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 Home Purchase loans. Greater Springfield Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Barnstable Town, and Worcester 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% 11/21/24
    30 Year Conventional Purchase 6.55% 11/21/24
    30 Year Conventional Refi 6.09% 11/21/24
    30 Year Cash-out Refi 7.07% 11/21/24
    15 Year Conventional Purchase 5.68% 11/21/24
    15 Year Conventional Refi 5.27% 11/21/24
    15 Year Cash-out Refi 5.27% 11/21/24
    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

    149

    Origination Dollar Volume (All Markets)

    $16,865,000

    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) 135 $14,295,000 $105,889 $1,015 4.55%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 7 $1,625,000 $232,143 $2,369 4.27%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $815,000 $163,000 $1,307 4.10%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $130,000 $65,000 $1,517 5.13%
    Greater Springfield Credit Union's top markets include Springfield, Hartford, Barnstable Town, and Worcester 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.

    Freedom Credit Union
    Similarity Rank: 78
    ARRHA Credit Union
    Similarity Rank: 105
    POLISH NATIONAL
    Similarity Rank: 130
    LUSO
    Similarity Rank: 144
    Florence Bank
    Similarity Rank: 150
    Adams Community Bank
    Similarity Rank: 156
    Greenfield Savings Bank
    Similarity Rank: 160
    Country Bank for Savings
    Similarity Rank: 180
    Easthampton Savings Bank
    Similarity Rank: 210
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 216

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 148 $16,760,000 $113,243 $1,096 4.54%
    HELOC 1 $105,000 $105,000 n/a 3.00%

    For 2022, Greater Springfield Credit Union's most frequently originated type of loan was Conventional, with 148 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 115 $9,505,000 $82,652 $717 4.48%
    Home Purchase 19 $4,955,000 $260,789 $3,050 5.27%
    Refi 15 $2,405,000 $160,333 $1,497 3.96%

    For 2022, Greater Springfield Credit Union's most frequently cited loan purpose was Cash Out Refi, with 115 originations. The 2nd most popular reason was Home Purchase, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 41 $4,035,000 $98,415 $777 4.40%
    10 Year 39 $2,035,000 $52,179 $568 4.26%
    30 Year 31 $7,625,000 $245,968 $2,762 5.00%
    20 Year 25 $2,645,000 $105,800 $721 4.99%
    5 Year 13 $525,000 $40,385 $380 3.75%

    For 2022, Greater Springfield Credit Union's most frequently cited loan duration was 15 Year, with 41 originations. The 2nd most popular length was 10 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 147 $16,295,000 $110,850
    $1k-2k 1 $465,000 $465,000

    Greater Springfield Credit Union's average total fees were $2,762, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 147 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 51 $5,055,000 $99,118
    4-5% 40 $4,120,000 $103,000
    5-6% 32 $4,320,000 $135,000
    2.5-3% 11 $1,525,000 $138,636
    6-7% 11 $1,505,000 $136,818
    7-8% 2 $90,000 $45,000
    Over 8% 1 $85,000 $85,000
    <2.5% 1 $165,000 $165,000

    During 2022, Greater Springfield Credit Union's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 3-4%, with 51 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 81 $3,835,000 $47,346 $443 4.46%
    $100k-200k 44 $6,020,000 $136,818 $1,393 4.47%
    $200k-400k 20 $5,200,000 $260,000 $2,595 4.99%
    $400k-600k 4 $1,810,000 $452,500 $3,614 4.38%

    2022 saw Greater Springfield Credit Union place emphasis on $100,000 or less loans with 81 originations, totaling $3,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $4,140,000 $103,500 $1,106 4.76%
    $100k-150k 35 $4,145,000 $118,429 $967 4.58%
    $75k-100k 32 $3,460,000 $108,125 $1,116 4.52%
    $150k-250k 22 $2,980,000 $135,455 $1,100 4.49%
    $50k or less 19 $1,625,000 $85,526 $1,102 4.09%
    $250k+ 1 $515,000 $515,000 $4,365 3.13%

    Greater Springfield Credit Union lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $100k-150k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $5,185,000 $120,581 $1,133 4.47%
    30-36% 32 $2,790,000 $87,188 $846 4.31%
    41% 10 $950,000 $95,000 $1,196 4.54%
    39% 8 $930,000 $116,250 $1,090 4.03%
    45% 8 $870,000 $108,750 $1,016 5.13%
    <20% 6 $510,000 $85,000 $689 4.29%
    42% 5 $615,000 $123,000 $1,467 4.44%
    38% 5 $665,000 $133,000 $1,254 5.28%
    44% 5 $605,000 $121,000 $1,277 4.60%
    43% 4 $680,000 $170,000 $1,571 3.97%
    49% 4 $610,000 $152,500 $1,494 5.78%
    46% 3 $575,000 $191,667 $1,264 4.17%
    37% 3 $95,000 $31,667 $353 4.29%
    36% 3 $245,000 $81,667 $393 5.08%
    48% 3 $255,000 $85,000 $972 4.79%
    40% 3 $455,000 $151,667 $1,408 5.21%
    >60% 2 $380,000 $190,000 $2,839 4.94%
    47% 1 $285,000 $285,000 $2,682 5.38%
    50-60% 1 $165,000 $165,000 $527 4.25%

    Greater Springfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 88 $9,580,000 $108,864 $1,060 4.26%
    Not provided 36 $3,980,000 $110,556 $1,050 5.04%
    Black 22 $3,010,000 $136,818 $1,389 4.80%
    Asian 3 $295,000 $98,333 $527 4.25%

    Approval Rates

    Total approvals of all applications
    91.19%

    Greater Springfield Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.50%

    Greater Springfield Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 149 $16,865,000 $113,188

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    149 $16,865,000 $113,188

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $2,595,000 $83,710 $621 4.70%
    40-60% 28 $4,290,000 $153,214 $1,383 4.24%
    60-80% 17 $4,675,000 $275,000 $2,567 4.85%
    80-100% 12 $2,670,000 $222,500 $2,928 5.18%
    Under 20% 61 $2,635,000 $43,197 $424 4.36%