Gas And Electric Credit Union Mortgage Rates, Fees & Info
ROCK ISLAND, ILLEI: 549300WBJK857X8MNU96
Tax ID: 36-1120219
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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, Muscatine, St. Louis, Ames, and Ottawa 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.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
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
47Origination Dollar Volume (All Markets)
$6,765,000Awards
GAS AND ELECTRIC CREDIT UNION - 2022
GAS AND ELECTRIC CREDIT UNION is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
Work for GAS AND ELECTRIC CREDIT UNION?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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) | 38 | $5,230,000 | $137,632 | $2,594 | 4.41% |
| Muscatine, IA (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $3,497 | 5.13% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,909 | 3.75% |
| AMES, IA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,220 | 4.75% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,793 | 3.25% |
| Clinton, IA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,616 | 5.25% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,168 | 4.50% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,980 | 2.88% |
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.
Similarity Rank: 84
Similarity Rank: 135
Similarity Rank: 154
Similarity Rank: 200
Similarity Rank: 250
Similarity Rank: 272
Similarity Rank: 330
Similarity Rank: 506
Similarity Rank: 880
Similarity Rank: 1054
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 47 | $6,765,000 | $143,936 | $2,675 | 4.41% |
For 2022, Gas And Electric Credit Union's most frequently originated type of loan was Conventional, with 47 originations.
Loan Reason
For 2022, Gas And Electric Credit Union's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Home Purchase, with 21 originations.
Loan Duration/Length
For 2022, Gas And Electric Credit Union's most frequently cited loan duration was 20 Year, with 20 originations. The 2nd most popular length was 30 Year, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 22 | $3,320,000 | $150,909 |
| $<1k | 17 | $1,385,000 | $81,471 |
| $2k-3k | 7 | $1,605,000 | $229,286 |
| $4k-5k | 1 | $455,000 | $455,000 |
Gas And Electric Credit Union's average total fees were $3,100, 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 |
|---|---|---|---|
| 4-5% | 13 | $1,815,000 | $139,615 |
| 5-6% | 12 | $1,860,000 | $155,000 |
| 3-4% | 10 | $1,590,000 | $159,000 |
| 2.5-3% | 9 | $1,225,000 | $136,111 |
| 6-7% | 3 | $275,000 | $91,667 |
During 2022, Gas And Electric Credit Union's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 4-5%, with 13 originations.
Loan Sizing
2022 saw Gas And Electric Credit Union place emphasis on $100k-200k loans with 22 originations, totaling $3,320,000 in origination value.
Applicant Income
Gas And Electric Credit Union lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $100k-150k, with 10 originations.
Applicant Debt to Income Ratio
Gas And Electric Credit Union lent most frequently to those with DTI ratios of 30-36%, with 13 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 44 | $6,250,000 | $142,045 | $2,646 | 4.43% |
| Black | 3 | $515,000 | $171,667 | $3,106 | 4.13% |
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 47 | $6,765,000 | $143,936 |