The People's Credit Union Mortgage Rates, Fees & Info
Middletown, RILEI: 254900OVHD0ZZK65EQ86
Tax ID: 05-0198580
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
The People's Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. The People's Credit Union has a high proportion of conventional loans. Their top (well, only) market is Providence.The People's Credit Union has an average approval rate when compared to the average across all lenders.
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
12Origination Dollar Volume (All Markets)
$5,640,000Top 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) | 12 | $5,640,000 | $470,000 | $0 | 4.11% |
Their top states include:
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.
Similarity Rank: 87
Similarity Rank: 156
Similarity Rank: 396
Similarity Rank: 405
Similarity Rank: 474
Similarity Rank: 524
Similarity Rank: 540
Similarity Rank: 596
Similarity Rank: 618
Similarity Rank: 672
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 12 | $5,640,000 | $470,000 | $0 | 4.11% |
For 2021, The People's Credit Union's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 6 | $3,760,000 | $626,667 | $0 | 4.05% |
| Cash Out Refi | 6 | $1,880,000 | $313,333 | $0 | 4.17% |
For 2021, The People's Credit Union's most frequently cited loan purpose was Home Purchase, with 6 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 9 | $3,875,000 | $430,556 | $0 | 4.02% |
| 15 Year | 3 | $1,765,000 | $588,333 | $0 | 4.38% |
For 2021, The People's Credit Union's most frequently cited loan duration was 10 Year, with 9 originations. The 2nd most popular length was 15 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 8 | $3,980,000 | $497,500 |
| 4-5% | 3 | $1,505,000 | $501,667 |
| 5-6% | 1 | $155,000 | $155,000 |
During 2021, The People's Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 8 originations.
Loan Sizing
2021 saw The People's Credit Union place emphasis on $200k-400k loans with 4 originations, totaling $1,190,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 2 | $670,000 | $335,000 | $0 | 3.88% |
The People's Credit Union lent most frequently to those with incomes in the $50k or less range, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications75.00%
The People's Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 12 | $5,640,000 | $470,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 40-60% | 2 | $560,000 | $280,000 | $0 | 4.63% |
| 60-80% | 10 | $5,080,000 | $508,000 | $0 | 4.01% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TOP FLITE FINANCIAL INC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |