Great River Federal Credit Union Mortgage Rates, Fees & Info

Saint Cloud, MN

LEI: 549300Z9PK8PPMKST414

Tax ID: 41-0729173

5 stars - Updated: 3/28/24 - out of 5 stars, based on 11 reviews

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

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Mortgage Data

Review & Overview

Great River Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Great River Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Crestview, Memphis, Daphne, Pensacola, and Tampa among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Great River Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Great River Federal Credit Union is typically an average 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 relatively high 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
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 0.78% 3/28/24
30 Year Conventional Refi 1.39% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
15 Year Conventional Refi 3.39% 3/28/24
15 Year Cash-out Refi 3.39% 3/28/24
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.

Great River 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 Great River 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

125

Origination Dollar Volume (All Markets)

$38,895,000

Awards

GREAT RIVER FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Great River Federal Credit Union's average 30 year fixed mortgage rate was 5.33%.

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

This yields a difference of -1.15%.

Relative Fees (Closing Costs)

Great River Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,299.

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
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 21 $12,165,000 $579,286 $11,701 5.56%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 22 $4,560,000 $207,273 $6,006 6.06%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 8 $3,980,000 $497,500 $7,826 5.18%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 6 $2,880,000 $480,000 $8,583 5.47%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $2,380,000 $297,500 $6,008 6.32%
ST. CLOUD, MN (FHA|USDA|VA) 19 $2,225,000 $117,105 $2,231 6.73%
PANAMA CITY, FL (FHA|USDA|VA) 5 $1,965,000 $393,000 $7,567 5.35%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $1,265,000 $1,265,000 $14,722 5.49%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 7 $1,125,000 $160,714 $3,539 6.17%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $775,000 $775,000 $0 4.49%
Outside of Metro Areas 7 $765,000 $109,286 $3,297 6.27%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $730,000 $365,000 $6,888 5.25%
Minot, ND (FHA|USDA|VA) 3 $685,000 $228,333 $4,322 5.70%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $345,000 $345,000 $8,620 4.49%
Sevierville, TN (FHA|USDA|VA) 1 $345,000 $345,000 $8,669 5.99%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $335,000 $335,000 $6,292 5.49%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $305,000 $305,000 $0 7.24%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $295,000 $295,000 $6,314 5.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 5.99%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $255,000 $255,000 $5,671 5.49%
Shawano, WI (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.99%
MANHATTAN, KS (FHA|USDA|VA) 1 $235,000 $235,000 $4,684 5.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $225,000 $225,000 $4,375 5.25%
Garden City, KS (FHA|USDA|VA) 1 $175,000 $175,000 $3,904 4.99%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $155,000 $155,000 $4,482 5.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.25%
Brainerd, MN (FHA|USDA|VA) 1 $45,000 $45,000 $425 8.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $35,000 $35,000 $1,552 5.75%
Great River Federal Credit Union's top markets include Crestview, Memphis, Daphne, Pensacola, and Tampa among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Similar Lenders

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

    ST. CLOUD FINANCIAL
    Similarity Rank: 99
    Liberty Bank Minnesota
    Similarity Rank: 220
    Frandsen Bank & Trust
    Similarity Rank: 264
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 270
    Deerwood Bank
    Similarity Rank: 810
    Bremer Bank
    Similarity Rank: 1620
    Mortgage Research Center, LLC
    Similarity Rank: 1836
    Servion, Inc.
    Similarity Rank: 3791
    The Huntington National Bank
    Similarity Rank: 5340

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 125 $38,895,000 $311,160 $6,106 5.93%

    For 2023, Great River Federal Credit Union's most frequently originated type of loan was Conventional, with 125 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 89 $32,695,000 $367,360 $7,272 5.69%
    Cash Out Refi 22 $3,370,000 $153,182 $2,420 6.73%
    Refi 12 $2,730,000 $227,500 $0 6.10%
    Home Improvement 2 $100,000 $50,000 $976 7.00%

    For 2023, Great River Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 89 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 49 $18,855,000 $384,796 $7,299 5.33%
    Other 30 $8,170,000 $272,333 $0 6.04%
    30+ year 21 $10,115,000 $481,667 $9,079 5.04%
    10 Year 18 $1,100,000 $61,111 $902 7.99%
    15 Year 4 $330,000 $82,500 $2,182 6.44%
    5 Year 3 $325,000 $108,333 $2,652 7.83%

    For 2023, Great River Federal Credit Union's most frequently cited loan duration was 30 Year, with 49 originations. The 2nd most popular length was Other, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 26 $1,620,000 $62,308
    $5k+ 19 $13,665,000 $719,211
    $2k-3k 15 $3,765,000 $251,000
    $3k-4k 14 $4,720,000 $337,143
    $1k-2k 10 $1,820,000 $182,000
    $4k-5k 9 $4,225,000 $469,444

    Great River Federal Credit Union's average total fees were $7,299, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 26 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 49 $18,485,000 $377,245
    4-5% 36 $13,880,000 $385,556
    6-7% 15 $4,585,000 $305,667
    Over 8% 15 $825,000 $55,000
    7-8% 10 $1,120,000 $112,000

    During 2023, Great River Federal Credit Union's average interest rate for loans was 5.33%, while their most frequently originated rate bucket for loans was 5-6%, with 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 37 $10,755,000 $290,676 $6,341 5.41%
    $100,000 or less 29 $1,775,000 $61,207 $1,067 7.54%
    $100k-200k 22 $2,950,000 $134,091 $3,551 5.78%
    $400k-600k 20 $9,560,000 $478,000 $8,414 5.42%
    $600k-1MM 14 $10,180,000 $727,143 $13,014 5.12%
    $1MM+ 3 $3,675,000 $1,225,000 $19,011 5.16%

    2023 saw Great River Federal Credit Union place emphasis on $200k-400k loans with 37 originations, totaling $10,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 29 $18,015,000 $621,207 $11,159 5.52%
    $100k-150k 26 $5,060,000 $194,615 $4,036 6.41%
    $150k-250k 18 $6,880,000 $382,222 $7,452 5.35%
    $75k-100k 13 $2,115,000 $162,692 $3,620 6.03%
    $50k-75k 9 $865,000 $96,111 $2,215 6.60%
    $50k or less 5 $385,000 $77,000 $2,467 6.25%

    Great River Federal Credit Union lent most frequently to those with incomes in the $250k+ range, with 29 originations. The second most popular income band? $100k-150k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 21 $4,825,000 $229,762 $4,613 6.48%
    20-30% 18 $5,280,000 $293,333 $5,014 6.12%
    42% 12 $4,430,000 $369,167 $7,236 5.88%
    41% 8 $1,850,000 $231,250 $4,316 6.01%
    39% 7 $3,065,000 $437,857 $8,096 5.71%
    40% 6 $2,120,000 $353,333 $6,856 5.08%
    37% 5 $1,075,000 $215,000 $4,007 6.02%
    <20% 4 $710,000 $177,500 $4,522 5.56%
    36% 4 $2,670,000 $667,500 $12,785 5.37%
    38% 3 $2,215,000 $738,333 $11,818 4.82%
    43% 2 $1,090,000 $545,000 $11,045 4.99%
    44% 1 $245,000 $245,000 $5,031 4.99%
    45% 1 $255,000 $255,000 $5,671 5.49%
    46% 1 $35,000 $35,000 $364 8.75%
    47% 1 $655,000 $655,000 $12,997 4.99%
    49% 1 $225,000 $225,000 $4,375 5.25%
    50-60% 1 $165,000 $165,000 $4,134 4.75%

    Great River Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 21 originations. The next most common DTI ratio? 20-30%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 83 $25,335,000 $305,241 $5,919 6.00%
    Not provided 13 $6,935,000 $533,462 $8,585 5.48%
    Not applicable 24 $5,440,000 $226,667 $0 5.96%
    Asian 3 $875,000 $291,667 $5,984 5.38%
    Black 2 $310,000 $155,000 $3,949 6.62%

    Approval Rates

    Total approvals of all applications
    87.13%

    Great River Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.80%

    Great River Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 125 $38,895,000 $311,160

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    125 $38,895,000 $311,160

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,340,000 $83,750 $1,495 7.06%
    40-60% 4 $660,000 $165,000 $3,621 6.37%
    60-80% 37 $10,905,000 $294,730 $6,681 5.79%
    80-100% 56 $25,320,000 $452,143 $8,638 5.25%
    Under 20% 11 $515,000 $46,818 $622 8.16%