Gas And Electric Credit Union Mortgage Rates, Fees & Info

ROCK ISLAND, IL

LEI: 549300WBJK857X8MNU96

Tax ID: 36-1120219

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

    Gas And Electric Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Gas And Electric Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Davenport, Des Moines, Iowa City, Cedar Rapids, and Muscatine among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Gas And Electric Credit Union has an above average approval rate when compared to the average across all lenders. Gas And Electric 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
    30 Year Conventional Purchase 6.24% 4/28/24
    30 Year Cash-out Refi 6.19% 4/28/24
    15 Year Conventional Purchase 6.10% 4/28/24
    15 Year Conventional Refi 5.48% 4/28/24
    15 Year Cash-out Refi 5.48% 4/28/24
    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.

    Gas And Electric Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Gas And Electric 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

    40

    Origination Dollar Volume (All Markets)

    $5,030,000

    Awards

    GAS AND ELECTRIC CREDIT UNION 30 Year Conventional Loans silver
    Show all (1) 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
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 30 $3,760,000 $125,333 $2,479 4.35%
    Outside of Metro Areas 3 $435,000 $145,000 $2,693 4.38%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $215,000 $215,000 $3,390 4.38%
    IOWA CITY, IA (FHA|USDA|VA) 1 $205,000 $205,000 $3,168 4.00%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 2 $170,000 $85,000 $2,040 4.50%
    Muscatine, IA (FHA|USDA|VA) 1 $95,000 $95,000 $2,119 4.50%
    Galesburg, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,148 4.25%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.38%
    Gas And Electric Credit Union's top markets include Davenport, Des Moines, Iowa City, Cedar Rapids, and Muscatine among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)

    • Similar Lenders

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

    R.I.A. Federal Credit Union
    Similarity Rank: 120
    THE FAMILY CREDIT UNION
    Similarity Rank: 125
    ASCENTRA
    Similarity Rank: 156
    VERIDIAN CREDIT UNION
    Similarity Rank: 230
    GREENSTATE CREDIT UNION
    Similarity Rank: 406
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 510
    RUHL MORTGAGE, LLC
    Similarity Rank: 608
    Farmers & Mechanics Bank
    Similarity Rank: 702
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 795
    Fortress Bank
    Similarity Rank: 1200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 40 $5,030,000 $125,750 $2,496 4.35%

    For 2018, Gas And Electric Credit Union's most frequently originated type of loan was Conventional, with 40 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $2,675,000 $140,789 $2,617 4.45%
    Cash Out Refi 18 $2,010,000 $111,667 $2,394 4.31%
    Refi 3 $345,000 $115,000 $2,385 3.96%

    For 2018, Gas And Electric Credit Union's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 18 $2,240,000 $124,444 $2,452 4.47%
    30 Year 12 $1,830,000 $152,500 $2,737 4.45%
    15 Year 8 $770,000 $96,250 $2,330 4.09%
    10 Year 1 $95,000 $95,000 $2,038 3.50%
    Other 1 $95,000 $95,000 $2,018 4.13%

    For 2018, Gas And Electric Credit Union's most frequently cited loan duration was 20 Year, with 18 originations. The 2nd most popular length was 30 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 18 $1,400,000 $77,778
    $1k-2k 17 $2,545,000 $149,706
    $2k-3k 3 $675,000 $225,000
    $3k-4k 1 $345,000 $345,000

    Gas And Electric Credit Union's average total fees were $2,737, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 18 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 30 $3,780,000 $126,000
    3-4% 10 $1,250,000 $125,000

    During 2018, Gas And Electric Credit Union's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 4-5%, with 30 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 19 $1,465,000 $77,105 $2,040 4.33%
    $100k-200k 17 $2,545,000 $149,706 $2,700 4.35%
    $200k-400k 4 $1,020,000 $255,000 $3,683 4.47%

    2018 saw Gas And Electric Credit Union place emphasis on $100,000 or less loans with 19 originations, totaling $1,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 12 $1,430,000 $119,167 $2,443 4.42%
    $50k or less 10 $800,000 $80,000 $2,057 4.33%
    $100k-150k 9 $1,495,000 $166,111 $2,815 4.19%
    $75k-100k 6 $690,000 $115,000 $2,439 4.44%
    $150k-250k 3 $615,000 $205,000 $3,314 4.50%

    Gas And Electric Credit Union lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $50k or less, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $1,455,000 $132,273 $2,524 4.41%
    30-36% 10 $1,220,000 $122,000 $2,567 4.44%
    <20% 7 $985,000 $140,714 $2,597 4.13%
    39% 3 $285,000 $95,000 $2,089 4.17%
    38% 2 $340,000 $170,000 $2,852 4.19%
    37% 2 $260,000 $130,000 $2,388 4.69%
    40% 2 $180,000 $90,000 $2,221 4.38%
    50-60% 1 $135,000 $135,000 $2,411 4.50%
    42% 1 $85,000 $85,000 $2,573 4.63%
    36% 1 $85,000 $85,000 $2,148 4.25%

    Gas And Electric Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 39 $4,935,000 $126,538 $2,472 4.36%
    Black 1 $95,000 $95,000 $3,440 4.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    Gas And Electric 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 40 $5,030,000 $125,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 40 $5,030,000 $125,750

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $110,000 $55,000 $1,625 4.44%
    40-60% 3 $285,000 $95,000 $2,061 4.50%
    60-80% 24 $3,190,000 $132,917 $2,553 4.38%
    80-100% 11 $1,445,000 $131,364 $2,572 4.25%