Union Savings Bank Mortgage Rates, Fees & Info
Danbury, CTLEI: 1VUZZZCW0TWP6R7N3Z33
Tax ID: 06-0570800
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Mortgage Data
Review & Overview
Union Savings Bank is a smaller bank specializing in Cash Out Refi, Home Purchase, and Refi loans. Union Savings Bank 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 by origination volume include: Bridgeport, Torrington, New Haven, Hartford, and New York among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Union Savings Bank 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. Union Savings Bank 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.23% | 9/18/23 |
| 30 Year Conventional Refi | 6.33% | 9/18/23 |
| 30 Year Cash-out Refi | 6.35% | 9/18/23 |
| 30 Year FHA Purchase | 6.56% | 9/18/23 |
| 15 Year Conventional Purchase | 5.82% | 9/18/23 |
| 15 Year Conventional Refi | 5.81% | 9/18/23 |
| 15 Year Cash-out Refi | 5.81% | 9/18/23 |
| 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. | ||
Union Savings Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
620Origination Dollar Volume (All Markets)
$201,850,000Awards
Union Savings Bank - 2022
Union Savings Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Union Savings Bank's average 30 year fixed mortgage rate was
4.32%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.44%.
Relative Fees (Closing Costs)
Union Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,516.
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 $4,750.
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 |
|---|---|---|---|---|---|
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 348 | $126,270,000 | $362,845 | $4,550 | 4.51% |
| Torrington, CT (FHA|USDA|VA) | 191 | $36,795,000 | $192,644 | $4,316 | 4.39% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 42 | $11,780,000 | $280,476 | $4,641 | 4.43% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 29 | $10,205,000 | $351,897 | $4,035 | 4.38% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $7,040,000 | $3,520,000 | $5,076 | 3.89% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 5 | $6,625,000 | $1,325,000 | $10,067 | 4.02% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $1,905,000 | $1,905,000 | $0 | 5.30% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 2 | $1,230,000 | $615,000 | $6,115 | 4.44% |
Similar Lenders
We use machine learning to identify the top lenders compared against Union Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 348
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Similarity Rank: 1008
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 337 | $42,225,000 | $125,297 | n/a | 4.75% |
| Conventional | 279 | $158,535,000 | $568,226 | $4,473 | 4.11% |
| FHA | 4 | $1,090,000 | $272,500 | $8,984 | 3.84% |
For 2022, Union Savings Bank's most frequently originated type of loan was HELOC, with 337 originations. Their 2nd most popular type was Conventional, with 279 originations.
Loan Reason
For 2022, Union Savings Bank's most frequently cited loan purpose was Cash Out Refi, with 403 originations. The 2nd most popular reason was Home Purchase, with 155 originations.
Loan Duration/Length
For 2022, Union Savings Bank's most frequently cited loan duration was Other, with 341 originations. The 2nd most popular length was 30 Year, with 198 originations.
Origination Fees/Closing Costs
Union Savings Bank's average total fees were $4,516, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 175 originations.
Interest Rates
During 2022, Union Savings Bank's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 3-4%, with 272 originations.
Loan Sizing
2022 saw Union Savings Bank place emphasis on $100k-200k loans with 176 originations, totaling $25,270,000 in origination value.
Applicant Income
Union Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 143 originations. The second most popular income band? $100k-150k, with 134 originations.
Applicant Debt to Income Ratio
Union Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 127 originations. The next most common DTI ratio? 30-36%, with 119 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.75%
Union Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination84.84%
Union Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 620 | $201,850,000 | $325,565 |