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 Refi and Home Purchase loans. Union Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bridgeport, Hartford, Torrington, New Haven, 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 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% 4/18/24
    30 Year Conventional Refi 6.33% 4/18/24
    30 Year Cash-out Refi 6.35% 4/18/24
    30 Year FHA Purchase 6.56% 4/18/24
    15 Year Conventional Purchase 5.82% 4/18/24
    15 Year Conventional Refi 5.81% 4/18/24
    15 Year Cash-out Refi 5.81% 4/18/24
    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

    562

    Origination Dollar Volume (All Markets)

    $254,710,000

    Employee count

    343

    Awards

    Union Savings Bank 30 Year Conventional Loans bronze
    Show all (1) 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) 334 $145,340,000 $435,150 $3,731 3.24%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 47 $45,665,000 $971,596 $4,387 3.17%
    Torrington, CT (FHA|USDA|VA) 137 $43,505,000 $317,555 $3,544 3.22%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 33 $16,945,000 $513,485 $3,635 3.28%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $1,115,000 $371,667 $5,931 3.75%
    WORCESTER, MA-CT (FHA|USDA|VA) 5 $955,000 $191,000 $3,168 3.41%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $715,000 $715,000 $12,152 3.25%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $470,000 $235,000 $4,231 3.56%
    Union Savings Bank's top markets include Bridgeport, Hartford, Torrington, New Haven, 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.

    Stafford Savings Bank
    Similarity Rank: 266
    Collinsville Bank
    Similarity Rank: 490
    U S WIDE FINANCIAL LLC
    Similarity Rank: 608
    SILVERMINE VENTURES LLC
    Similarity Rank: 750
    Ridgewood Savings Bank
    Similarity Rank: 756
    Chelsea Groton Bank
    Similarity Rank: 760
    Charter Oak Federal Credit Union
    Similarity Rank: 924
    SIKORSKY FINANCIAL
    Similarity Rank: 1005
    POLISH NATIONAL
    Similarity Rank: 1017
    NUTMEG STATE FINANCIAL
    Similarity Rank: 1043

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 562 $254,710,000 $453,221 $3,745 3.24%

    For 2020, Union Savings Bank's most frequently originated type of loan was Conventional, with 562 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 282 $127,710,000 $452,872 $3,219 3.03%
    Home Purchase 173 $73,565,000 $425,231 $4,825 3.48%
    Cash Out Refi 105 $50,505,000 $481,000 $3,529 3.37%
    Home Improvement 2 $2,930,000 $1,465,000 $0 3.91%

    For 2020, Union Savings Bank's most frequently cited loan purpose was Refi, with 282 originations. The 2nd most popular reason was Home Purchase, with 173 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 274 $99,880,000 $364,526 $4,200 3.50%
    15 Year 172 $55,010,000 $319,826 $3,221 2.89%
    20 Year 50 $18,020,000 $360,400 $3,059 3.26%
    10 Year 49 $59,865,000 $1,221,735 $3,051 2.90%
    30+ year 11 $9,385,000 $853,182 $5,349 3.39%
    Other 5 $9,685,000 $1,937,000 $3,580 3.49%
    5 Year 1 $2,865,000 $2,865,000 $0 2.93%

    For 2020, Union Savings Bank's most frequently cited loan duration was 30 Year, with 274 originations. The 2nd most popular length was 15 Year, with 172 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 369 $128,055,000 $347,033
    $1k-2k 77 $25,595,000 $332,403
    $2k-3k 30 $12,750,000 $425,000
    $3k-4k 11 $5,815,000 $528,636
    $4k-5k 10 $4,850,000 $485,000
    $5k+ 10 $4,420,000 $442,000

    Union Savings Bank's average total fees were $4,200, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 369 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 325 $142,465,000 $438,354
    2.5-3% 183 $67,935,000 $371,230
    4-5% 34 $9,160,000 $269,412
    <2.5% 20 $35,150,000 $1,757,500

    During 2020, Union Savings Bank's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 325 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 251 $68,875,000 $274,402 $3,553 3.28%
    $100k-200k 124 $19,410,000 $156,532 $2,989 3.26%
    $400k-600k 78 $37,000,000 $474,359 $4,049 3.25%
    $600k-1MM 57 $42,185,000 $740,088 $5,236 3.11%
    $1MM+ 38 $86,110,000 $2,266,053 $6,012 3.05%
    $100,000 or less 14 $1,130,000 $80,714 $2,598 3.26%

    2020 saw Union Savings Bank place emphasis on $200k-400k loans with 251 originations, totaling $68,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 155 $57,575,000 $371,452 $3,931 3.20%
    $100k-150k 113 $29,415,000 $260,310 $3,558 3.29%
    $250k+ 109 $69,445,000 $637,110 $4,239 3.13%
    $75k-100k 66 $14,970,000 $226,818 $3,378 3.26%
    $50k-75k 64 $11,720,000 $183,125 $3,363 3.29%
    $50k or less 23 $3,415,000 $148,478 $3,200 3.47%

    Union Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 155 originations. The second most popular income band? $100k-150k, with 113 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 181 $64,655,000 $357,210 $3,491 3.20%
    30-36% 109 $40,065,000 $367,569 $4,160 3.26%
    <20% 74 $24,260,000 $327,838 $3,342 3.09%
    38% 21 $7,655,000 $364,524 $3,895 3.29%
    41% 20 $7,990,000 $399,500 $4,127 3.49%
    36% 17 $5,805,000 $341,471 $4,000 3.19%
    37% 16 $4,150,000 $259,375 $3,368 3.67%
    42% 13 $4,895,000 $376,538 $4,632 3.31%
    39% 12 $2,930,000 $244,167 $3,977 3.25%
    43% 12 $4,020,000 $335,000 $3,765 3.44%
    40% 10 $4,980,000 $498,000 $3,668 3.05%
    44% 10 $4,870,000 $487,000 $5,411 3.36%
    45% 10 $3,490,000 $349,000 $3,756 3.25%
    46% 8 $2,010,000 $251,250 $2,987 3.33%
    48% 6 $1,760,000 $293,333 $3,953 3.08%
    47% 5 $1,185,000 $237,000 $3,399 3.13%
    49% 2 $300,000 $150,000 $2,958 3.31%
    50-60% 2 $860,000 $430,000 $3,347 3.13%

    Union Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 181 originations. The next most common DTI ratio? 30-36%, with 109 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 452 $157,650,000 $348,783 $3,692 3.25%
    Not applicable 32 $68,170,000 $2,130,313 $0 3.24%
    Not provided 41 $16,045,000 $391,341 $4,010 3.16%
    Asian 22 $6,670,000 $303,182 $3,989 3.17%
    Asian Indian 6 $4,180,000 $696,667 $4,468 2.92%
    Black 4 $840,000 $210,000 $5,512 3.88%
    American Indian 3 $615,000 $205,000 $3,234 2.92%
    Other Asian 2 $540,000 $270,000 $2,439 2.94%

    Approval Rates

    Total approvals of all applications
    94.80%

    Union Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.28%

    Union Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 562 $254,710,000 $453,221

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 24 $60,740,000 $2,530,833
    Single Family (1-4 Units):Site-Built 538 $193,970,000 $360,539

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $15,385,000 $439,571 $3,259 3.11%
    40-60% 119 $61,745,000 $518,866 $3,255 3.05%
    60-80% 289 $134,545,000 $465,554 $3,782 3.27%
    80-100% 110 $40,630,000 $369,364 $4,315 3.41%
    Under 20% 8 $2,160,000 $270,000 $3,098 2.98%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Union Savings Bank 100 Danbury Road Ridgefield, CT 6877 Full Service B&M $82,185
    Union Savings Bank 100 Mill Plain Road Danbury, CT 6810 Full Service B&M $133,796
    Union Savings Bank 1057 Torringford Street Torrington, CT 6790 Full Service B&M $36,150
    Union Savings Bank 116 Main Street Danbury, CT 6810 Full Service B&M $39,861
    Union Savings Bank 126 North St Danbury, CT 6811 Full Service B&M $140,460
    Union Savings Bank 13 North Street Litchfield, CT 6759 Full Service B&M $107,597
    Union Savings Bank 15 Kent Green Boulevard Kent, CT 6757 Full Service B&M $45,406
    Union Savings Bank 169 Danbury Rd New Milford, CT 6776 Full Service B&M $65,769
    Union Savings Bank 188 Albany Turnpike Canton, CT 6019 Full Service B&M $30,191
    Union Savings Bank 1a Commerce Road Newtown, CT 6470 Full Service B&M $69,305
    Union Savings Bank 200 Federal Road Brookfield, CT 6804 Full Service B&M $135,728
    Union Savings Bank 226 Main Street Danbury, CT 6810 Full Service B&M $266,732
    Union Savings Bank 24 Grassy Plain Street Bethel, CT 6801 Full Service B&M $128,930
    Union Savings Bank 24 Route 39 New Fairfield, CT 6812 Full Service B&M $135,193
    Union Savings Bank 253 New Milford Turnpike New Preston Marble Dale, CT 6777 Full Service B&M $31,215
    Union Savings Bank 26 North Street Roxbury, CT 6783 Full Service B&M $25,825
    Union Savings Bank 397 Main Street Torrington, CT 6790 Full Service B&M $43,955
    Union Savings Bank 4 Sharon Turnpike Goshen, CT 6756 Full Service B&M $36,558
    Union Savings Bank 406 Main Street South Southbury, CT 6488 Full Service B&M $40,764
    Union Savings Bank 41 East Street New Milford, CT 6776 Full Service B&M $144,679
    Union Savings Bank 411 Monroe Turnpike Monroe, CT 6468 Full Service B&M $44,861
    Union Savings Bank 7 Bryan Plaza Washington Depot, CT 6794 Full Service B&M $58,718
    Union Savings Bank 71 Newtown Road Danbury, CT 6810 Full Service B&M $69,742
    Union Savings Bank 79 Stony Hill Road Bethel, CT 6801 Full Service B&M $46,376
    Union Savings Bank 828 Federal Rd Brookfield, CT 6804 Full Service B&M $72,947
    Union Savings Bank Bank Operations, 225 Main St Danbury, CT 6810 Full Service Cyber Office $3,631

    For 2020, Union Savings Bank had 26 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $75,491
    Net interest income $68,246
    Total noninterest income $18,230
    Gross Fiduciary activities income $3,058
    Service charges on deposit accounts $2,886
    Trading account gains and fees $0
    Additional Noninterest Income $12,286
    Pre-tax net operating income $22,067
    Securities gains (or losses, -) $0
    Income before extraordinary items $17,790
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $17,790
    Minority interest net income $0
    Net income $17,790
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $17,790

    Union Savings Bank's gross interest income from loans was $75,491,000.
    Union Savings Bank's net interest income from loans was $68,246,000.
    Union Savings Bank's fee based income from loans was $2,886,000.
    Union Savings Bank's net income from loans was $17,790,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,245
    Provision for credit losses $3,225
    Total noninterest expense $61,184
    Salaries and employee benefits $38,654
    Premises and equipment expense $8,236
    Additional noninterest expense $14,294
    Applicable income taxes $4,277
    Net charge-offs $822
    Cash dividends $400

    Union Savings Bank's interest expense for loans was $7,245,000.
    Union Savings Bank's payroll and benefits expense were $38,654,000.
    Union Savings Bank's property, plant and equipment expenses $8,236,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 3.0%
    HELOC loans 2.0%
    All other family 3.0%
    Commercial & industrial loans 0.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 1.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $2,157,322
    Deposits held in domestic offices $2,157,322
    Deposits by Individuals, partnerships, and corporations $2,051,299
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $102,436
    Deposits by Commercial banks and other depository institutions in U.S. $3,586
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $167,632
    Demand deposits $167,632
    Nontransaction accounts $1,989,690
    Money market deposit accounts (MMDAs) $163,056
    Other savings deposits (excluding MMDAs) $1,532,905
    Total time deposits $293,729
    Total time and savings deposits $1,989,690
    Noninterest-bearing deposits $612,354
    Interest-bearing deposits $1,544,968
    Retail deposits $2,116,986
    IRAs and Keogh plan accounts $66,400
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,735,497
    Cash & Balances due from depository institutions $247,416
    Interest-bearing balances $225,355
    Total securities $461,739
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,828,522
    Loan and leases loss allowance $17,102
    Trading account assets $0
    Bank premises and fixed assets $40,341
    Other real estate owned $66
    Goodwill and other intangibles $19,174
    All other assets $138,239

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,735,497
    Total Liabilities $2,428,448
    Total deposits $2,157,322
    Interest-bearing deposits $1,544,968
    Deposits held in domestic offices $2,157,322
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $207,803
    Trading liabilities $0
    Other borrowed funds $899
    Subordinated debt $0
    All other liabilities $62,424

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,828,522
    Loan and leases loss allowance $17,102
    Total loans and leases (domestic) $1,845,624
    All real estate loans $1,680,884
    Real estate loans in domestic offices $1,680,884
    Construction and development loans $55,080
    Residential 1-4 family construction $5,299
    Other construction, all land development and other land $49,781
    Loans secured by nonfarm nonresidential properties $774,936
    Nonfarm nonresidential secured by owner-occupied properties $207,721
    Commercial real estate & other non-farm, non-residential $567,215
    Multifamily residential real estate $123,695
    1-4 family residential loans $727,173
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $160,469
    To non-U.S. addressees $0
    Loans to individuals $3,899
    Credit card loans $0
    Related Plans $288
    Consumer Auto Loans $304
    Other loans to individuals $3,307
    All other loans & leases $372
    Loans to foreign governments and official institutions $0
    Other loans $372
    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 $4,612
    Non 1-4 family restructured loans & leases $748
    Total loans and leases (foreign) $0

    Union Savings Bank had $1,828,522,000 of loans outstanding in 2020. $1,680,884,000 of loans were in real estate loans. $55,080,000 of loans were in development loans. $123,695,000 of loans were in multifamily mortgage loans. $727,173,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $304,000 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 412 $112,690 $273,519
    Nonfarm, nonresidential loans - <$100k 38 $1,276 $33,579
    Nonfarm, nonresidential loans - $100-250k 104 $10,077 $96,894
    Nonfarm, nonresidential loans - $250k-1MM 270 $101,337 $375,322
    Commercial & Industrial, US addressed loans - <$1MM 1,272 $94,357 $74,180
    Commercial & Industrial, US addressed loans - <$100k 939 $22,142 $23,580
    Commercial & Industrial, US addressed loans - $100-250k 193 $21,916 $113,554
    Commercial & Industrial, US addressed loans - $250k-1MM 140 $50,299 $359,279