United Bank Mortgage Rates, Fees & Info

Hartford, CT

LEI: 549300RA8FPV4K1HE018

Tax ID: 06-0523930

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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

    United Bank is a smaller bank specializing in Refi and Home Purchase loans. United Bank 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 by origination volume include: Hartford, Springfield, Worcester, Bridgeport, and Norwich among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

    United Bank 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. United Bank 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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    Originations

    1,493

    Origination Dollar Volume (All Markets)

    $265,385,000
    Show all (5) 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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 706 $116,370,000 $164,830 $2,356 4.97%
    SPRINGFIELD, MA (FHA|USDA|VA) 384 $48,720,000 $126,875 $2,200 4.97%
    WORCESTER, MA-CT (FHA|USDA|VA) 67 $21,695,000 $323,806 $2,914 4.99%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 87 $19,995,000 $229,828 $3,395 5.31%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 32 $15,080,000 $471,250 $2,508 5.29%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 62 $8,920,000 $143,871 $2,276 5.29%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 38 $7,120,000 $187,368 $1,975 5.71%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $5,205,000 $5,205,000 $0 4.50%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 21 $3,575,000 $170,238 $1,808 5.41%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $3,205,000 $3,205,000 $0 4.50%
    Torrington, CT (FHA|USDA|VA) 18 $2,190,000 $121,667 $2,775 5.34%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 9 $2,145,000 $238,333 $1,341 5.07%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 15 $2,135,000 $142,333 $0 6.32%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 4 $1,940,000 $485,000 $4,028 4.31%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $920,000 $230,000 $2,881 5.44%
    Lebanon, NH-VT (FHA|USDA|VA) 3 $745,000 $248,333 $3,259 4.44%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $675,000 $135,000 $3,765 5.60%
    Outside of Metro Areas 2 $620,000 $310,000 $2,533 4.69%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $615,000 $205,000 $0 5.80%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 7 $485,000 $69,286 $0 7.09%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $435,000 $435,000 $0 4.72%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $430,000 $215,000 $4,600 5.19%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $330,000 $165,000 $3,170 3.25%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $290,000 $145,000 $2,907 4.56%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $260,000 $130,000 $2,604 5.31%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,970 4.50%
    GLENS FALLS, NY (FHA|USDA|VA) 2 $220,000 $110,000 $3,702 3.69%
    WINSTON-SALEM, NC (FHA|USDA|VA) 3 $205,000 $68,333 $2,395 5.71%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,803 3.88%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.56%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $85,000 $85,000 $2,548 4.63%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.75%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.75%
    OCALA, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.50%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.00%
    United Bank's top markets include Hartford, Springfield, Worcester, Bridgeport, and Norwich among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against United Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 56
    The Torrington Savings Bank
    Similarity Rank: 70
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Florence Bank
    Similarity Rank: 96
    Schuyler Savings Bank
    Similarity Rank: 104
    Piscataqua Savings Bank
    Similarity Rank: 118
    Stafford Savings Bank
    Similarity Rank: 124
    HOLYOKE
    Similarity Rank: 132
    First Ipswich Bank
    Similarity Rank: 139
    Union County Savings Bank
    Similarity Rank: 150

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 732 $87,240,000 $119,180 n/a 5.50%
    Conventional 714 $167,800,000 $235,014 $2,091 4.71%
    FHA 37 $7,765,000 $209,865 $7,620 3.92%
    VA 10 $2,580,000 $258,000 $2,943 3.83%

    For 2019, United Bank's most frequently originated type of loan was HELOC, with 732 originations. Their 2nd most popular type was Conventional, with 714 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 451 $70,675,000 $156,707 $1,497 4.85%
    Home Purchase 401 $128,355,000 $320,087 $3,805 4.53%
    Home Improvement 335 $30,785,000 $91,896 $163 5.80%
    Other 219 $20,925,000 $95,548 $372 5.82%
    Cash Out Refi 87 $14,645,000 $168,333 $3,055 4.02%

    For 2019, United Bank's most frequently cited loan purpose was Refi, with 451 originations. The 2nd most popular reason was Home Purchase, with 401 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,096 $166,060,000 $151,515 $3,671 5.02%
    15 Year 123 $17,335,000 $140,935 $1,497 4.47%
    10 Year 114 $26,480,000 $232,281 $627 5.19%
    20 Year 102 $12,740,000 $124,902 $860 5.69%
    Other 30 $30,970,000 $1,032,333 $0 6.27%
    5 Year 24 $10,840,000 $451,667 $21 5.33%
    1 Year 4 $960,000 $240,000 $0 8.50%

    For 2019, United Bank's most frequently cited loan duration was 30 Year, with 1,096 originations. The 2nd most popular length was 15 Year, with 123 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 505 $77,995,000 $154,446
    $1k-2k 113 $23,315,000 $206,327
    $2k-3k 42 $8,950,000 $213,095
    $3k-4k 8 $1,790,000 $223,750
    $5k+ 4 $1,250,000 $312,500

    United Bank's average total fees were $3,671, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 505 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 537 $124,415,000 $231,685
    5-6% 361 $49,495,000 $137,105
    3-4% 299 $62,995,000 $210,686
    6-7% 213 $22,005,000 $103,310
    7-8% 69 $5,305,000 $76,884
    Over 8% 5 $495,000 $99,000
    2.5-3% 5 $655,000 $131,000
    <2.5% 4 $20,000 $5,000

    During 2019, United Bank's average interest rate for loans was 5.02%, while their most frequently originated rate bucket for loans was 4-5%, with 537 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 630 $36,200,000 $57,460 $675 5.56%
    $100k-200k 500 $71,210,000 $142,420 $2,655 4.86%
    $200k-400k 295 $77,595,000 $263,034 $3,897 4.49%
    $400k-600k 47 $22,355,000 $475,638 $4,256 4.46%
    $1MM+ 13 $52,005,000 $4,000,385 $5,128 4.75%
    $600k-1MM 8 $6,020,000 $752,500 $4,073 5.39%

    2019 saw United Bank place emphasis on $100,000 or less loans with 630 originations, totaling $36,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 328 $48,220,000 $147,012 $2,242 5.11%
    $50k-75k 269 $31,815,000 $118,271 $2,834 4.83%
    $75k-100k 242 $29,490,000 $121,860 $2,214 5.00%
    $150k-250k 224 $35,900,000 $160,268 $1,916 5.35%
    $50k or less 209 $20,405,000 $97,632 $2,677 4.74%
    $250k+ 112 $29,440,000 $262,857 $2,256 5.33%

    United Bank lent most frequently to those with incomes in the $100k-150k range, with 328 originations. The second most popular income band? $50k-75k, with 269 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 329 $48,275,000 $146,733 $2,133 5.06%
    30-36% 307 $44,035,000 $143,436 $1,994 5.04%
    <20% 95 $14,065,000 $148,053 $2,171 4.83%
    42% 89 $10,645,000 $119,607 $2,490 5.23%
    39% 85 $12,405,000 $145,941 $2,301 5.19%
    44% 67 $8,655,000 $129,179 $2,700 4.93%
    41% 66 $8,070,000 $122,273 $2,450 5.21%
    40% 61 $8,135,000 $133,361 $1,561 5.08%
    36% 60 $7,890,000 $131,500 $1,968 5.14%
    38% 59 $5,705,000 $96,695 $1,635 5.54%
    37% 58 $6,920,000 $119,310 $1,782 5.28%
    43% 42 $6,640,000 $158,095 $2,824 4.68%
    45% 24 $4,350,000 $181,250 $3,212 4.16%
    47% 16 $3,070,000 $191,875 $3,585 4.43%
    46% 15 $3,325,000 $221,667 $4,333 3.94%
    49% 15 $2,715,000 $181,000 $3,944 4.33%
    50-60% 14 $3,290,000 $235,000 $6,442 4.19%
    48% 11 $2,385,000 $216,818 $5,390 4.14%
    >60% 2 $370,000 $185,000 $0 6.13%

    United Bank lent most frequently to those with DTI ratios of 20-30%, with 329 originations. The next most common DTI ratio? 30-36%, with 307 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,193 $166,475,000 $139,543 $2,250 5.06%
    Not applicable 69 $61,245,000 $887,609 $0 5.97%
    Not provided 131 $20,535,000 $156,756 $2,361 5.14%
    Black 57 $9,345,000 $163,947 $3,966 4.28%
    Asian 28 $5,740,000 $205,000 $3,049 4.69%
    Native Hawaiian or Islander 4 $810,000 $202,500 $3,317 4.03%
    American Indian 5 $745,000 $149,000 $4,033 4.03%
    Asian Indian 4 $400,000 $100,000 $0 5.65%
    Other Asian 1 $55,000 $55,000 $0 7.25%
    Korean 1 $35,000 $35,000 $0 5.24%

    Approval Rates

    Total approvals of all applications
    80.36%

    United Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.57%

    United Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,493 $265,385,000 $177,753

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 28 $55,990,000 $1,999,643
    Single Family (1-4 Units):Site-Built 1,465 $209,395,000 $142,932

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 394 $41,170,000 $104,492 $910 5.42%
    40-60% 185 $32,195,000 $174,027 $2,260 4.71%
    60-80% 336 $114,850,000 $341,815 $2,929 4.64%
    80-100% 242 $55,820,000 $230,661 $4,156 4.36%
    Under 20% 336 $21,350,000 $63,542 $122 5.81%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    UNITED COMMUNITY BANK Conventional home mortgage Struggling to pay mortgage 1 100.0%