Union Bank Mortgage Rates, Fees & Info

Morristown, VT

LEI: 549300I3PFIO81O8JD40

Tax ID: 03-0286322

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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.) Their top markets by origination volume include: Burlington, Barre, Lebanon, Concord, and Berlin 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 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 6.54% 4/21/24
    30 Year Conventional Refi 6.48% 4/21/24
    30 Year Cash-out Refi 6.67% 4/21/24
    30 Year FHA Purchase 7.35% 4/21/24
    30 Year VA Purchase 5.99% 4/21/24
    30 Year USDA Purchase 6.46% 4/21/24
    15 Year Conventional Purchase 6.10% 4/21/24
    15 Year Conventional Refi 5.77% 4/21/24
    15 Year Cash-out Refi 5.77% 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.

    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

    806

    Origination Dollar Volume (All Markets)

    $162,960,000

    Employee count

    195

    Awards

    Union Bank FHA Loans silver Union Bank FHA Loans gold Union Bank USDA Loans silver Union Bank VA Loans silver
    Show all (4) awards

    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
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 297 $78,485,000 $264,259 $3,775 4.71%
    Outside of Metro Areas 398 $63,220,000 $158,844 $3,187 4.87%
    Barre, VT (FHA|USDA|VA) 48 $9,300,000 $193,750 $3,477 4.88%
    Lebanon, NH-VT (FHA|USDA|VA) 42 $6,880,000 $163,810 $3,385 4.77%
    Concord, NH (FHA|USDA|VA) 2 $1,900,000 $950,000 $4,507 4.54%
    Berlin, NH (FHA|USDA|VA) 10 $1,110,000 $111,000 $3,199 4.75%
    Rutland, VT (FHA|USDA|VA) 4 $840,000 $210,000 $4,546 4.69%
    Laconia, NH (FHA|USDA|VA) 1 $375,000 $375,000 $4,476 4.50%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $345,000 $345,000 $5,396 4.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $295,000 $295,000 $6,303 4.38%
    Keene, NH (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,580 4.63%
    Union Bank's top markets include Burlington, Barre, Lebanon, Concord, and Berlin among others.

    Their top states include:
  • Vermont (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Florida (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.

    Bar Harbor Bank & Trust
    Similarity Rank: 80
    Vermont Federal Credit Union
    Similarity Rank: 120
    Northway Bank
    Similarity Rank: 126
    NORTHEAST CREDIT UNION
    Similarity Rank: 135
    MSA MORTGAGE, LLC
    Similarity Rank: 150
    Meredith Village Savings Bank
    Similarity Rank: 162
    Northfield Savings Bank
    Similarity Rank: 165
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 169
    VERMONT STATE EMPLOYEES
    Similarity Rank: 279
    NORTH COUNTRY
    Similarity Rank: 368

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 695 $144,815,000 $208,367 $3,117 4.86%
    USDA 61 $9,275,000 $152,049 $4,569 4.43%
    FHA 39 $6,215,000 $159,359 $6,027 4.53%
    VA 11 $2,655,000 $241,364 $7,084 4.23%

    For 2018, Union Bank's most frequently originated type of loan was Conventional, with 695 originations. Their 2nd most popular type was USDA, with 61 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 620 $132,320,000 $213,419 $3,810 4.76%
    Cash Out Refi 66 $10,780,000 $163,333 $2,893 4.78%
    Refi 61 $15,705,000 $257,459 $2,621 5.07%
    Home Improvement 32 $2,160,000 $67,500 $624 4.83%
    Other 27 $1,995,000 $73,889 $1,185 5.07%

    For 2018, Union Bank's most frequently cited loan purpose was Home Purchase, with 620 originations. The 2nd most popular reason was Cash Out Refi, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 618 $126,530,000 $204,741 $3,770 4.72%
    15 Year 65 $6,495,000 $99,923 $2,070 4.83%
    20 Year 59 $12,815,000 $217,203 $3,055 5.44%
    Other 29 $15,725,000 $542,241 $3,514 5.32%
    10 Year 25 $1,195,000 $47,800 $748 4.91%
    5 Year 10 $200,000 $20,000 $120 4.48%

    For 2018, Union Bank's most frequently cited loan duration was 30 Year, with 618 originations. The 2nd most popular length was 15 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 439 $71,195,000 $162,175
    $1k-2k 179 $37,975,000 $212,151
    $2k-3k 57 $13,785,000 $241,842
    $3k-4k 23 $5,425,000 $235,870
    $4k-5k 13 $3,195,000 $245,769
    $5k+ 10 $2,700,000 $270,000

    Union Bank's average total fees were $3,770, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 439 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 569 $113,525,000 $199,517
    5-6% 162 $36,290,000 $224,012
    3-4% 54 $10,560,000 $195,556
    6-7% 18 $2,390,000 $132,778
    7-8% 2 $180,000 $90,000
    Over 8% 1 $15,000 $15,000

    During 2018, Union Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 569 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 326 $48,580,000 $149,018 $3,613 4.76%
    $200k-400k 270 $73,080,000 $270,667 $4,159 4.69%
    $100,000 or less 171 $9,595,000 $56,111 $1,921 5.04%
    $400k-600k 30 $13,610,000 $453,667 $3,811 4.84%
    $1MM+ 5 $15,415,000 $3,083,000 $4,441 5.00%
    $600k-1MM 4 $2,680,000 $670,000 $2,912 5.13%

    2018 saw Union Bank place emphasis on $100k-200k loans with 326 originations, totaling $48,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 218 $34,330,000 $157,477 $3,492 4.73%
    $50k or less 166 $17,350,000 $104,518 $2,943 4.79%
    $75k-100k 140 $26,050,000 $186,071 $3,642 4.70%
    $100k-150k 125 $31,985,000 $255,880 $3,871 4.78%
    $150k-250k 89 $23,915,000 $268,708 $3,607 4.78%
    $250k+ 18 $6,370,000 $353,889 $3,764 5.19%

    Union Bank lent most frequently to those with incomes in the $50k-75k range, with 218 originations. The second most popular income band? $50k or less, with 166 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 151 $26,855,000 $177,848 $3,304 4.83%
    20-30% 124 $21,580,000 $174,032 $3,166 4.72%
    40% 48 $9,580,000 $199,583 $3,892 4.67%
    42% 45 $9,115,000 $202,556 $3,827 4.57%
    41% 41 $6,895,000 $168,171 $3,536 4.63%
    44% 40 $8,250,000 $206,250 $3,734 4.67%
    38% 37 $6,785,000 $183,378 $3,060 4.90%
    43% 37 $7,515,000 $203,108 $3,853 4.76%
    36% 37 $7,165,000 $193,649 $2,862 4.76%
    39% 36 $6,420,000 $178,333 $3,278 4.72%
    45% 29 $5,885,000 $202,931 $4,506 4.67%
    37% 29 $5,095,000 $175,690 $3,147 4.87%
    47% 23 $4,415,000 $191,957 $3,426 4.77%
    50-60% 17 $4,305,000 $253,235 $3,597 5.01%
    48% 17 $2,695,000 $158,529 $3,368 4.74%
    <20% 16 $2,470,000 $154,375 $3,447 4.84%
    49% 16 $2,930,000 $183,125 $4,056 4.70%
    46% 13 $1,805,000 $138,846 $4,185 4.79%
    >60% 7 $1,275,000 $182,143 $3,276 5.73%

    Union Bank lent most frequently to those with DTI ratios of 30-36%, with 151 originations. The next most common DTI ratio? 20-30%, with 124 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 664 $124,740,000 $187,861 $3,444 4.75%
    Not applicable 39 $21,255,000 $545,000 $0 5.61%
    Not provided 91 $14,525,000 $159,615 $3,577 4.83%
    Asian 9 $2,055,000 $228,333 $3,567 4.61%
    Native Hawaiian or Islander 1 $215,000 $215,000 $3,825 4.63%
    Black 2 $170,000 $85,000 $2,062 5.43%

    Approval Rates

    Total approvals of all applications
    91.40%

    Union Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.13%

    Union Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 806 $162,960,000 $202,184

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $800,000 $400,000
    Multifamily:Site-Built 16 $17,740,000 $1,108,750
    Single Family (1-4 Units):Manufactured 71 $6,915,000 $97,394
    Single Family (1-4 Units):Site-Built 717 $137,505,000 $191,778

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $6,480,000 $120,000 $2,186 4.83%
    40-60% 72 $12,840,000 $178,333 $2,792 4.98%
    60-80% 251 $65,065,000 $259,223 $3,351 4.92%
    80-100% 374 $75,130,000 $200,882 $4,073 4.68%
    Over 100% 6 $1,180,000 $196,667 $7,040 4.44%
    Under 20% 49 $2,265,000 $46,224 $373 4.93%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Union Bank 103 Vermont 15 West Hardwick, VT 5843 Full Service B&M $37,497
    Union Bank 135 Main Street Lincoln, NH 3251 Full Service B&M $9,335
    Union Bank 15 Mapleville Depot Saint Albans, VT 5478 Full Service B&M $17,007
    Union Bank 155 Main Street North Woodstock, NH 3262 Full Service B&M $15,370
    Union Bank 16 Browns River Road Fairfax, VT 5454 Full Service B&M $20,932
    Union Bank 183 Depot Street Lyndonville, VT 5851 Full Service B&M $18,806
    Union Bank 198 Lower Main Street West Johnson, VT 5656 Full Service B&M $19,054
    Union Bank 20 Lower Main Street Morrisville, VT 5661 Full Service B&M $131,709
    Union Bank 263 Dells Road Littleton, NH 3561 Full Service B&M $14,534
    Union Bank 3 State Street Groveton, NH 3582 Full Service B&M $17,826
    Union Bank 325 Portland Street Saint Johnsbury, VT 5819 Full Service B&M $15,955
    Union Bank 364 Railroad Street Saint Johnsbury, VT 5819 Full Service B&M $59,395
    Union Bank 421 Route 2 East Danville, VT 5828 Full Service B&M $7,262
    Union Bank 47 Park Street Stowe, VT 5672 Full Service B&M $83,839
    Union Bank 5062 Vt Route 15 Jeffersonville, VT 5464 Full Service B&M $40,353
    Union Bank 65 Northgate Avenue Morrisville, VT 5661 Full Service B&M $49,154
    Union Bank 76 Main Street Littleton, NH 3561 Full Service B&M $23,944

    For 2018, Union Bank had 17 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $32,215
    Net interest income $28,652
    Total noninterest income $9,203
    Gross Fiduciary activities income $751
    Service charges on deposit accounts $1,452
    Trading account gains and fees $0
    Additional Noninterest Income $7,000
    Pre-tax net operating income $8,450
    Securities gains (or losses, -) $-8
    Income before extraordinary items $7,166
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,166
    Minority interest net income $0
    Net income $7,166
    Sale, conversion, retirement of capital stock, net $164
    Net operating income $7,172

    Union Bank's gross interest income from loans was $32,215,000.
    Union Bank's net interest income from loans was $28,652,000.
    Union Bank's fee based income from loans was $1,452,000.
    Union Bank's net income from loans was $7,166,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,563
    Provision for credit losses $450
    Total noninterest expense $28,955
    Salaries and employee benefits $14,401
    Premises and equipment expense $3,581
    Additional noninterest expense $10,973
    Applicable income taxes $1,276
    Net charge-offs $119
    Cash dividends $5,625

    Union Bank's interest expense for loans was $3,563,000.
    Union Bank's payroll and benefits expense were $14,401,000.
    Union Bank's property, plant and equipment expenses $3,581,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $708,479
    Deposits held in domestic offices $708,479
    Deposits by Individuals, partnerships, and corporations $598,037
    Deposits by U.S. Government $1,597
    Deposits by States and political subdivisions in the U.S. $102,853
    Deposits by Commercial banks and other depository institutions in U.S. $5,992
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $73,014
    Demand deposits $44,175
    Nontransaction accounts $635,465
    Money market deposit accounts (MMDAs) $184,021
    Other savings deposits (excluding MMDAs) $322,369
    Total time deposits $129,075
    Total time and savings deposits $664,304
    Noninterest-bearing deposits $134,683
    Interest-bearing deposits $573,796
    Retail deposits $680,429
    IRAs and Keogh plan accounts $27,621
    Brokered deposits $16,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $804,593
    Cash & Balances due from depository institutions $46,788
    Interest-bearing balances $32,291
    Total securities $74,481
    Federal funds sold & reverse repurchase $5
    Net loans and leases $640,559
    Loan and leases loss allowance $5,739
    Trading account assets $0
    Bank premises and fixed assets $16,073
    Other real estate owned $0
    Goodwill and other intangibles $4,297
    All other assets $22,390

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $804,593
    Total Liabilities $740,413
    Total deposits $708,479
    Interest-bearing deposits $573,796
    Deposits held in domestic offices $708,479
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $370
    Trading liabilities $0
    Other borrowed funds $27,451
    Subordinated debt $0
    All other liabilities $4,113

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $640,559
    Loan and leases loss allowance $5,739
    Total loans and leases (domestic) $646,298
    All real estate loans $517,424
    Real estate loans in domestic offices $517,424
    Construction and development loans $55,421
    Residential 1-4 family construction $36,280
    Other construction, all land development and other land $19,141
    Loans secured by nonfarm nonresidential properties $213,143
    Nonfarm nonresidential secured by owner-occupied properties $87,978
    Commercial real estate & other non-farm, non-residential $125,165
    Multifamily residential real estate $56,851
    1-4 family residential loans $190,828
    Farmland loans $1,181
    Loans held in foreign offices $0
    Farm loans $181
    Commercial and industrial loans $47,185
    To non-U.S. addressees $0
    Loans to individuals $3,125
    Credit card loans $3
    Related Plans $56
    Consumer Auto Loans $190
    Other loans to individuals $2,876
    All other loans & leases $78,690
    Loans to foreign governments and official institutions $0
    Other loans $116
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $3,072
    Restructured Loans & leases $2,544
    Non 1-4 family restructured loans & leases $1,343
    Total loans and leases (foreign) $0

    Union Bank had $640,559,000 of loans outstanding in 2018. $517,424,000 of loans were in real estate loans. $55,421,000 of loans were in development loans. $56,851,000 of loans were in multifamily mortgage loans. $190,828,000 of loans were in 1-4 family mortgage loans. $181,000 of loans were in farm loans. $3,000 of loans were in credit card loans. $190,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 473 $92,070 $194,651
    Nonfarm, nonresidential loans - <$100k 134 $4,952 $36,955
    Nonfarm, nonresidential loans - $100-250k 164 $22,109 $134,811
    Nonfarm, nonresidential loans - $250k-1MM 175 $65,009 $371,480
    Commercial & Industrial, US addressed loans - <$1MM 247 $23,848 $96,551
    Commercial & Industrial, US addressed loans - <$100k 159 $3,487 $21,931
    Commercial & Industrial, US addressed loans - $100-250k 43 $5,379 $125,093
    Commercial & Industrial, US addressed loans - $250k-1MM 45 $14,982 $332,933
    Farmland loans - <$1MM 10 $766 $76,600
    Farmland loans - <$100k 4 $72 $18,000
    Farmland loans - $100-250k 4 $317 $79,250
    Farmland loans - $250k-1MM 2 $377 $188,500
    Agriculture operations loans - <$1MM 2 $181 $90,500
    Agriculture operations loans - <$100k 1 $67 $67,000
    Agriculture operations loans - $100-250k 1 $114 $114,000