Fall River Municipal Credit Union Mortgage Rates, Fees & Info

FALL RIVER, MA

LEI: 254900XIGAR8HM0KJZ26

Tax ID: 04-1298900

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
  • 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

    Fall 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.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.39% 4/28/24
    30 Year Conventional Refi 6.22% 4/28/24
    30 Year Cash-out Refi 6.34% 4/28/24
    15 Year Conventional Purchase 5.66% 4/28/24
    15 Year Conventional Refi 5.58% 4/28/24
    15 Year Cash-out Refi 5.58% 4/28/24
    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

    245

    Origination Dollar Volume (All Markets)

    $41,325,000

    Awards

    FALL RIVER MUNICIPAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (1) 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) 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%
    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: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    Bridgewater Savings Bank
    Similarity Rank: 224
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    Dedham Institution for Savings
    Similarity Rank: 518
    Rhode Island Credit Union
    Similarity Rank: 524
    ROCKLAND
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 245 $41,325,000 $168,673 $1,647 2.70%

    For 2021, Fall River Municipal Credit Union's most frequently originated type of loan was Conventional, with 245 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 126 $24,200,000 $192,063 $1,963 2.50%
    Cash Out Refi 44 $9,120,000 $207,273 $2,270 2.86%
    Home Improvement 41 $2,295,000 $55,976 $27 2.78%
    Home Purchase 17 $4,835,000 $284,412 $3,273 3.25%
    Other 17 $875,000 $51,471 $29 2.96%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 98 $16,170,000 $165,000 $1,569 2.44%
    30 Year 63 $14,575,000 $231,349 $2,733 3.09%
    10 Year 42 $4,170,000 $99,286 $690 2.71%
    5 Year 19 $1,095,000 $57,632 $8 1.93%
    20 Year 18 $4,100,000 $227,778 $1,823 3.10%
    Other 5 $1,215,000 $243,000 $2,599 4.15%

    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
    $<1k 233 $39,035,000 $167,532
    $2k-3k 1 $295,000 $295,000
    $3k-4k 1 $345,000 $345,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 111 $16,935,000 $152,568
    2.5-3% 79 $14,295,000 $180,949
    3-4% 45 $8,275,000 $183,889
    4-5% 10 $1,820,000 $182,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 86 $22,820,000 $265,349 $2,497 2.75%
    $100k-200k 83 $12,515,000 $150,783 $1,936 2.63%
    $100,000 or less 71 $3,695,000 $52,042 $302 2.67%
    $400k-600k 5 $2,295,000 $459,000 $1,353 3.23%

    2021 saw Fall River Municipal Credit Union place emphasis on $200k-400k loans with 86 originations, totaling $22,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 67 $10,285,000 $153,507 $1,938 2.72%
    $100k-150k 66 $11,960,000 $181,212 $1,449 2.61%
    $75k-100k 53 $8,655,000 $163,302 $1,822 2.76%
    $150k-250k 26 $5,530,000 $212,692 $1,341 2.40%
    $50k or less 20 $2,190,000 $109,500 $1,569 2.95%
    $250k+ 10 $1,850,000 $185,000 $853 2.55%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 71 $12,225,000 $172,183 $1,493 2.44%
    30-36% 42 $7,140,000 $170,000 $1,422 2.66%
    <20% 27 $3,345,000 $123,889 $1,097 2.38%
    50-60% 10 $1,950,000 $195,000 $2,110 2.83%
    40% 10 $1,240,000 $124,000 $1,400 3.22%
    37% 10 $1,330,000 $133,000 $2,146 2.58%
    47% 9 $2,325,000 $258,333 $3,581 2.89%
    44% 8 $1,360,000 $170,000 $2,467 2.87%
    41% 7 $1,125,000 $160,714 $360 2.66%
    36% 7 $1,285,000 $183,571 $2,044 2.95%
    39% 6 $590,000 $98,333 $969 3.10%
    43% 6 $1,380,000 $230,000 $2,509 3.21%
    42% 5 $865,000 $173,000 $1,485 3.06%
    38% 5 $775,000 $155,000 $1,357 2.93%
    48% 5 $1,395,000 $279,000 $2,637 2.63%
    49% 4 $450,000 $112,500 $1,581 2.97%
    46% 4 $510,000 $127,500 $1,087 3.42%
    >60% 1 $255,000 $255,000 $2,350 3.38%
    45% 1 $135,000 $135,000 $1,758 1.99%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 232 $38,820,000 $167,328 $1,646 2.68%
    Not provided 6 $1,290,000 $215,000 $1,523 2.78%
    Black 4 $680,000 $170,000 $1,082 2.34%
    Asian 3 $535,000 $178,333 $2,677 4.01%

    Approval Rates

    Total approvals of all applications
    84.76%

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

    Pick Rate

    Approvals leading to origination
    74.69%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 245 $41,325,000 $168,673

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    245 $41,325,000 $168,673

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 52 $6,610,000 $127,115 $1,346 2.57%
    40-60% 70 $13,490,000 $192,714 $2,066 2.51%
    60-80% 59 $16,635,000 $281,949 $2,517 2.91%
    80-100% 6 $1,650,000 $275,000 $3,769 3.25%
    Under 20% 57 $2,695,000 $47,281 $152 2.72%