Gas And Electric Credit Union Mortgage Rates, Fees & Info

ROCK ISLAND, IL

LEI: 549300WBJK857X8MNU96

Tax ID: 36-1120219

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Mortgage Data

Review & Overview

Gas And Electric Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Gas And Electric Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Davenport, Des Moines, Muscatine, and Burlington among others. We have data for 4 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% 11/22/24
30 Year Cash-out Refi 6.19% 11/22/24
15 Year Conventional Purchase 6.10% 11/22/24
15 Year Conventional Refi 5.48% 11/22/24
15 Year Cash-out Refi 5.48% 11/22/24
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

43

Origination Dollar Volume (All Markets)

$5,295,000

Awards

GAS AND ELECTRIC CREDIT UNION 30 Year Conventional Loans bronze
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) 34 $4,040,000 $118,824 $2,347 3.77%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 4 $690,000 $172,500 $2,931 3.84%
Muscatine, IA (FHA|USDA|VA) 3 $465,000 $155,000 $2,705 4.04%
Burlington, IA-IL (FHA|USDA|VA) 2 $100,000 $50,000 $1,633 3.81%
Gas And Electric Credit Union's top markets include Davenport, Des Moines, Muscatine, and Burlington among others.

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

    ASCENTRA
    Similarity Rank: 180
    THE FAMILY CREDIT UNION
    Similarity Rank: 217
    CBI Bank & Trust
    Similarity Rank: 372
    RUHL MORTGAGE, LLC
    Similarity Rank: 476
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 576
    Fortress Bank
    Similarity Rank: 858
    Farmers & Mechanics Bank
    Similarity Rank: 1050
    GREENSTATE CREDIT UNION
    Similarity Rank: 1120
    Great Southern Bank
    Similarity Rank: 1456

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 43 $5,295,000 $123,140 $2,393 3.80%

    For 2019, Gas And Electric Credit Union's most frequently originated type of loan was Conventional, with 43 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 26 $3,170,000 $121,923 $2,365 3.77%
    Home Purchase 15 $1,865,000 $124,333 $2,436 3.89%
    Refi 2 $260,000 $130,000 $2,447 3.44%

    For 2019, Gas And Electric Credit Union's most frequently cited loan purpose was Cash Out Refi, with 26 originations. The 2nd most popular reason was Home Purchase, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 14 $1,620,000 $115,714 $2,304 3.67%
    15 Year 13 $1,355,000 $104,231 $2,214 3.79%
    30 Year 13 $1,975,000 $151,923 $2,690 4.05%
    10 Year 3 $345,000 $115,000 $2,306 3.33%

    For 2019, Gas And Electric Credit Union's most frequently cited loan duration was 20 Year, with 14 originations. The 2nd most popular length was 15 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 22 $3,200,000 $145,455
    $<1k 17 $1,145,000 $67,353
    $2k-3k 4 $950,000 $237,500

    Gas And Electric Credit Union's average total fees were $2,690, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 32 $4,010,000 $125,313
    4-5% 11 $1,285,000 $116,818

    During 2019, Gas And Electric Credit Union's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 22 $3,200,000 $145,455 $2,634 3.87%
    $100,000 or less 17 $1,145,000 $67,353 $1,808 3.74%
    $200k-400k 4 $950,000 $237,500 $3,557 3.63%

    2019 saw Gas And Electric Credit Union place emphasis on $100k-200k loans with 22 originations, totaling $3,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $2,050,000 $146,429 $2,589 3.63%
    $75k-100k 14 $1,850,000 $132,143 $2,472 3.74%
    $50k-75k 7 $685,000 $97,857 $2,205 3.91%
    $50k or less 6 $500,000 $83,333 $2,004 3.90%
    $150k-250k 2 $210,000 $105,000 $2,302 4.63%

    Gas And Electric Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 14 $1,580,000 $112,857 $2,244 3.64%
    30-36% 10 $1,110,000 $111,000 $2,258 3.91%
    <20% 5 $485,000 $97,000 $2,126 3.58%
    41% 3 $345,000 $115,000 $2,310 4.21%
    39% 3 $435,000 $145,000 $2,715 3.79%
    36% 2 $230,000 $115,000 $2,259 4.13%
    50-60% 1 $255,000 $255,000 $3,678 3.38%
    38% 1 $145,000 $145,000 $2,593 3.25%
    40% 1 $165,000 $165,000 $3,064 4.75%
    42% 1 $185,000 $185,000 $3,241 3.88%
    45% 1 $125,000 $125,000 $2,448 3.75%
    47% 1 $235,000 $235,000 $3,669 4.00%

    Gas And Electric Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 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 40 $5,090,000 $127,250 $2,432 3.84%
    Not applicable 2 $120,000 $60,000 $1,804 3.31%
    Black 1 $85,000 $85,000 $2,031 3.13%

    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 43 $5,295,000 $123,140

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 43 $5,295,000 $123,140

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $140,000 $70,000 $1,888 3.44%
    40-60% 7 $615,000 $87,857 $2,055 3.55%
    60-80% 23 $3,325,000 $144,565 $2,628 3.83%
    80-100% 11 $1,215,000 $110,455 $2,211 3.94%