Union Savings Bank Mortgage Rates, Fees & Info

Danbury, CT

LEI: 1VUZZZCW0TWP6R7N3Z33

Tax ID: 06-0570800

5 stars - out of 5 stars, based on 25 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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.

    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 6.23% 3/30/23
    30 Year Conventional Refi 6.33% 3/30/23
    30 Year Cash-out Refi 6.35% 3/30/23
    30 Year FHA Purchase 6.56% 3/30/23
    15 Year Conventional Purchase 5.82% 3/30/23
    15 Year Conventional Refi 5.81% 3/30/23
    15 Year Cash-out Refi 5.81% 3/30/23
    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.


    Originations

    620

    Origination Dollar Volume (All Markets)

    $201,850,000

    Awards

    Union Savings Bank 30 Year Conventional Loans silver Union Savings Bank 30 Year Conventional Loans gold
    Show all (2) awards

    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%
    Union Savings Bank's top markets include Bridgeport, Torrington, New Haven, Hartford, and New York among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • New York (FHA|USDA|VA)

    • 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.

    Sanborn Mortgage Corporation
    Similarity Rank: 348
    Ridgewood Savings Bank
    Similarity Rank: 394
    POLISH NATIONAL
    Similarity Rank: 470
    BNB Bank
    Similarity Rank: 590
    Charter Oak Federal Credit Union
    Similarity Rank: 763
    Chelsea Groton Bank
    Similarity Rank: 784
    Fairfield County Bank
    Similarity Rank: 840
    PeoplesBank
    Similarity Rank: 840
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972
    U S WIDE FINANCIAL LLC
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 403 $60,685,000 $150,583 $3,625 4.62%
    Home Purchase 155 $66,455,000 $428,742 $5,054 4.33%
    Refi 60 $45,900,000 $765,000 $4,123 3.63%
    Home Improvement 2 $28,810,000 $14,405,000 $0 4.98%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 341 $78,645,000 $230,630 $0 4.75%
    30 Year 198 $67,140,000 $339,091 $4,516 4.32%
    15 Year 28 $7,120,000 $254,286 $3,931 3.09%
    30+ year 25 $19,465,000 $778,600 $6,304 3.80%
    10 Year 14 $12,450,000 $889,286 $3,204 3.71%
    20 Year 13 $15,715,000 $1,208,846 $3,315 3.68%
    1 Year 1 $1,315,000 $1,315,000 $0 5.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 175 $53,525,000 $305,857
    $1k-2k 43 $19,915,000 $463,140
    $2k-3k 10 $5,290,000 $529,000
    $3k-4k 9 $4,385,000 $487,222
    $4k-5k 8 $2,960,000 $370,000
    $5k+ 8 $6,080,000 $760,000

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 272 $81,740,000 $300,515
    4-5% 146 $54,690,000 $374,589
    5-6% 101 $48,925,000 $484,406
    6-7% 66 $8,430,000 $127,727
    2.5-3% 21 $5,535,000 $263,571
    <2.5% 7 $1,815,000 $259,286
    7-8% 7 $715,000 $102,143

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 176 $25,270,000 $143,580 $3,426 4.47%
    $200k-400k 176 $47,650,000 $270,739 $4,185 4.31%
    $100,000 or less 170 $10,110,000 $59,471 $2,707 4.76%
    $400k-600k 50 $24,080,000 $481,600 $5,714 4.30%
    $600k-1MM 29 $21,345,000 $736,034 $6,317 3.95%
    $1MM+ 19 $73,395,000 $3,862,895 $7,525 4.16%

    2022 saw Union Savings Bank place emphasis on $100k-200k loans with 176 originations, totaling $25,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 143 $36,115,000 $252,552 $4,970 4.40%
    $100k-150k 134 $27,280,000 $203,582 $4,801 4.45%
    $75k-100k 108 $20,110,000 $186,204 $4,128 4.43%
    $50k-75k 91 $12,795,000 $140,604 $3,549 4.48%
    $250k+ 86 $36,370,000 $422,907 $6,167 4.50%
    $50k or less 44 $4,980,000 $113,182 $3,459 4.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 127 $26,405,000 $207,913 $4,212 4.45%
    30-36% 119 $29,625,000 $248,950 $4,775 4.31%
    49% 42 $5,680,000 $135,238 $4,219 4.91%
    <20% 42 $9,120,000 $217,143 $5,170 4.38%
    40% 32 $9,470,000 $295,938 $4,779 4.34%
    45% 25 $4,805,000 $192,200 $4,608 4.72%
    41% 24 $4,860,000 $202,500 $4,084 4.52%
    44% 23 $6,145,000 $267,174 $3,720 3.96%
    47% 19 $3,965,000 $208,684 $5,596 4.76%
    37% 19 $4,035,000 $212,368 $4,126 4.72%
    43% 19 $4,135,000 $217,632 $5,120 4.43%
    36% 18 $3,500,000 $194,444 $4,019 5.12%
    42% 17 $5,575,000 $327,941 $5,189 3.85%
    38% 16 $3,660,000 $228,750 $4,497 4.27%
    46% 15 $4,225,000 $281,667 $4,790 4.38%
    50-60% 15 $3,465,000 $231,000 $3,786 4.22%
    39% 13 $3,535,000 $271,923 $4,730 4.37%
    48% 13 $3,315,000 $255,000 $4,109 4.83%
    >60% 7 $1,875,000 $267,857 $8,157 4.20%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 515 $117,055,000 $227,291 $4,528 4.44%
    Not applicable 14 $64,200,000 $4,585,714 $0 4.71%
    Not provided 58 $11,720,000 $202,069 $4,175 4.55%
    Asian 22 $6,950,000 $315,909 $4,569 4.06%
    Black 9 $1,435,000 $159,444 $7,280 4.93%
    Asian Indian 1 $415,000 $415,000 $6,112 4.25%
    American Indian 1 $75,000 $75,000 $0 7.25%

    Approval Rates

    Total approvals of all applications
    87.75%

    Union Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.84%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    620 $201,850,000 $325,565

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 139 $53,815,000 $387,158 $3,333 4.52%
    40-60% 103 $56,125,000 $544,903 $3,975 4.06%
    60-80% 119 $50,655,000 $425,672 $5,013 4.25%
    80-100% 77 $26,185,000 $340,065 $4,926 4.48%
    Under 20% 181 $14,815,000 $81,851 $2,883 4.77%