Gte Federal Credit Union Mortgage Rates, Fees & Info

Tampa, FL

LEI: 549300ZIQ24V0C88AC41

Tax ID: 59-0642956

4.9 stars - out of 5 stars, based on 43 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Gte Federal Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Gte Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Tampa, North Port, Lakeland, Orlando, and Miami among others. Gte Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Gte Federal Credit Union is typically an average fee lendor.


Originations

1,847

Origination Dollar Volume (All Markets)

$282,645,000

Awards

GTE Federal Credit Union 30 Year Conventional Loans silver GTE Federal Credit Union 30 Year Conventional Loans silver GTE Federal Credit Union 30 Year Conventional Loans silver GTE Federal Credit Union 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Gte Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.38%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.23%.

Relative Fees

Gte Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,126.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1,475 $221,785,000 $150,363 $3,056 3.80%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 90 $14,770,000 $164,111 $2,918 3.70%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 69 $9,785,000 $141,812 $2,950 3.72%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 40 $8,110,000 $202,750 $3,606 3.57%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 29 $7,355,000 $253,621 $3,492 3.83%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 40 $5,450,000 $136,250 $2,658 3.82%
OCALA, FL (FHA|USDA|VA) 46 $5,240,000 $113,913 $2,613 3.63%
JACKSONVILLE, FL (FHA|USDA|VA) 9 $1,855,000 $206,111 $3,110 3.76%
GAINESVILLE, FL (FHA|USDA|VA) 11 $1,365,000 $124,091 $2,991 4.22%
PUNTA GORDA, FL (FHA|USDA|VA) 7 $1,065,000 $152,143 $2,927 3.82%
THE VILLAGES, FL (FHA|USDA|VA) 3 $955,000 $318,333 $4,659 3.33%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 4 $770,000 $192,500 $3,913 2.94%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $660,000 $165,000 $2,597 4.14%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $520,000 $260,000 $4,430 3.13%
Lake City, FL (FHA|USDA|VA) 2 $520,000 $260,000 $4,285 3.19%
Key West, FL (FHA|USDA|VA) 1 $425,000 $425,000 $3,163 3.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $410,000 $205,000 $3,642 3.13%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $365,000 $121,667 $1,828 4.67%
Outside of Metro Areas 2 $320,000 $160,000 $3,925 2.81%
TALLAHASSEE, FL (FHA|USDA|VA) 2 $260,000 $130,000 $3,812 4.88%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,222 2.88%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,117 2.25%
PANAMA CITY, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,832 2.50%
Palatka, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,964 3.00%
Arcadia, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,699 3.13%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $65,000 $65,000 $1,645 2.13%

Gte Federal Credit Union's top markets include Tampa, North Port, Lakeland, Orlando, and Miami among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,815 $275,525,000 $151,804 $2,952 3.79%
FHA 30 $6,510,000 $217,000 $7,831 3.18%
VA 2 $610,000 $305,000 $7,540 3.13%

For the 2021 period, Gte Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,815 originations. Their 2nd most popular type is FHA, with 30 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 724 $116,920,000 $161,492 $2,997 3.51%
Cash Out Refi 370 $66,990,000 $181,054 $3,769 3.34%
Home Improvement 303 $27,225,000 $89,851 $1,772 4.52%
Home Purchase 300 $63,330,000 $211,100 $4,182 3.44%
Other 150 $8,180,000 $54,533 $126 5.36%

For the 2021, Gte Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 724 originations. The 2nd most popular reason of loans were Cash Out Refi, with 370 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 773 $170,895,000 $221,080 $4,126 3.38%
15 Year 634 $73,640,000 $116,151 $2,109 3.85%
20 Year 318 $29,670,000 $93,302 $3,356 4.48%
Other 92 $3,700,000 $40,217 $169 4.64%
10 Year 26 $2,800,000 $107,692 $2,887 2.48%
30+ year 4 $1,940,000 $485,000 $8,369 3.00%

For the 2021, Gte Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 773 originations. The 2nd most popular length of loans were 15 Year, with 634 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 776 $154,620,000 $199,253
$<1k 625 $66,315,000 $106,104
$2k-3k 100 $23,330,000 $233,300
$3k-4k 45 $11,475,000 $255,000
$5k+ 13 $5,675,000 $436,538

$4,126 of loans were Gte Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 776 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 717 $152,635,000 $212,880
2.5-3% 365 $65,705,000 $180,014
4-5% 327 $24,945,000 $76,284
5-6% 167 $9,665,000 $57,874
<2.5% 163 $23,675,000 $145,245
6-7% 107 $5,995,000 $56,028
7-8% 1 $25,000 $25,000

During 2021, Gte Federal Credit Union's average interest rate of loans were 3.38%, while their most frequently originated rate bucket of loans were 3-4%, with 717 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 715 $38,635,000 $54,035 $1,091 4.52%
$100k-200k 640 $93,200,000 $145,625 $3,452 3.33%
$200k-400k 422 $111,820,000 $264,976 $4,424 3.28%
$400k-600k 49 $23,165,000 $472,755 $5,335 3.35%
$600k-1MM 20 $14,820,000 $741,000 $8,848 3.37%
$1MM+ 1 $1,005,000 $1,005,000 $4,231 3.75%

2021 saw Gte Federal Credit Union place emphasis on $100,000 or less loans with 715 originations, totaling $38,635,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 502 $65,750,000 $130,976 $3,014 3.69%
$50k or less 392 $41,730,000 $106,454 $2,854 3.58%
$100k-150k 348 $57,050,000 $163,937 $2,881 3.97%
$75k-100k 327 $48,715,000 $148,976 $3,002 3.87%
$150k-250k 185 $39,715,000 $214,676 $3,484 3.99%
$250k+ 47 $19,015,000 $404,574 $6,196 3.72%

Gte Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 502 originations. The second most popular income band? $50k or less, with 392 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 387 $58,135,000 $150,220 $2,946 3.69%
30-36% 381 $60,715,000 $159,357 $3,015 3.76%
<20% 132 $17,960,000 $136,061 $3,010 3.51%
42% 100 $12,850,000 $128,500 $2,283 4.36%
40% 83 $11,615,000 $139,940 $2,694 4.09%
44% 81 $13,955,000 $172,284 $3,614 3.50%
41% 80 $11,080,000 $138,500 $2,542 4.03%
43% 77 $12,985,000 $168,636 $3,595 3.47%
39% 75 $11,695,000 $155,933 $3,361 3.92%
37% 69 $12,815,000 $185,725 $2,753 4.06%
49% 68 $10,530,000 $154,853 $3,349 3.56%
38% 67 $10,235,000 $152,761 $3,131 3.91%
36% 57 $8,485,000 $148,860 $3,133 3.87%
47% 55 $8,805,000 $160,091 $3,605 3.65%
48% 46 $6,640,000 $144,348 $3,261 3.88%
46% 45 $7,225,000 $160,556 $3,305 3.86%
45% 35 $5,055,000 $144,429 $2,929 3.70%
50-60% 9 $1,865,000 $207,222 $6,823 3.24%

Gte Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 387 originations. The next most common DTI ratio? 30-36%, with 381 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,424 $216,450,000 $152,001 $3,012 3.80%
Not provided 181 $30,025,000 $165,884 $3,087 3.68%
Black 166 $23,610,000 $142,229 $3,101 3.82%
Asian 52 $8,790,000 $169,038 $3,482 3.60%
American Indian 19 $2,905,000 $152,895 $3,625 3.40%
Native Hawaiian 4 $710,000 $177,500 $4,024 2.63%
Asian Indian 1 $155,000 $155,000 $3,197 2.50%

Approval Rates

Total approvals of all applications
77.28%

Gte Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
44.45%

Gte Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 1,847 $282,645,000 $153,029

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,847 $282,645,000 $153,029

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 345 $31,605,000 $91,609 $2,129 4.01%
40-60% 350 $54,450,000 $155,571 $3,238 3.16%
60-80% 515 $114,555,000 $222,437 $4,016 3.31%
80-100% 252 $66,080,000 $262,222 $4,692 3.29%
Over 100% 1 $305,000 $305,000 $11,919 3.13%
Under 20% 384 $15,650,000 $40,755 $267 5.09%