Union Bank
Ed Levite

Ed Levite

NMLS 627438

South Burlington Loan Office, VT

Senior Loan Originator/Residential Loan Sales Manager
D: 802.652.2970
Cell: 802.363.5850

As manager of Union Bank’s Residential Mortgage Loan Officers, Ed believes customers deserve to work with loan officers they can trust to bring experience, understanding and commitment to the mortgage loan process. An experienced business entrepreneur and mortgage loan originator, Ed understands the importance of helping his customers fully comprehend the loan programs that Union Bank offers. Proud of his strong team of mortgage professionals and their ability to communicate and convey Union Bank’s loan programs at the highest levels possible, Ed believes being approved for a mortgage is a big step and may be the single largest financial decision in a person’s life, regardless if it’s their first home or fourth. Ed’s commitment to his customers is to be available when they need him and to find the best solutions to meet their needs. Ed has extensive experience with the Union Bank Construction Loan Program. Ed’s involvement with the Vermont Homebuilder and Remodelers Association keeps him updated on design trends, construction process and energy efficient building designs.

2019 Rotarian of the Year- South Burlington Rotary

2016 Associate of the Year- Vermont Homebuilders and Remodelers Association

Education Chair – Vermont Remodelers Association

Past Board Member and Executive Officer- Vermont Homebuilders and  Remodelers Association

Past Board Member – Vermont Mortgage Bankers Association

Mortgage Loan FAQs

  1. How do I know how much house I can afford?

    Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give me a call, and I can help you determine exactly how much you can afford.

  2. What is the difference between a fixed-rate loan and an adjustable-rate loan?

    With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.

  3. How is an index and margin used in an Adjustable Rate Mortgage?

    An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).


  4. How do I know which type of mortgage is best for me?

    There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Union Bank can help you evaluate your choices and help you make the most appropriate decision.


  5. What does my mortgage payment include?

    For most homeowners, the monthly mortgage payments include three separate parts:

    • Principal: Repayment on the amount borrowed
    • Interest: Payment to the lender for the amount borrowed
    • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.


  6. How much cash will I need to purchase a home?

    The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:

    • Earnest Money: The deposit that is supplied when you make an offer on the house
    • Down Payment: A percentage of the cost of the home that is due at settlement
    • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

Related Resources

Notice: You are accessing the site with a version of a browser that is unsupported and not secure. Please update your browser to ensure the security of your online banking.

Supported browsers include the most recent versions of Microsoft Edge, Google Chrome, Mozilla Firefox, and Apple Safari.