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 and Refi 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 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

    1,313

    Origination Dollar Volume (All Markets)

    $326,605,000

    Employee count

    194

    Awards

    Union Bank 30 Year Conventional Loans bronze Union Bank 30 Year Conventional Loans silver
    Show all (2) 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
    Outside of Metro Areas 596 $132,030,000 $221,527 $3,657 3.13%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 445 $127,085,000 $285,584 $3,812 3.09%
    Lebanon, NH-VT (FHA|USDA|VA) 115 $31,125,000 $270,652 $3,488 3.08%
    Barre, VT (FHA|USDA|VA) 112 $26,870,000 $239,911 $3,827 3.08%
    Berlin, NH (FHA|USDA|VA) 33 $6,835,000 $207,121 $3,053 2.88%
    Rutland, VT (FHA|USDA|VA) 4 $690,000 $172,500 $4,769 3.16%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $490,000 $245,000 $4,378 3.13%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $365,000 $365,000 $3,382 2.63%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $345,000 $345,000 $3,364 2.50%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $325,000 $325,000 $6,147 2.88%
    Laconia, NH (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.50%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $135,000 $135,000 $2,471 2.88%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $125,000 $125,000 $3,039 2.50%
    Union Bank's top markets include Burlington, Lebanon, Barre, Berlin, and Rutland among others.

    Their top states include:
  • Vermont (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Virginia (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.

    Community National Bank
    Similarity Rank: 130
    ST. MARY'S BANK
    Similarity Rank: 184
    Northfield Savings Bank
    Similarity Rank: 380
    Vermont Federal Credit Union
    Similarity Rank: 408
    Northway Bank
    Similarity Rank: 477
    Meredith Village Savings Bank
    Similarity Rank: 570
    ONE Credit Union
    Similarity Rank: 735
    Bar Harbor Bank & Trust
    Similarity Rank: 817
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 935
    MSA MORTGAGE, LLC
    Similarity Rank: 1020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,217 $306,955,000 $252,223 $3,473 3.10%
    FHA 44 $8,850,000 $201,136 $7,141 3.03%
    USDA 39 $7,465,000 $191,410 $5,410 3.03%
    VA 13 $3,335,000 $256,538 $6,575 2.95%

    For 2021, Union Bank's most frequently originated type of loan was Conventional, with 1,217 originations. Their 2nd most popular type was FHA, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 711 $193,765,000 $272,525 $4,134 3.19%
    Refi 315 $72,365,000 $229,730 $2,887 2.91%
    Cash Out Refi 262 $57,090,000 $217,901 $3,613 2.99%
    Other 16 $2,430,000 $151,875 $2,337 4.07%
    Home Improvement 9 $955,000 $106,111 $2,060 3.94%

    For 2021, Union Bank's most frequently cited loan purpose was Home Purchase, with 711 originations. The 2nd most popular reason was Refi, with 315 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 876 $221,700,000 $253,082 $4,024 3.14%
    15 Year 209 $39,555,000 $189,258 $2,897 2.74%
    20 Year 161 $37,415,000 $232,391 $3,032 3.21%
    Other 52 $26,350,000 $506,731 $3,393 3.46%
    10 Year 14 $1,560,000 $111,429 $1,932 3.21%
    5 Year 1 $25,000 $25,000 $120 4.75%

    For 2021, Union Bank's most frequently cited loan duration was 30 Year, with 876 originations. The 2nd most popular length was 15 Year, with 209 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 696 $161,230,000 $231,652
    $1k-2k 277 $61,235,000 $221,065
    $2k-3k 120 $28,950,000 $241,250
    $3k-4k 61 $16,305,000 $267,295
    $5k+ 39 $14,335,000 $367,564
    $4k-5k 22 $6,470,000 $294,091

    Union Bank's average total fees were $4,024, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 696 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 677 $157,855,000 $233,168
    3-4% 423 $121,885,000 $288,144
    <2.5% 143 $28,515,000 $199,406
    4-5% 52 $17,210,000 $330,962
    5-6% 16 $1,000,000 $62,500
    6-7% 2 $140,000 $70,000

    During 2021, Union Bank's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 2.5-3%, with 677 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 569 $155,565,000 $273,401 $4,034 3.03%
    $100k-200k 492 $75,550,000 $153,557 $3,352 3.06%
    $100,000 or less 114 $8,370,000 $73,421 $2,451 3.44%
    $400k-600k 105 $49,705,000 $473,381 $4,552 3.14%
    $600k-1MM 22 $15,010,000 $682,273 $4,341 3.40%
    $1MM+ 11 $22,405,000 $2,036,818 $6,919 3.72%

    2021 saw Union Bank place emphasis on $200k-400k loans with 569 originations, totaling $155,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 324 $59,090,000 $182,377 $3,645 3.08%
    $100k-150k 269 $70,955,000 $263,773 $3,694 2.98%
    $75k-100k 263 $56,175,000 $213,593 $3,788 3.06%
    $150k-250k 166 $52,980,000 $319,157 $3,838 3.02%
    $50k or less 151 $19,445,000 $128,775 $3,421 3.21%
    $250k+ 85 $38,545,000 $453,471 $4,170 3.10%

    Union Bank lent most frequently to those with incomes in the $50k-75k range, with 324 originations. The second most popular income band? $100k-150k, with 269 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 276 $66,290,000 $240,181 $3,548 3.03%
    30-36% 265 $63,025,000 $237,830 $3,524 3.07%
    <20% 79 $22,175,000 $280,696 $3,548 2.98%
    38% 60 $15,130,000 $252,167 $3,570 3.12%
    41% 60 $13,850,000 $230,833 $4,200 3.11%
    42% 59 $12,405,000 $210,254 $4,069 3.12%
    36% 58 $12,920,000 $222,759 $3,503 3.04%
    37% 56 $11,830,000 $211,250 $3,660 3.22%
    39% 56 $13,520,000 $241,429 $3,568 3.17%
    44% 55 $12,065,000 $219,364 $4,382 3.04%
    40% 50 $11,600,000 $232,000 $3,714 3.05%
    43% 40 $8,160,000 $204,000 $3,836 3.18%
    48% 35 $7,725,000 $220,714 $3,373 2.94%
    45% 33 $6,715,000 $203,485 $3,139 2.96%
    46% 31 $7,195,000 $232,097 $4,187 3.08%
    49% 31 $7,545,000 $243,387 $5,044 2.98%
    47% 24 $5,810,000 $242,083 $4,220 2.95%
    50-60% 6 $2,070,000 $345,000 $4,086 3.50%
    >60% 2 $270,000 $135,000 $2,247 4.13%

    Union Bank lent most frequently to those with DTI ratios of 20-30%, with 276 originations. The next most common DTI ratio? 30-36%, with 265 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 924 $221,530,000 $239,751 $3,629 3.07%
    Not provided 337 $80,255,000 $238,145 $3,849 3.06%
    Not applicable 33 $20,075,000 $608,333 $0 4.18%
    Black 8 $2,110,000 $263,750 $4,232 3.19%
    Asian 7 $1,955,000 $279,286 $4,395 3.04%
    American Indian 4 $680,000 $170,000 $5,498 3.06%

    Approval Rates

    Total approvals of all applications
    95.32%

    Union Bank 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
    83.02%

    Union Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,313 $326,605,000 $248,747

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,313 $326,605,000 $248,747

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 93 $14,165,000 $152,312 $2,591 2.98%
    40-60% 248 $55,720,000 $224,677 $2,888 3.00%
    60-80% 518 $148,370,000 $286,429 $3,689 3.13%
    80-100% 430 $105,470,000 $245,279 $4,399 3.10%
    Over 100% 7 $1,575,000 $225,000 $7,986 3.11%
    Under 20% 17 $1,305,000 $76,765 $1,235 4.05%

    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 $16,554
    Union Bank 103 Vermont 15 West Hardwick, VT 5843 Full Service B&M $63,970
    Union Bank 135 Main Street Lincoln, NH 3251 Full Service B&M $50,417
    Union Bank 15 Mapleville Depot Saint Albans, VT 5478 Full Service B&M $27,968
    Union Bank 16 Browns River Road Fairfax, VT 5454 Full Service B&M $40,331
    Union Bank 183 Depot Street Lyndonville, VT 5851 Full Service B&M $41,665
    Union Bank 198 Lower Main Street West Johnson, VT 5656 Full Service B&M $29,834
    Union Bank 20 Main St Morrisville, VT 5661 Full Service B&M $183,076
    Union Bank 263 Dells Road Littleton, NH 3561 Full Service B&M $23,524
    Union Bank 3 State Street Groveton, NH 3582 Full Service B&M $21,470
    Union Bank 31 Market Street Williston, VT 5495 Full Service B&M $21,241
    Union Bank 325 Portland Street Saint Johnsbury, VT 5819 Full Service B&M $23,037
    Union Bank 364 Railroad Street Saint Johnsbury, VT 5819 Full Service B&M $81,657
    Union Bank 368 Vermont Route 15 Jericho, VT 5465 Full Service B&M $18,467
    Union Bank 47 Park Street Stowe, VT 5672 Full Service B&M $154,896
    Union Bank 5062 Vt Route 15 Jeffersonville, VT 5464 Full Service B&M $69,710
    Union Bank 65 Northgate Avenue Morrisville, VT 5661 Full Service B&M $73,887
    Union Bank 76 Main Street Littleton, NH 3561 Full Service B&M $29,093

    For 2021, Union Bank had 18 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $39,273
    Net interest income $35,907
    Total noninterest income $12,870
    Gross Fiduciary activities income $808
    Service charges on deposit accounts $1,145
    Trading account gains and fees $0
    Additional Noninterest Income $10,917
    Pre-tax net operating income $16,619
    Securities gains (or losses, -) $-29
    Income before extraordinary items $13,780
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,780
    Minority interest net income $0
    Net income $13,780
    Sale, conversion, retirement of capital stock, net $367
    Net operating income $13,804

    Union Bank's gross interest income from loans was $39,273,000.
    Union Bank's net interest income from loans was $35,907,000.
    Union Bank's fee based income from loans was $1,145,000.
    Union Bank's net income from loans was $13,780,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,366
    Provision for credit losses $0
    Total noninterest expense $32,158
    Salaries and employee benefits $19,024
    Premises and equipment expense $5,206
    Additional noninterest expense $7,928
    Applicable income taxes $2,810
    Net charge-offs $-65
    Cash dividends $5,400

    Union Bank's interest expense for loans was $3,366,000.
    Union Bank's payroll and benefits expense were $19,024,000.
    Union Bank's property, plant and equipment expenses $5,206,000.

    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 1.0%
    Multifamily residential loans 1.0%
    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 $1,097,761
    Deposits held in domestic offices $1,097,761
    Deposits by Individuals, partnerships, and corporations $968,771
    Deposits by U.S. Government $2,201
    Deposits by States and political subdivisions in the U.S. $122,571
    Deposits by Commercial banks and other depository institutions in U.S. $4,218
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $544,032
    Demand deposits $312,429
    Nontransaction accounts $553,729
    Money market deposit accounts (MMDAs) $263,523
    Other savings deposits (excluding MMDAs) $183,491
    Total time deposits $106,715
    Total time and savings deposits $785,332
    Noninterest-bearing deposits $267,566
    Interest-bearing deposits $830,195
    Retail deposits $1,081,538
    IRAs and Keogh plan accounts $25,821
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,204,547
    Cash & Balances due from depository institutions $79,182
    Interest-bearing balances $70,793
    Total securities $269,521
    Federal funds sold & reverse repurchase $159
    Net loans and leases $793,247
    Loan and leases loss allowance $8,336
    Trading account assets $0
    Bank premises and fixed assets $23,227
    Other real estate owned $0
    Goodwill and other intangibles $4,719
    All other assets $34,492

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,204,547
    Total Liabilities $1,104,730
    Total deposits $1,097,761
    Interest-bearing deposits $830,195
    Deposits held in domestic offices $1,097,761
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $6,969

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $793,247
    Loan and leases loss allowance $8,336
    Total loans and leases (domestic) $801,583
    All real estate loans $666,373
    Real estate loans in domestic offices $666,373
    Construction and development loans $65,285
    Residential 1-4 family construction $33,169
    Other construction, all land development and other land $32,116
    Loans secured by nonfarm nonresidential properties $248,360
    Nonfarm nonresidential secured by owner-occupied properties $93,802
    Commercial real estate & other non-farm, non-residential $154,558
    Multifamily residential real estate $89,998
    1-4 family residential loans $261,621
    Farmland loans $1,109
    Loans held in foreign offices $0
    Farm loans $498
    Commercial and industrial loans $49,528
    To non-U.S. addressees $0
    Loans to individuals $2,311
    Credit card loans $9
    Related Plans $29
    Consumer Auto Loans $124
    Other loans to individuals $2,149
    All other loans & leases $83,994
    Loans to foreign governments and official institutions $0
    Other loans $67
    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 $2,102
    Restructured Loans & leases $1,633
    Non 1-4 family restructured loans & leases $384
    Total loans and leases (foreign) $0

    Union Bank had $793,247,000 of loans outstanding in 2021. $666,373,000 of loans were in real estate loans. $65,285,000 of loans were in development loans. $89,998,000 of loans were in multifamily mortgage loans. $261,621,000 of loans were in 1-4 family mortgage loans. $498,000 of loans were in farm loans. $9,000 of loans were in credit card loans. $124,000 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 407 $89,881 $220,838
    Nonfarm, nonresidential loans - <$100k 89 $3,211 $36,079
    Nonfarm, nonresidential loans - $100-250k 138 $17,603 $127,558
    Nonfarm, nonresidential loans - $250k-1MM 180 $69,067 $383,706
    Commercial & Industrial, US addressed loans - <$1MM 384 $31,101 $80,992
    Commercial & Industrial, US addressed loans - <$100k 274 $6,730 $24,562
    Commercial & Industrial, US addressed loans - $100-250k 65 $7,922 $121,877
    Commercial & Industrial, US addressed loans - $250k-1MM 45 $16,449 $365,533
    Farmland loans - <$1MM 6 $778 $129,667
    Farmland loans - <$100k 1 $25 $25,000
    Farmland loans - $100-250k 4 $467 $116,750
    Farmland loans - $250k-1MM 1 $286 $286,000
    Agriculture operations loans - <$1MM 1 $58 $58,000
    Agriculture operations loans - <$100k 1 $58 $58,000