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 loans. Greater Springfield Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Worcester, and Barnstable Town 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 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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    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






    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

    188

    Origination Dollar Volume (All Markets)

    $27,990,000

    Awards

    GREATER SPRINGFIELD CREDIT UNION 30 Year Conventional Loans gold GREATER SPRINGFIELD CREDIT UNION 30 Year Conventional Loans silver
    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) 182 $27,040,000 $148,571 $1,558 3.27%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $700,000 $175,000 $2,781 2.84%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $225,000 $225,000 $3,540 4.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $25,000 $25,000 $241 3.50%
    Greater Springfield Credit Union's top markets include Springfield, Hartford, Worcester, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (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.

    POLISH NATIONAL
    Similarity Rank: 192
    Freedom Credit Union
    Similarity Rank: 266
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    ATHOL CREDIT UNION
    Similarity Rank: 368
    Florence Bank
    Similarity Rank: 400
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 464
    Greenfield Savings Bank
    Similarity Rank: 522
    PeoplesBank
    Similarity Rank: 525
    Westfield Bank
    Similarity Rank: 595
    Cornerstone Bank
    Similarity Rank: 646

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 188 $27,990,000 $148,883 $1,582 3.27%

    For 2021, Greater Springfield Credit Union's most frequently originated type of loan was Conventional, with 188 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 131 $17,635,000 $134,618 $1,340 3.41%
    Refi 32 $4,910,000 $153,438 $1,720 2.69%
    Home Purchase 23 $4,955,000 $215,435 $2,713 3.32%
    Home Improvement 1 $275,000 $275,000 $2,012 2.50%
    Other 1 $215,000 $215,000 $1,888 3.00%

    For 2021, Greater Springfield Credit Union's most frequently cited loan purpose was Cash Out Refi, with 131 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 63 $8,105,000 $128,651 $1,428 3.11%
    30 Year 54 $11,370,000 $210,556 $2,269 3.34%
    20 Year 37 $6,295,000 $170,135 $1,564 3.41%
    10 Year 24 $1,890,000 $78,750 $966 3.32%
    5 Year 10 $330,000 $33,000 $234 3.20%

    For 2021, Greater Springfield Credit Union's most frequently cited loan duration was 15 Year, with 63 originations. The 2nd most popular length was 30 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 188 $27,990,000 $148,883

    Greater Springfield Credit Union's average total fees were $2,269, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 188 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 84 $12,000,000 $142,857
    2.5-3% 47 $7,745,000 $164,787
    <2.5% 35 $6,085,000 $173,857
    4-5% 14 $1,790,000 $127,857
    5-6% 8 $370,000 $46,250

    During 2021, Greater Springfield Credit Union's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 3-4%, with 84 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 81 $12,045,000 $148,704 $1,853 3.02%
    $100,000 or less 58 $2,830,000 $48,793 $583 3.76%
    $200k-400k 47 $12,185,000 $259,255 $2,250 3.10%
    $400k-600k 2 $930,000 $465,000 $2,862 2.81%

    2021 saw Greater Springfield Credit Union place emphasis on $100k-200k loans with 81 originations, totaling $12,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 54 $6,790,000 $125,741 $1,499 3.20%
    $100k-150k 44 $7,660,000 $174,091 $1,771 3.03%
    $75k-100k 40 $5,960,000 $149,000 $1,385 3.55%
    $150k-250k 25 $5,045,000 $201,800 $1,893 3.29%
    $50k or less 23 $2,215,000 $96,304 $1,476 3.22%
    $250k+ 1 $275,000 $275,000 $2,057 3.75%

    Greater Springfield Credit Union lent most frequently to those with incomes in the $50k-75k range, with 54 originations. The second most popular income band? $100k-150k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 62 $9,110,000 $146,935 $1,568 3.20%
    30-36% 36 $5,950,000 $165,278 $1,768 3.15%
    <20% 17 $2,625,000 $154,412 $1,647 3.21%
    38% 9 $1,225,000 $136,111 $1,202 3.37%
    41% 9 $1,355,000 $150,556 $1,707 3.42%
    36% 7 $605,000 $86,429 $1,141 2.91%
    37% 7 $1,175,000 $167,857 $1,708 3.71%
    43% 6 $620,000 $103,333 $1,026 3.81%
    39% 6 $630,000 $105,000 $963 3.93%
    45% 6 $770,000 $128,333 $1,495 3.60%
    42% 5 $745,000 $149,000 $2,051 2.95%
    44% 5 $1,205,000 $241,000 $1,960 3.00%
    40% 4 $410,000 $102,500 $1,076 3.56%
    49% 3 $355,000 $118,333 $1,273 3.33%
    50-60% 2 $380,000 $190,000 $2,174 3.25%
    >60% 1 $305,000 $305,000 $3,151 3.13%
    48% 1 $95,000 $95,000 $1,740 2.75%
    46% 1 $205,000 $205,000 $2,298 3.50%
    47% 1 $225,000 $225,000 $1,900 2.75%

    Greater Springfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 119 $17,505,000 $147,101 $1,472 3.30%
    Not provided 49 $7,555,000 $154,184 $1,826 3.24%
    Black 17 $2,325,000 $136,765 $1,498 3.17%
    American Indian 2 $420,000 $210,000 $2,308 3.25%
    Native Hawaiian or Islander 1 $185,000 $185,000 $2,370 2.75%

    Approval Rates

    Total approvals of all applications
    93.10%

    Greater Springfield Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.38%

    Greater Springfield Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 188 $27,990,000 $148,883

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    188 $27,990,000 $148,883

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $2,265,000 $98,478 $1,018 3.26%
    40-60% 42 $6,050,000 $144,048 $1,851 2.88%
    60-80% 63 $13,485,000 $214,048 $2,082 3.10%
    80-100% 22 $4,880,000 $221,818 $2,285 3.29%
    Under 20% 38 $1,310,000 $34,474 $322 3.96%