Fall River Municipal Credit Union Mortgage Rates, Fees & Info

FALL RIVER, MA

LEI: 254900XIGAR8HM0KJZ26

Tax ID: 04-1298900

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Mortgage Data

Review & Overview

Fall River Municipal Credit Union is a smaller credit union specializing in Refi and Home Purchase 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.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.39% 3/28/24
30 Year Conventional Refi 6.22% 3/28/24
30 Year Cash-out Refi 6.34% 3/28/24
15 Year Conventional Purchase 5.66% 3/28/24
15 Year Conventional Refi 5.58% 3/28/24
15 Year Cash-out Refi 5.58% 3/28/24
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.

Fall River Municipal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Fall River Municipal 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

153

Origination Dollar Volume (All Markets)

$22,915,000

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) 145 $21,555,000 $148,655 $18 3.86%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 7 $1,095,000 $156,429 $0 4.01%
Outside of Metro Areas 1 $265,000 $265,000 $0 4.25%
Fall River Municipal Credit Union's top markets include Providence and Boston among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

    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.

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    PAWTUCKET
    Similarity Rank: 216
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    Similarity Rank: 300
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    Similarity Rank: 306
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    OCEAN STATE CREDIT UNION
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    WAVE FEDERAL CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 153 $22,915,000 $149,771 $17 3.87%

    For 2019, Fall River Municipal Credit Union's most frequently originated type of loan was Conventional, with 153 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 65 $12,945,000 $199,154 $0 3.75%
    Home Purchase 30 $6,440,000 $214,667 $0 4.11%
    Home Improvement 24 $1,370,000 $57,083 $54 3.87%
    Other 24 $1,020,000 $42,500 $19 3.90%
    Cash Out Refi 10 $1,140,000 $114,000 $0 3.87%

    For 2019, Fall River Municipal Credit Union's most frequently cited loan purpose was Refi, with 65 originations. The 2nd most popular reason was Home Purchase, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 62 $13,220,000 $213,226 $0 3.87%
    15 Year 47 $5,785,000 $123,085 $21 3.91%
    10 Year 22 $1,360,000 $61,818 $13 3.89%
    5 Year 12 $300,000 $25,000 $63 3.31%
    20 Year 5 $905,000 $181,000 $0 3.68%
    Other 5 $1,345,000 $269,000 $0 4.90%

    For 2019, Fall River Municipal Credit Union's most frequently cited loan duration was 30 Year, with 62 originations. The 2nd most popular length was 15 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 95 $11,355,000 $119,526

    Fall River Municipal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 95 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 103 $15,565,000 $151,117
    4-5% 37 $6,155,000 $166,351
    2.5-3% 7 $425,000 $60,714
    5-6% 5 $765,000 $153,000
    <2.5% 1 $5,000 $5,000

    During 2019, Fall River Municipal Credit Union's average interest rate for loans was 3.87%, while their most frequently originated rate bucket for loans was 3-4%, with 103 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 65 $3,235,000 $49,769 $32 3.89%
    $200k-400k 46 $11,890,000 $258,478 $0 4.05%
    $100k-200k 37 $5,575,000 $150,676 $0 3.69%
    $400k-600k 5 $2,215,000 $443,000 $0 3.33%

    2019 saw Fall River Municipal Credit Union place emphasis on $100,000 or less loans with 65 originations, totaling $3,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 51 $7,205,000 $141,275 $8 3.80%
    $75k-100k 32 $4,830,000 $150,938 $24 3.90%
    $100k-150k 29 $4,745,000 $163,621 $38 4.03%
    $50k or less 23 $1,965,000 $85,435 $4 3.79%
    $150k-250k 9 $1,365,000 $151,667 $24 4.10%
    $250k+ 7 $2,215,000 $316,429 $0 3.32%

    Fall River Municipal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $75k-100k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 38 $5,600,000 $147,368 $16 3.63%
    30-36% 30 $4,550,000 $151,667 $0 3.87%
    <20% 11 $1,645,000 $149,545 $0 3.65%
    44% 7 $1,355,000 $193,571 $0 4.16%
    36% 7 $915,000 $130,714 $0 4.05%
    43% 7 $1,075,000 $153,571 $95 4.25%
    45% 6 $720,000 $120,000 $0 3.64%
    47% 6 $870,000 $145,000 $0 3.91%
    41% 6 $1,050,000 $175,000 $0 3.60%
    39% 5 $675,000 $135,000 $0 3.77%
    37% 5 $535,000 $107,000 $25 3.87%
    46% 5 $225,000 $45,000 $125 4.17%
    42% 4 $690,000 $172,500 $0 4.21%
    38% 4 $510,000 $127,500 $125 3.62%
    49% 3 $555,000 $185,000 $0 3.99%
    50-60% 3 $355,000 $118,333 $0 4.04%
    48% 2 $510,000 $255,000 $0 4.56%
    40% 1 $255,000 $255,000 $0 4.75%
    >60% 1 $235,000 $235,000 $0 5.75%

    Fall River Municipal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 147 $22,035,000 $149,898 $18 3.85%
    Not provided 3 $535,000 $178,333 $0 4.04%
    Other Asian 1 $215,000 $215,000 $0 4.13%
    American Indian 1 $65,000 $65,000 $0 5.25%
    Black 1 $65,000 $65,000 $0 4.87%

    Approval Rates

    Total approvals of all applications
    87.85%

    Fall River Municipal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.39%

    Fall River Municipal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 153 $22,915,000 $149,771

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $590,000 $295,000
    Single Family (1-4 Units):Site-Built 151 $22,325,000 $147,848

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $2,430,000 $93,462 $0 3.86%
    40-60% 26 $4,650,000 $178,846 $0 3.73%
    60-80% 36 $8,740,000 $242,778 $0 4.00%
    80-100% 20 $5,410,000 $270,500 $0 3.94%
    Under 20% 45 $1,685,000 $37,444 $41 3.82%