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

Jump to:

  • 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 an average proportion of FHA loans. Their top markets by origination volume include: Burlington, Barre, Lebanon, Berlin, and Rutland among others. We have data for 13 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% 11/21/24
    30 Year Conventional Refi 6.48% 11/21/24
    30 Year Cash-out Refi 6.67% 11/21/24
    30 Year FHA Purchase 7.35% 11/21/24
    30 Year VA Purchase 5.99% 11/21/24
    30 Year USDA Purchase 6.46% 11/21/24
    15 Year Conventional Purchase 6.10% 11/21/24
    15 Year Conventional Refi 5.77% 11/21/24
    15 Year Cash-out Refi 5.77% 11/21/24
    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

    944

    Origination Dollar Volume (All Markets)

    $202,150,000

    Employee count

    201 Show all (9) 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) 357 $94,045,000 $263,431 $4,063 4.13%
    Outside of Metro Areas 421 $73,755,000 $175,190 $3,666 4.35%
    Barre, VT (FHA|USDA|VA) 74 $17,100,000 $231,081 $4,049 4.21%
    Lebanon, NH-VT (FHA|USDA|VA) 65 $12,685,000 $195,154 $3,521 4.04%
    Berlin, NH (FHA|USDA|VA) 15 $2,155,000 $143,667 $2,783 4.09%
    Rutland, VT (FHA|USDA|VA) 4 $570,000 $142,500 $3,927 4.03%
    Laconia, NH (FHA|USDA|VA) 2 $500,000 $250,000 $4,863 3.63%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $475,000 $475,000 $4,077 3.75%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $215,000 $215,000 $4,454 3.50%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $195,000 $195,000 $2,633 4.50%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $165,000 $165,000 $3,323 3.38%
    Concord, NH (FHA|USDA|VA) 1 $165,000 $165,000 $2,765 4.13%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,568 4.00%
    Union Bank's top markets include Burlington, Barre, Lebanon, Berlin, and Rutland among others.

    Their top states include:
  • Vermont (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Texas (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.

    Vermont Federal Credit Union
    Similarity Rank: 165
    MSA MORTGAGE, LLC
    Similarity Rank: 168
    Northfield Savings Bank
    Similarity Rank: 215
    Bar Harbor Bank & Trust
    Similarity Rank: 231
    Meredith Village Savings Bank
    Similarity Rank: 232
    NORTHEAST CREDIT UNION
    Similarity Rank: 308
    Northway Bank
    Similarity Rank: 410
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 416
    Bank of New Hampshire
    Similarity Rank: 544
    NORTH COUNTRY
    Similarity Rank: 550

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 766 $165,920,000 $216,606 $3,234 4.35%
    USDA 75 $12,965,000 $172,867 $4,869 3.76%
    FHA 71 $14,575,000 $205,282 $6,875 3.75%
    VA 32 $8,690,000 $271,563 $7,461 3.44%

    For 2019, Union Bank's most frequently originated type of loan was Conventional, with 766 originations. Their 2nd most popular type was USDA, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 691 $158,205,000 $228,951 $4,287 4.20%
    Cash Out Refi 107 $19,255,000 $179,953 $2,989 4.16%
    Refi 101 $21,315,000 $211,040 $2,609 4.09%
    Other 23 $1,885,000 $81,957 $1,332 4.91%
    Home Improvement 22 $1,490,000 $67,727 $732 5.22%

    For 2019, Union Bank's most frequently cited loan purpose was Home Purchase, with 691 originations. The 2nd most popular reason was Cash Out Refi, with 107 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 743 $165,545,000 $222,806 $4,192 4.09%
    15 Year 83 $10,145,000 $122,229 $2,151 4.29%
    20 Year 54 $12,080,000 $223,704 $2,816 4.70%
    Other 33 $13,645,000 $413,485 $3,345 5.24%
    10 Year 24 $620,000 $25,833 $341 5.47%
    5 Year 6 $110,000 $18,333 $182 4.75%
    3 Year 1 $5,000 $5,000 $120 4.75%

    For 2019, Union Bank's most frequently cited loan duration was 30 Year, with 743 originations. The 2nd most popular length was 15 Year, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 524 $94,760,000 $180,840
    $1k-2k 212 $46,160,000 $217,736
    $2k-3k 78 $20,980,000 $268,974
    $3k-4k 30 $8,500,000 $283,333
    $4k-5k 16 $4,440,000 $277,500
    $5k+ 11 $4,215,000 $383,182

    Union Bank's average total fees were $4,192, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 524 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 503 $109,405,000 $217,505
    4-5% 306 $65,520,000 $214,118
    5-6% 114 $23,950,000 $210,088
    6-7% 12 $1,860,000 $155,000
    2.5-3% 5 $1,075,000 $215,000
    Over 8% 4 $340,000 $85,000

    During 2019, Union Bank's average interest rate for loans was 4.09%, while their most frequently originated rate bucket for loans was 3-4%, with 503 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 367 $55,495,000 $151,213 $3,629 4.13%
    $200k-400k 359 $96,085,000 $267,646 $4,637 4.04%
    $100,000 or less 149 $9,115,000 $61,174 $1,949 4.86%
    $400k-600k 54 $24,660,000 $456,667 $4,227 4.23%
    $600k-1MM 12 $9,210,000 $767,500 $5,240 4.73%
    $1MM+ 3 $7,585,000 $2,528,333 $8,395 5.08%

    2019 saw Union Bank place emphasis on $100k-200k loans with 367 originations, totaling $55,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 233 $38,825,000 $166,631 $3,821 4.14%
    $75k-100k 192 $39,000,000 $203,125 $4,014 4.07%
    $100k-150k 185 $46,085,000 $249,108 $4,083 4.20%
    $50k or less 149 $16,795,000 $112,718 $3,234 4.27%
    $150k-250k 89 $25,935,000 $291,404 $4,019 4.19%
    $250k+ 39 $14,045,000 $360,128 $4,239 4.60%

    Union Bank lent most frequently to those with incomes in the $50k-75k range, with 233 originations. The second most popular income band? $75k-100k, with 192 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 186 $39,150,000 $210,484 $4,041 4.15%
    20-30% 175 $32,735,000 $187,057 $3,393 4.20%
    38% 56 $11,340,000 $202,500 $3,496 4.23%
    43% 51 $9,755,000 $191,275 $4,268 4.13%
    40% 48 $10,420,000 $217,083 $3,744 4.11%
    37% 43 $7,745,000 $180,116 $3,781 4.26%
    41% 40 $9,570,000 $239,250 $4,018 4.12%
    <20% 37 $7,345,000 $198,514 $3,369 4.15%
    39% 37 $7,565,000 $204,459 $3,328 4.37%
    42% 37 $7,535,000 $203,649 $4,227 4.17%
    36% 35 $7,535,000 $215,286 $3,514 4.26%
    45% 35 $8,055,000 $230,143 $4,881 3.91%
    44% 29 $5,295,000 $182,586 $4,258 4.11%
    49% 24 $4,720,000 $196,667 $4,004 3.91%
    47% 23 $4,445,000 $193,261 $4,763 4.13%
    48% 22 $5,170,000 $235,000 $3,813 4.24%
    46% 19 $4,425,000 $232,895 $3,791 4.39%
    50-60% 6 $1,020,000 $170,000 $2,865 4.94%
    >60% 4 $950,000 $237,500 $2,475 5.44%

    Union Bank lent most frequently to those with DTI ratios of 30-36%, with 186 originations. The next most common DTI ratio? 20-30%, with 175 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 693 $141,705,000 $204,481 $3,752 4.21%
    Not provided 205 $42,025,000 $205,000 $4,087 4.11%
    Not applicable 32 $15,380,000 $480,625 $0 5.37%
    Asian 6 $1,350,000 $225,000 $3,453 4.27%
    Black 5 $1,245,000 $249,000 $4,770 3.68%
    American Indian 3 $445,000 $148,333 $2,407 4.08%

    Approval Rates

    Total approvals of all applications
    92.54%

    Union Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.38%

    Union Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 944 $202,150,000 $214,142

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $215,000 $215,000
    Multifamily:Site-Built 20 $14,350,000 $717,500
    Single Family (1-4 Units):Manufactured 76 $8,460,000 $111,316
    Single Family (1-4 Units):Site-Built 847 $179,125,000 $211,482

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $7,690,000 $137,321 $2,289 4.68%
    40-60% 100 $18,190,000 $181,900 $2,688 4.21%
    60-80% 301 $75,845,000 $251,977 $3,480 4.31%
    80-100% 420 $91,560,000 $218,000 $4,596 4.02%
    Over 100% 19 $5,345,000 $281,316 $7,664 3.58%
    Under 20% 48 $3,520,000 $73,333 $449 5.22%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Union Bank 1028 Us Route 302, Suite 101 Berlin, VT 5641 Full Service B&M $9,204
    Union Bank 103 Vermont 15 West Hardwick, VT 5843 Full Service B&M $42,770
    Union Bank 135 Main Street Lincoln, NH 3251 Full Service B&M $12,351
    Union Bank 15 Mapleville Depot Saint Albans, VT 5478 Full Service B&M $15,857
    Union Bank 155 Main Street North Woodstock, NH 3262 Full Service B&M $16,105
    Union Bank 16 Browns River Road Fairfax, VT 5454 Full Service B&M $24,724
    Union Bank 183 Depot Street Lyndonville, VT 5851 Full Service B&M $20,457
    Union Bank 198 Lower Main Street West Johnson, VT 5656 Full Service B&M $20,169
    Union Bank 20 Lower Main Street Morrisville, VT 5661 Full Service B&M $171,811
    Union Bank 263 Dells Road Littleton, NH 3561 Full Service B&M $16,676
    Union Bank 3 State Street Groveton, NH 3582 Full Service B&M $18,813
    Union Bank 325 Portland Street Saint Johnsbury, VT 5819 Full Service B&M $16,836
    Union Bank 364 Railroad Street Saint Johnsbury, VT 5819 Full Service B&M $54,779
    Union Bank 368 Vermont Route 15 Jericho, VT 5465 Full Service B&M $1,736
    Union Bank 421 Route 2 East Danville, VT 5828 Full Service B&M $9,054
    Union Bank 47 Park Street Stowe, VT 5672 Full Service B&M $83,161
    Union Bank 5062 Vt Route 15 Jeffersonville, VT 5464 Full Service B&M $45,015
    Union Bank 65 Northgate Avenue Morrisville, VT 5661 Full Service B&M $51,569
    Union Bank 76 Main Street Littleton, NH 3561 Full Service B&M $25,077

    For 2019, Union Bank had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $35,870
    Net interest income $30,271
    Total noninterest income $10,268
    Gross Fiduciary activities income $692
    Service charges on deposit accounts $1,438
    Trading account gains and fees $0
    Additional Noninterest Income $8,138
    Pre-tax net operating income $12,847
    Securities gains (or losses, -) $159
    Income before extraordinary items $11,063
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,063
    Minority interest net income $0
    Net income $11,063
    Sale, conversion, retirement of capital stock, net $173
    Net operating income $10,927

    Union Bank's gross interest income from loans was $35,870,000.
    Union Bank's net interest income from loans was $30,271,000.
    Union Bank's fee based income from loans was $1,438,000.
    Union Bank's net income from loans was $11,063,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,599
    Provision for credit losses $775
    Total noninterest expense $26,917
    Salaries and employee benefits $16,016
    Premises and equipment expense $4,269
    Additional noninterest expense $6,632
    Applicable income taxes $1,943
    Net charge-offs $392
    Cash dividends $5,925

    Union Bank's interest expense for loans was $5,599,000.
    Union Bank's payroll and benefits expense were $16,016,000.
    Union Bank's property, plant and equipment expenses $4,269,000.

    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 2.0%
    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 $746,387
    Deposits held in domestic offices $746,387
    Deposits by Individuals, partnerships, and corporations $635,734
    Deposits by U.S. Government $1,796
    Deposits by States and political subdivisions in the U.S. $103,242
    Deposits by Commercial banks and other depository institutions in U.S. $5,615
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $83,966
    Demand deposits $55,640
    Nontransaction accounts $662,421
    Money market deposit accounts (MMDAs) $183,202
    Other savings deposits (excluding MMDAs) $330,573
    Total time deposits $148,646
    Total time and savings deposits $690,747
    Noninterest-bearing deposits $138,801
    Interest-bearing deposits $607,586
    Retail deposits $713,215
    IRAs and Keogh plan accounts $26,832
    Brokered deposits $11,999
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $872,287
    Cash & Balances due from depository institutions $57,818
    Interest-bearing balances $47,478
    Total securities $88,660
    Federal funds sold & reverse repurchase $48
    Net loans and leases $672,607
    Loan and leases loss allowance $6,122
    Trading account assets $0
    Bank premises and fixed assets $22,784
    Other real estate owned $0
    Goodwill and other intangibles $4,176
    All other assets $26,194

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $872,287
    Total Liabilities $800,787
    Total deposits $746,387
    Interest-bearing deposits $607,586
    Deposits held in domestic offices $746,387
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $49,058
    Subordinated debt $0
    All other liabilities $5,342

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $672,607
    Loan and leases loss allowance $6,122
    Total loans and leases (domestic) $678,729
    All real estate loans $551,174
    Real estate loans in domestic offices $551,174
    Construction and development loans $65,966
    Residential 1-4 family construction $29,661
    Other construction, all land development and other land $36,305
    Loans secured by nonfarm nonresidential properties $222,559
    Nonfarm nonresidential secured by owner-occupied properties $97,399
    Commercial real estate & other non-farm, non-residential $125,160
    Multifamily residential real estate $60,640
    1-4 family residential loans $200,232
    Farmland loans $1,777
    Loans held in foreign offices $0
    Farm loans $110
    Commercial and industrial loans $47,744
    To non-U.S. addressees $0
    Loans to individuals $3,441
    Credit card loans $4
    Related Plans $50
    Consumer Auto Loans $175
    Other loans to individuals $3,212
    All other loans & leases $76,572
    Loans to foreign governments and official institutions $0
    Other loans $122
    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 $2,700
    Restructured Loans & leases $2,164
    Non 1-4 family restructured loans & leases $1,237
    Total loans and leases (foreign) $0

    Union Bank had $672,607,000 of loans outstanding in 2019. $551,174,000 of loans were in real estate loans. $65,966,000 of loans were in development loans. $60,640,000 of loans were in multifamily mortgage loans. $200,232,000 of loans were in 1-4 family mortgage loans. $110,000 of loans were in farm loans. $4,000 of loans were in credit card loans. $175,000 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 474 $93,716 $197,713
    Nonfarm, nonresidential loans - <$100k 127 $4,768 $37,543
    Nonfarm, nonresidential loans - $100-250k 163 $21,468 $131,706
    Nonfarm, nonresidential loans - $250k-1MM 184 $67,480 $366,739
    Commercial & Industrial, US addressed loans - <$1MM 266 $26,199 $98,492
    Commercial & Industrial, US addressed loans - <$100k 169 $3,540 $20,947
    Commercial & Industrial, US addressed loans - $100-250k 48 $5,166 $107,625
    Commercial & Industrial, US addressed loans - $250k-1MM 49 $17,493 $357,000
    Farmland loans - <$1MM 8 $708 $88,500
    Farmland loans - <$100k 2 $27 $13,500
    Farmland loans - $100-250k 5 $376 $75,200
    Farmland loans - $250k-1MM 1 $305 $305,000
    Agriculture operations loans - <$1MM 3 $110 $36,667
    Agriculture operations loans - <$100k 3 $110 $36,667