Union Bank Mortgage Rates, Fees & Info

Morristown, VT

LEI: 549300I3PFIO81O8JD40

Tax ID: 03-0286322

5 stars - Updated: 12/9/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

Union Bank is a smaller bank specializing in Home Purchase loans. Union 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Burlington, Lebanon, Barre, Berlin, and Bennington among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Union 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 Bank 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 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 6.54% 12/9/24
30 Year Conventional Refi 6.48% 12/9/24
30 Year Cash-out Refi 6.67% 12/9/24
30 Year FHA Purchase 7.35% 12/9/24
30 Year VA Purchase 5.99% 12/9/24
30 Year USDA Purchase 6.46% 12/9/24
15 Year Conventional Purchase 6.10% 12/9/24
15 Year Conventional Refi 5.77% 12/9/24
15 Year Cash-out Refi 5.77% 12/9/24
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 Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Union 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

614

Origination Dollar Volume (All Markets)

$176,220,000

Awards

Union Bank FHA Loans bronze Union Bank 30 Year Conventional Loans gold Union Bank FHA Loans bronze
Show all (3) awards

Relative Rate

Union Bank's average 30 year fixed mortgage rate was 6.78%.

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

This yields a difference of 0.3%.

Relative Fees (Closing Costs)

Union Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,479.

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
Outside of Metro Areas 252 $58,010,000 $230,198 $4,163 6.88%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 151 $47,095,000 $311,887 $4,618 6.90%
Lebanon, NH-VT (FHA|USDA|VA) 116 $41,730,000 $359,741 $5,522 6.85%
Barre, VT (FHA|USDA|VA) 47 $13,205,000 $280,957 $3,748 6.76%
Berlin, NH (FHA|USDA|VA) 23 $6,025,000 $261,957 $3,483 6.95%
Bennington, VT (FHA|USDA|VA) 8 $5,080,000 $635,000 $9,076 7.03%
Rutland, VT (FHA|USDA|VA) 7 $1,835,000 $262,143 $6,663 6.50%
Concord, NH (FHA|USDA|VA) 4 $1,490,000 $372,500 $4,667 6.63%
Keene, NH (FHA|USDA|VA) 2 $680,000 $340,000 $4,306 6.94%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $545,000 $545,000 $4,285 7.50%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $370,000 $185,000 $4,469 6.69%
Laconia, NH (FHA|USDA|VA) 1 $155,000 $155,000 $2,219 7.25%
Union Bank's top markets include Burlington, Lebanon, Barre, Berlin, and Bennington among others.

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

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

    Northfield Savings Bank
    Similarity Rank: 45
    Vermont Federal Credit Union
    Similarity Rank: 102
    Northway Bank
    Similarity Rank: 154
    Bar Harbor Bank & Trust
    Similarity Rank: 247
    NORTHEAST CREDIT UNION
    Similarity Rank: 276
    Meredith Village Savings Bank
    Similarity Rank: 310
    Bank of New Hampshire
    Similarity Rank: 348
    NORTH COUNTRY
    Similarity Rank: 561
    Community Bank
    Similarity Rank: 570
    Mascoma Bank
    Similarity Rank: 608

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 582 $169,190,000 $290,704 $4,386 6.90%
    FHA 23 $5,085,000 $221,087 $8,581 6.37%
    USDA 7 $1,155,000 $165,000 $5,497 5.96%
    VA 2 $790,000 $395,000 $5,440 6.31%

    For 2023, Union Bank's most frequently originated type of loan was Conventional, with 582 originations. Their 2nd most popular type was FHA, with 23 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 481 $162,065,000 $336,933 $5,443 6.79%
    Home Improvement 54 $4,280,000 $79,259 $441 7.20%
    Other 37 $2,025,000 $54,730 $447 7.40%
    Cash Out Refi 26 $4,060,000 $156,154 $3,440 6.96%
    Refi 16 $3,790,000 $236,875 $3,054 6.87%

    For 2023, Union Bank's most frequently cited loan purpose was Home Purchase, with 481 originations. The 2nd most popular reason was Home Improvement, with 54 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 459 $150,945,000 $328,856 $5,479 6.78%
    15 Year 85 $8,355,000 $98,294 $1,015 7.43%
    20 Year 29 $7,985,000 $275,345 $5,147 6.91%
    10 Year 21 $1,245,000 $59,286 $148 6.93%
    Other 12 $7,530,000 $627,500 $2,553 6.70%
    5 Year 8 $160,000 $20,000 $0 6.11%

    For 2023, Union Bank's most frequently cited loan duration was 30 Year, with 459 originations. The 2nd most popular length was 15 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 227 $45,585,000 $200,815
    $1k-2k 144 $43,080,000 $299,167
    $2k-3k 77 $22,205,000 $288,377
    $3k-4k 53 $16,485,000 $311,038
    $5k+ 46 $23,560,000 $512,174
    $4k-5k 29 $10,115,000 $348,793

    Union Bank's average total fees were $5,479, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 227 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 292 $92,730,000 $317,568
    7-8% 193 $44,615,000 $231,166
    5-6% 87 $26,355,000 $302,931
    Over 8% 40 $12,120,000 $303,000
    4-5% 2 $400,000 $200,000

    During 2023, Union Bank's average interest rate for loans was 6.78%, while their most frequently originated rate bucket for loans was 6-7%, with 292 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 234 $66,750,000 $285,256 $5,426 6.77%
    $100k-200k 142 $21,420,000 $150,845 $4,077 6.81%
    $100,000 or less 106 $5,180,000 $48,868 $797 7.27%
    $400k-600k 77 $36,805,000 $477,987 $6,173 6.76%
    $600k-1MM 46 $33,580,000 $730,000 $7,075 6.86%
    $1MM+ 9 $12,485,000 $1,387,222 $11,180 6.79%

    2023 saw Union Bank place emphasis on $200k-400k loans with 234 originations, totaling $66,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 148 $38,320,000 $258,919 $4,266 6.97%
    $150k-250k 123 $40,085,000 $325,894 $5,091 6.81%
    $75k-100k 103 $19,875,000 $192,961 $4,064 6.82%
    $250k+ 96 $51,010,000 $531,354 $6,862 7.03%
    $50k-75k 78 $10,460,000 $134,103 $3,404 6.73%
    $50k or less 42 $4,260,000 $101,429 $2,860 6.82%

    Union Bank lent most frequently to those with incomes in the $100k-150k range, with 148 originations. The second most popular income band? $150k-250k, with 123 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 138 $38,220,000 $276,957 $4,445 6.87%
    20-30% 131 $38,385,000 $293,015 $4,882 6.88%
    39% 44 $11,460,000 $260,455 $3,440 6.94%
    <20% 34 $9,260,000 $272,353 $3,736 6.66%
    38% 30 $6,520,000 $217,333 $4,193 6.97%
    41% 29 $8,815,000 $303,966 $4,566 6.96%
    40% 25 $5,365,000 $214,600 $4,278 7.13%
    44% 25 $7,495,000 $299,800 $5,369 6.61%
    37% 24 $6,360,000 $265,000 $3,531 7.03%
    42% 22 $5,750,000 $261,364 $6,017 6.85%
    36% 19 $5,145,000 $270,789 $4,749 7.19%
    43% 15 $4,865,000 $324,333 $5,648 6.72%
    45% 15 $4,965,000 $331,000 $5,676 6.86%
    48% 12 $3,110,000 $259,167 $4,130 6.78%
    47% 9 $2,795,000 $310,556 $6,032 6.76%
    46% 9 $3,175,000 $352,778 $6,174 7.13%
    49% 8 $1,230,000 $153,750 $3,666 6.55%
    50-60% 4 $1,450,000 $362,500 $4,033 7.19%
    >60% 1 $315,000 $315,000 $2,934 6.00%

    Union Bank lent most frequently to those with DTI ratios of 30-36%, with 138 originations. The next most common DTI ratio? 20-30%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 444 $121,240,000 $273,063 $4,421 6.91%
    Not provided 134 $39,540,000 $295,075 $5,022 6.76%
    Not applicable 18 $10,790,000 $599,444 $0 6.48%
    Asian 7 $2,475,000 $353,571 $5,473 6.77%
    American Indian 7 $1,235,000 $176,429 $4,472 7.62%
    Black 4 $940,000 $235,000 $4,722 6.34%

    Approval Rates

    Total approvals of all applications
    92.35%

    Union Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.64%

    Union Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 614 $176,220,000 $287,003

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    614 $176,220,000 $287,003

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 53 $8,965,000 $169,151 $2,339 6.82%
    40-60% 65 $17,655,000 $271,615 $3,821 6.80%
    60-80% 189 $66,435,000 $351,508 $5,479 6.93%
    80-100% 228 $79,050,000 $346,711 $5,997 6.69%
    Under 20% 79 $4,115,000 $52,089 $277 7.31%