Granite State Credit Union Mortgage Rates, Fees & Info

Manchester, NH

LEI: 254900O6ESF124P8HR04

Tax ID: 02-0227484

5 stars - Updated: 3/28/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Granite State Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Granite State Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Laconia, Concord, and Lebanon among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Granite State Credit Union 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. Granite State Credit Union 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 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.

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 7.57% 3/28/24
30 Year Conventional Refi 6.49% 3/28/24
30 Year Cash-out Refi 7.29% 3/28/24
15 Year Conventional Purchase 6.48% 3/28/24
15 Year Conventional Refi 7.38% 3/28/24
15 Year Cash-out Refi 7.38% 3/28/24
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.

Granite State Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Granite State Credit Union. 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

277

Origination Dollar Volume (All Markets)

$32,225,000

Relative Rate

Granite State Credit Union's average 30 year fixed mortgage rate was 6.6%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.12%.

Relative Fees (Closing Costs)

Granite State Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,711.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 80 $10,690,000 $133,625 $951 8.21%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 76 $8,430,000 $110,921 $1,039 8.27%
Laconia, NH (FHA|USDA|VA) 40 $5,410,000 $135,250 $949 8.17%
Concord, NH (FHA|USDA|VA) 58 $5,180,000 $89,310 $878 8.42%
Lebanon, NH-VT (FHA|USDA|VA) 10 $1,370,000 $137,000 $1,490 7.80%
Keene, NH (FHA|USDA|VA) 6 $780,000 $130,000 $1,923 7.83%
Outside of Metro Areas 6 $340,000 $56,667 $664 7.92%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $25,000 $25,000 $1,204 6.50%
Granite State Credit Union's top markets include Boston, Manchester, Laconia, Concord, and Lebanon among others.

Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Granite State Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    Northway Bank
    Similarity Rank: 63
    Mascoma Bank
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    GREYLOCK
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    Piscataqua Savings Bank
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    Similarity Rank: 195
    St. Mary's Credit Union
    Similarity Rank: 220
    BELLWETHER COMMUNITY
    Similarity Rank: 232
    ROCKLAND
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 277 $32,225,000 $116,336 $996 8.23%

    For 2023, Granite State Credit Union's most frequently originated type of loan was Conventional, with 277 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 152 $10,940,000 $71,974 $617 8.38%
    Cash Out Refi 60 $10,790,000 $179,833 $1,285 8.22%
    Other 37 $2,665,000 $72,027 $575 8.65%
    Home Purchase 26 $7,120,000 $273,846 $3,194 6.88%
    Refi 2 $710,000 $355,000 $3,145 6.69%

    For 2023, Granite State Credit Union's most frequently cited loan purpose was Home Improvement, with 152 originations. The 2nd most popular reason was Cash Out Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 108 $10,350,000 $95,833 $718 9.00%
    15 Year 72 $6,630,000 $92,083 $832 8.26%
    10 Year 67 $4,375,000 $65,299 $592 7.68%
    30 Year 30 $10,870,000 $362,333 $3,711 6.60%

    For 2023, Granite State Credit Union's most frequently cited loan duration was 20 Year, with 108 originations. The 2nd most popular length was 15 Year, with 72 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 260 $25,950,000 $99,808
    $1k-2k 5 $1,375,000 $275,000
    $4k-5k 3 $1,385,000 $461,667
    $2k-3k 1 $195,000 $195,000
    $3k-4k 1 $405,000 $405,000
    $5k+ 1 $445,000 $445,000

    Granite State Credit Union's average total fees were $3,711, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 260 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 117 $10,035,000 $85,769
    7-8% 98 $9,610,000 $98,061
    6-7% 51 $9,165,000 $179,706
    5-6% 10 $3,060,000 $306,000
    4-5% 1 $355,000 $355,000

    During 2023, Granite State Credit Union's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was Over 8%, with 117 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 177 $10,115,000 $57,147 $548 8.42%
    $100k-200k 60 $7,780,000 $129,667 $1,143 8.33%
    $200k-400k 29 $7,985,000 $275,345 $2,262 7.47%
    $400k-600k 7 $3,195,000 $456,429 $5,005 6.64%
    $600k-1MM 3 $2,145,000 $715,000 $4,931 6.25%
    $1MM+ 1 $1,005,000 $1,005,000 $0 7.88%

    2023 saw Granite State Credit Union place emphasis on $100,000 or less loans with 177 originations, totaling $10,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 81 $8,565,000 $105,741 $890 8.63%
    $150k-250k 59 $8,095,000 $137,203 $1,157 8.04%
    $75k-100k 52 $4,100,000 $78,846 $735 8.04%
    $50k-75k 45 $3,545,000 $78,778 $821 8.35%
    $50k or less 20 $1,210,000 $60,500 $960 8.11%
    $250k+ 16 $5,870,000 $366,875 $2,242 7.60%

    Granite State Credit Union lent most frequently to those with incomes in the $100k-150k range, with 81 originations. The second most popular income band? $150k-250k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 82 $8,220,000 $100,244 $743 8.50%
    >60% 50 $4,600,000 $92,000 $688 8.73%
    30-36% 28 $3,060,000 $109,286 $1,062 8.03%
    20-30% 21 $3,905,000 $185,952 $1,951 7.20%
    39% 12 $1,690,000 $140,833 $1,275 7.43%
    48% 10 $830,000 $83,000 $1,183 8.40%
    41% 9 $1,325,000 $147,222 $1,112 7.50%
    36% 7 $1,845,000 $263,571 $2,347 8.04%
    47% 7 $1,155,000 $165,000 $993 8.25%
    44% 7 $625,000 $89,286 $989 8.04%
    42% 6 $480,000 $80,000 $649 8.58%
    37% 6 $460,000 $76,667 $550 7.29%
    38% 6 $570,000 $95,000 $839 8.21%
    49% 6 $900,000 $150,000 $1,479 8.38%
    43% 5 $625,000 $125,000 $1,260 7.33%
    40% 5 $365,000 $73,000 $688 7.85%
    46% 5 $435,000 $87,000 $1,003 9.75%
    45% 3 $655,000 $218,333 $1,566 7.42%
    <20% 2 $480,000 $240,000 $1,911 8.19%

    Granite State Credit Union lent most frequently to those with DTI ratios of 50-60%, with 82 originations. The next most common DTI ratio? >60%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 250 $29,130,000 $116,520 $995 8.22%
    Not provided 17 $1,615,000 $95,000 $653 8.12%
    Asian 3 $615,000 $205,000 $3,075 7.67%
    Asian Indian 1 $305,000 $305,000 $2,971 5.75%
    Black 3 $245,000 $81,667 $659 9.00%
    Chinese 1 $235,000 $235,000 $789 11.25%
    American Indian 2 $80,000 $40,000 $428 9.50%

    Approval Rates

    Total approvals of all applications
    92.47%

    Granite State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    29.24%

    Granite State Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 277 $32,225,000 $116,336

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    277 $32,225,000 $116,336

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $7,950,000 $120,455 $855 8.55%
    40-60% 18 $4,900,000 $272,222 $2,307 7.54%
    60-80% 14 $4,940,000 $352,857 $3,715 6.73%
    80-100% 11 $4,255,000 $386,818 $4,278 6.49%
    Under 20% 168 $10,180,000 $60,595 $554 8.41%