Rhode Island Credit Union Mortgage Rates, Fees & Info

Providence, RI

LEI: 5493001B4TX233UP4J06

Tax ID: 05-0252335

5 stars - Updated: 2/26/24 - out of 5 stars, based on 21 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Rhode Island Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Rhode Island Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, and Worcester among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

Rhode Island 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. Rhode Island 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 6.27% 2/26/24
30 Year Conventional Refi 6.27% 2/26/24
30 Year Cash-out Refi 6.27% 2/26/24
15 Year Conventional Purchase 5.68% 2/26/24
15 Year Conventional Refi 5.68% 2/26/24
15 Year Cash-out Refi 5.68% 2/26/24
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.

Rhode Island Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Rhode Island 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

438

Origination Dollar Volume (All Markets)

$36,160,000

Awards

Rhode Island Credit Union 30 Year Conventional Loans gold Rhode Island Credit Union 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Rhode Island Credit Union's average 30 year fixed mortgage rate was 5.09%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.33%.

Relative Fees (Closing Costs)

Rhode Island Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $638.

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.

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) 425 $34,935,000 $82,200 $639 3.93%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 7 $675,000 $96,429 $640 3.73%
WORCESTER, MA-CT (FHA|USDA|VA) 6 $550,000 $91,667 $0 5.28%
Rhode Island Credit Union's top markets include Providence, Boston, and Worcester among others.

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

    We use machine learning to identify the top lenders compared against Rhode Island Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Homestar Mortgage, Inc.
    Similarity Rank: 52
    SOMERSET
    Similarity Rank: 87
    Bridgewater Savings Bank
    Similarity Rank: 192
    North Easton Savings Bank
    Similarity Rank: 276
    OCEAN STATE CREDIT UNION
    Similarity Rank: 360
    Rhode Island Credit Union
    Similarity Rank: 393
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    Bristol County Savings Bank
    Similarity Rank: 410
    Dedham Institution for Savings
    Similarity Rank: 444

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 335 $28,455,000 $84,940 $639 4.25%
    HELOC 103 $7,705,000 $74,806 n/a 2.96%

    For 2022, Rhode Island Credit Union's most frequently originated type of loan was Conventional, with 335 originations. Their 2nd most popular type was HELOC, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 242 $15,400,000 $63,636 $0 3.82%
    Cash Out Refi 149 $12,595,000 $84,530 $0 4.30%
    Refi 42 $7,120,000 $169,524 $640 3.40%
    Home Purchase 5 $1,045,000 $209,000 $636 4.35%

    For 2022, Rhode Island Credit Union's most frequently cited loan purpose was Home Improvement, with 242 originations. The 2nd most popular reason was Cash Out Refi, with 149 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 216 $16,420,000 $76,019 $640 3.26%
    10 Year 89 $5,345,000 $60,056 $0 3.74%
    30 Year 53 $7,205,000 $135,943 $638 5.09%
    20 Year 50 $4,690,000 $93,800 $650 5.72%
    15 Year 20 $2,270,000 $113,500 $640 4.81%
    5 Year 10 $230,000 $23,000 $0 3.95%

    For 2022, Rhode Island Credit Union's most frequently cited loan duration was Other, with 216 originations. The 2nd most popular length was 10 Year, with 89 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 23 $5,535,000 $240,652

    Rhode Island Credit Union's average total fees were $638, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 23 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 115 $9,375,000 $81,522
    3-4% 102 $11,060,000 $108,431
    5-6% 70 $5,220,000 $74,571
    2.5-3% 62 $4,300,000 $69,355
    4-5% 48 $3,080,000 $64,167
    6-7% 26 $1,990,000 $76,538
    7-8% 14 $1,090,000 $77,857
    Over 8% 1 $45,000 $45,000

    During 2022, Rhode Island Credit Union's average interest rate for loans was 5.09%, while their most frequently originated rate bucket for loans was <2.5%, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 301 $14,255,000 $47,359 $640 4.02%
    $100k-200k 103 $13,175,000 $127,913 $635 3.91%
    $200k-400k 33 $8,325,000 $252,273 $640 3.43%
    $400k-600k 1 $405,000 $405,000 $660 3.75%

    2022 saw Rhode Island Credit Union place emphasis on $100,000 or less loans with 301 originations, totaling $14,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 125 $10,525,000 $84,200 $643 3.99%
    $75k-100k 98 $7,410,000 $75,612 $645 3.85%
    $150k-250k 84 $7,990,000 $95,119 $645 3.90%
    $50k-75k 79 $5,725,000 $72,468 $630 4.04%
    $50k or less 28 $1,950,000 $69,643 $630 4.15%
    $250k+ 24 $2,560,000 $106,667 $640 3.76%

    Rhode Island Credit Union lent most frequently to those with incomes in the $100k-150k range, with 125 originations. The second most popular income band? $75k-100k, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 103 $7,655,000 $74,320 $647 3.96%
    30-36% 90 $7,110,000 $79,000 $0 4.21%
    <20% 55 $5,165,000 $93,909 $640 3.47%
    50-60% 51 $3,505,000 $68,725 $0 3.81%
    38% 16 $1,130,000 $70,625 $0 4.32%
    49% 14 $1,430,000 $102,143 $0 3.60%
    42% 13 $1,075,000 $82,692 $0 3.79%
    39% 13 $945,000 $72,692 $0 3.81%
    41% 13 $1,245,000 $95,769 $640 4.08%
    44% 11 $755,000 $68,636 $640 4.30%
    40% 10 $850,000 $85,000 $640 4.27%
    43% 10 $610,000 $61,000 $0 4.26%
    37% 8 $1,090,000 $136,250 $640 3.40%
    36% 8 $970,000 $121,250 $630 4.14%
    47% 6 $610,000 $101,667 $620 4.44%
    45% 6 $470,000 $78,333 $0 4.42%
    46% 4 $690,000 $172,500 $640 3.32%
    >60% 4 $530,000 $132,500 $0 3.98%
    48% 3 $325,000 $108,333 $0 3.45%

    Rhode Island Credit Union lent most frequently to those with DTI ratios of 20-30%, with 103 originations. The next most common DTI ratio? 30-36%, with 90 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 374 $31,110,000 $83,182 $639 3.90%
    Black 31 $2,745,000 $88,548 $640 4.35%
    Not provided 22 $1,360,000 $61,818 $0 4.49%
    Chinese 2 $330,000 $165,000 $0 2.95%
    Other Pacific Islander 3 $265,000 $88,333 $0 2.58%
    Asian 2 $140,000 $70,000 $0 3.37%
    Vietnamese 2 $120,000 $60,000 $0 4.45%
    Guamanian 1 $75,000 $75,000 $0 5.75%
    American Indian 1 $15,000 $15,000 $0 2.75%

    Approval Rates

    Total approvals of all applications
    74.59%

    Rhode Island Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.39%

    Rhode Island Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 438 $36,160,000 $82,557

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    438 $36,160,000 $82,557