000 $126,000 $1,117 4.00%
    5 Year 15 $555,000 $37,000 $219 3.72%

    For 2020, Greater Springfield Credit Union's most frequently cited loan duration was 30 Year, with 90 originations. The 2nd most popular length was 15 Year, with 82 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 250 $39,970,000 $159,880

    Greater Springfield Credit Union's average total fees were $2,057, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 104 $16,050,000 $154,327
    2.5-3% 64 $12,290,000 $192,031
    <2.5% 45 $9,575,000 $212,778
    4-5% 26 $2,000,000 $76,923
    5-6% 9 $305,000 $33,889
    6-7% 5 $265,000 $53,000

    During 2020, Greater Springfield Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 104 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 93 $13,805,000 $148,441 $1,744 3.04%
    $100,000 or less 84 $4,590,000 $54,643 $655 4.07%
    $200k-400k 66 $17,400,000 $263,636 $2,106 3.02%
    $400k-600k 10 $4,690,000 $469,000 $2,654 2.75%

    2020 saw Greater Springfield Credit Union place emphasis on $100k-200k loans with 93 originations, totaling $13,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 54 $9,990,000 $185,000 $1,584 3.30%
    $50k-75k 54 $6,290,000 $116,481 $1,305 3.56%
    $75k-100k 54 $7,450,000 $137,963 $1,495 3.44%
    $150k-250k 50 $11,710,000 $234,200 $1,790 3.07%
    $50k or less 34 $2,760,000 $81,176 $1,189 3.65%
    $250k+ 6 $2,180,000 $363,333 $2,313 2.60%

    Greater Springfield Credit Union lent most frequently to those with incomes in the $100k-150k range, with 54 originations. The second most popular income band? $50k-75k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 80 $13,530,000 $169,125 $1,598 3.15%
    30-36% 51 $7,685,000 $150,686 $1,531 3.49%
    <20% 38 $6,950,000 $182,895 $1,594 3.12%
    40% 13 $1,245,000 $95,769 $759 4.13%
    36% 10 $1,740,000 $174,000 $1,592 3.56%
    38% 10 $1,310,000 $131,000 $1,305 3.86%
    37% 8 $1,260,000 $157,500 $1,739 3.02%
    42% 7 $1,225,000 $175,000 $1,411 3.69%
    39% 7 $1,125,000 $160,714 $1,088 3.57%
    43% 6 $910,000 $151,667 $1,350 3.52%
    41% 6 $1,030,000 $171,667 $1,402 3.72%
    50-60% 4 $450,000 $112,500 $1,315 3.94%
    44% 4 $720,000 $180,000 $1,513 3.38%
    45% 3 $505,000 $168,333 $1,937 3.71%
    47% 2 $350,000 $175,000 $1,862 2.37%
    49% 2 $260,000 $130,000 $1,816 3.06%
    46% 1 $105,000 $105,000 $1,730 2.75%
    48% 1 $85,000 $85,000 $1,825 2.63%

    Greater Springfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 80 originations. The next most common DTI ratio? 30-36%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 195 $30,555,000 $156,692 $1,465 3.35%
    Not provided 30 $5,010,000 $167,000 $1,568 3.28%
    Black 21 $2,665,000 $126,905 $1,471 3.85%
    Asian 6 $2,130,000 $355,000 $2,700 2.65%
    American Indian 1 $125,000 $125,000 $1,685 3.75%

    Approval Rates

    Total approvals of all applications
    90.59%

    Greater Springfield Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.91%

    Greater Springfield Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 253 $40,485,000 $160,020

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 253 $40,485,000 $160,020

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $2,030,000 $84,583 $814 3.69%
    40-60% 50 $6,940,000 $138,800 $1,462 3.15%
    60-80% 105 $22,795,000 $217,095 $1,946 2.99%
    80-100% 35 $7,425,000 $212,143 $2,195 3.31%
    Under 20% 39 $1,295,000 $33,205 $218 4.50%