Granite Federal Credit Union Mortgage Rates, Fees & InfoSalt Lake City, UT
Tax ID: 87-0232489
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewGranite Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Granite Federal Credit Union 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: Salt Lake City, Provo, Ogden, St. George, and Heber among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)
Granite Federal Credit Union 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. Granite Federal Credit Union 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.70%||3/27/23|
|30 Year Conventional Refi||6.71%||3/27/23|
|30 Year Cash-out Refi||6.93%||3/27/23|
|30 Year FHA Purchase||6.27%||3/27/23|
|30 Year FHA Refi||6.27%||3/27/23|
|30 Year VA Purchase||5.94%||3/27/23|
|30 Year USDA Purchase||6.54%||3/27/23|
|15 Year Conventional Purchase||6.12%||3/27/23|
|15 Year Conventional Refi||6.56%||3/27/23|
|15 Year Cash-out Refi||6.56%||3/27/23|
|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.|
Origination Dollar Volume (All Markets)$120,515,000
Granite Federal Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.12%.
Relative Fees (Closing Costs)
Granite Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,820.
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 $4,750.
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|
|SALT LAKE CITY, UT (FHA|USDA|VA)||364||$82,980,000||$227,967||$3,720||4.76%|
|PROVO-OREM, UT (FHA|USDA|VA)||39||$11,335,000||$290,641||$6,092||5.10%|
|OGDEN-CLEARFIELD, UT (FHA|USDA|VA)||24||$10,210,000||$425,417||$4,222||4.22%|
|Outside of Metro Areas||9||$4,325,000||$480,556||$5,229||4.80%|
|ST. GEORGE, UT (FHA|USDA|VA)||6||$3,300,000||$550,000||$8,435||4.29%|
|Heber, UT (FHA|USDA|VA)||8||$2,800,000||$350,000||$5,521||4.36%|
|Vernal, UT (FHA|USDA|VA)||9||$1,795,000||$199,444||$3,810||3.67%|
|LOGAN, UT-ID (FHA|USDA|VA)||1||$1,305,000||$1,305,000||$0||5.00%|
|Evanston, WY (FHA|USDA|VA)||1||$535,000||$535,000||$8,726||4.00%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||1||$515,000||$515,000||$4,387||6.63%|
|LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA)||2||$510,000||$255,000||$3,317||5.00%|
|Coos Bay, OR (FHA|USDA|VA)||1||$245,000||$245,000||$6,520||3.63%|
|DOTHAN, AL (FHA|USDA|VA)||1||$195,000||$195,000||$8,070||3.80%|
|LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA)||1||$175,000||$175,000||$4,299||3.75%|
|SEBRING-AVON PARK, FL (FHA|USDA|VA)||1||$165,000||$165,000||$0||2.13%|
|LAWTON, OK (FHA|USDA|VA)||1||$125,000||$125,000||$3,645||4.99%|
We use machine learning to identify the top lenders compared against GRANITE FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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For 2022, Granite Federal Credit Union's most frequently originated type of loan was Conventional, with 271 originations. Their 2nd most popular type was HELOC, with 182 originations.
For 2022, Granite Federal Credit Union's most frequently cited loan purpose was Refi, with 142 originations. The 2nd most popular reason was Home Purchase, with 106 originations.
For 2022, Granite Federal Credit Union's most frequently cited loan duration was 20 Year, with 183 originations. The 2nd most popular length was 30 Year, with 140 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Granite Federal Credit Union's average total fees were $5,820, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 99 originations.
During 2022, Granite Federal Credit Union's average interest rate for loans was 4.64%, while their most frequently originated rate bucket for loans was 4-5%, with 132 originations.
2022 saw Granite Federal Credit Union place emphasis on $100,000 or less loans with 194 originations, totaling $9,410,000 in origination value.
Granite Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 119 originations. The second most popular income band? $75k-100k, with 83 originations.
Applicant Debt to Income Ratio
Granite Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 73 originations. The next most common DTI ratio? 20-30%, with 57 originations.
Approval RatesTotal approvals of all applications
Granite Federal Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Granite Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|GUARANTEED RATE INC.||Conventional home mortgage||Trouble during payment process||1||50.0%|
|GUARANTEED RATE INC.||FHA mortgage||Trouble during payment process||1||50.0%|