Greater Woodlawn Federal Credit Union Mortgage Rates, Fees & Info

BLASDELL, NY

LEI: 549300VYEO55JM1VUZ93

Tax ID: 16-0977338

5 stars - Updated: 11/17/24 - out of 5 stars, based on 9 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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 Woodlawn Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Greater Woodlawn Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Buffalo, Jamestown, and Olean among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Greater Woodlawn Federal Credit Union has an above average approval rate when compared to the average across all lenders. Greater Woodlawn Federal 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.32% 11/17/24
    30 Year Cash-out Refi 4.93% 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 Woodlawn Federal 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 Woodlawn Federal 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

    77

    Origination Dollar Volume (All Markets)

    $8,535,000
    Show all (5) awards

    Relative Rate

    Greater Woodlawn Federal Credit Union's average 30 year fixed mortgage rate was 5.15%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -1.33%.

    Relative Fees (Closing Costs)

    Greater Woodlawn Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,882.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 47 $5,675,000 $120,745 $2,208 5.09%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 27 $2,645,000 $97,963 $2,487 5.18%
    Olean, NY (FHA|USDA|VA) 3 $215,000 $71,667 $1,739 5.57%
    Greater Woodlawn Federal Credit Union's top markets include Buffalo, Jamestown, and Olean among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against GREATER WOODLAWN FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    NIAGARA'S CHOICE
    Similarity Rank: 22
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 45
    Cornerstone Community Federal Credit Union
    Similarity Rank: 165
    SEFCU SERVICES, LLC
    Similarity Rank: 168
    Moog Employees Federal Credit Union
    Similarity Rank: 276
    Evans Bank
    Similarity Rank: 333
    Tompkins Trust Company
    Similarity Rank: 384
    Five Star Bank
    Similarity Rank: 408
    Farm Credit East, ACA
    Similarity Rank: 1242
    Community Bank
    Similarity Rank: 1482

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 77 $8,535,000 $110,844 $2,287 5.14%

    For 2023, Greater Woodlawn Federal Credit Union's most frequently originated type of loan was Conventional, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 28 $1,170,000 $41,786 $711 5.14%
    Home Purchase 26 $4,600,000 $176,923 $4,219 5.17%
    Cash Out Refi 22 $2,670,000 $121,364 $2,058 5.12%
    Refi 1 $95,000 $95,000 $1,275 4.95%

    For 2023, Greater Woodlawn Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 28 originations. The 2nd most popular reason was Home Purchase, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 36 $6,340,000 $176,111 $3,882 5.15%
    15 Year 25 $1,465,000 $58,600 $930 5.14%
    10 Year 9 $345,000 $38,333 $640 5.13%
    5 Year 3 $45,000 $15,000 $467 5.13%
    Other 2 $160,000 $80,000 $1,107 5.10%
    20 Year 1 $165,000 $165,000 $3,274 5.35%
    3 Year 1 $15,000 $15,000 $469 4.95%

    For 2023, Greater Woodlawn Federal Credit Union's most frequently cited loan duration was 30 Year, with 36 originations. The 2nd most popular length was 15 Year, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 39 $6,715,000 $172,179

    Greater Woodlawn Federal Credit Union's average total fees were $3,882, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 39 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 42 $3,950,000 $94,048
    5-6% 35 $4,585,000 $131,000

    During 2023, Greater Woodlawn Federal Credit Union's average interest rate for loans was 5.15%, while their most frequently originated rate bucket for loans was 4-5%, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 44 $2,190,000 $49,773 $1,092 5.14%
    $100k-200k 20 $2,910,000 $145,500 $3,331 5.15%
    $200k-400k 13 $3,435,000 $264,231 $4,727 5.14%

    2023 saw Greater Woodlawn Federal Credit Union place emphasis on $100,000 or less loans with 44 originations, totaling $2,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 21 $2,185,000 $104,048 $2,269 5.14%
    $75k-100k 21 $1,885,000 $89,762 $1,755 5.11%
    $50k or less 15 $885,000 $59,000 $1,705 5.27%
    $100k-150k 11 $1,705,000 $155,000 $3,072 5.07%
    $150k-250k 7 $1,285,000 $183,571 $2,985 5.08%
    $250k+ 2 $590,000 $295,000 $5,680 5.23%

    Greater Woodlawn Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $75k-100k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 26 $2,770,000 $106,538 $2,214 5.09%
    20-30% 20 $2,880,000 $144,000 $2,980 5.13%
    39% 8 $530,000 $66,250 $1,477 5.27%
    <20% 6 $630,000 $105,000 $2,538 5.22%
    36% 4 $200,000 $50,000 $1,115 5.24%
    38% 3 $305,000 $101,667 $2,032 5.15%
    40% 3 $215,000 $71,667 $1,432 5.13%
    41% 2 $250,000 $125,000 $2,059 5.03%
    42% 2 $100,000 $50,000 $816 4.98%
    37% 2 $600,000 $300,000 $5,219 5.15%
    >60% 1 $55,000 $55,000 $887 5.35%

    Greater Woodlawn Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 26 originations. The next most common DTI ratio? 20-30%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 74 $8,400,000 $113,514 $2,349 5.14%
    Black 2 $110,000 $55,000 $857 5.23%
    Vietnamese 1 $25,000 $25,000 $615 4.95%

    Approval Rates

    Total approvals of all applications
    98.75%

    Greater Woodlawn Federal 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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 77 $8,535,000 $110,844

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    77 $8,535,000 $110,844

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $1,075,000 $63,235 $963 5.20%
    40-60% 10 $1,300,000 $130,000 $3,121 5.03%
    60-80% 13 $2,765,000 $212,692 $4,130 5.12%
    80-100% 17 $2,675,000 $157,353 $3,669 5.24%
    Under 20% 20 $720,000 $36,000 $624 5.08%