Granite Federal Credit Union Mortgage Rates, Fees & Info

Salt Lake City, UT

LEI: 549300JAEP0DFO79JO70

Tax ID: 87-0232489

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Granite Federal Credit Union is a smaller credit union specializing in Refi, Cash Out 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.) Their top markets include Salt Lake City, Provo, Ogden, Heber, and Las Vegas among others. Granite Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Granite Federal Credit Union is typically an average fee lendor.


Originations

625

Origination Dollar Volume (All Markets)

$129,645,000

Relative Rate

Granite Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.18%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.03%.

Relative Fees

Granite Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $3,900.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SALT LAKE CITY, UT (FHA|USDA|VA) 490 $96,240,000 $196,408 $3,695 3.46%
PROVO-OREM, UT (FHA|USDA|VA) 52 $12,360,000 $237,692 $4,067 3.47%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 38 $10,690,000 $281,316 $4,940 3.63%
Heber, UT (FHA|USDA|VA) 12 $2,650,000 $220,833 $3,219 2.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 4 $900,000 $225,000 $3,639 2.56%
LOGAN, UT-ID (FHA|USDA|VA) 4 $890,000 $222,500 $2,413 2.72%
ST. GEORGE, UT (FHA|USDA|VA) 6 $860,000 $143,333 $2,590 2.98%
Outside of Metro Areas 6 $760,000 $126,667 $3,576 3.51%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $545,000 $545,000 $2,705 3.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $535,000 $535,000 $5,052 3.13%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $515,000 $515,000 $3,037 2.38%
MODESTO, CA (FHA|USDA|VA) 1 $465,000 $465,000 $0 3.00%
DOTHAN, AL (FHA|USDA|VA) 1 $425,000 $425,000 $3,500 2.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $325,000 $325,000 $4,413 2.99%
ROANOKE, VA (FHA|USDA|VA) 1 $325,000 $325,000 $3,037 3.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $265,000 $265,000 $3,038 3.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,311 3.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $215,000 $215,000 $2,389 3.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $2,534 3.13%
Ruidoso, NM (FHA|USDA|VA) 1 $155,000 $155,000 $2,689 3.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $125,000 $125,000 $2,493 3.13%

Granite Federal Credit Union's top markets include Salt Lake City, Provo, Ogden, Heber, and Las Vegas among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 621 $128,065,000 $206,224 $3,750 3.45%
VA 3 $1,205,000 $401,667 $5,756 2.50%
FHA 1 $375,000 $375,000 $0 0.00%

For the 2021 period, Granite Federal Credit Union's most frequently originated loan type of loans were Conventional, with 621 originations. Their 2nd most popular type is VA, with 3 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 176 $46,280,000 $262,955 $3,592 2.78%
Cash Out Refi 176 $40,370,000 $229,375 $3,455 3.20%
Home Improvement 120 $9,420,000 $78,500 $5,033 4.15%
Home Purchase 87 $29,575,000 $339,943 $4,448 3.20%
Other 66 $4,000,000 $60,606 $0 4.87%

For the 2021, Granite Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 176 originations. The 2nd most popular reason of loans were Cash Out Refi, with 176 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 239 $79,115,000 $331,025 $3,900 3.18%
20 Year 138 $11,110,000 $80,507 $3,082 4.09%
15 Year 103 $22,525,000 $218,689 $3,499 3.33%
Other 103 $12,215,000 $118,592 $1,179 3.37%
10 Year 22 $2,820,000 $128,182 $2,630 3.11%
5 Year 17 $1,355,000 $79,706 $0 2.93%
30+ year 3 $505,000 $168,333 $0 5.17%

For the 2021, Granite Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 239 originations. The 2nd most popular length of loans were 20 Year, with 138 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 291 $56,465,000 $194,038
$2k-3k 61 $16,675,000 $273,361
$1k-2k 57 $10,345,000 $181,491
$3k-4k 53 $20,045,000 $378,208
$5k+ 18 $13,220,000 $734,444

$3,900 of loans were Granite Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 291 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 271 $53,285,000 $196,624
<2.5% 139 $29,315,000 $210,899
2.5-3% 122 $38,560,000 $316,066
4-5% 47 $5,615,000 $119,468
5-6% 25 $1,985,000 $79,400
6-7% 15 $625,000 $41,667
Over 8% 4 $160,000 $40,000
7-8% 2 $100,000 $50,000

During 2021, Granite Federal Credit Union's average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 271 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 207 $9,955,000 $48,092 $1,970 4.24%
$200k-400k 207 $59,025,000 $285,145 $3,540 3.06%
$100k-200k 136 $19,720,000 $145,000 $2,661 2.97%
$400k-600k 62 $29,620,000 $477,742 $4,848 3.12%
$600k-1MM 9 $6,125,000 $680,556 $8,890 3.07%
$1MM+ 4 $5,200,000 $1,300,000 $10,689 2.69%

2021 saw Granite Federal Credit Union place emphasis on $100,000 or less loans with 207 originations, totaling $9,955,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 164 $26,950,000 $164,329 $3,308 3.61%
$100k-150k 157 $35,665,000 $227,166 $4,065 3.54%
$75k-100k 122 $24,430,000 $200,246 $3,229 3.26%
$50k or less 94 $10,680,000 $113,617 $2,710 3.40%
$150k-250k 64 $19,820,000 $309,688 $5,068 3.33%
$250k+ 24 $12,100,000 $504,167 $5,640 2.96%

Granite Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 164 originations. The second most popular income band? $100k-150k, with 157 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 118 $23,350,000 $197,881 $3,187 3.19%
30-36% 107 $26,305,000 $245,841 $3,773 3.13%
50-60% 72 $6,850,000 $95,139 $8,685 3.92%
<20% 52 $11,710,000 $225,192 $3,709 3.05%
>60% 48 $5,860,000 $122,083 $3,121 4.42%
40% 25 $6,765,000 $270,600 $3,951 3.41%
42% 23 $5,865,000 $255,000 $4,818 3.54%
39% 23 $4,945,000 $215,000 $4,024 3.59%
36% 21 $5,815,000 $276,905 $4,081 3.46%
38% 20 $5,440,000 $272,000 $3,565 3.25%
43% 20 $4,710,000 $235,500 $3,925 3.19%
41% 19 $5,145,000 $270,789 $4,449 3.69%
37% 17 $3,755,000 $220,882 $3,379 3.36%
44% 16 $2,450,000 $153,125 $3,180 3.79%
45% 15 $5,165,000 $344,333 $7,575 3.71%
47% 10 $1,810,000 $181,000 $2,399 3.13%
48% 5 $505,000 $101,000 $0 3.36%
46% 4 $850,000 $212,500 $2,773 3.63%
49% 3 $185,000 $61,667 $0 4.00%

Granite Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 107 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 585 $118,955,000 $203,342 $3,701 3.42%
Not provided 17 $5,955,000 $350,294 $4,366 3.13%
Asian 9 $2,805,000 $311,667 $5,436 3.17%
Native Hawaiian 2 $540,000 $270,000 $2,273 3.31%
Other Pacific Islander 3 $535,000 $178,333 $0 4.50%
Black 5 $385,000 $77,000 $4,540 5.49%
Japanese 2 $250,000 $125,000 $0 3.37%
Asian Indian 1 $165,000 $165,000 $0 4.50%
Other Asian 1 $55,000 $55,000 $0 5.00%

Approval Rates

Total approvals of all applications
93.29%

Granite Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
77.37%

Granite Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 293 $25,975,000 $88,652
NA 332 $103,670,000 $312,259

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
625 $129,645,000 $207,432

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 122 $19,760,000 $161,967 $3,022 2.98%
40-60% 90 $23,310,000 $259,000 $3,240 2.81%
60-80% 128 $44,780,000 $349,844 $3,816 3.01%
80-100% 85 $31,165,000 $366,647 $4,733 3.25%
Under 20% 198 $10,140,000 $51,212 $1,982 4.36%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
GUARANTY HOME MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%