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 and Refi loans. Union Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bridgeport, Torrington, New Haven, Hartford, and New York among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Union Savings Bank has an above 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% 12/2/24
    30 Year Conventional Refi 6.33% 12/2/24
    30 Year Cash-out Refi 6.35% 12/2/24
    30 Year FHA Purchase 6.56% 12/2/24
    15 Year Conventional Purchase 5.82% 12/2/24
    15 Year Conventional Refi 5.81% 12/2/24
    15 Year Cash-out Refi 5.81% 12/2/24
    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

    236

    Origination Dollar Volume (All Markets)

    $108,290,000

    Employee count

    351

    Awards

    Union Savings Bank 30 Year Conventional Loans gold Union Savings Bank 30 Year Conventional Loans silver Union Savings Bank 30 Year Conventional Loans silver
    Show all (3) 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) 148 $70,360,000 $475,405 $3,590 3.76%
    Torrington, CT (FHA|USDA|VA) 59 $21,025,000 $356,356 $3,157 3.76%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 17 $9,685,000 $569,706 $3,698 3.91%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 9 $6,415,000 $712,778 $3,736 3.78%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $450,000 $225,000 $5,034 3.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $355,000 $355,000 $0 4.02%
    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)
  • Florida (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: 104
    The Torrington Savings Bank
    Similarity Rank: 115
    Stafford Savings Bank
    Similarity Rank: 124
    Collinsville Bank
    Similarity Rank: 156
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 208
    Chelsea Groton Bank
    Similarity Rank: 210
    The Milford Bank
    Similarity Rank: 240
    SIKORSKY FINANCIAL
    Similarity Rank: 245
    Charter Oak Federal Credit Union
    Similarity Rank: 258
    Ridgewood Savings Bank
    Similarity Rank: 318

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 236 $108,290,000 $458,856 $3,494 3.77%

    For 2019, Union Savings Bank's most frequently originated type of loan was Conventional, with 236 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 113 $62,685,000 $554,735 $3,894 3.89%
    Refi 74 $31,680,000 $428,108 $3,231 3.47%
    Cash Out Refi 46 $13,330,000 $289,783 $3,066 3.91%
    Other 2 $490,000 $245,000 $2,830 4.06%
    Home Improvement 1 $105,000 $105,000 $0 5.00%

    For 2019, Union Savings Bank's most frequently cited loan purpose was Home Purchase, with 113 originations. The 2nd most popular reason was Refi, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 138 $45,670,000 $330,942 $3,538 3.96%
    15 Year 54 $24,260,000 $449,259 $3,437 3.25%
    10 Year 16 $14,300,000 $893,750 $2,749 3.68%
    20 Year 13 $3,355,000 $258,077 $3,161 3.73%
    Other 9 $16,195,000 $1,799,444 $0 4.26%
    30+ year 6 $4,510,000 $751,667 $4,752 3.60%

    For 2019, Union Savings Bank's most frequently cited loan duration was 30 Year, with 138 originations. The 2nd most popular length was 15 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 174 $62,910,000 $361,552
    $1k-2k 19 $8,945,000 $470,789
    $2k-3k 4 $1,470,000 $367,500
    $3k-4k 4 $1,260,000 $315,000
    $4k-5k 1 $565,000 $565,000
    $5k+ 1 $315,000 $315,000

    Union Savings Bank's average total fees were $3,538, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 174 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 150 $66,090,000 $440,600
    4-5% 57 $27,205,000 $477,281
    2.5-3% 25 $13,945,000 $557,800
    5-6% 4 $1,050,000 $262,500

    During 2019, Union Savings Bank's average interest rate for loans was 3.96%, while their most frequently originated rate bucket for loans was 3-4%, with 150 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 93 $26,385,000 $283,710 $3,492 3.83%
    $100k-200k 58 $8,850,000 $152,586 $2,786 3.88%
    $400k-600k 33 $16,495,000 $499,848 $3,941 3.73%
    $600k-1MM 24 $16,370,000 $682,083 $4,161 3.46%
    $1MM+ 18 $39,370,000 $2,187,222 $4,842 3.63%
    $100,000 or less 10 $820,000 $82,000 $2,731 3.71%

    2019 saw Union Savings Bank place emphasis on $200k-400k loans with 93 originations, totaling $26,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $15,220,000 $271,786 $3,212 3.78%
    $250k+ 46 $32,660,000 $710,000 $4,109 3.43%
    $150k-250k 40 $15,690,000 $392,250 $3,921 3.79%
    $50k-75k 35 $6,605,000 $188,714 $3,047 3.86%
    $75k-100k 33 $7,135,000 $216,212 $3,223 3.90%
    $50k or less 9 $1,085,000 $120,556 $2,842 3.88%

    Union Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $250k+, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 61 $18,645,000 $305,656 $3,600 3.72%
    30-36% 46 $13,230,000 $287,609 $3,233 3.79%
    <20% 31 $16,425,000 $529,839 $3,622 3.44%
    44% 11 $4,135,000 $375,909 $3,415 3.91%
    39% 10 $3,920,000 $392,000 $3,906 4.00%
    43% 9 $2,515,000 $279,444 $3,585 3.94%
    40% 9 $2,705,000 $300,556 $3,509 3.85%
    42% 8 $3,130,000 $391,250 $3,220 3.92%
    36% 8 $3,150,000 $393,750 $3,045 3.75%
    37% 7 $4,015,000 $573,571 $4,462 3.71%
    41% 4 $1,840,000 $460,000 $3,455 3.88%
    38% 3 $595,000 $198,333 $2,516 3.79%
    45% 3 $985,000 $328,333 $3,114 3.46%
    46% 3 $1,765,000 $588,333 $3,550 3.46%
    48% 3 $695,000 $231,667 $2,902 3.83%
    47% 1 $255,000 $255,000 $3,369 3.88%
    49% 1 $285,000 $285,000 $0 3.75%

    Union Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 61 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 184 $66,020,000 $358,804 $3,451 3.75%
    Not applicable 17 $29,895,000 $1,758,529 $0 4.09%
    Not provided 18 $6,870,000 $381,667 $3,670 3.67%
    Asian 8 $2,490,000 $311,250 $3,754 3.59%
    Asian Indian 6 $2,390,000 $398,333 $3,666 3.83%
    Black 2 $540,000 $270,000 $4,969 4.50%
    Native Hawaiian or Islander 1 $85,000 $85,000 $3,714 3.63%

    Approval Rates

    Total approvals of all applications
    95.74%

    Union Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    71.19%

    Union Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 236 $108,290,000 $458,856

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $26,670,000 $2,667,000
    Single Family (1-4 Units):Site-Built 226 $81,620,000 $361,150

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $9,585,000 $383,400 $3,149 3.72%
    40-60% 48 $16,830,000 $350,625 $3,209 3.68%
    60-80% 97 $54,065,000 $557,371 $3,560 3.74%
    80-100% 64 $24,270,000 $379,219 $3,710 3.90%
    Under 20% 1 $3,085,000 $3,085,000 $0 3.20%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Union Savings Bank 100 Danbury Road Ridgefield, CT 6877 Full Service B&M $57,619
    Union Savings Bank 100 Mill Plain Road Danbury, CT 6810 Full Service B&M $97,659
    Union Savings Bank 1057 Torringford Street Torrington, CT 6790 Full Service B&M $29,954
    Union Savings Bank 116 Main Street Danbury, CT 6810 Full Service B&M $35,502
    Union Savings Bank 126 North St Danbury, CT 6811 Full Service B&M $127,576
    Union Savings Bank 13 North Street Litchfield, CT 6759 Full Service B&M $87,512
    Union Savings Bank 15 Kent Green Boulevard Kent, CT 6757 Full Service B&M $37,195
    Union Savings Bank 169 Danbury Rd New Milford, CT 6776 Full Service B&M $51,014
    Union Savings Bank 188 Albany Turnpike Canton, CT 6019 Full Service B&M $21,160
    Union Savings Bank 1a Commerce Road Newtown, CT 6470 Full Service B&M $55,765
    Union Savings Bank 200 Federal Road Brookfield, CT 6804 Full Service B&M $104,948
    Union Savings Bank 226 Main Street Danbury, CT 6810 Full Service B&M $239,842
    Union Savings Bank 24 Grassy Plain Street Bethel, CT 6801 Full Service B&M $83,871
    Union Savings Bank 24 Route 39 New Fairfield, CT 6812 Full Service B&M $111,240
    Union Savings Bank 253 New Milford Turnpike New Preston Marble Dale, CT 6777 Full Service B&M $27,301
    Union Savings Bank 26 North Street Roxbury, CT 6783 Full Service B&M $22,646
    Union Savings Bank 397 Main Street Torrington, CT 6790 Full Service B&M $30,092
    Union Savings Bank 4 Sharon Turnpike Goshen, CT 6756 Full Service B&M $30,517
    Union Savings Bank 406 Main Street South Southbury, CT 6488 Full Service B&M $30,015
    Union Savings Bank 41 East Street New Milford, CT 6776 Full Service B&M $121,594
    Union Savings Bank 411 Monroe Turnpike Monroe, CT 6468 Full Service B&M $33,821
    Union Savings Bank 7 Bryan Plaza Washington Depot, CT 6794 Full Service B&M $53,807
    Union Savings Bank 71 Newtown Road Danbury, CT 6810 Full Service B&M $48,805
    Union Savings Bank 79 Stony Hill Road Bethel, CT 6801 Full Service B&M $31,071
    Union Savings Bank 828 Federal Rd Brookfield, CT 6804 Full Service B&M $69,590
    Union Savings Bank Bank Operations, 225 Main St Danbury, CT 6810 Full Service Cyber Office $2,753

    For 2019, Union Savings Bank had 26 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $83,260
    Net interest income $72,609
    Total noninterest income $17,422
    Gross Fiduciary activities income $2,985
    Service charges on deposit accounts $3,978
    Trading account gains and fees $0
    Additional Noninterest Income $10,459
    Pre-tax net operating income $27,435
    Securities gains (or losses, -) $0
    Income before extraordinary items $22,230
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $22,230
    Minority interest net income $0
    Net income $22,230
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $22,230

    Union Savings Bank's gross interest income from loans was $83,260,000.
    Union Savings Bank's net interest income from loans was $72,609,000.
    Union Savings Bank's fee based income from loans was $3,978,000.
    Union Savings Bank's net income from loans was $22,230,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,651
    Provision for credit losses $596
    Total noninterest expense $62,000
    Salaries and employee benefits $38,187
    Premises and equipment expense $8,514
    Additional noninterest expense $15,299
    Applicable income taxes $5,205
    Net charge-offs $1,029
    Cash dividends $0

    Union Savings Bank's interest expense for loans was $10,651,000.
    Union Savings Bank's payroll and benefits expense were $38,187,000.
    Union Savings Bank's property, plant and equipment expenses $8,514,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    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 1.0%
    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 $1,727,759
    Deposits held in domestic offices $1,727,759
    Deposits by Individuals, partnerships, and corporations $1,646,290
    Deposits by U.S. Government $8
    Deposits by States and political subdivisions in the U.S. $80,938
    Deposits by Commercial banks and other depository institutions in U.S. $523
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $108,132
    Demand deposits $108,132
    Nontransaction accounts $1,619,627
    Money market deposit accounts (MMDAs) $169,206
    Other savings deposits (excluding MMDAs) $1,170,366
    Total time deposits $280,055
    Total time and savings deposits $1,619,627
    Noninterest-bearing deposits $450,499
    Interest-bearing deposits $1,277,260
    Retail deposits $1,690,054
    IRAs and Keogh plan accounts $62,988
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,276,560
    Cash & Balances due from depository institutions $204,110
    Interest-bearing balances $179,995
    Total securities $231,549
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,666,619
    Loan and leases loss allowance $14,699
    Trading account assets $0
    Bank premises and fixed assets $42,566
    Other real estate owned $626
    Goodwill and other intangibles $19,029
    All other assets $112,061

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,276,560
    Total Liabilities $1,992,787
    Total deposits $1,727,759
    Interest-bearing deposits $1,277,260
    Deposits held in domestic offices $1,727,759
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $221,922
    Trading liabilities $0
    Other borrowed funds $1,012
    Subordinated debt $0
    All other liabilities $42,094

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,666,619
    Loan and leases loss allowance $14,699
    Total loans and leases (domestic) $1,681,318
    All real estate loans $1,601,616
    Real estate loans in domestic offices $1,601,616
    Construction and development loans $55,206
    Residential 1-4 family construction $4,468
    Other construction, all land development and other land $50,738
    Loans secured by nonfarm nonresidential properties $712,555
    Nonfarm nonresidential secured by owner-occupied properties $220,933
    Commercial real estate & other non-farm, non-residential $491,622
    Multifamily residential real estate $66,464
    1-4 family residential loans $767,391
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $75,315
    To non-U.S. addressees $0
    Loans to individuals $4,086
    Credit card loans $0
    Related Plans $393
    Consumer Auto Loans $385
    Other loans to individuals $3,308
    All other loans & leases $301
    Loans to foreign governments and official institutions $0
    Other loans $301
    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 $5,476
    Non 1-4 family restructured loans & leases $548
    Total loans and leases (foreign) $0

    Union Savings Bank had $1,666,619,000 of loans outstanding in 2019. $1,601,616,000 of loans were in real estate loans. $55,206,000 of loans were in development loans. $66,464,000 of loans were in multifamily mortgage loans. $767,391,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $385,000 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 434 $115,784 $266,783
    Nonfarm, nonresidential loans - <$100k 42 $1,485 $35,357
    Nonfarm, nonresidential loans - $100-250k 120 $12,022 $100,183
    Nonfarm, nonresidential loans - $250k-1MM 272 $102,277 $376,018
    Commercial & Industrial, US addressed loans - <$1MM 513 $40,552 $79,049
    Commercial & Industrial, US addressed loans - <$100k 336 $7,357 $21,896
    Commercial & Industrial, US addressed loans - $100-250k 98 $7,740 $78,980
    Commercial & Industrial, US addressed loans - $250k-1MM 79 $25,455 $322,215