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. 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, Boston, New Haven, and Hartford among others. We have data for 10 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.

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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

    508

    Origination Dollar Volume (All Markets)

    $198,840,000

    Employee count

    341

    Awards

    Union Savings Bank 30 Year Conventional Loans silver Union Savings Bank 30 Year Conventional Loans gold
    Show all (2) 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) 290 $104,570,000 $360,586 $4,109 2.94%
    Torrington, CT (FHA|USDA|VA) 143 $38,275,000 $267,657 $3,664 2.89%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $20,200,000 $5,050,000 $0 3.25%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 33 $14,765,000 $447,424 $4,677 3.06%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 28 $8,820,000 $315,000 $3,783 2.95%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $6,455,000 $6,455,000 $0 3.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $2,275,000 $2,275,000 $0 3.25%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 4 $1,930,000 $482,500 $3,969 2.84%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $840,000 $420,000 $5,027 2.88%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $710,000 $355,000 $5,558 3.31%
    Union Savings Bank's top markets include Bridgeport, Torrington, Boston, New Haven, and Hartford among others.

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

    POLISH NATIONAL
    Similarity Rank: 376
    Sanborn Mortgage Corporation
    Similarity Rank: 435
    BNB Bank
    Similarity Rank: 590
    Ridgewood Savings Bank
    Similarity Rank: 591
    Charter Oak Federal Credit Union
    Similarity Rank: 654
    Chelsea Groton Bank
    Similarity Rank: 784
    PeoplesBank
    Similarity Rank: 900
    SIKORSKY FINANCIAL
    Similarity Rank: 906
    Fairfield County Bank
    Similarity Rank: 960
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 504 $197,460,000 $391,786 $3,950 2.94%
    FHA 4 $1,380,000 $345,000 $10,291 2.75%

    For 2021, Union Savings Bank's most frequently originated type of loan was Conventional, with 504 originations. Their 2nd most popular type was FHA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 262 $108,350,000 $413,550 $3,285 2.76%
    Home Purchase 123 $51,825,000 $421,341 $5,442 3.19%
    Cash Out Refi 119 $32,275,000 $271,218 $4,200 3.05%
    Home Improvement 4 $6,390,000 $1,597,500 $0 3.79%

    For 2021, Union Savings Bank's most frequently cited loan purpose was Refi, with 262 originations. The 2nd most popular reason was Home Purchase, with 123 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 224 $69,660,000 $310,982 $4,292 3.19%
    15 Year 167 $48,235,000 $288,832 $3,588 2.58%
    20 Year 47 $12,905,000 $274,574 $3,515 2.97%
    10 Year 42 $39,290,000 $935,476 $3,125 2.83%
    30+ year 17 $13,115,000 $771,471 $7,217 3.27%
    Other 10 $11,230,000 $1,123,000 $2,842 3.00%
    5 Year 1 $4,405,000 $4,405,000 $0 3.93%

    For 2021, Union Savings Bank's most frequently cited loan duration was 30 Year, with 224 originations. The 2nd most popular length was 15 Year, with 167 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 288 $79,340,000 $275,486
    $1k-2k 97 $31,475,000 $324,485
    $2k-3k 30 $11,760,000 $392,000
    $5k+ 16 $12,390,000 $774,375
    $3k-4k 11 $4,495,000 $408,636
    $4k-5k 9 $4,025,000 $447,222

    Union Savings Bank's average total fees were $4,292, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 288 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 183 $58,965,000 $322,213
    3-4% 175 $97,635,000 $557,914
    <2.5% 136 $37,980,000 $279,265
    4-5% 14 $4,260,000 $304,286

    During 2021, Union Savings Bank's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 2.5-3%, with 183 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 242 $69,060,000 $285,372 $3,726 2.89%
    $100k-200k 148 $22,730,000 $153,581 $3,024 2.91%
    $400k-600k 52 $25,430,000 $489,038 $5,247 3.05%
    $600k-1MM 27 $20,385,000 $755,000 $6,947 3.06%
    $1MM+ 24 $60,000,000 $2,500,000 $10,720 3.22%
    $100,000 or less 15 $1,235,000 $82,333 $2,607 2.88%

    2021 saw Union Savings Bank place emphasis on $200k-400k loans with 242 originations, totaling $69,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 119 $38,545,000 $323,908 $4,226 2.85%
    $100k-150k 118 $33,050,000 $280,085 $3,864 2.97%
    $50k-75k 79 $14,165,000 $179,304 $3,198 2.87%
    $75k-100k 72 $18,240,000 $253,333 $3,630 2.91%
    $250k+ 64 $41,210,000 $643,906 $5,641 2.80%
    $50k or less 29 $4,275,000 $147,414 $3,288 3.04%

    Union Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 119 originations. The second most popular income band? $100k-150k, with 118 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 148 $41,260,000 $278,784 $3,606 2.88%
    30-36% 85 $33,325,000 $392,059 $4,473 3.00%
    <20% 65 $18,835,000 $289,769 $3,538 2.69%
    39% 19 $5,965,000 $313,947 $4,847 2.82%
    43% 19 $5,165,000 $271,842 $3,375 3.02%
    36% 18 $4,710,000 $261,667 $4,382 3.05%
    42% 16 $4,760,000 $297,500 $4,143 3.02%
    44% 15 $4,355,000 $290,333 $3,669 3.12%
    46% 14 $4,210,000 $300,714 $5,123 2.85%
    40% 14 $7,980,000 $570,000 $6,296 3.06%
    38% 13 $2,885,000 $221,923 $3,498 2.70%
    37% 12 $3,630,000 $302,500 $3,335 2.83%
    47% 11 $2,885,000 $262,273 $2,986 2.91%
    41% 10 $3,080,000 $308,000 $4,186 3.04%
    45% 8 $1,880,000 $235,000 $4,116 3.13%
    48% 6 $1,630,000 $271,667 $3,133 2.65%
    49% 4 $1,180,000 $295,000 $6,604 2.69%
    50-60% 4 $1,970,000 $492,500 $9,403 3.00%

    Union Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 148 originations. The next most common DTI ratio? 30-36%, with 85 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 421 $131,195,000 $311,627 $4,001 2.91%
    Not applicable 26 $48,880,000 $1,880,000 $0 3.69%
    Not provided 34 $10,770,000 $316,765 $4,332 2.85%
    Asian 21 $5,865,000 $279,286 $3,543 2.77%
    Asian Indian 3 $1,025,000 $341,667 $3,061 2.46%
    Japanese 1 $675,000 $675,000 $4,867 2.50%
    Black 1 $285,000 $285,000 $5,548 3.38%
    American Indian 1 $145,000 $145,000 $3,084 2.88%

    Approval Rates

    Total approvals of all applications
    96.92%

    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
    84.65%

    Union Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 508 $198,840,000 $391,417

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    508 $198,840,000 $391,417

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 70 $24,530,000 $350,429 $3,158 2.73%
    40-60% 150 $59,790,000 $398,600 $3,233 2.83%
    60-80% 225 $89,065,000 $395,844 $4,230 3.02%
    80-100% 62 $25,350,000 $408,871 $5,869 3.15%
    Under 20% 1 $105,000 $105,000 $2,967 2.50%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Union Savings Bank 100 Danbury Road Ridgefield, CT 6877 Full Service B&M $97,886
    Union Savings Bank 100 Mill Plain Road Danbury, CT 6810 Full Service B&M $157,162
    Union Savings Bank 1057 Torringford Street Torrington, CT 6790 Full Service B&M $49,985
    Union Savings Bank 116 Main Street Danbury, CT 6810 Full Service B&M $45,860
    Union Savings Bank 126 North St Danbury, CT 6811 Full Service B&M $162,512
    Union Savings Bank 13 North Street Litchfield, CT 6759 Full Service B&M $127,765
    Union Savings Bank 15 Kent Green Boulevard Kent, CT 6757 Full Service B&M $48,937
    Union Savings Bank 169 Danbury Rd New Milford, CT 6776 Full Service B&M $76,122
    Union Savings Bank 188 Albany Turnpike Canton, CT 6019 Full Service B&M $37,530
    Union Savings Bank 1a Commerce Road Newtown, CT 6470 Full Service B&M $67,683
    Union Savings Bank 200 Federal Road Brookfield, CT 6804 Full Service B&M $148,080
    Union Savings Bank 226 Main St Danbury, CT 6810 Full Service B&M $296,337
    Union Savings Bank 24 Grassy Plain Street Bethel, CT 6801 Full Service B&M $147,645
    Union Savings Bank 24 Route 39 New Fairfield, CT 6812 Full Service B&M $183,522
    Union Savings Bank 253 New Milford Turnpike New Preston Marble Dale, CT 6777 Full Service B&M $37,724
    Union Savings Bank 26 North Street Roxbury, CT 6783 Full Service B&M $35,114
    Union Savings Bank 397 Main Street Torrington, CT 6790 Full Service B&M $56,661
    Union Savings Bank 4 Sharon Turnpike Goshen, CT 6756 Full Service B&M $48,492
    Union Savings Bank 406 Main Street South Southbury, CT 6488 Full Service B&M $51,370
    Union Savings Bank 41 East Street New Milford, CT 6776 Full Service B&M $171,012
    Union Savings Bank 411 Monroe Turnpike Monroe, CT 6468 Full Service B&M $58,725
    Union Savings Bank 7 Bryan Plaza Washington Depot, CT 6794 Full Service B&M $69,473
    Union Savings Bank 71 Newtown Road Danbury, CT 6810 Full Service B&M $104,780
    Union Savings Bank 79 Stony Hill Road Bethel, CT 6801 Full Service B&M $54,340
    Union Savings Bank 828 Federal Rd Brookfield, CT 6804 Full Service B&M $104,342
    Union Savings Bank Bank Operations, 225 Main St Danbury, CT 6810 Full Service Cyber Office $5,541

    For 2021, Union Savings Bank had 26 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $71,624
    Net interest income $67,608
    Total noninterest income $17,775
    Gross Fiduciary activities income $3,448
    Service charges on deposit accounts $2,998
    Trading account gains and fees $0
    Additional Noninterest Income $11,329
    Pre-tax net operating income $23,154
    Securities gains (or losses, -) $-233
    Income before extraordinary items $18,455
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $18,455
    Minority interest net income $0
    Net income $18,455
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $18,643

    Union Savings Bank's gross interest income from loans was $71,624,000.
    Union Savings Bank's net interest income from loans was $67,608,000.
    Union Savings Bank's fee based income from loans was $2,998,000.
    Union Savings Bank's net income from loans was $18,455,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,016
    Provision for credit losses $0
    Total noninterest expense $62,229
    Salaries and employee benefits $37,093
    Premises and equipment expense $8,137
    Additional noninterest expense $16,999
    Applicable income taxes $4,466
    Net charge-offs $-781
    Cash dividends $0

    Union Savings Bank's interest expense for loans was $4,016,000.
    Union Savings Bank's payroll and benefits expense were $37,093,000.
    Union Savings Bank's property, plant and equipment expenses $8,137,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 2.0%
    All other family 2.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $2,532,275
    Deposits held in domestic offices $2,532,275
    Deposits by Individuals, partnerships, and corporations $2,354,595
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $173,306
    Deposits by Commercial banks and other depository institutions in U.S. $4,372
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $286,413
    Demand deposits $286,413
    Nontransaction accounts $2,245,862
    Money market deposit accounts (MMDAs) $179,967
    Other savings deposits (excluding MMDAs) $1,780,071
    Total time deposits $285,824
    Total time and savings deposits $2,245,862
    Noninterest-bearing deposits $756,000
    Interest-bearing deposits $1,776,275
    Retail deposits $2,489,209
    IRAs and Keogh plan accounts $64,715
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,088,187
    Cash & Balances due from depository institutions $173,493
    Interest-bearing balances $139,401
    Total securities $1,004,688
    Federal funds sold & reverse repurchase $3,343
    Net loans and leases $1,709,967
    Loan and leases loss allowance $17,883
    Trading account assets $0
    Bank premises and fixed assets $39,196
    Other real estate owned $119
    Goodwill and other intangibles $19,148
    All other assets $138,233

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,088,187
    Total Liabilities $2,777,313
    Total deposits $2,532,275
    Interest-bearing deposits $1,776,275
    Deposits held in domestic offices $2,532,275
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $191,075
    Trading liabilities $0
    Other borrowed funds $770
    Subordinated debt $0
    All other liabilities $53,193

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,709,967
    Loan and leases loss allowance $17,883
    Total loans and leases (domestic) $1,727,850
    All real estate loans $1,642,303
    Real estate loans in domestic offices $1,642,303
    Construction and development loans $93,099
    Residential 1-4 family construction $20,518
    Other construction, all land development and other land $72,581
    Loans secured by nonfarm nonresidential properties $768,318
    Nonfarm nonresidential secured by owner-occupied properties $188,883
    Commercial real estate & other non-farm, non-residential $579,435
    Multifamily residential real estate $143,094
    1-4 family residential loans $637,792
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $81,635
    To non-U.S. addressees $0
    Loans to individuals $3,558
    Credit card loans $0
    Related Plans $215
    Consumer Auto Loans $260
    Other loans to individuals $3,083
    All other loans & leases $354
    Loans to foreign governments and official institutions $0
    Other loans $354
    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 $4,420
    Non 1-4 family restructured loans & leases $407
    Total loans and leases (foreign) $0

    Union Savings Bank had $1,709,967,000 of loans outstanding in 2021. $1,642,303,000 of loans were in real estate loans. $93,099,000 of loans were in development loans. $143,094,000 of loans were in multifamily mortgage loans. $637,792,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $260,000 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 386 $111,042 $287,674
    Nonfarm, nonresidential loans - <$100k 35 $1,101 $31,457
    Nonfarm, nonresidential loans - $100-250k 93 $8,897 $95,667
    Nonfarm, nonresidential loans - $250k-1MM 258 $101,044 $391,643
    Commercial & Industrial, US addressed loans - <$1MM 686 $48,389 $70,538
    Commercial & Industrial, US addressed loans - <$100k 502 $11,486 $22,880
    Commercial & Industrial, US addressed loans - $100-250k 97 $9,971 $102,794
    Commercial & Industrial, US addressed loans - $250k-1MM 87 $26,932 $309,563