Rhode Island Credit Union Mortgage Rates, Fees & Info
Providence, RILEI: 5493001B4TX233UP4J06
Tax ID: 05-0252335
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Mortgage Data
Review & Overview
Rhode Island Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Rhode Island Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, New Haven, Worcester, and Norwich among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Rhode Island Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. They typically have relatively high 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 | 6.27% | 4/20/24 |
| 30 Year Conventional Refi | 6.27% | 4/20/24 |
| 30 Year Cash-out Refi | 6.27% | 4/20/24 |
| 15 Year Conventional Purchase | 5.68% | 4/20/24 |
| 15 Year Conventional Refi | 5.68% | 4/20/24 |
| 15 Year Cash-out Refi | 5.68% | 4/20/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
315Origination Dollar Volume (All Markets)
$21,015,000Relative Rate
Rhode Island Credit Union's average 30 year fixed mortgage rate was
8.33%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.85%.
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) | 299 | $19,985,000 | $66,839 | $0 | 6.15% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 9 | $595,000 | $66,111 | $0 | 6.22% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 6.45% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $105,000 | $35,000 | $0 | 5.86% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.99% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.99% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 8.25% |
Their top states include:
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.
Similarity Rank: 32
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Similarity Rank: 96
Similarity Rank: 124
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Similarity Rank: 136
Similarity Rank: 168
Similarity Rank: 192
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 204 | $12,870,000 | $63,088 | $0 | 7.22% |
| HELOC | 111 | $8,145,000 | $73,378 | n/a | 4.18% |
For 2023, Rhode Island Credit Union's most frequently originated type of loan was Conventional, with 204 originations. Their 2nd most popular type was HELOC, with 111 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 154 | $10,420,000 | $67,662 | $0 | 6.68% |
| Home Improvement | 150 | $9,760,000 | $65,067 | $0 | 5.63% |
| Refi | 11 | $835,000 | $75,909 | $0 | 5.81% |
For 2023, Rhode Island Credit Union's most frequently cited loan purpose was Cash Out Refi, with 154 originations. The 2nd most popular reason was Home Improvement, with 150 originations.
Loan Duration/Length
For 2023, Rhode Island Credit Union's most frequently cited loan duration was Other, with 146 originations. The 2nd most popular length was 10 Year, with 60 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 105 | $7,815,000 | $74,429 |
| 6-7% | 104 | $5,540,000 | $53,269 |
| 7-8% | 64 | $4,710,000 | $73,594 |
| Over 8% | 41 | $2,915,000 | $71,098 |
| 5-6% | 1 | $35,000 | $35,000 |
During 2023, Rhode Island Credit Union's average interest rate for loans was 8.33%, while their most frequently originated rate bucket for loans was 3-4%, with 105 originations.
Loan Sizing
2023 saw Rhode Island Credit Union place emphasis on $100,000 or less loans with 246 originations, totaling $12,430,000 in origination value.
Applicant Income
Rhode Island Credit Union lent most frequently to those with incomes in the $100k-150k range, with 84 originations. The second most popular income band? $150k-250k, with 75 originations.
Applicant Debt to Income Ratio
Rhode Island Credit Union lent most frequently to those with DTI ratios of 30-36%, with 63 originations. The next most common DTI ratio? 20-30%, with 63 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications63.96%
Rhode Island Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination75.56%
Rhode Island Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 315 | $21,015,000 | $66,714 |