Granite Federal Credit Union Mortgage Rates, Fees & Info

Salt Lake City, UT

LEI: 549300JAEP0DFO79JO70

Tax ID: 87-0232489

5 stars - Updated: 6/23/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Granite Federal Credit Union is a smaller credit union specializing in 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 a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Salt Lake City, Provo, Ogden, St. George, and Heber among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Granite Federal Credit Union has an 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 relatively high 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 6.70% 6/23/24
30 Year Conventional Refi 6.71% 6/23/24
30 Year Cash-out Refi 6.93% 6/23/24
30 Year FHA Purchase 6.27% 6/23/24
30 Year FHA Refi 6.27% 6/23/24
30 Year VA Purchase 5.94% 6/23/24
30 Year USDA Purchase 6.54% 6/23/24
15 Year Conventional Purchase 6.12% 6/23/24
15 Year Conventional Refi 6.56% 6/23/24
15 Year Cash-out Refi 6.56% 6/23/24
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.

Granite Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Granite Federal Credit Union. 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

260

Origination Dollar Volume (All Markets)

$40,550,000

Awards

GRANITE FEDERAL CREDIT UNION 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Granite Federal Credit Union's average 30 year fixed mortgage rate was 7.29%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.81%.

Relative Fees (Closing Costs)

Granite Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,993.

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 $9,089.

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
SALT LAKE CITY, UT (FHA|USDA|VA) 215 $30,145,000 $140,209 $3,302 8.03%
PROVO-OREM, UT (FHA|USDA|VA) 18 $5,840,000 $324,444 $5,894 7.81%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 16 $2,280,000 $142,500 $4,161 8.34%
ST. GEORGE, UT (FHA|USDA|VA) 2 $720,000 $360,000 $6,692 7.00%
Heber, UT (FHA|USDA|VA) 1 $545,000 $545,000 $8,668 7.88%
Outside of Metro Areas 4 $420,000 $105,000 $4,646 6.81%
LYNCHBURG, VA (FHA|USDA|VA) 1 $255,000 $255,000 $3,225 7.13%
Vernal, UT (FHA|USDA|VA) 1 $165,000 $165,000 $3,898 7.38%
Las Vegas, NM (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.15%
LOGAN, UT-ID (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.00%
Granite Federal Credit Union's top markets include Salt Lake City, Provo, Ogden, St. George, and Heber among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Similar Lenders

    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.

    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 300
    Cache Valley Bank
    Similarity Rank: 736
    CYPRUS Federal Credit Union
    Similarity Rank: 900
    UTAH COMMUNITY
    Similarity Rank: 900
    Utah Power
    Similarity Rank: 975
    GRANITE FEDERAL CREDIT UNION
    Similarity Rank: 1000
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 1100
    NEST HOME LENDING, LLC
    Similarity Rank: 1560
    Utah Mortgage Loan Corporation
    Similarity Rank: 1743

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 149 $12,675,000 $85,067 n/a 8.58%
    Conventional 101 $25,555,000 $253,020 $3,674 7.33%
    FHA 5 $1,295,000 $259,000 $0 6.87%
    Reverse Mortgage 3 $585,000 $195,000 $0 3.92%
    FHA 1 $225,000 $225,000 $3,887 7.88%
    VA 1 $215,000 $215,000 $10,076 5.75%

    For 2023, Granite Federal Credit Union's most frequently originated type of loan was HELOC, with 149 originations. Their 2nd most popular type was Conventional, with 101 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 80 $6,530,000 $81,625 $0 8.61%
    Home Purchase 52 $17,240,000 $331,538 $6,366 7.33%
    Cash Out Refi 52 $7,040,000 $135,385 $1,296 7.26%
    Other 45 $4,805,000 $106,778 $0 8.50%
    Refi 31 $4,935,000 $159,194 $1,637 8.01%

    For 2023, Granite Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 80 originations. The 2nd most popular reason was Home Purchase, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 149 $12,675,000 $85,067 $0 8.58%
    30 Year 55 $18,465,000 $335,727 $5,993 7.29%
    15 Year 30 $3,790,000 $126,333 $1,211 7.70%
    Other 20 $5,050,000 $252,500 $693 6.38%
    10 Year 5 $535,000 $107,000 $729 6.79%
    5 Year 1 $35,000 $35,000 $535 5.99%

    For 2023, Granite Federal Credit Union's most frequently cited loan duration was 20 Year, with 149 originations. The 2nd most popular length was 30 Year, with 55 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 49 $5,735,000 $117,041
    $4k-5k 19 $7,415,000 $390,263
    $3k-4k 11 $3,775,000 $343,182
    $5k+ 11 $6,305,000 $573,182
    $2k-3k 10 $1,800,000 $180,000
    $1k-2k 2 $210,000 $105,000

    Granite Federal Credit Union's average total fees were $5,993, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 49 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 118 $10,080,000 $85,424
    7-8% 109 $23,455,000 $215,183
    6-7% 18 $4,050,000 $225,000
    5-6% 11 $1,915,000 $174,091
    <2.5% 2 $340,000 $170,000
    3-4% 1 $525,000 $525,000
    2.5-3% 1 $185,000 $185,000

    During 2023, Granite Federal Credit Union's average interest rate for loans was 7.29%, while their most frequently originated rate bucket for loans was Over 8%, with 118 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 139 $6,905,000 $49,676 $744 8.45%
    $100k-200k 51 $7,165,000 $140,490 $2,364 7.52%
    $200k-400k 41 $11,605,000 $283,049 $4,979 7.39%
    $400k-600k 25 $11,225,000 $449,000 $7,346 7.55%
    $600k-1MM 3 $2,045,000 $681,667 $8,136 7.33%
    $1MM+ 1 $1,605,000 $1,605,000 $0 7.25%

    2023 saw Granite Federal Credit Union place emphasis on $100,000 or less loans with 139 originations, totaling $6,905,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 66 $10,240,000 $155,152 $4,751 8.19%
    $100k-150k 65 $10,515,000 $161,769 $3,669 8.12%
    $50k-75k 64 $5,190,000 $81,094 $2,502 8.10%
    $150k-250k 32 $7,280,000 $227,500 $3,961 7.90%
    $50k or less 24 $2,950,000 $122,917 $2,788 7.12%
    $250k+ 7 $3,455,000 $493,571 $5,074 7.55%

    Granite Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 66 originations. The second most popular income band? $100k-150k, with 65 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 54 $6,300,000 $116,667 $6,612 8.63%
    30-36% 38 $5,610,000 $147,632 $3,744 7.92%
    50-60% 33 $3,195,000 $96,818 $2,910 8.75%
    20-30% 20 $3,310,000 $165,500 $2,255 7.54%
    42% 13 $3,465,000 $266,538 $5,053 7.60%
    41% 13 $2,845,000 $218,846 $4,867 8.00%
    43% 10 $1,700,000 $170,000 $3,423 7.81%
    45% 9 $1,135,000 $126,111 $4,220 7.75%
    40% 8 $1,950,000 $243,750 $5,925 7.84%
    39% 7 $1,035,000 $147,857 $3,647 7.84%
    46% 7 $795,000 $113,571 $2,534 7.64%
    37% 7 $655,000 $93,571 $1,406 7.53%
    <20% 6 $790,000 $131,667 $2,499 7.46%
    38% 5 $1,075,000 $215,000 $3,422 7.60%
    47% 5 $955,000 $191,000 $4,669 7.12%
    36% 5 $735,000 $147,000 $1,871 7.87%
    48% 5 $1,115,000 $223,000 $3,869 7.02%
    44% 4 $990,000 $247,500 $4,551 8.37%
    49% 1 $35,000 $35,000 $449 9.24%

    Granite Federal Credit Union lent most frequently to those with DTI ratios of >60%, with 54 originations. The next most common DTI ratio? 30-36%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 238 $35,670,000 $149,874 $3,673 8.05%
    Not provided 13 $3,365,000 $258,846 $4,563 6.70%
    Not applicable 1 $755,000 $755,000 $0 7.50%
    Asian 4 $520,000 $130,000 $0 8.81%
    Black 2 $150,000 $75,000 $0 8.38%
    American Indian 2 $90,000 $45,000 $584 8.25%

    Approval Rates

    Total approvals of all applications
    88.15%

    Granite Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    29.23%

    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
    0.0 42 $3,360,000 $80,000
    8.0 2 $200,000 $100,000
    NA 216 $36,990,000 $171,250

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    260 $40,550,000 $155,962

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $8,095,000 $188,256 $2,138 7.54%
    40-60% 15 $3,685,000 $245,667 $3,435 6.68%
    60-80% 12 $5,290,000 $440,833 $5,577 7.09%
    80-100% 35 $13,285,000 $379,571 $6,886 7.35%
    Under 20% 155 $10,195,000 $65,774 $756 8.46%