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)

    • 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 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 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 6.54% 12/3/24
    30 Year Conventional Refi 6.48% 12/3/24
    30 Year Cash-out Refi 6.67% 12/3/24
    30 Year FHA Purchase 7.35% 12/3/24
    30 Year VA Purchase 5.99% 12/3/24
    30 Year USDA Purchase 6.46% 12/3/24
    15 Year Conventional Purchase 6.10% 12/3/24
    15 Year Conventional Refi 5.77% 12/3/24
    15 Year Cash-out Refi 5.77% 12/3/24
    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

    739

    Origination Dollar Volume (All Markets)

    $220,105,000

    Awards

    Union Bank FHA Loans gold Union Bank USDA Loans gold
    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 335 $93,115,000 $277,955 $4,684 4.95%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 238 $75,620,000 $317,731 $4,844 4.80%
    Lebanon, NH-VT (FHA|USDA|VA) 81 $28,405,000 $350,679 $4,745 4.78%
    Barre, VT (FHA|USDA|VA) 52 $12,310,000 $236,731 $4,103 5.05%
    Berlin, NH (FHA|USDA|VA) 19 $3,615,000 $190,263 $3,014 5.16%
    Rutland, VT (FHA|USDA|VA) 5 $2,195,000 $439,000 $7,673 4.47%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $1,115,000 $371,667 $2,949 5.13%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $5,511 3.00%
    Concord, NH (FHA|USDA|VA) 1 $705,000 $705,000 $8,475 3.88%
    Laconia, NH (FHA|USDA|VA) 1 $605,000 $605,000 $8,297 5.25%
    Bennington, VT (FHA|USDA|VA) 1 $555,000 $555,000 $9,150 4.75%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $445,000 $445,000 $6,787 6.13%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $415,000 $415,000 $5,284 3.25%
    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)
  • Maine (FHA|USDA|VA)
  • South Carolina (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.

    Meredith Village Savings Bank
    Similarity Rank: 153
    Northfield Savings Bank
    Similarity Rank: 195
    Northway Bank
    Similarity Rank: 220
    Vermont Federal Credit Union
    Similarity Rank: 252
    NORTHEAST CREDIT UNION
    Similarity Rank: 504
    Bank of New Hampshire
    Similarity Rank: 688
    Bar Harbor Bank & Trust
    Similarity Rank: 760
    VERMONT STATE EMPLOYEES
    Similarity Rank: 891
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 935
    Mascoma Bank
    Similarity Rank: 1275

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 678 $207,780,000 $306,460 $4,438 4.89%
    FHA 37 $7,485,000 $202,297 $7,965 5.13%
    USDA 20 $3,600,000 $180,000 $5,983 4.53%
    VA 4 $1,240,000 $310,000 $7,163 4.31%

    For 2022, Union Bank's most frequently originated type of loan was Conventional, with 678 originations. Their 2nd most popular type was FHA, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 531 $175,835,000 $331,139 $5,277 4.97%
    Cash Out Refi 99 $19,645,000 $198,434 $3,757 4.53%
    Refi 48 $16,090,000 $335,208 $3,301 4.10%
    Home Improvement 35 $4,025,000 $115,000 $1,722 5.32%
    Other 26 $4,510,000 $173,462 $2,515 5.49%

    For 2022, Union Bank's most frequently cited loan purpose was Home Purchase, with 531 originations. The 2nd most popular reason was Cash Out Refi, with 99 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 558 $163,340,000 $292,724 $5,223 4.92%
    15 Year 77 $11,365,000 $147,597 $2,714 4.59%
    20 Year 48 $17,480,000 $364,167 $3,676 4.82%
    10 Year 27 $7,265,000 $269,074 $748 5.19%
    Other 22 $20,530,000 $933,182 $3,292 4.59%
    5 Year 6 $120,000 $20,000 $205 5.65%
    3 Year 1 $5,000 $5,000 $120 4.75%

    For 2022, Union Bank's most frequently cited loan duration was 30 Year, with 558 originations. The 2nd most popular length was 15 Year, with 77 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 211 $41,855,000 $198,365
    $1k-2k 199 $51,505,000 $258,819
    $2k-3k 113 $32,055,000 $283,673
    $3k-4k 72 $23,220,000 $322,500
    $5k+ 41 $16,875,000 $411,585
    $4k-5k 35 $13,535,000 $386,714

    Union Bank's average total fees were $5,223, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 211 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 259 $65,115,000 $251,409
    3-4% 196 $77,590,000 $395,867
    4-5% 153 $48,315,000 $315,784
    6-7% 86 $19,630,000 $228,256
    2.5-3% 21 $5,045,000 $240,238
    7-8% 16 $3,280,000 $205,000
    <2.5% 7 $1,015,000 $145,000
    Over 8% 1 $115,000 $115,000

    During 2022, Union Bank's average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 5-6%, with 259 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 288 $80,510,000 $279,549 $5,247 4.89%
    $100k-200k 213 $32,455,000 $152,371 $4,259 4.87%
    $100,000 or less 93 $5,305,000 $57,043 $1,710 5.35%
    $400k-600k 90 $42,730,000 $474,778 $6,220 4.76%
    $600k-1MM 42 $30,070,000 $715,952 $6,475 4.44%
    $1MM+ 13 $29,035,000 $2,233,462 $7,831 4.06%

    2022 saw Union Bank place emphasis on $200k-400k loans with 288 originations, totaling $80,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 147 $38,365,000 $260,986 $4,426 4.92%
    $50k-75k 147 $25,415,000 $172,891 $4,156 4.93%
    $75k-100k 116 $25,450,000 $219,397 $4,814 4.94%
    $150k-250k 110 $43,050,000 $391,364 $5,468 4.80%
    $250k+ 90 $42,110,000 $467,889 $6,166 4.78%
    $50k or less 85 $9,735,000 $114,529 $3,752 4.88%

    Union Bank lent most frequently to those with incomes in the $100k-150k range, with 147 originations. The second most popular income band? $50k-75k, with 147 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 152 $42,620,000 $280,395 $4,550 4.83%
    20-30% 147 $38,555,000 $262,279 $4,281 4.87%
    <20% 44 $13,700,000 $311,364 $4,897 4.63%
    38% 43 $12,695,000 $295,233 $5,560 5.01%
    41% 38 $8,840,000 $232,632 $4,586 5.04%
    39% 38 $9,620,000 $253,158 $3,950 4.95%
    37% 34 $9,920,000 $291,765 $5,654 4.88%
    36% 32 $7,700,000 $240,625 $4,116 4.73%
    42% 31 $7,815,000 $252,097 $5,144 4.96%
    44% 25 $5,565,000 $222,600 $4,770 4.89%
    43% 23 $6,125,000 $266,304 $6,102 4.85%
    40% 23 $5,435,000 $236,304 $4,877 5.10%
    45% 19 $4,375,000 $230,263 $4,795 4.73%
    49% 13 $3,265,000 $251,154 $4,641 5.56%
    46% 13 $2,945,000 $226,538 $4,806 5.05%
    48% 12 $3,020,000 $251,667 $4,943 4.92%
    50-60% 7 $1,605,000 $229,286 $5,131 4.43%
    47% 6 $1,550,000 $258,333 $4,238 5.56%
    >60% 1 $65,000 $65,000 $433 5.99%

    Union Bank lent most frequently to those with DTI ratios of 30-36%, with 152 originations. The next most common DTI ratio? 20-30%, with 147 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 516 $131,610,000 $255,058 $4,446 4.86%
    Not provided 165 $46,835,000 $283,848 $5,439 5.00%
    Not applicable 37 $34,655,000 $936,622 $0 4.85%
    Asian 16 $5,690,000 $355,625 $4,959 4.67%
    Chinese 1 $695,000 $695,000 $6,530 3.25%
    American Indian 3 $475,000 $158,333 $4,933 4.63%
    Black 1 $145,000 $145,000 $2,884 5.50%

    Approval Rates

    Total approvals of all applications
    94.10%

    Union Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.90%

    Union Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 739 $220,105,000 $297,842

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    739 $220,105,000 $297,842

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 51 $8,795,000 $172,451 $3,063 4.72%
    40-60% 113 $27,415,000 $242,611 $3,887 4.62%
    60-80% 284 $106,220,000 $374,014 $5,033 4.84%
    80-100% 248 $75,650,000 $305,040 $5,768 4.97%
    Over 100% 1 $245,000 $245,000 $6,393 3.75%
    Under 20% 42 $1,780,000 $42,381 $452 5.69%