Union Savings Bank Mortgage Rates, Fees & Info

Danbury, CT

LEI: 1VUZZZCW0TWP6R7N3Z33

Tax ID: 06-0570800

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Union Savings Bank is a smaller bank specializing in Home Purchase loans. Union Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bridgeport, Torrington, Hartford, and New Haven among others. We have data for 4 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.23% 4/21/24
    30 Year Conventional Refi 6.33% 4/21/24
    30 Year Cash-out Refi 6.35% 4/21/24
    30 Year FHA Purchase 6.56% 4/21/24
    15 Year Conventional Purchase 5.82% 4/21/24
    15 Year Conventional Refi 5.81% 4/21/24
    15 Year Cash-out Refi 5.81% 4/21/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Union Savings Bank. 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

    249

    Origination Dollar Volume (All Markets)

    $84,535,000

    Employee count

    358

    Awards

    Union Savings Bank 30 Year Conventional Loans gold Union Savings Bank 30 Year Conventional Loans bronze Union Savings Bank 30 Year Conventional Loans gold Union Savings Bank 30 Year Conventional Loans gold
    Show all (4) awards

    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) 158 $55,880,000 $353,671 $3,481 4.12%
    Torrington, CT (FHA|USDA|VA) 66 $21,440,000 $324,848 $3,720 4.04%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 16 $4,980,000 $311,250 $3,594 4.13%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 9 $2,235,000 $248,333 $3,552 4.18%
    Union Savings Bank's top markets include Bridgeport, Torrington, Hartford, and New Haven among others.

    Their top states include:
  • Connecticut (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.

    POLISH NATIONAL
    Similarity Rank: 60
    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    PeoplesBank
    Similarity Rank: 104
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 144
    Union Savings Bank
    Similarity Rank: 152
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    The Torrington Savings Bank
    Similarity Rank: 176
    The First National Bank of Long Island
    Similarity Rank: 236
    Chelsea Groton Bank
    Similarity Rank: 264

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 249 $84,535,000 $339,498 $3,557 4.10%

    For 2018, Union Savings Bank's most frequently originated type of loan was Conventional, with 249 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 167 $59,055,000 $353,623 $3,779 4.24%
    Refi 40 $12,800,000 $320,000 $2,835 3.55%
    Cash Out Refi 38 $11,840,000 $311,579 $3,319 4.05%
    Home Improvement 2 $640,000 $320,000 $5,805 4.25%
    Other 2 $200,000 $100,000 $2,687 4.19%

    For 2018, Union Savings Bank's most frequently cited loan purpose was Home Purchase, with 167 originations. The 2nd most popular reason was Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 194 $60,980,000 $314,330 $3,640 4.07%
    15 Year 21 $4,895,000 $233,095 $2,842 4.08%
    30+ year 14 $5,500,000 $392,857 $4,098 3.45%
    Other 9 $9,035,000 $1,003,889 $0 5.33%
    20 Year 7 $1,685,000 $240,714 $3,002 4.63%
    10 Year 4 $2,440,000 $610,000 $1,720 3.96%

    For 2018, Union Savings Bank's most frequently cited loan duration was 30 Year, with 194 originations. The 2nd most popular length was 15 Year, with 21 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 208 $63,420,000 $304,904
    $1k-2k 16 $5,090,000 $318,125
    $2k-3k 10 $3,550,000 $355,000
    $5k+ 3 $1,095,000 $365,000
    $4k-5k 1 $295,000 $295,000

    Union Savings Bank's average total fees were $3,640, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 208 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 109 $31,525,000 $289,220
    3-4% 102 $33,980,000 $333,137
    2.5-3% 20 $8,290,000 $414,500
    5-6% 17 $10,615,000 $624,412
    6-7% 1 $125,000 $125,000

    During 2018, Union Savings Bank's average interest rate for loans was 4.07%, while their most frequently originated rate bucket for loans was 4-5%, with 109 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 121 $34,115,000 $281,942 $3,481 4.10%
    $100k-200k 59 $8,965,000 $151,949 $2,976 4.27%
    $400k-600k 38 $18,500,000 $486,842 $4,423 3.88%
    $600k-1MM 14 $10,120,000 $722,857 $4,740 3.82%
    $100,000 or less 10 $730,000 $73,000 $2,341 4.05%
    $1MM+ 7 $12,105,000 $1,729,286 $5,829 4.44%

    2018 saw Union Savings Bank place emphasis on $200k-400k loans with 121 originations, totaling $34,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 52 $18,770,000 $360,962 $3,521 3.94%
    $100k-150k 51 $14,175,000 $277,941 $3,909 4.26%
    $50k-75k 43 $8,515,000 $198,023 $3,035 4.21%
    $75k-100k 41 $9,565,000 $233,293 $3,226 4.05%
    $250k+ 35 $20,215,000 $577,571 $4,519 3.77%
    $50k or less 17 $2,335,000 $137,353 $2,741 3.95%

    Union Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 52 originations. The second most popular income band? $100k-150k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 53 $17,495,000 $330,094 $3,409 3.95%
    30-36% 49 $13,925,000 $284,184 $3,720 4.19%
    <20% 18 $6,160,000 $342,222 $3,579 3.64%
    42% 16 $4,300,000 $268,750 $3,836 4.20%
    38% 12 $4,250,000 $354,167 $4,072 4.28%
    43% 11 $3,315,000 $301,364 $3,642 4.24%
    40% 11 $2,835,000 $257,727 $3,590 4.27%
    39% 11 $3,625,000 $329,545 $3,732 4.05%
    45% 8 $2,430,000 $303,750 $3,365 4.14%
    41% 8 $2,010,000 $251,250 $3,097 3.81%
    48% 7 $1,465,000 $209,286 $3,078 4.25%
    50-60% 6 $2,870,000 $478,333 $3,802 3.63%
    36% 6 $1,670,000 $278,333 $2,932 3.73%
    37% 6 $1,480,000 $246,667 $3,625 3.98%
    46% 6 $2,260,000 $376,667 $2,997 4.17%
    44% 5 $1,525,000 $305,000 $3,899 4.15%
    49% 2 $560,000 $280,000 $2,690 3.50%
    >60% 2 $880,000 $440,000 $3,493 4.19%
    47% 1 $395,000 $395,000 $3,011 3.50%

    Union Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 209 $64,735,000 $309,737 $3,563 4.06%
    Not applicable 10 $10,960,000 $1,096,000 $0 5.19%
    Not provided 18 $5,180,000 $287,778 $3,427 3.92%
    Asian 11 $3,455,000 $314,091 $3,702 4.13%
    Other Pacific Islander 1 $205,000 $205,000 $3,018 4.75%

    Approval Rates

    Total approvals of all applications
    89.74%

    Union Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.72%

    Union Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 249 $84,535,000 $339,498

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $9,690,000 $1,615,000
    Single Family (1-4 Units):Site-Built 243 $74,845,000 $308,004

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $3,120,000 $260,000 $3,018 4.06%
    40-60% 47 $18,085,000 $384,787 $3,204 3.70%
    60-80% 97 $33,275,000 $343,041 $3,574 4.16%
    80-100% 90 $29,790,000 $331,000 $3,840 4.28%
    Under 20% 3 $265,000 $88,333 $2,073 3.21%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Union Savings Bank 100 Danbury Road Ridgefield, CT 6877 Full Service B&M $63,758
    Union Savings Bank 100 Mill Plain Road Danbury, CT 6810 Full Service B&M $90,115
    Union Savings Bank 1057 Torringford Street Torrington, CT 6790 Full Service B&M $30,398
    Union Savings Bank 116 Main Street Danbury, CT 6810 Full Service B&M $35,967
    Union Savings Bank 126 North St Danbury, CT 6811 Full Service B&M $129,301
    Union Savings Bank 13 North Street Litchfield, CT 6759 Full Service B&M $96,768
    Union Savings Bank 15 Kent Green Boulevard Kent, CT 6757 Full Service B&M $31,366
    Union Savings Bank 169 Danbury Rd New Milford, CT 6776 Full Service B&M $52,282
    Union Savings Bank 188 Albany Turnpike Canton, CT 6019 Full Service B&M $17,803
    Union Savings Bank 1a Commerce Road Newtown, CT 6470 Full Service B&M $57,829
    Union Savings Bank 200 Federal Road Brookfield, CT 6804 Full Service B&M $107,618
    Union Savings Bank 226 Main Street Danbury, CT 6810 Full Service B&M $230,680
    Union Savings Bank 24 Grassy Plain Street Bethel, CT 6801 Full Service B&M $82,239
    Union Savings Bank 24 Route 39 New Fairfield, CT 6812 Full Service B&M $112,912
    Union Savings Bank 253 New Milford Turnpike New Preston Marble Dale, CT 6777 Full Service B&M $29,519
    Union Savings Bank 26 North Street Roxbury, CT 6783 Full Service B&M $23,054
    Union Savings Bank 397 Main Street Torrington, CT 6790 Full Service B&M $34,212
    Union Savings Bank 4 Sharon Turnpike Goshen, CT 6756 Full Service B&M $31,983
    Union Savings Bank 406 Main Street South Southbury, CT 6488 Full Service B&M $34,500
    Union Savings Bank 41 East Street New Milford, CT 6776 Full Service B&M $120,311
    Union Savings Bank 411 Monroe Turnpike Monroe, CT 6468 Full Service B&M $32,313
    Union Savings Bank 7 Bryan Plaza Washington Depot, CT 6794 Full Service B&M $59,293
    Union Savings Bank 71 Newtown Road Danbury, CT 6810 Full Service B&M $51,639
    Union Savings Bank 79 Stony Hill Road Bethel, CT 6801 Full Service B&M $30,420
    Union Savings Bank 828 Federal Rd Brookfield, CT 6804 Full Service B&M $75,996
    Union Savings Bank Bank Operations, 225 Main St Danbury, CT 6810 Full Service Cyber Office $2,006

    For 2018, Union Savings Bank had 26 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $80,471
    Net interest income $72,747
    Total noninterest income $16,344
    Gross Fiduciary activities income $3,073
    Service charges on deposit accounts $4,126
    Trading account gains and fees $0
    Additional Noninterest Income $9,145
    Pre-tax net operating income $27,184
    Securities gains (or losses, -) $-465
    Income before extraordinary items $21,810
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $21,810
    Minority interest net income $0
    Net income $21,810
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $22,191

    Union Savings Bank's gross interest income from loans was $80,471,000.
    Union Savings Bank's net interest income from loans was $72,747,000.
    Union Savings Bank's fee based income from loans was $4,126,000.
    Union Savings Bank's net income from loans was $21,810,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,724
    Provision for credit losses $828
    Total noninterest expense $61,079
    Salaries and employee benefits $38,040
    Premises and equipment expense $8,081
    Additional noninterest expense $14,958
    Applicable income taxes $4,909
    Net charge-offs $39
    Cash dividends $0

    Union Savings Bank's interest expense for loans was $7,724,000.
    Union Savings Bank's payroll and benefits expense were $38,040,000.
    Union Savings Bank's property, plant and equipment expenses $8,081,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 2.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,632,289
    Deposits held in domestic offices $1,632,289
    Deposits by Individuals, partnerships, and corporations $1,541,699
    Deposits by U.S. Government $13
    Deposits by States and political subdivisions in the U.S. $89,965
    Deposits by Commercial banks and other depository institutions in U.S. $612
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $92,154
    Demand deposits $92,154
    Nontransaction accounts $1,540,135
    Money market deposit accounts (MMDAs) $137,418
    Other savings deposits (excluding MMDAs) $1,183,678
    Total time deposits $219,039
    Total time and savings deposits $1,540,135
    Noninterest-bearing deposits $445,740
    Interest-bearing deposits $1,186,549
    Retail deposits $1,616,507
    IRAs and Keogh plan accounts $61,650
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,159,424
    Cash & Balances due from depository institutions $39,354
    Interest-bearing balances $6,326
    Total securities $253,025
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,700,024
    Loan and leases loss allowance $15,132
    Trading account assets $0
    Bank premises and fixed assets $43,478
    Other real estate owned $572
    Goodwill and other intangibles $18,994
    All other assets $103,977

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,159,424
    Total Liabilities $1,901,602
    Total deposits $1,632,289
    Interest-bearing deposits $1,186,549
    Deposits held in domestic offices $1,632,289
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $206,175
    Trading liabilities $0
    Other borrowed funds $29,133
    Subordinated debt $0
    All other liabilities $34,005

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,700,024
    Loan and leases loss allowance $15,132
    Total loans and leases (domestic) $1,715,156
    All real estate loans $1,632,857
    Real estate loans in domestic offices $1,632,857
    Construction and development loans $46,424
    Residential 1-4 family construction $10,265
    Other construction, all land development and other land $36,159
    Loans secured by nonfarm nonresidential properties $715,756
    Nonfarm nonresidential secured by owner-occupied properties $231,532
    Commercial real estate & other non-farm, non-residential $484,224
    Multifamily residential real estate $48,825
    1-4 family residential loans $821,852
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $77,863
    To non-U.S. addressees $0
    Loans to individuals $4,128
    Credit card loans $0
    Related Plans $369
    Consumer Auto Loans $218
    Other loans to individuals $3,541
    All other loans & leases $308
    Loans to foreign governments and official institutions $0
    Other loans $308
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,157
    Non 1-4 family restructured loans & leases $820
    Total loans and leases (foreign) $0

    Union Savings Bank had $1,700,024,000 of loans outstanding in 2018. $1,632,857,000 of loans were in real estate loans. $46,424,000 of loans were in development loans. $48,825,000 of loans were in multifamily mortgage loans. $821,852,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $218,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 465 $118,497 $254,832
    Nonfarm, nonresidential loans - <$100k 54 $1,770 $32,778
    Nonfarm, nonresidential loans - $100-250k 128 $13,027 $101,773
    Nonfarm, nonresidential loans - $250k-1MM 283 $103,700 $366,431
    Commercial & Industrial, US addressed loans - <$1MM 523 $40,682 $77,786
    Commercial & Industrial, US addressed loans - <$100k 344 $8,142 $23,669
    Commercial & Industrial, US addressed loans - $100-250k 103 $8,864 $86,058
    Commercial & Industrial, US addressed loans - $250k-1MM 76 $23,676 $311,526