Fall River Municipal Credit Union Mortgage Rates, Fees & Info
FALL RIVER, MALEI: 254900XIGAR8HM0KJZ26
Tax ID: 04-1298900
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Fall River Municipal Credit Union is a smaller credit union specializing in Refi loans. Fall River Municipal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, and Springfield among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)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.
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 | 5.39% | 11/23/24 |
| 30 Year Conventional Refi | 6.22% | 11/23/24 |
| 30 Year Cash-out Refi | 6.34% | 11/23/24 |
| 15 Year Conventional Purchase | 5.66% | 11/23/24 |
| 15 Year Conventional Refi | 5.58% | 11/23/24 |
| 15 Year Cash-out Refi | 5.58% | 11/23/24 |
| 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
179Origination Dollar Volume (All Markets)
$34,395,000Top 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) | 168 | $31,310,000 | $186,369 | $0 | 3.24% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 7 | $2,065,000 | $295,000 | $0 | 3.11% |
| Outside of Metro Areas | 3 | $895,000 | $298,333 | $0 | 3.46% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 3.13% |
Their top states include:
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.
Similarity Rank: 138
Similarity Rank: 166
Similarity Rank: 169
Similarity Rank: 252
Similarity Rank: 352
Similarity Rank: 430
Similarity Rank: 460
Similarity Rank: 510
Similarity Rank: 592
Similarity Rank: 660
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 179 | $34,395,000 | $192,151 | $0 | 3.24% |
For 2020, Fall River Municipal Credit Union's most frequently originated type of loan was Conventional, with 179 originations.
Loan Reason
For 2020, Fall River Municipal Credit Union's most frequently cited loan purpose was Refi, with 108 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.
Loan Duration/Length
For 2020, Fall River Municipal Credit Union's most frequently cited loan duration was 30 Year, with 89 originations. The 2nd most popular length was 15 Year, with 38 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 138 | $24,440,000 | $177,101 |
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 138 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 82 | $18,030,000 | $219,878 |
| 3-4% | 65 | $11,655,000 | $179,308 |
| 4-5% | 18 | $2,920,000 | $162,222 |
| <2.5% | 13 | $1,765,000 | $135,769 |
| 5-6% | 1 | $25,000 | $25,000 |
During 2020, Fall River Municipal Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 82 originations.
Loan Sizing
2020 saw Fall River Municipal Credit Union place emphasis on $200k-400k loans with 74 originations, totaling $20,490,000 in origination value.
Applicant Income
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? $100k-150k, with 40 originations.
Applicant Debt to Income Ratio
Fall River Municipal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 38 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.85%
Fall River Municipal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination56.98%
Fall River Municipal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $175,000 | $175,000 |
| NA | 178 | $34,220,000 | $192,247 |