Granite Federal Credit Union Mortgage Rates, Fees & Info

Salt Lake City, UT

LEI: 549300JAEP0DFO79JO70

Tax ID: 87-0232489

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Granite Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Granite Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Salt Lake City, Provo, Ogden, Heber, and Seattle among others. We have data for 14 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.70% 4/21/24
    30 Year Conventional Refi 6.71% 4/21/24
    30 Year Cash-out Refi 6.93% 4/21/24
    30 Year FHA Purchase 6.27% 4/21/24
    30 Year FHA Refi 6.27% 4/21/24
    30 Year VA Purchase 5.94% 4/21/24
    30 Year USDA Purchase 6.54% 4/21/24
    15 Year Conventional Purchase 6.12% 4/21/24
    15 Year Conventional Refi 6.56% 4/21/24
    15 Year Cash-out Refi 6.56% 4/21/24
    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.

    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

    496

    Origination Dollar Volume (All Markets)

    $67,100,000

    Awards

    GRANITE FEDERAL CREDIT UNION 30 Year Conventional Loans gold GRANITE FEDERAL CREDIT UNION 30 Year Conventional Loans silver GRANITE FEDERAL CREDIT UNION 30 Year Conventional Loans silver GRANITE FEDERAL CREDIT UNION 30 Year Conventional Loans bronze
    Show all (4) 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
    SALT LAKE CITY, UT (FHA|USDA|VA) 417 $52,105,000 $124,952 $1,860 5.05%
    PROVO-OREM, UT (FHA|USDA|VA) 34 $6,720,000 $197,647 $1,972 5.06%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 22 $3,520,000 $160,000 $1,984 4.88%
    Heber, UT (FHA|USDA|VA) 8 $1,750,000 $218,750 $2,666 4.67%
    Outside of Metro Areas 3 $525,000 $175,000 $3,761 5.16%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $505,000 $505,000 $2,892 4.75%
    Cedar City, UT (FHA|USDA|VA) 3 $455,000 $151,667 $2,852 4.33%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $415,000 $415,000 $3,114 4.75%
    JACKSON, MS (FHA|USDA|VA) 2 $390,000 $195,000 $2,702 5.38%
    ST. GEORGE, UT (FHA|USDA|VA) 1 $285,000 $285,000 $2,561 4.99%
    BOISE CITY, ID (FHA|USDA|VA) 1 $195,000 $195,000 $3,003 4.00%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $115,000 $115,000 $2,259 4.63%
    Price, UT (FHA|USDA|VA) 1 $85,000 $85,000 $1,837 4.75%
    LOGAN, UT-ID (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.25%
    Granite Federal Credit Union's top markets include Salt Lake City, Provo, Ogden, Heber, and Seattle among others.

    Their top states include:
  • Utah (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Colorado (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.

    Jordan Federal Credit Union
    Similarity Rank: 294
    Cache Valley Bank
    Similarity Rank: 910
    Triumph Bank
    Similarity Rank: 1224
    UTAH COMMUNITY
    Similarity Rank: 1395
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 1740
    Deseret First Credit Union
    Similarity Rank: 1792
    GRANITE FEDERAL CREDIT UNION
    Similarity Rank: 1820
    CYPRUS Federal Credit Union
    Similarity Rank: 2358
    University First Federal Credit Union
    Similarity Rank: 2772
    EVERLEND MORTGAGE COMPANY
    Similarity Rank: 3180

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 347 $58,245,000 $167,853 $1,905 4.89%
    HELOC 147 $8,265,000 $56,224 n/a 5.38%
    VA 2 $590,000 $295,000 $6,029 4.19%

    For 2018, Granite Federal Credit Union's most frequently originated type of loan was Conventional, with 347 originations. Their 2nd most popular type was HELOC, with 147 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 213 $25,185,000 $118,239 $1,877 5.11%
    Home Improvement 125 $7,335,000 $58,680 $381 5.23%
    Home Purchase 95 $26,745,000 $281,526 $3,263 4.73%
    Refi 63 $7,835,000 $124,365 $1,305 4.83%

    For 2018, Granite Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 213 originations. The 2nd most popular reason was Home Improvement, with 125 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 186 $10,780,000 $57,957 $443 5.21%
    30 Year 146 $39,600,000 $271,233 $3,647 4.65%
    15 Year 86 $6,120,000 $71,163 $815 5.63%
    10 Year 45 $7,445,000 $165,444 $585 4.87%
    5 Year 22 $1,160,000 $52,727 $378 4.05%
    30+ year 9 $1,735,000 $192,778 $0 5.22%
    20 Year 2 $260,000 $130,000 $3,513 4.00%

    For 2018, Granite Federal Credit Union's most frequently cited loan duration was Other, with 186 originations. The 2nd most popular length was 30 Year, with 146 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 267 $33,735,000 $126,348
    $2k-3k 31 $6,745,000 $217,581
    $3k-4k 18 $5,190,000 $288,333
    $1k-2k 13 $1,705,000 $131,154
    $4k-5k 9 $3,525,000 $391,667
    $5k+ 5 $3,265,000 $653,000

    Granite Federal Credit Union's average total fees were $3,647, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 267 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 201 $14,905,000 $74,154
    4-5% 195 $39,945,000 $204,846
    3-4% 55 $8,995,000 $163,545
    6-7% 21 $1,485,000 $70,714
    2.5-3% 11 $1,215,000 $110,455
    Over 8% 7 $335,000 $47,857
    7-8% 6 $220,000 $36,667

    During 2018, Granite Federal Credit Union's average interest rate for loans was 4.65%, while their most frequently originated rate bucket for loans was 5-6%, with 201 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 281 $12,615,000 $44,893 $399 5.38%
    $200k-400k 102 $27,720,000 $271,765 $3,620 4.59%
    $100k-200k 90 $12,940,000 $143,778 $1,884 4.54%
    $400k-600k 17 $7,895,000 $464,412 $4,833 4.76%
    $600k-1MM 5 $3,715,000 $743,000 $8,692 4.45%
    $1MM+ 1 $2,215,000 $2,215,000 $0 4.75%

    2018 saw Granite Federal Credit Union place emphasis on $100,000 or less loans with 281 originations, totaling $12,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 157 $15,295,000 $97,420 $1,600 5.09%
    $75k-100k 101 $14,495,000 $143,515 $2,116 4.89%
    $50k or less 96 $7,780,000 $81,042 $1,251 5.08%
    $100k-150k 95 $16,155,000 $170,053 $2,477 5.06%
    $150k-250k 34 $7,060,000 $207,647 $3,142 4.96%
    $250k+ 7 $1,645,000 $235,000 $3,297 5.46%

    Granite Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 157 originations. The second most popular income band? $75k-100k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 89 $11,485,000 $129,045 $1,803 4.79%
    30-36% 71 $10,815,000 $152,324 $2,247 4.89%
    50-60% 57 $3,845,000 $67,456 $692 5.46%
    >60% 43 $3,225,000 $75,000 $699 5.34%
    <20% 24 $1,730,000 $72,083 $1,261 4.50%
    42% 23 $4,655,000 $202,391 $3,936 5.54%
    41% 20 $4,020,000 $201,000 $2,382 4.92%
    39% 18 $1,940,000 $107,778 $1,748 5.42%
    38% 17 $2,835,000 $166,765 $3,952 4.96%
    40% 17 $2,455,000 $144,412 $2,547 5.17%
    43% 17 $2,555,000 $150,294 $2,100 4.89%
    36% 15 $2,515,000 $167,667 $2,907 4.80%
    44% 15 $1,855,000 $123,667 $1,791 5.14%
    37% 14 $2,750,000 $196,429 $2,294 4.41%
    45% 14 $1,510,000 $107,857 $1,363 5.09%
    47% 10 $1,140,000 $114,000 $1,063 5.16%
    48% 10 $1,200,000 $120,000 $880 5.18%
    46% 9 $1,275,000 $141,667 $2,926 5.11%
    49% 7 $625,000 $89,286 $1,413 5.01%

    Granite Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 475 $60,605,000 $127,589 $1,923 5.03%
    Not applicable 8 $4,790,000 $598,750 $475 4.78%
    Not provided 8 $1,260,000 $157,500 $2,810 5.48%
    Black 1 $285,000 $285,000 $5,181 4.50%
    Asian 2 $80,000 $40,000 $728 4.75%
    Vietnamese 1 $45,000 $45,000 $323 5.74%
    American Indian 1 $35,000 $35,000 $290 5.24%

    Approval Rates

    Total approvals of all applications
    88.36%

    Granite Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.67%

    Granite Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 496 $67,100,000 $135,282

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $4,145,000 $829,000
    Single Family (1-4 Units):Site-Built 491 $62,955,000 $128,218

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 75 $8,825,000 $117,667 $1,000 4.94%
    40-60% 34 $7,040,000 $207,059 $2,520 4.31%
    60-80% 77 $21,645,000 $281,104 $3,014 4.64%
    80-100% 60 $17,900,000 $298,333 $4,392 4.62%
    Under 20% 248 $10,960,000 $44,194 $349 5.39%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    GRANDE HOMES INC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%