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, Cash Out Refi, 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, Barnstable Town, and Springfield among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The People's Credit Union 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. 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

    376

    Origination Dollar Volume (All Markets)

    $72,720,000

    Awards

    The People's Credit Union 30 Year Conventional Loans silver
    Show all (1) 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) 327 $65,095,000 $199,067 $1,865 4.07%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 19 $3,645,000 $191,842 $2,097 5.77%
    WORCESTER, MA-CT (FHA|USDA|VA) 6 $1,380,000 $230,000 $2,736 4.73%
    Outside of Metro Areas 1 $905,000 $905,000 $0 4.25%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $660,000 $330,000 $4,493 3.81%
    SPRINGFIELD, MA (FHA|USDA|VA) 6 $360,000 $60,000 $0 6.04%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 5 $225,000 $45,000 $624 6.02%
    Concord, NH (FHA|USDA|VA) 2 $160,000 $80,000 $0 6.94%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $115,000 $38,333 $0 6.54%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $60,000 $30,000 $0 6.50%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.13%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.25%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.63%
    The People's Credit Union's top markets include Providence, Boston, Worcester, Barnstable Town, and Springfield 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.

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    Middlesex Savings Bank
    Similarity Rank: 310
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    BankNewport
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348
    Bank Rhode Island
    Similarity Rank: 432
    QUINCY CREDIT UNION
    Similarity Rank: 435

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 376 $72,720,000 $193,404 $1,889 4.29%

    For 2019, The People's Credit Union's most frequently originated type of loan was Conventional, with 376 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 133 $32,125,000 $241,541 $3,322 4.81%
    Cash Out Refi 83 $14,735,000 $177,530 $1,702 3.96%
    Refi 75 $17,585,000 $234,467 $1,881 3.69%
    Home Improvement 58 $6,840,000 $117,931 $903 4.41%
    Other 23 $1,175,000 $51,087 $512 4.31%
    NA 4 $260,000 $65,000 $469 3.00%

    For 2019, The People's Credit Union's most frequently cited loan purpose was Home Purchase, with 133 originations. The 2nd most popular reason was Cash Out Refi, with 83 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 139 $41,415,000 $297,950 $3,086 4.05%
    10 Year 99 $11,275,000 $113,889 $534 3.63%
    15 Year 56 $9,090,000 $162,321 $1,841 4.59%
    20 Year 44 $3,390,000 $77,045 $1,023 6.12%
    Other 24 $2,600,000 $108,333 $503 4.24%
    30+ year 8 $3,100,000 $387,500 $6,502 4.36%
    5 Year 4 $100,000 $25,000 $402 4.00%
    3 Year 1 $415,000 $415,000 $0 4.25%
    1 Year 1 $1,335,000 $1,335,000 $0 6.00%

    For 2019, The People's Credit Union's most frequently cited loan duration was 30 Year, with 139 originations. The 2nd most popular length was 10 Year, with 99 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 301 $58,645,000 $194,834
    $3k-4k 2 $580,000 $290,000
    $1k-2k 1 $105,000 $105,000
    $2k-3k 1 $425,000 $425,000
    $5k+ 1 $455,000 $455,000

    The People's Credit Union's average total fees were $3,086, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 301 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 134 $35,240,000 $262,985
    4-5% 82 $20,000,000 $243,902
    2.5-3% 78 $9,290,000 $119,103
    5-6% 41 $4,755,000 $115,976
    6-7% 36 $3,110,000 $86,389
    7-8% 5 $325,000 $65,000

    During 2019, The People's Credit Union's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 134 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 153 $7,435,000 $48,595 $441 4.76%
    $200k-400k 105 $29,385,000 $279,857 $2,843 3.92%
    $100k-200k 78 $11,340,000 $145,385 $1,885 4.00%
    $400k-600k 24 $11,270,000 $469,583 $3,764 3.88%
    $600k-1MM 14 $10,450,000 $746,429 $4,418 4.10%
    $1MM+ 2 $2,840,000 $1,420,000 $0 5.20%

    2019 saw The People's Credit Union place emphasis on $100,000 or less loans with 153 originations, totaling $7,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 92 $18,320,000 $199,130 $1,595 4.09%
    $150k-250k 75 $17,675,000 $235,667 $1,917 4.13%
    $75k-100k 65 $10,155,000 $156,231 $1,876 4.21%
    $50k-75k 62 $8,210,000 $132,419 $1,877 4.50%
    $50k or less 52 $3,040,000 $58,462 $1,287 4.72%
    $250k+ 25 $12,305,000 $492,200 $3,696 4.21%

    The People's Credit Union lent most frequently to those with incomes in the $100k-150k range, with 92 originations. The second most popular income band? $150k-250k, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 114 $19,040,000 $167,018 $1,916 4.33%
    30-36% 73 $14,715,000 $201,575 $1,919 4.26%
    <20% 40 $6,440,000 $161,000 $1,676 3.75%
    42% 21 $2,245,000 $106,905 $1,273 4.67%
    40% 19 $4,175,000 $219,737 $2,195 4.18%
    41% 19 $3,025,000 $159,211 $1,823 4.36%
    37% 16 $3,090,000 $193,125 $1,919 4.53%
    38% 16 $2,510,000 $156,875 $1,552 4.44%
    36% 13 $3,685,000 $283,462 $2,738 4.17%
    39% 12 $1,800,000 $150,000 $1,443 4.60%
    44% 6 $1,450,000 $241,667 $2,682 4.27%
    43% 4 $1,120,000 $280,000 $2,445 4.53%
    49% 3 $705,000 $235,000 $3,344 3.63%
    50-60% 2 $320,000 $160,000 $1,709 4.25%
    47% 2 $170,000 $85,000 $706 4.50%
    45% 2 $570,000 $285,000 $3,104 3.69%
    >60% 1 $185,000 $185,000 $0 3.00%
    46% 1 $165,000 $165,000 $2,766 3.75%
    48% 1 $255,000 $255,000 $0 5.25%

    The People's Credit Union lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 348 $67,120,000 $192,874 $1,930 4.31%
    Not provided 18 $3,750,000 $208,333 $1,428 3.97%
    Asian 4 $1,080,000 $270,000 $2,269 4.44%
    Black 6 $770,000 $128,333 $555 3.79%

    Approval Rates

    Total approvals of all applications
    90.84%

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

    Pick Rate

    Approvals leading to origination
    76.86%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 376 $72,720,000 $193,404

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $3,015,000 $603,000
    Single Family (1-4 Units):Manufactured 46 $2,560,000 $55,652
    Single Family (1-4 Units):Site-Built 325 $67,145,000 $206,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $5,545,000 $113,163 $1,281 3.95%
    40-60% 49 $9,835,000 $200,714 $2,465 3.76%
    60-80% 108 $31,350,000 $290,278 $2,757 4.41%
    80-100% 71 $21,215,000 $298,803 $3,298 4.59%
    Under 20% 99 $4,775,000 $48,232 $463 4.37%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    TOP FLITE FINANCIAL INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    TOP FLITE FINANCIAL INC FHA mortgage Closing on a mortgage 1 33.3%
    TOP FLITE FINANCIAL INC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%