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 loans. Rhode Island Credit Union has a high proportion of conventional loans. Rhode Island Credit Union has a low ratio of conventional loans. Their top markets by origination volume include: Providence, Boston, Worcester, Barnstable Town, and Norwich among others. We have data for 5 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. 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 | 6.27% | 4/18/24 |
| 30 Year Conventional Refi | 6.27% | 4/18/24 |
| 30 Year Cash-out Refi | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 5.68% | 4/18/24 |
| 15 Year Conventional Refi | 5.68% | 4/18/24 |
| 15 Year Cash-out Refi | 5.68% | 4/18/24 |
| 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
470Origination Dollar Volume (All Markets)
$31,780,000Top 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) | 435 | $29,535,000 | $67,897 | $0 | 3.75% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 21 | $1,385,000 | $65,952 | $0 | 3.72% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 12 | $770,000 | $64,167 | $0 | 3.58% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.50% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.35% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 393 | $26,005,000 | $66,170 | $0 | 4.06% |
| HELOC | 76 | $5,740,000 | $75,526 | n/a | 2.10% |
| Conventional | 1 | $35,000 | $35,000 | $0 | 6.75% |
For 2018, Rhode Island Credit Union's most frequently originated type of loan was Conventional, with 393 originations. Their 2nd most popular type was HELOC, with 76 originations.
Loan Reason
For 2018, Rhode Island Credit Union's most frequently cited loan purpose was Cash Out Refi, with 427 originations. The 2nd most popular reason was Refi, with 36 originations.
Loan Duration/Length
For 2018, Rhode Island Credit Union's most frequently cited loan duration was Other, with 217 originations. The 2nd most popular length was 10 Year, with 138 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 15 | $2,745,000 | $183,000 |
Rhode Island 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 15 originations.
Interest Rates
During 2018, Rhode Island Credit Union's average interest rate for loans was 4.83%, while their most frequently originated rate bucket for loans was 3-4%, with 227 originations.
Loan Sizing
2018 saw Rhode Island Credit Union place emphasis on $100,000 or less loans with 375 originations, totaling $16,525,000 in origination value.
Applicant Income
Rhode Island Credit Union lent most frequently to those with incomes in the $100k-150k range, with 122 originations. The second most popular income band? $150k-250k, with 106 originations.
Applicant Debt to Income Ratio
Rhode Island Credit Union lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? 30-36%, with 87 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.56%
Rhode Island Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination83.40%
Rhode Island Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 470 | $31,780,000 | $67,617 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 24 | $1,570,000 | $65,417 |
| Single Family (1-4 Units):Site-Built | 446 | $30,210,000 | $67,735 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Rhode Island Housing and Mortgage Finance Corporation | Conventional home mortgage | Struggling to pay mortgage | 2 | 40.0% |
| Rhode Island Housing and Mortgage Finance Corporation | Conventional home mortgage | Trouble during payment process | 2 | 40.0% |
| Rhode Island Housing and Mortgage Finance Corporation | Other type of mortgage | Trouble during payment process | 1 | 20.0% |