Union County Savings Bank Mortgage Rates, Fees & Info

Elizabeth, NJ

LEI: 549300V7VRSW36FYYJ37

Tax ID: 22-1343420

5 stars - Updated: 4/21/24

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

Review & Overview

Union County Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Union County Savings Bank has a high proportion of conventional loans. Their top (well, only) market is New York.

Union County Savings Bank 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. Union County Savings 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 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.

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Originations

Origination Dollar Volume (All Markets)

$5,700,000

Relative Rate

Union County Savings Bank's average 30 year fixed mortgage rate was 6.28%.

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

This yields a difference of -0.2%.

Relative Fees (Closing Costs)

Union County Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,697.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	14	$5,700,000	$407,143	$3,369	6.34%

Union County Savings Bank's top markets include and New York among others.

Their top states include:

New Jersey (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Union County Savings 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: 126

Columbia Bank
Similarity Rank: 156

The First National Bank of Long Island
Similarity Rank: 158

GREATER ALLIANCE
Similarity Rank: 168

Blue Foundry Bank
Similarity Rank: 188

PCSB Bank
Similarity Rank: 207

American Broadcast Employees Federal Credit Union
Similarity Rank: 209

LYONS MORTGAGE SERVICES, INC.
Similarity Rank: 267

Bogota Savings Bank
Similarity Rank: 351

SELF RELIANCE NY Federal Credit Union
Similarity Rank: 442

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	14	$5,700,000	$407,143	$3,369	6.34%

For 2023, Union County Savings Bank's most frequently originated type of loan was Conventional, with 14 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	9	$4,195,000	$466,111	$3,854	6.29%
Cash Out Refi	3	$1,175,000	$391,667	$3,318	6.50%
Home Improvement	1	$155,000	$155,000	$1,180	6.75%
Other	1	$175,000	$175,000	$2,800	5.88%

For 2023, Union County Savings Bank's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	8	$2,600,000	$325,000	$3,697	6.28%
10 Year	3	$1,315,000	$438,333	$2,364	6.08%
5 Year	2	$1,560,000	$780,000	$0	6.87%
15 Year	1	$225,000	$225,000	$2,755	6.50%

For 2023, Union County Savings Bank's most frequently cited loan duration was 30 Year, with 8 originations. The 2nd most popular length was 10 Year, with 3 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	11	$3,395,000	$308,636

Union County Savings Bank's average total fees were $3,697, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
5-6%	6	$2,520,000	$420,000
6-7%	5	$1,675,000	$335,000
7-8%	3	$1,505,000	$501,667

During 2023, Union County Savings Bank's average interest rate for loans was 6.28%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	5	$765,000	$153,000	$2,707	6.25%
$600k-1MM	4	$3,170,000	$792,500	$5,772	6.15%
$400k-600k	3	$1,445,000	$481,667	$4,038	6.63%
$100,000 or less	1	$95,000	$95,000	$2,882	6.50%
$200k-400k	1	$225,000	$225,000	$2,755	6.50%

2023 saw Union County Savings Bank place emphasis on $100k-200k loans with 5 originations, totaling $765,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	6	$2,660,000	$443,333	$3,724	6.27%
$50k-75k	2	$290,000	$145,000	$2,901	6.50%
$75k-100k	2	$350,000	$175,000	$3,014	6.13%
$50k or less	1	$95,000	$95,000	$2,882	6.50%

Union County Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 6 originations. The second most popular income band? $50k-75k, with 2 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
43%	2	$510,000	$255,000	$3,215	6.19%
40%	2	$980,000	$490,000	$4,387	6.19%
30-36%	1	$155,000	$155,000	$1,180	6.75%
38%	1	$495,000	$495,000	$4,916	6.88%
39%	1	$535,000	$535,000	$3,651	7.13%
41%	1	$225,000	$225,000	$2,755	6.50%
<20%	1	$195,000	$195,000	$3,279	5.75%
44%	1	$175,000	$175,000	$2,800	5.88%
20-30%	1	$125,000	$125,000	$3,273	5.75%

Union County Savings Bank lent most frequently to those with DTI ratios of 43%, with 2 originations. The next most common DTI ratio? 40%, with 2 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	10	$2,980,000	$298,000	$3,351	6.35%
Not applicable	3	$2,305,000	$768,333	$0	6.45%
Black	1	$415,000	$415,000	$3,548	5.88%

Approval Rates

Total approvals of all applications
97.39%

Union County Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
57.14%

Union County Savings Bank 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
NA	14	$5,700,000	$407,143

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	14	$5,700,000	$407,143

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	4	$640,000	$160,000	$3,047	6.13%
40-60%	2	$590,000	$295,000	$3,174	5.88%
60-80%	6	$3,450,000	$575,000	$3,856	6.74%
80-100%	1	$865,000	$865,000	$5,772	5.25%
Under 20%	1	$155,000	$155,000	$1,180	6.75%