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 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 10 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 an average 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

434

Origination Dollar Volume (All Markets)

$79,910,000

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)	128	$23,800,000	$185,938	$3,336	3.82%
Concord, NH (FHA\|USDA\|VA)	116	$19,880,000	$171,379	$3,204	3.85%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	94	$17,700,000	$188,298	$3,358	3.93%
Laconia, NH (FHA\|USDA\|VA)	47	$8,835,000	$187,979	$3,762	4.02%
Outside of Metro Areas	28	$5,450,000	$194,643	$3,614	3.85%
Lebanon, NH-VT (FHA\|USDA\|VA)	15	$3,265,000	$217,667	$4,008	3.91%
Berlin, NH (FHA\|USDA\|VA)	3	$535,000	$178,333	$4,663	2.63%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	1	$285,000	$285,000	$8,630	2.75%
WORCESTER, MA-CT (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,621	2.38%
Keene, NH (FHA\|USDA\|VA)	1	$45,000	$45,000	$511	10.49%

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)

Massachusetts (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.

Sharon & Crescent United Credit Union
Similarity Rank: 335

LUSO-AMERICAN CREDIT UNION
Similarity Rank: 474

Middlesex Savings Bank
Similarity Rank: 672

Bridgewater Savings Bank
Similarity Rank: 672

East Boston Savings Bank
Similarity Rank: 755

Piscataqua Savings Bank
Similarity Rank: 789

Norwood Co-operative Bank
Similarity Rank: 820

QUINCY CREDIT UNION
Similarity Rank: 900

Mascoma Bank
Similarity Rank: 988

HARVARD UNIVERSITY EMPLOYEES
Similarity Rank: 1001

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	434	$79,910,000	$184,124	$3,402	3.88%

For 2021, Granite State Credit Union's most frequently originated type of loan was Conventional, with 434 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	170	$23,450,000	$137,941	$2,606	4.88%
Cash Out Refi	117	$24,675,000	$210,897	$4,053	3.56%
Refi	93	$18,685,000	$200,914	$2,897	2.74%
Home Purchase	54	$13,100,000	$242,593	$5,537	3.40%

For 2021, Granite State Credit Union's most frequently cited loan purpose was Home Improvement, with 170 originations. The 2nd most popular reason was Cash Out Refi, with 117 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	179	$44,335,000	$247,682	$5,102	3.30%
15 Year	108	$17,840,000	$165,185	$2,684	3.41%
20 Year	85	$11,525,000	$135,588	$2,199	5.18%
10 Year	61	$5,985,000	$98,115	$1,376	4.64%
Other	1	$225,000	$225,000	$4,146	2.50%

For 2021, Granite State Credit Union's most frequently cited loan duration was 30 Year, with 179 originations. The 2nd most popular length was 15 Year, with 108 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	210	$26,980,000	$128,476
$1k-2k	89	$17,565,000	$197,360
$5k+	39	$12,015,000	$308,077
$2k-3k	34	$7,440,000	$218,824
$3k-4k	27	$6,845,000	$253,519
$4k-5k	22	$5,630,000	$255,909

Granite State Credit Union's average total fees were $5,102, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 210 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	122	$27,820,000	$228,033
3-4%	103	$25,325,000	$245,874
<2.5%	83	$14,255,000	$171,747
5-6%	48	$4,580,000	$95,417
4-5%	29	$4,185,000	$144,310
6-7%	23	$1,875,000	$81,522
Over 8%	14	$1,160,000	$82,857
7-8%	12	$710,000	$59,167

During 2021, Granite State Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 2.5-3%, with 122 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	157	$23,325,000	$148,567	$2,982	3.46%
$200k-400k	150	$40,270,000	$268,467	$5,326	3.11%
$100,000 or less	106	$6,190,000	$58,396	$860	5.72%
$400k-600k	19	$8,505,000	$447,632	$6,391	3.20%
$1MM+	1	$1,015,000	$1,015,000	$3,491	3.13%
$600k-1MM	1	$605,000	$605,000	$0	4.25%

2021 saw Granite State Credit Union place emphasis on $100k-200k loans with 157 originations, totaling $23,325,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	129	$24,555,000	$190,349	$3,674	3.91%
$75k-100k	93	$16,705,000	$179,624	$3,480	3.84%
$50k-75k	88	$12,810,000	$145,568	$2,810	4.07%
$150k-250k	60	$13,150,000	$219,167	$4,116	3.61%
$50k or less	39	$4,945,000	$126,795	$2,487	3.83%
$250k+	14	$4,810,000	$343,571	$3,300	4.24%

Granite State Credit Union lent most frequently to those with incomes in the $100k-150k range, with 129 originations. The second most popular income band? $75k-100k, with 93 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	89	$15,925,000	$178,933	$3,554	3.28%
30-36%	75	$15,335,000	$204,467	$4,221	3.25%
50-60%	31	$2,835,000	$91,452	$1,104	6.19%
<20%	25	$5,015,000	$200,600	$3,532	3.37%
44%	23	$4,235,000	$184,130	$3,108	4.18%
39%	20	$4,260,000	$213,000	$3,977	4.12%
37%	18	$3,900,000	$216,667	$3,801	3.36%
45%	16	$2,990,000	$186,875	$1,927	5.84%
38%	16	$3,790,000	$236,875	$5,466	3.40%
47%	16	$2,400,000	$150,000	$2,225	4.79%
>60%	15	$1,375,000	$91,667	$704	6.17%
43%	15	$3,015,000	$201,000	$3,176	3.60%
41%	14	$3,010,000	$215,000	$5,429	3.08%
36%	14	$2,240,000	$160,000	$3,690	3.35%
48%	12	$1,840,000	$153,333	$1,991	4.51%
42%	11	$2,615,000	$237,727	$4,501	3.66%
40%	9	$1,615,000	$179,444	$4,270	2.69%
49%	7	$1,525,000	$217,857	$4,526	2.96%
46%	7	$1,385,000	$197,857	$3,300	4.16%

Granite State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 75 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	394	$71,190,000	$180,685	$3,365	3.89%
Not provided	33	$6,875,000	$208,333	$3,956	3.51%
Not applicable	3	$1,375,000	$458,333	$0	4.29%
Black	2	$190,000	$95,000	$444	7.99%
American Indian	1	$165,000	$165,000	$6,796	2.00%
Asian	1	$115,000	$115,000	$3,722	2.75%

Approval Rates

Total approvals of all applications
95.37%

Granite State Credit Union 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
11.98%

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	434	$79,910,000	$184,124

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	434	$79,910,000	$184,124

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	62	$7,000,000	$112,903	$1,762	4.52%
40-60%	105	$18,645,000	$177,571	$3,035	3.09%
60-80%	141	$36,735,000	$260,532	$5,271	3.08%
80-100%	50	$13,500,000	$270,000	$5,465	3.54%
Under 20%	76	$4,030,000	$53,026	$580	6.16%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
GUARANTEED RATE INC.	VA mortgage	Closing on a mortgage	1	0.6%
GUARANTEED RATE INC.	VA mortgage	Trouble during payment process	14	8.7%
GUARANTEED RATE INC.	VA mortgage	Struggling to pay mortgage	1	0.6%
GUARANTEED RATE INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	34	21.1%
GUARANTEED RATE INC.	Conventional home mortgage	Closing on a mortgage	12	7.5%
GUARANTEED RATE INC.	Conventional home mortgage	Improper use of your report	1	0.6%
GUARANTEED RATE INC.	Conventional home mortgage	Incorrect information on your report	1	0.6%
GUARANTEED RATE INC.	Conventional home mortgage	Struggling to pay mortgage	3	1.9%
GUARANTEED RATE INC.	Conventional home mortgage	Trouble during payment process	60	37.3%
GUARANTEED RATE INC.	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	7	4.3%
GUARANTEED RATE INC.	FHA mortgage	Closing on a mortgage	4	2.5%
GUARANTEED RATE INC.	FHA mortgage	Incorrect information on your report	1	0.6%
GUARANTEED RATE INC.	FHA mortgage	Trouble during payment process	12	7.5%
GUARANTEED RATE INC.	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	4	2.5%
GUARANTEED RATE INC.	Other type of mortgage	Closing on a mortgage	1	0.6%
GUARANTEED RATE INC.	Other type of mortgage	Trouble during payment process	2	1.2%
GUARANTEED RATE INC.	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	3	1.9%