Rhode Island Credit Union Mortgage Rates, Fees & Info

Providence, RI

LEI: 5493001B4TX233UP4J06

Tax ID: 05-0252335

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
  • Complaints
  • 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

    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. Their top markets by origination volume include: Providence, Boston, Worcester, and Barnstable Town among others. We have data for 4 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% 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






    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

    350

    Origination Dollar Volume (All Markets)

    $25,100,000

    Awards

    Rhode Island Credit Union 30 Year Conventional Loans gold Rhode Island Credit Union 30 Year Conventional Loans silver Rhode Island Credit Union 30 Year Conventional Loans silver Rhode Island Credit Union 30 Year Conventional Loans silver
    Show all (4) 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) 312 $23,620,000 $75,705 $2,322 4.41%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 27 $1,095,000 $40,556 $0 4.19%
    WORCESTER, MA-CT (FHA|USDA|VA) 9 $335,000 $37,222 $0 4.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $50,000 $25,000 $0 3.78%
    Rhode Island Credit Union's top markets include Providence, Boston, Worcester, and Barnstable Town 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.

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    Sharon & Crescent United Credit Union
    Similarity Rank: 120
    PAWTUCKET
    Similarity Rank: 216
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 234
    ROCKLAND
    Similarity Rank: 300
    Milford Federal Bank
    Similarity Rank: 306
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 291 $21,595,000 $74,210 $2,322 4.72%
    HELOC 59 $3,505,000 $59,407 n/a 2.69%

    For 2019, Rhode Island Credit Union's most frequently originated type of loan was Conventional, with 291 originations. Their 2nd most popular type was HELOC, with 59 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 318 $18,710,000 $58,836 $0 4.40%
    Refi 23 $4,405,000 $191,522 $2,267 4.08%
    Home Purchase 9 $1,985,000 $220,556 $2,467 4.26%

    For 2019, Rhode Island Credit Union's most frequently cited loan purpose was Cash Out Refi, with 318 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 162 $10,280,000 $63,457 $2,580 3.45%
    10 Year 77 $3,435,000 $44,610 $0 4.52%
    20 Year 50 $4,020,000 $80,400 $2,193 6.68%
    30 Year 33 $5,475,000 $165,909 $2,411 5.05%
    15 Year 19 $1,565,000 $82,368 $2,176 4.84%
    5 Year 9 $325,000 $36,111 $0 3.76%

    For 2019, Rhode Island Credit Union's most frequently cited loan duration was Other, with 162 originations. The 2nd most popular length was 10 Year, with 77 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 29 $6,025,000 $207,759

    Rhode Island Credit Union's average total fees were $2,411, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 143 $11,945,000 $83,531
    4-5% 70 $4,430,000 $63,286
    <2.5% 52 $3,210,000 $61,731
    7-8% 34 $2,190,000 $64,412
    6-7% 27 $1,525,000 $56,481
    5-6% 24 $1,800,000 $75,000

    During 2019, Rhode Island Credit Union's average interest rate for loans was 5.05%, while their most frequently originated rate bucket for loans was 3-4%, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 280 $12,090,000 $43,179 $2,062 4.48%
    $100k-200k 45 $6,475,000 $143,889 $2,164 4.08%
    $200k-400k 23 $5,645,000 $245,435 $2,470 3.79%
    $400k-600k 2 $890,000 $445,000 $2,828 3.88%

    2019 saw Rhode Island Credit Union place emphasis on $100,000 or less loans with 280 originations, totaling $12,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 104 $7,780,000 $74,808 $2,432 4.32%
    $150k-250k 73 $5,035,000 $68,973 $2,451 4.41%
    $75k-100k 73 $4,705,000 $64,452 $2,260 4.59%
    $50k-75k 57 $3,075,000 $53,947 $2,124 4.30%
    $50k or less 28 $1,710,000 $61,071 $2,064 4.31%
    $250k+ 15 $2,795,000 $186,333 $2,745 4.06%

    Rhode Island Credit Union lent most frequently to those with incomes in the $100k-150k range, with 104 originations. The second most popular income band? $150k-250k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 106 $8,030,000 $75,755 $2,372 4.34%
    30-36% 70 $4,470,000 $63,857 $2,171 4.50%
    <20% 38 $3,260,000 $85,789 $2,455 4.02%
    50-60% 25 $1,335,000 $53,400 $1,990 4.14%
    42% 12 $950,000 $79,167 $2,022 4.28%
    44% 12 $920,000 $76,667 $2,750 4.69%
    37% 10 $790,000 $79,000 $0 4.26%
    38% 10 $950,000 $95,000 $2,202 5.04%
    40% 9 $565,000 $62,778 $0 5.14%
    45% 8 $410,000 $51,250 $2,048 4.38%
    43% 7 $315,000 $45,000 $0 4.66%
    39% 7 $765,000 $109,286 $2,479 4.25%
    49% 7 $275,000 $39,286 $0 4.51%
    41% 7 $575,000 $82,143 $2,048 5.10%
    36% 6 $250,000 $41,667 $0 4.15%
    47% 5 $405,000 $81,000 $0 4.82%
    48% 5 $215,000 $43,000 $0 3.40%
    46% 5 $565,000 $113,000 $0 4.23%
    >60% 1 $55,000 $55,000 $0 3.70%

    Rhode Island Credit Union lent most frequently to those with DTI ratios of 20-30%, with 106 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 312 $22,150,000 $70,994 $2,341 4.36%
    Black 14 $1,070,000 $76,429 $2,392 5.00%
    Not provided 13 $945,000 $72,692 $0 4.32%
    Asian 5 $555,000 $111,000 $2,433 3.76%
    Chinese 1 $105,000 $105,000 $0 3.85%
    American Indian 2 $100,000 $50,000 $2,006 6.75%
    Korean 1 $95,000 $95,000 $0 2.49%
    Asian Indian 1 $55,000 $55,000 $0 3.50%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 3.50%

    Approval Rates

    Total approvals of all applications
    73.13%

    Rhode Island Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.86%

    Rhode Island Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 350 $25,100,000 $71,714

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 350 $25,100,000 $71,714

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 5 $675,000 $135,000 $2,113 3.58%
    60-80% 23 $5,185,000 $225,435 $2,378 4.16%
    80-100% 1 $165,000 $165,000 $2,095 3.88%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Rhode Island Housing and Mortgage Finance Corporation FHA mortgage Trouble during payment process 1 100.0%