The People's Credit Union Mortgage Rates, Fees & Info

Middletown, RI

LEI: 254900OVHD0ZZK65EQ86

Tax ID: 05-0198580

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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

    The People's Credit Union is a smaller credit union specializing in Home Purchase, Home Improvement, and Refi loans. The People's Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Worcester, Hartford, and Norwich among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The People's Credit Union 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. The People's Credit Union 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.33% 5/4/24
    30 Year Conventional Refi 6.30% 5/4/24
    30 Year Cash-out Refi 6.26% 5/4/24
    15 Year Conventional Purchase 4.78% 5/4/24
    15 Year Conventional Refi 5.76% 5/4/24
    15 Year Cash-out Refi 5.76% 5/4/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    The People's Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The People's Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    274

    Origination Dollar Volume (All Markets)

    $46,830,000

    Awards

    The People's Credit Union 30 Year Conventional Loans silver The People's Credit Union 30 Year Conventional Loans bronze
    Show all (2) 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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 234 $43,830,000 $187,308 $2,797 4.67%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 22 $2,100,000 $95,455 $3,143 5.93%
    WORCESTER, MA-CT (FHA|USDA|VA) 6 $390,000 $65,000 $0 5.58%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $145,000 $48,333 $0 5.67%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 4 $130,000 $32,500 $0 6.63%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $115,000 $38,333 $0 6.33%
    Outside of Metro Areas 1 $95,000 $95,000 $0 5.75%
    Torrington, CT (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.25%
    The People's Credit Union's top markets include Providence, Boston, Worcester, Hartford, and Norwich among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 66
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 274 $46,830,000 $170,912 $2,803 4.86%

    For 2018, The People's Credit Union's most frequently originated type of loan was Conventional, with 274 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 117 $22,505,000 $192,350 $2,860 5.23%
    Home Improvement 75 $10,835,000 $144,467 $3,022 4.50%
    Refi 75 $13,185,000 $175,800 $2,605 4.56%
    Cash Out Refi 5 $215,000 $43,000 $0 5.90%
    NA 2 $90,000 $45,000 $0 5.25%

    For 2018, The People's Credit Union's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Home Improvement, with 75 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 83 $17,615,000 $212,229 $2,815 4.54%
    30 Year 65 $18,755,000 $288,538 $2,827 4.43%
    20 Year 51 $4,865,000 $95,392 $2,915 6.23%
    10 Year 43 $3,125,000 $72,674 $421 3.92%
    15 Year 31 $2,205,000 $71,129 $2,701 5.70%
    30+ year 1 $265,000 $265,000 $0 3.75%

    For 2018, The People's Credit Union's most frequently cited loan duration was Other, with 83 originations. The 2nd most popular length was 30 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 128 $36,960,000 $288,750

    The People's Credit Union's average total fees were $2,827, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 128 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 101 $23,565,000 $233,317
    5-6% 52 $6,110,000 $117,500
    2.5-3% 37 $3,265,000 $88,243
    3-4% 35 $10,775,000 $307,857
    6-7% 35 $1,975,000 $56,429
    7-8% 10 $640,000 $64,000

    During 2018, The People's Credit Union's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 4-5%, with 101 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 124 $6,100,000 $49,194 $2,000 5.28%
    $200k-400k 72 $20,430,000 $283,750 $2,808 4.42%
    $100k-200k 53 $7,625,000 $143,868 $2,479 4.69%
    $400k-600k 21 $10,175,000 $484,524 $3,250 4.43%
    $600k-1MM 4 $2,500,000 $625,000 $3,836 4.34%

    2018 saw The People's Credit Union place emphasis on $100,000 or less loans with 124 originations, totaling $6,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 69 $13,245,000 $191,957 $2,772 4.90%
    $50k-75k 55 $6,335,000 $115,182 $2,765 4.83%
    $75k-100k 50 $7,760,000 $155,200 $2,621 4.72%
    $150k-250k 44 $12,060,000 $274,091 $2,903 4.65%
    $50k or less 37 $2,495,000 $67,432 $2,412 5.21%
    $250k+ 15 $4,585,000 $305,667 $3,638 5.03%

    The People's Credit Union lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $50k-75k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 76 $11,700,000 $153,947 $2,721 4.81%
    30-36% 61 $11,685,000 $191,557 $2,958 5.07%
    <20% 27 $2,215,000 $82,037 $2,618 4.44%
    41% 16 $2,480,000 $155,000 $2,885 5.46%
    37% 14 $2,090,000 $149,286 $3,230 4.79%
    39% 13 $1,775,000 $136,538 $2,647 4.83%
    38% 12 $2,190,000 $182,500 $2,777 4.81%
    43% 8 $1,900,000 $237,500 $2,825 5.11%
    36% 8 $1,490,000 $186,250 $2,759 4.63%
    50-60% 7 $1,485,000 $212,143 $2,635 4.41%
    40% 6 $1,380,000 $230,000 $2,609 4.31%
    42% 5 $695,000 $139,000 $2,806 5.45%
    44% 4 $1,460,000 $365,000 $2,836 4.50%
    46% 3 $745,000 $248,333 $2,906 4.33%
    45% 3 $795,000 $265,000 $2,445 4.83%
    47% 2 $370,000 $185,000 $2,486 4.88%
    49% 2 $810,000 $405,000 $2,950 4.88%
    48% 1 $205,000 $205,000 $2,418 5.00%
    >60% 1 $685,000 $685,000 $2,970 3.75%

    The People's Credit Union lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 258 $44,180,000 $171,240 $2,801 4.86%
    Black 4 $1,150,000 $287,500 $2,751 4.50%
    Not provided 8 $980,000 $122,500 $2,915 5.20%
    Not applicable 3 $415,000 $138,333 $3,045 5.50%
    American Indian 1 $105,000 $105,000 $0 3.00%

    Approval Rates

    Total approvals of all applications
    87.20%

    The People's Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.75%

    The People's Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 274 $46,830,000 $170,912

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 46 $2,640,000 $57,391
    Single Family (1-4 Units):Site-Built 228 $44,190,000 $193,816

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $3,500,000 $97,222 $2,367 4.71%
    40-60% 27 $4,045,000 $149,815 $2,672 4.74%
    60-80% 90 $22,030,000 $244,778 $2,842 4.90%
    80-100% 51 $13,585,000 $266,373 $2,872 4.87%
    Under 20% 69 $3,475,000 $50,362 $2,624 4.94%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    TOP FLITE FINANCIAL INC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%