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 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 Buffalo among others. We have data for 7 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.23% | 4/25/24 |
| 30 Year Conventional Refi | 6.33% | 4/25/24 |
| 30 Year Cash-out Refi | 6.35% | 4/25/24 |
| 30 Year FHA Purchase | 6.56% | 4/25/24 |
| 15 Year Conventional Purchase | 5.82% | 4/25/24 |
| 15 Year Conventional Refi | 5.81% | 4/25/24 |
| 15 Year Cash-out Refi | 5.81% | 4/25/24 |
| 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. | ||
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
554Origination Dollar Volume (All Markets)
$209,960,000Awards
Union Savings Bank - 2023
Union Savings Bank is a 2023 , due to their low .
For 2023, 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
5.51%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.97%.
Relative Fees (Closing Costs)
Union Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,355.
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 |
|---|---|---|---|---|---|
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 314 | $123,720,000 | $394,013 | $5,784 | 5.89% |
| Torrington, CT (FHA|USDA|VA) | 137 | $31,775,000 | $231,934 | $4,499 | 6.00% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 53 | $19,845,000 | $374,434 | $5,039 | 5.58% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 39 | $14,305,000 | $366,795 | $4,923 | 5.55% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $10,605,000 | $10,605,000 | $0 | 5.87% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 3 | $4,865,000 | $1,621,667 | $3,344 | 5.45% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 7 | $4,845,000 | $692,143 | $7,928 | 5.43% |
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: 32
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Similarity Rank: 208
Similarity Rank: 216
Similarity Rank: 276
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 289 | $173,305,000 | $599,671 | $5,314 | 5.52% |
| HELOC | 263 | $36,175,000 | $137,548 | n/a | 6.22% |
| FHA | 2 | $480,000 | $240,000 | $9,906 | 6.13% |
For 2023, Union Savings Bank's most frequently originated type of loan was Conventional, with 289 originations. Their 2nd most popular type was HELOC, with 263 originations.
Loan Reason
For 2023, Union Savings Bank's most frequently cited loan purpose was Home Purchase, with 235 originations. The 2nd most popular reason was Home Improvement, with 109 originations.
Loan Duration/Length
For 2023, Union Savings Bank's most frequently cited loan duration was Other, with 264 originations. The 2nd most popular length was 30 Year, with 249 originations.
Origination Fees/Closing Costs
Union Savings Bank's average total fees were $5,355, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 176 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 302 | $107,110,000 | $354,669 |
| 4-5% | 101 | $58,565,000 | $579,851 |
| 7-8% | 79 | $12,145,000 | $153,734 |
| 6-7% | 63 | $30,495,000 | $484,048 |
| Over 8% | 9 | $1,645,000 | $182,778 |
During 2023, Union Savings Bank's average interest rate for loans was 5.51%, while their most frequently originated rate bucket for loans was 5-6%, with 302 originations.
Loan Sizing
2023 saw Union Savings Bank place emphasis on $200k-400k loans with 170 originations, totaling $46,520,000 in origination value.
Applicant Income
Union Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 131 originations. The second most popular income band? $250k+, with 126 originations.
Applicant Debt to Income Ratio
Union Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 104 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.86%
Union Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination79.60%
Union Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 554 | $209,960,000 | $378,989 |