Union Bank
Stephen Kendall

Stephen Kendall

NMLS 627431

Morrisville Main

Executive Vice President
Senior Retail Loan Officer
D: 802.888.0450

Steve is a member of the bank’s Senior Management Team. Serving as Senior Vice President he oversees the residential mortgage loan operations at the bank. He is committed to a positive, smooth and sincere customer experience tailored to each customer’s needs, delivered by local professional community bankers. He has 30 years of Vermont community banking experience, nearly 18 years with Union Bank alone.  Prior to heading up the Union Bank’s mortgage department in 2006, his prior bank experience included residential lending, branch management, and commercial lending.

Giving back to the community and representing and improving the mortgage loan industry are important to Steve. Throughout his life he has either been a volunteer member or served on the board of multiple community service or non-profit organizations, including Lyric Theatre, Essex Rotary, Champlain Islands Parent Child Center, Meals on Wheels, United Way, Little League, and Ski Patrol. Steve lives in Shelburne with his wife.


Thank you for all of your efforts on our behalf. In a transactional world, you have been a friend. – Orleans County, VT, Mortgage Customer


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

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