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 Refi and Cash Out 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 Manchester among others. We have data for 11 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% 12/16/24
    30 Year Conventional Refi 6.30% 12/16/24
    30 Year Cash-out Refi 6.26% 12/16/24
    15 Year Conventional Purchase 4.78% 12/16/24
    15 Year Conventional Refi 5.76% 12/16/24
    15 Year Cash-out Refi 5.76% 12/16/24
    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

    602

    Origination Dollar Volume (All Markets)

    $142,630,000

    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) 550 $132,360,000 $240,655 $2,061 3.20%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 26 $6,740,000 $259,231 $2,887 4.96%
    WORCESTER, MA-CT (FHA|USDA|VA) 13 $2,055,000 $158,077 $1,583 4.69%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $605,000 $201,667 $3,080 4.75%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $270,000 $135,000 $0 5.95%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $260,000 $130,000 $1,851 4.60%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $150,000 $75,000 $0 5.99%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.95%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.83%
    Concord, NH (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.20%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.38%
    The People's Credit Union's top markets include Providence, Boston, Worcester, Hartford, and Manchester 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.

    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Rhode Island Credit Union
    Similarity Rank: 510
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Triangle Credit Union
    Similarity Rank: 696
    Bridgewater Savings Bank
    Similarity Rank: 738
    NEW HAMPSHIRE
    Similarity Rank: 756

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 601 $142,325,000 $236,814 $2,069 3.35%
    HELOC 1 $305,000 $305,000 n/a 3.25%

    For 2020, The People's Credit Union's most frequently originated type of loan was Conventional, with 601 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 257 $61,235,000 $238,268 $2,094 3.09%
    Cash Out Refi 221 $54,935,000 $248,575 $1,957 3.16%
    Home Purchase 93 $22,235,000 $239,086 $3,100 4.33%
    Home Improvement 21 $2,755,000 $131,190 $862 3.91%
    Other 10 $1,470,000 $147,000 $1,182 3.85%

    For 2020, The People's Credit Union's most frequently cited loan purpose was Refi, with 257 originations. The 2nd most popular reason was Cash Out Refi, with 221 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 263 $77,035,000 $292,909 $2,701 3.28%
    10 Year 126 $19,560,000 $155,238 $108 2.92%
    15 Year 106 $24,560,000 $231,698 $2,545 3.09%
    20 Year 67 $12,645,000 $188,731 $2,536 4.29%
    Other 28 $4,360,000 $155,714 $759 4.27%
    30+ year 4 $1,650,000 $412,500 $6,564 3.19%
    1 Year 4 $910,000 $227,500 $0 5.50%
    5 Year 3 $1,885,000 $628,333 $0 3.95%
    3 Year 1 $25,000 $25,000 $0 5.75%

    For 2020, The People's Credit Union's most frequently cited loan duration was 30 Year, with 263 originations. The 2nd most popular length was 10 Year, with 126 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 434 $103,110,000 $237,581
    $1k-2k 6 $2,990,000 $498,333
    $2k-3k 1 $385,000 $385,000
    $3k-4k 1 $285,000 $285,000
    $5k+ 1 $375,000 $375,000

    The People's Credit Union's average total fees were $2,701, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 434 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 305 $86,445,000 $283,426
    2.5-3% 212 $44,440,000 $209,623
    5-6% 33 $3,325,000 $100,758
    4-5% 29 $4,985,000 $171,897
    <2.5% 19 $2,905,000 $152,895
    6-7% 3 $255,000 $85,000
    7-8% 1 $275,000 $275,000

    During 2020, The People's Credit Union's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 305 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 258 $71,170,000 $275,853 $2,513 3.20%
    $100k-200k 186 $28,080,000 $150,968 $1,683 3.29%
    $100,000 or less 92 $5,580,000 $60,652 $168 3.91%
    $400k-600k 46 $22,160,000 $481,739 $3,201 3.31%
    $600k-1MM 18 $12,930,000 $718,333 $3,721 3.28%
    $1MM+ 2 $2,710,000 $1,355,000 $4,934 3.90%

    2020 saw The People's Credit Union place emphasis on $200k-400k loans with 258 originations, totaling $71,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 148 $37,920,000 $256,216 $2,192 3.11%
    $50k-75k 120 $18,840,000 $157,000 $1,874 3.56%
    $150k-250k 118 $34,980,000 $296,441 $2,026 3.21%
    $75k-100k 111 $22,085,000 $198,964 $2,005 3.29%
    $50k or less 36 $3,390,000 $94,167 $1,348 3.82%
    $250k+ 31 $13,215,000 $426,290 $2,896 3.22%

    The People's Credit Union lent most frequently to those with incomes in the $100k-150k range, with 148 originations. The second most popular income band? $50k-75k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 177 $40,895,000 $231,045 $2,079 3.37%
    30-36% 129 $29,145,000 $225,930 $2,229 3.30%
    <20% 57 $11,365,000 $199,386 $1,628 2.92%
    36% 25 $6,525,000 $261,000 $1,994 3.65%
    41% 24 $5,310,000 $221,250 $2,149 3.29%
    42% 23 $3,585,000 $155,870 $1,150 3.44%
    39% 23 $5,965,000 $259,348 $2,572 3.39%
    38% 21 $5,585,000 $265,952 $2,338 3.34%
    40% 21 $3,465,000 $165,000 $1,481 3.32%
    37% 17 $4,255,000 $250,294 $2,223 3.18%
    43% 12 $2,770,000 $230,833 $2,388 3.51%
    45% 9 $2,885,000 $320,556 $2,740 3.12%
    46% 8 $2,540,000 $317,500 $2,681 3.25%
    44% 7 $2,155,000 $307,857 $2,685 3.66%
    48% 4 $760,000 $190,000 $2,441 3.25%
    49% 4 $1,010,000 $252,500 $1,511 3.15%
    47% 3 $805,000 $268,333 $2,743 3.37%
    50-60% 3 $905,000 $301,667 $2,962 3.00%
    >60% 1 $185,000 $185,000 $0 2.75%

    The People's Credit Union lent most frequently to those with DTI ratios of 20-30%, with 177 originations. The next most common DTI ratio? 30-36%, with 129 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 495 $117,085,000 $236,535 $2,093 3.33%
    Not provided 66 $12,920,000 $195,758 $1,873 3.15%
    Not applicable 31 $10,665,000 $344,032 $0 4.08%
    Black 6 $1,010,000 $168,333 $1,804 3.43%
    Other Asian 1 $665,000 $665,000 $3,821 2.88%
    American Indian 2 $180,000 $90,000 $0 4.56%
    Asian 1 $105,000 $105,000 $0 2.88%

    Approval Rates

    Total approvals of all applications
    87.54%

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

    Pick Rate

    Approvals leading to origination
    75.08%

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

    Points and Fees

    Points Originations Total Value Average Loan
    827.0 12 $1,250,000 $104,167
    830.0 1 $65,000 $65,000
    830.5 2 $80,000 $40,000
    833.5 27 $2,335,000 $86,481
    835.0 2 $170,000 $85,000
    NA 558 $138,730,000 $248,620

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $675,000 $675,000
    Multifamily:Site-Built 7 $2,555,000 $365,000
    Single Family (1-4 Units):Manufactured 44 $3,900,000 $88,636
    Single Family (1-4 Units):Site-Built 550 $135,500,000 $246,364

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 85 $12,695,000 $149,353 $1,076 3.02%
    40-60% 163 $36,785,000 $225,675 $2,100 3.08%
    60-80% 237 $71,285,000 $300,781 $2,650 3.45%
    80-100% 70 $19,190,000 $274,143 $2,927 3.98%
    Under 20% 47 $2,675,000 $56,915 $170 3.41%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TOP FLITE FINANCIAL INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 60.0%
    TOP FLITE FINANCIAL INC FHA mortgage Closing on a mortgage 1 20.0%
    TOP FLITE FINANCIAL INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%