Ulster Savings Bank Mortgage Interest Rate and Cost Review

Is Ulster Savings Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Ulster Savings Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratelower than average (-0.13%)
Loan Related Closing Costssimilar to average (+$185)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.ulstersavings.com

On average, Ulster Savings Bank’s interest rates were lower than those of other lenders (-0.13%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$185. Overall, combining interest rates and closing costs we estimate that Ulster Savings Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Ulster Savings Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Ulster Savings Bank was most active in:

  1. Yonkers, NY
  2. Albany, NY
  3. Oneonta, NY
  4. New York, NY
  5. Utica, NY

Furthermore, Ulster Savings Bank is our top ranked mortgage lender in terms of interest rate and closing costs in Oneonta, NY, for Jumbo mortgages.

You can click through to check out Ulster Savings Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Ulster Savings Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Ulster Savings Bank originated Conforming, FHA, Jumbo and VA mortgages for new home purchases. It also originated Conforming, FHA and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference-0.14%-0.07%+0.02%-0.03%
Loan Related Closing Cost Difference+$402-$69+$130+$17
Cost Adjusted Rate Difference-0.12%-0.07%+0.02%-0.03%
Star Rating(4.0)(4.0)(3.5)(3.5)
Refinance MortgagesConformingFHAJumbo
Interest Rate Difference-0.12%-0.04%+0.03%
Loan Related Closing Cost Difference-$265-$46+$128
Cost Adjusted Rate Difference-0.16%-0.04%+0.03%
Star Rating(4.5)(3.5)(3.5)

As a summary, Ulster Savings Bank is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo and VA purchase mortgages. For refinancing mortgages, Ulster Savings Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Ulster Savings Bank:

Registered name: Ulster Savings Bank
Registered city and state: Kingston, NY, 12401
Regulator: Federal Deposit Insurance Corporation (FDIC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Ulster Savings Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.