Fall River Municipal Credit Union Mortgage Rates, Fees & InfoFALL RIVER, MA
Tax ID: 04-1298900
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFall River Municipal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Fall River Municipal Credit Union has a high proportion of conventional loans. Their top two markets are Providence and Boston .
Fall River Municipal 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. Fall River Municipal 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.38%||3/19/23|
|30 Year Conventional Refi||6.35%||3/19/23|
|30 Year Cash-out Refi||6.70%||3/19/23|
|15 Year Conventional Purchase||6.37%||3/19/23|
|15 Year Conventional Refi||5.51%||3/19/23|
|15 Year Cash-out Refi||5.51%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$41,325,000
Fall River Municipal Credit Union's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.06%.
Relative Fees (Closing Costs)
Fall River Municipal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,733.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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)||225||$37,625,000||$167,222||$1,686||2.69%|
|Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)||16||$2,760,000||$172,500||$1,227||2.64%|
|Outside of Metro Areas||4||$940,000||$235,000||$913||3.44%|
Their top states include:
We use machine learning to identify the top lenders compared against FALL RIVER MUNICIPAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Fall River Municipal Credit Union's most frequently originated type of loan was Conventional, with 245 originations.
For 2021, Fall River Municipal Credit Union's most frequently cited loan purpose was Refi, with 126 originations. The 2nd most popular reason was Cash Out Refi, with 44 originations.
For 2021, Fall River Municipal Credit Union's most frequently cited loan duration was 15 Year, with 98 originations. The 2nd most popular length was 30 Year, with 63 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Fall River Municipal Credit Union's average total fees were $2,733, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 233 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Fall River Municipal Credit Union's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was <2.5%, with 111 originations.
2021 saw Fall River Municipal Credit Union place emphasis on $200k-400k loans with 86 originations, totaling $22,820,000 in origination value.
Fall River Municipal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 67 originations. The second most popular income band? $100k-150k, with 66 originations.
Applicant Debt to Income Ratio
Fall River Municipal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? 30-36%, with 42 originations.
Approval RatesTotal approvals of all applications
Fall River Municipal Credit Union has a below average approval rate.
Pick RateApprovals leading to origination
Fall River Municipal Credit Union has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|