Granite State Credit Union Mortgage Rates, Fees & Info

Manchester, NH

LEI: 254900O6ESF124P8HR04

Tax ID: 02-0227484

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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: Manchester, Concord, Boston, Laconia, 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 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	7.57%	4/21/24
30 Year Conventional Refi	6.49%	4/21/24
30 Year Cash-out Refi	7.29%	4/21/24
15 Year Conventional Purchase	6.48%	4/21/24
15 Year Conventional Refi	7.38%	4/21/24
15 Year Cash-out Refi	7.38%	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.

Granite State Credit Union Mortgage Calculator

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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

282

Origination Dollar Volume (All Markets)

$42,530,000

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
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	106	$15,790,000	$148,962	$2,406	5.27%
Concord, NH (FHA\|USDA\|VA)	80	$11,930,000	$149,125	$2,283	5.22%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	57	$8,595,000	$150,789	$2,057	5.32%
Laconia, NH (FHA\|USDA\|VA)	23	$4,135,000	$179,783	$2,400	5.10%
Lebanon, NH-VT (FHA\|USDA\|VA)	8	$1,170,000	$146,250	$2,134	4.82%
Berlin, NH (FHA\|USDA\|VA)	2	$420,000	$210,000	$3,396	4.31%
Keene, NH (FHA\|USDA\|VA)	4	$390,000	$97,500	$3,148	4.31%
Outside of Metro Areas	2	$100,000	$50,000	$459	6.56%

Granite State Credit Union's top markets include Manchester, Concord, Boston, Laconia, and Lebanon among others.

Their top states include:

New Hampshire (FHA|USDA|VA)

Massachusetts (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.

Piscataqua Savings Bank
Similarity Rank: 118

First Ipswich Bank
Similarity Rank: 139

NEW HAMPSHIRE
Similarity Rank: 280

Middlesex Savings Bank
Similarity Rank: 310

St. Anne's Credit Union of Fall River, Mass.
Similarity Rank: 417

QUINCY CREDIT UNION
Similarity Rank: 435

Members Plus Credit Union
Similarity Rank: 505

Sharon & Crescent United Credit Union
Similarity Rank: 525

Bristol County Savings Bank
Similarity Rank: 544

Milford Federal Bank
Similarity Rank: 570

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	282	$42,530,000	$150,816	$2,291	5.23%

For 2019, Granite State Credit Union's most frequently originated type of loan was Conventional, with 282 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	123	$12,855,000	$104,512	$1,295	6.01%
Cash Out Refi	76	$12,620,000	$166,053	$2,916	5.03%
Home Purchase	56	$12,210,000	$218,036	$3,428	4.30%
Refi	27	$4,845,000	$179,444	$3,014	4.19%

For 2019, Granite State Credit Union's most frequently cited loan purpose was Home Improvement, with 123 originations. The 2nd most popular reason was Cash Out Refi, with 76 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	112	$26,420,000	$235,893	$4,013	4.20%
15 Year	67	$6,825,000	$101,866	$1,349	5.92%
10 Year	49	$3,125,000	$63,776	$645	5.86%
20 Year	40	$5,050,000	$126,250	$1,884	6.10%
5 Year	9	$405,000	$45,000	$317	5.45%
Other	5	$705,000	$141,000	$0	5.75%

For 2019, Granite State Credit Union's most frequently cited loan duration was 30 Year, with 112 originations. The 2nd most popular length was 15 Year, with 67 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	177	$19,665,000	$111,102
$1k-2k	34	$6,510,000	$191,471
$2k-3k	13	$3,215,000	$247,308
$3k-4k	13	$3,215,000	$247,308
$4k-5k	10	$2,420,000	$242,000
$5k+	9	$2,995,000	$332,778

Granite State Credit Union's average total fees were $4,013, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 177 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	93	$20,365,000	$218,978
5-6%	64	$6,150,000	$96,094
4-5%	60	$11,090,000	$184,833
Over 8%	24	$1,520,000	$63,333
6-7%	22	$1,980,000	$90,000
7-8%	18	$1,060,000	$58,889
2.5-3%	1	$365,000	$365,000

During 2019, Granite State Credit Union's average interest rate for loans was 4.20%, while their most frequently originated rate bucket for loans was 3-4%, with 93 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	118	$6,400,000	$54,237	$502	6.49%
$200k-400k	88	$22,840,000	$259,545	$4,123	4.16%
$100k-200k	70	$10,410,000	$148,714	$2,807	4.56%
$400k-600k	5	$2,195,000	$439,000	$5,515	3.90%
$600k-1MM	1	$685,000	$685,000	$13,627	3.88%

2019 saw Granite State Credit Union place emphasis on $100,000 or less loans with 118 originations, totaling $6,400,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	85	$14,575,000	$171,471	$2,464	5.18%
$75k-100k	69	$8,815,000	$127,754	$2,183	5.49%
$50k-75k	50	$6,160,000	$123,200	$2,169	4.80%
$150k-250k	34	$6,010,000	$176,765	$2,287	5.55%
$50k or less	24	$2,090,000	$87,083	$1,330	5.44%
$250k+	8	$2,610,000	$326,250	$5,074	4.30%

Granite State Credit Union lent most frequently to those with incomes in the $100k-150k range, with 85 originations. The second most popular income band? $75k-100k, with 69 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	50	$9,250,000	$185,000	$3,105	4.84%
20-30%	43	$5,475,000	$127,326	$2,020	5.14%
50-60%	27	$3,525,000	$130,556	$1,411	5.67%
<20%	14	$2,290,000	$163,571	$2,698	4.62%
49%	14	$2,010,000	$143,571	$1,422	5.78%
43%	13	$2,875,000	$221,154	$3,878	4.59%
42%	12	$1,860,000	$155,000	$3,227	5.22%
47%	12	$2,100,000	$175,000	$2,666	5.30%
>60%	11	$915,000	$83,182	$735	5.97%
40%	11	$1,375,000	$125,000	$2,282	5.37%
41%	10	$1,270,000	$127,000	$2,127	5.56%
39%	9	$1,065,000	$118,333	$2,086	4.93%
37%	9	$855,000	$95,000	$733	6.89%
46%	8	$1,680,000	$210,000	$2,755	4.42%
44%	8	$1,100,000	$137,500	$3,122	4.62%
45%	8	$1,990,000	$248,750	$3,086	5.11%
36%	8	$1,030,000	$128,750	$1,239	5.47%
38%	5	$805,000	$161,000	$1,567	4.98%
48%	4	$610,000	$152,500	$1,863	4.85%

Granite State Credit Union lent most frequently to those with DTI ratios of 30-36%, with 50 originations. The next most common DTI ratio? 20-30%, with 43 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	250	$36,790,000	$147,160	$2,287	5.23%
Not provided	23	$4,205,000	$182,826	$2,156	5.25%
Not applicable	3	$675,000	$225,000	$0	6.00%
American Indian	3	$555,000	$185,000	$2,855	4.54%
Black	1	$185,000	$185,000	$5,255	3.38%
Asian	2	$120,000	$60,000	$1,506	5.76%

Approval Rates

Total approvals of all applications
91.18%

Granite State Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
31.56%

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	282	$42,530,000	$150,816

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	1	$65,000	$65,000
Single Family (1-4 Units):Site-Built	281	$42,465,000	$151,121

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	57	$4,935,000	$86,579	$863	6.46%
40-60%	26	$3,970,000	$152,692	$2,324	4.61%
60-80%	81	$18,365,000	$226,728	$4,508	4.17%
80-100%	51	$12,305,000	$241,275	$3,396	4.33%
Under 20%	67	$2,955,000	$44,104	$412	6.39%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
GUARANTEED RATE INC.	VA mortgage	Trouble during payment process	1	2.8%
GUARANTEED RATE INC.	Other type of mortgage	Closing on a mortgage	2	5.6%
GUARANTEED RATE INC.	Other type of mortgage	Trouble during payment process	1	2.8%
GUARANTEED RATE INC.	VA mortgage	Closing on a mortgage	1	2.8%
GUARANTEED RATE INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	4	11.1%
GUARANTEED RATE INC.	Conventional home mortgage	Closing on a mortgage	7	19.4%
GUARANTEED RATE INC.	Conventional home mortgage	Struggling to pay mortgage	1	2.8%
GUARANTEED RATE INC.	Conventional home mortgage	Trouble during payment process	7	19.4%
GUARANTEED RATE INC.	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	2	5.6%
GUARANTEED RATE INC.	FHA mortgage	Closing on a mortgage	3	8.3%
GUARANTEED RATE INC.	FHA mortgage	Struggling to pay mortgage	3	8.3%
GUARANTEED RATE INC.	FHA mortgage	Trouble during payment process	3	8.3%
GUARANTEED RATE INC.	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	2.8%