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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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)

    • Review & Overview

    Granite State Credit Union is a smaller credit union specializing in Cash Out Refi and Refi 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.

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    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






    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

    355

    Origination Dollar Volume (All Markets)

    $68,525,000

    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) 110 $21,640,000 $196,727 $3,031 4.32%
    Concord, NH (FHA|USDA|VA) 106 $19,840,000 $187,170 $3,445 3.61%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 63 $13,965,000 $221,667 $3,965 4.16%
    Laconia, NH (FHA|USDA|VA) 47 $8,915,000 $189,681 $3,609 4.16%
    Lebanon, NH-VT (FHA|USDA|VA) 11 $1,685,000 $153,182 $2,994 3.88%
    Outside of Metro Areas 9 $1,285,000 $142,778 $3,085 3.93%
    Berlin, NH (FHA|USDA|VA) 5 $715,000 $143,000 $2,684 4.05%
    Keene, NH (FHA|USDA|VA) 4 $480,000 $120,000 $1,311 4.81%
    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)
  • 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.

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Bridgewater Savings Bank
    Similarity Rank: 600
    Mascoma Bank
    Similarity Rank: 637
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798
    Sharon & Crescent United Credit Union
    Similarity Rank: 830
    QUINCY CREDIT UNION
    Similarity Rank: 876
    Triangle Credit Union
    Similarity Rank: 992

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 355 $68,525,000 $193,028 $3,374 4.04%

    For 2020, Granite State Credit Union's most frequently originated type of loan was Conventional, with 355 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 109 $25,445,000 $233,440 $4,133 3.90%
    Home Improvement 101 $12,985,000 $128,564 $2,299 5.25%
    Refi 90 $17,940,000 $199,333 $3,225 3.15%
    Home Purchase 55 $12,155,000 $221,000 $4,171 3.53%

    For 2020, Granite State Credit Union's most frequently cited loan purpose was Cash Out Refi, with 109 originations. The 2nd most popular reason was Home Improvement, with 101 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 169 $41,445,000 $245,237 $4,525 3.49%
    15 Year 74 $11,670,000 $157,703 $2,590 3.90%
    20 Year 67 $11,055,000 $165,000 $2,843 5.08%
    10 Year 43 $3,935,000 $91,512 $1,326 4.74%
    5 Year 1 $65,000 $65,000 $626 6.99%
    Other 1 $355,000 $355,000 $4,256 3.25%

    For 2020, Granite State Credit Union's most frequently cited loan duration was 30 Year, with 169 originations. The 2nd most popular length was 15 Year, with 74 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 162 $22,560,000 $139,259
    $1k-2k 66 $12,880,000 $195,152
    $2k-3k 34 $7,460,000 $219,412
    $3k-4k 33 $8,535,000 $258,636
    $5k+ 28 $9,780,000 $349,286
    $4k-5k 19 $5,045,000 $265,526

    Granite State Credit Union's average total fees were $4,525, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 162 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 183 $42,665,000 $233,142
    2.5-3% 79 $16,695,000 $211,329
    5-6% 24 $2,100,000 $87,500
    4-5% 22 $2,880,000 $130,909
    Over 8% 20 $1,440,000 $72,000
    6-7% 12 $1,110,000 $92,500
    7-8% 9 $425,000 $47,222
    <2.5% 6 $1,210,000 $201,667

    During 2020, Granite State Credit Union's average interest rate for loans was 3.49%, while their most frequently originated rate bucket for loans was 3-4%, with 183 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 136 $35,790,000 $263,162 $4,811 3.32%
    $100k-200k 120 $18,810,000 $156,750 $2,998 3.59%
    $100,000 or less 80 $4,420,000 $55,250 $703 6.11%
    $400k-600k 16 $7,610,000 $475,625 $6,366 3.27%
    $600k-1MM 3 $1,895,000 $631,667 $6,492 3.25%

    2020 saw Granite State Credit Union place emphasis on $200k-400k loans with 136 originations, totaling $35,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 120 $22,870,000 $190,583 $3,509 4.19%
    $75k-100k 70 $12,590,000 $179,857 $3,687 3.66%
    $150k-250k 64 $16,640,000 $260,000 $3,871 4.01%
    $50k-75k 54 $8,000,000 $148,148 $2,465 4.21%
    $50k or less 19 $2,285,000 $120,263 $2,594 3.94%
    $250k+ 6 $2,380,000 $396,667 $4,661 3.58%

    Granite State Credit Union lent most frequently to those with incomes in the $100k-150k range, with 120 originations. The second most popular income band? $75k-100k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 80 $17,390,000 $217,375 $4,074 3.81%
    20-30% 70 $13,500,000 $192,857 $3,737 3.43%
    43% 23 $4,765,000 $207,174 $3,533 4.06%
    <20% 21 $3,195,000 $152,143 $2,359 3.38%
    50-60% 18 $2,180,000 $121,111 $924 6.55%
    44% 15 $2,795,000 $186,333 $3,652 4.31%
    38% 14 $2,190,000 $156,429 $3,663 4.50%
    39% 13 $2,655,000 $204,231 $3,563 4.49%
    40% 11 $2,095,000 $190,455 $3,312 3.27%
    41% 11 $2,355,000 $214,091 $4,104 3.90%
    47% 11 $3,185,000 $289,545 $3,377 4.12%
    42% 10 $2,220,000 $222,000 $3,967 3.09%
    >60% 9 $775,000 $86,111 $1,017 6.08%
    36% 9 $2,095,000 $232,778 $3,620 3.19%
    37% 9 $1,875,000 $208,333 $3,097 3.79%
    45% 9 $1,805,000 $200,556 $2,812 5.12%
    48% 8 $1,200,000 $150,000 $2,335 5.26%
    46% 8 $1,490,000 $186,250 $3,778 3.67%
    49% 5 $685,000 $137,000 $1,817 5.14%

    Granite State Credit Union lent most frequently to those with DTI ratios of 30-36%, with 80 originations. The next most common DTI ratio? 20-30%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 317 $61,505,000 $194,022 $3,427 4.03%
    Not provided 28 $5,340,000 $190,714 $2,738 4.13%
    American Indian 3 $525,000 $175,000 $2,073 4.87%
    Black 2 $450,000 $225,000 $5,319 3.50%
    Asian 3 $445,000 $148,333 $3,676 3.58%
    Not applicable 2 $260,000 $130,000 $0 4.63%

    Approval Rates

    Total approvals of all applications
    90.45%

    Granite State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    5.35%

    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 355 $68,525,000 $193,028

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $325,000 $108,333
    Single Family (1-4 Units):Site-Built 352 $68,200,000 $193,750

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $3,795,000 $88,256 $1,147 5.61%
    40-60% 67 $11,335,000 $169,179 $2,809 3.25%
    60-80% 140 $35,910,000 $256,500 $4,963 3.31%
    80-100% 61 $15,575,000 $255,328 $4,193 3.54%
    Under 20% 44 $1,910,000 $43,409 $382 6.72%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    GUARANTEED RATE INC. Other type of mortgage Closing on a mortgage 1 1.3%
    GUARANTEED RATE INC. VA mortgage Trouble during payment process 6 7.8%
    GUARANTEED RATE INC. VA mortgage Closing on a mortgage 3 3.9%
    GUARANTEED RATE INC. VA mortgage Applying for a mortgage or refinancing an existing mortgage 3 3.9%
    GUARANTEED RATE INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 18 23.4%
    GUARANTEED RATE INC. Conventional home mortgage Closing on a mortgage 10 13.0%
    GUARANTEED RATE INC. Conventional home mortgage Incorrect information on your report 1 1.3%
    GUARANTEED RATE INC. Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 1.3%
    GUARANTEED RATE INC. Conventional home mortgage Struggling to pay mortgage 1 1.3%
    GUARANTEED RATE INC. Conventional home mortgage Trouble during payment process 23 29.9%
    GUARANTEED RATE INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 5 6.5%
    GUARANTEED RATE INC. FHA mortgage Closing on a mortgage 2 2.6%
    GUARANTEED RATE INC. FHA mortgage Trouble during payment process 3 3.9%