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

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. They have a low ratio of USDA loans. Their top markets by origination volume include: Salt Lake City, Provo, Ogden, Heber, and St. George 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 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 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.

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%	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

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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

517

Origination Dollar Volume (All Markets)

$95,295,000

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)	423	$69,935,000	$165,331	$2,544	4.88%
PROVO-OREM, UT (FHA\|USDA\|VA)	45	$15,795,000	$351,000	$2,864	4.89%
OGDEN-CLEARFIELD, UT (FHA\|USDA\|VA)	23	$3,105,000	$135,000	$2,021	4.76%
Heber, UT (FHA\|USDA\|VA)	7	$1,795,000	$256,429	$2,396	4.48%
Outside of Metro Areas	5	$1,195,000	$239,000	$5,446	5.23%
ST. GEORGE, UT (FHA\|USDA\|VA)	4	$710,000	$177,500	$2,641	4.62%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	1	$695,000	$695,000	$4,353	4.75%
MODESTO, CA (FHA\|USDA\|VA)	1	$475,000	$475,000	$3,084	4.13%
WALLA WALLA, WA (FHA\|USDA\|VA)	1	$435,000	$435,000	$2,673	4.00%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	2	$340,000	$170,000	$2,192	3.75%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	1	$335,000	$335,000	$2,943	3.88%
JACKSON, MS (FHA\|USDA\|VA)	1	$285,000	$285,000	$3,089	4.63%
MANHATTAN, KS (FHA\|USDA\|VA)	1	$115,000	$115,000	$1,822	3.99%
Price, UT (FHA\|USDA\|VA)	2	$80,000	$40,000	$0	5.50%

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

Their top states include:

Utah (FHA|USDA|VA)

California (FHA|USDA|VA)

Washington (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

Mississippi (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: 245

WEBER STATE FEDERAL CREDIT UNION
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CHARTWAY FEDERAL CREDIT UNION
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Wasatch Peaks Federal Credit Union
Similarity Rank: 900

HOMEAMERICAN MORTGAGE CORPORATION
Similarity Rank: 1598

West Gate Bank
Similarity Rank: 1925

CYPRUS Federal Credit Union
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GRANITE FEDERAL CREDIT UNION
Similarity Rank: 2716

University First Federal Credit Union
Similarity Rank: 3320

UTAH COMMUNITY
Similarity Rank: 3575

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	385	$85,375,000	$221,753	$2,523	4.58%
HELOC	126	$7,800,000	$61,905	n/a	5.77%
VA	4	$1,580,000	$395,000	$7,728	3.44%
USDA	2	$540,000	$270,000	$3,796	4.50%

For 2019, Granite Federal Credit Union's most frequently originated type of loan was Conventional, with 385 originations. Their 2nd most popular type was HELOC, with 126 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	352	$50,130,000	$142,415	$2,218	5.13%
Home Purchase	96	$32,520,000	$338,750	$3,595	4.22%
Refi	58	$12,060,000	$207,931	$2,723	4.17%
Home Improvement	10	$560,000	$56,000	$382	5.77%
Other	1	$25,000	$25,000	$270	3.99%

For 2019, Granite Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 352 originations. The 2nd most popular reason was Home Purchase, with 96 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	205	$58,265,000	$284,220	$3,841	4.13%
Other	142	$10,020,000	$70,563	$537	5.40%
15 Year	90	$8,730,000	$97,000	$1,156	5.45%
10 Year	44	$13,770,000	$312,955	$540	5.13%
5 Year	19	$1,535,000	$80,789	$361	4.14%
30+ year	15	$2,325,000	$155,000	$0	6.50%
20 Year	2	$650,000	$325,000	$2,347	3.94%

For 2019, Granite Federal Credit Union's most frequently cited loan duration was 30 Year, with 205 originations. The 2nd most popular length was Other, with 142 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	264	$43,020,000	$162,955
$2k-3k	36	$8,060,000	$223,889
$3k-4k	33	$9,405,000	$285,000
$4k-5k	17	$6,405,000	$376,765
$1k-2k	10	$1,450,000	$145,000
$5k+	7	$3,525,000	$503,571

Granite Federal Credit Union's average total fees were $3,841, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 264 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
5-6%	209	$18,895,000	$90,407
3-4%	159	$42,875,000	$269,654
4-5%	105	$30,155,000	$287,190
6-7%	30	$1,680,000	$56,000
2.5-3%	9	$1,275,000	$141,667
7-8%	3	$305,000	$101,667
Over 8%	2	$110,000	$55,000

During 2019, Granite Federal Credit Union's average interest rate for loans was 4.13%, while their most frequently originated rate bucket for loans was 5-6%, with 209 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	236	$10,950,000	$46,398	$414	5.56%
$200k-400k	161	$45,835,000	$284,689	$3,851	4.11%
$100k-200k	82	$12,110,000	$147,683	$2,186	4.62%
$400k-600k	29	$13,775,000	$475,000	$4,987	4.04%
$1MM+	5	$9,785,000	$1,957,000	$0	4.50%
$600k-1MM	4	$2,840,000	$710,000	$4,353	5.04%

2019 saw Granite Federal Credit Union place emphasis on $100,000 or less loans with 236 originations, totaling $10,950,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	156	$12,900,000	$82,692	$1,310	5.24%
$50k-75k	139	$19,965,000	$143,633	$2,350	5.02%
$100k-150k	90	$22,290,000	$247,667	$3,382	4.49%
$75k-100k	84	$16,430,000	$195,595	$3,280	4.56%
$150k-250k	34	$10,160,000	$298,824	$4,168	4.36%
$250k+	14	$13,550,000	$967,857	$3,685	4.49%

Granite Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 156 originations. The second most popular income band? $50k-75k, with 139 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	82	$15,150,000	$184,756	$2,842	4.61%
20-30%	78	$17,820,000	$228,462	$2,918	4.44%
50-60%	71	$9,975,000	$140,493	$733	5.56%
<20%	49	$8,575,000	$175,000	$2,211	4.47%
>60%	36	$6,060,000	$168,333	$627	5.71%
38%	24	$6,840,000	$285,000	$3,190	4.64%
39%	19	$3,555,000	$187,105	$3,178	4.63%
42%	18	$3,820,000	$212,222	$4,057	4.67%
37%	18	$3,150,000	$175,000	$2,723	4.81%
41%	17	$4,105,000	$241,471	$3,509	4.32%
44%	17	$3,015,000	$177,353	$2,801	4.77%
40%	15	$2,875,000	$191,667	$2,598	4.82%
36%	14	$2,710,000	$193,571	$3,080	4.40%
46%	12	$1,660,000	$138,333	$3,736	5.40%
47%	12	$960,000	$80,000	$786	5.36%
43%	11	$1,865,000	$169,545	$2,998	4.86%
49%	10	$1,870,000	$187,000	$1,588	5.11%
45%	8	$1,070,000	$133,750	$1,988	5.29%
48%	6	$220,000	$36,667	$773	5.83%

Granite Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 82 originations. The next most common DTI ratio? 20-30%, with 78 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	491	$80,265,000	$163,473	$2,606	4.86%
Not provided	17	$14,095,000	$829,118	$3,066	4.83%
Native Hawaiian or Islander	2	$320,000	$160,000	$3,091	4.06%
American Indian	3	$275,000	$91,667	$1,487	5.20%
Other Asian	1	$125,000	$125,000	$558	5.74%
Asian	1	$95,000	$95,000	$424	3.99%
Filipino	1	$65,000	$65,000	$0	5.74%
Vietnamese	1	$55,000	$55,000	$0	5.50%

Approval Rates

Total approvals of all applications
93.71%

Granite Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
79.11%

Granite Federal Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	517	$95,295,000	$184,323

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	8	$11,840,000	$1,480,000
Single Family (1-4 Units):Site-Built	509	$83,455,000	$163,959

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	55	$5,485,000	$99,727	$778	5.21%
40-60%	53	$13,635,000	$257,264	$2,565	4.34%
60-80%	97	$35,375,000	$364,691	$3,384	4.24%
80-100%	97	$29,445,000	$303,557	$4,405	4.08%
Over 100%	2	$690,000	$345,000	$8,266	4.00%
Under 20%	210	$9,680,000	$46,095	$394	5.58%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
GUARANTEED RATE INC.	VA mortgage	Trouble during payment process	1	2.8%
GUARANTEED RATE INC.	Other type of mortgage	Closing on a mortgage	2	5.6%
GUARANTEED RATE INC.	Other type of mortgage	Trouble during payment process	1	2.8%
GUARANTEED RATE INC.	VA mortgage	Closing on a mortgage	1	2.8%
GUARANTEED RATE INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	4	11.1%
GUARANTEED RATE INC.	Conventional home mortgage	Closing on a mortgage	7	19.4%
GUARANTEED RATE INC.	Conventional home mortgage	Struggling to pay mortgage	1	2.8%
GUARANTEED RATE INC.	Conventional home mortgage	Trouble during payment process	7	19.4%
GUARANTEED RATE INC.	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	2	5.6%
GUARANTEED RATE INC.	FHA mortgage	Closing on a mortgage	3	8.3%
GUARANTEED RATE INC.	FHA mortgage	Struggling to pay mortgage	3	8.3%
GUARANTEED RATE INC.	FHA mortgage	Trouble during payment process	3	8.3%
GUARANTEED RATE INC.	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	2.8%