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 Home Improvement, Cash Out Refi, and 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% 4/21/24
    30 Year Conventional Refi 6.27% 4/21/24
    30 Year Cash-out Refi 6.27% 4/21/24
    15 Year Conventional Purchase 5.68% 4/21/24
    15 Year Conventional Refi 5.68% 4/21/24
    15 Year Cash-out Refi 5.68% 4/21/24
    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

    324

    Origination Dollar Volume (All Markets)

    $31,240,000

    Awards

    Rhode Island Credit Union 30 Year Conventional Loans gold Rhode Island Credit Union 30 Year Conventional Loans silver
    Show all (2) 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) 308 $30,370,000 $98,604 $2,327 3.52%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 8 $500,000 $62,500 $0 3.16%
    WORCESTER, MA-CT (FHA|USDA|VA) 8 $370,000 $46,250 $0 3.89%
    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)
  • Connecticut (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.

    Bridgewater Savings Bank
    Similarity Rank: 138
    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    Poli Mortgage Group, Inc.
    Similarity Rank: 352
    Beeline Loans, Inc.
    Similarity Rank: 430
    Sharon & Crescent United Credit Union
    Similarity Rank: 460
    Rhode Island Credit Union
    Similarity Rank: 510
    Bristol County Savings Bank
    Similarity Rank: 592
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $27,690,000 $101,801 $2,327 3.68%
    HELOC 52 $3,550,000 $68,269 n/a 2.64%

    For 2020, Rhode Island Credit Union's most frequently originated type of loan was Conventional, with 272 originations. Their 2nd most popular type was HELOC, with 52 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 135 $7,865,000 $58,259 $0 3.43%
    Cash Out Refi 99 $7,485,000 $75,606 $0 3.76%
    Refi 80 $14,000,000 $175,000 $2,299 3.26%
    Home Purchase 10 $1,890,000 $189,000 $2,541 4.30%

    For 2020, Rhode Island Credit Union's most frequently cited loan purpose was Home Improvement, with 135 originations. The 2nd most popular reason was Cash Out Refi, with 99 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 159 $11,165,000 $70,220 $0 2.93%
    10 Year 53 $3,785,000 $71,415 $2,125 3.59%
    30 Year 48 $8,760,000 $182,500 $2,365 3.99%
    20 Year 38 $4,120,000 $108,421 $2,315 5.14%
    15 Year 21 $3,215,000 $153,095 $2,260 3.72%
    5 Year 5 $195,000 $39,000 $0 3.80%

    For 2020, Rhode Island Credit Union's most frequently cited loan duration was Other, with 159 originations. The 2nd most popular length was 10 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 59 $12,405,000 $210,254

    Rhode Island Credit Union's average total fees were $2,365, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 59 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 132 $16,650,000 $126,136
    2.5-3% 94 $8,180,000 $87,021
    <2.5% 48 $3,400,000 $70,833
    5-6% 34 $2,120,000 $62,353
    4-5% 10 $480,000 $48,000
    6-7% 6 $410,000 $68,333

    During 2020, Rhode Island Credit Union's average interest rate for loans was 3.99%, while their most frequently originated rate bucket for loans was 3-4%, with 132 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 207 $9,465,000 $45,725 $2,108 3.62%
    $100k-200k 71 $9,975,000 $140,493 $2,155 3.37%
    $200k-400k 45 $11,365,000 $252,556 $2,473 3.28%
    $400k-600k 1 $435,000 $435,000 $2,337 3.50%

    2020 saw Rhode Island Credit Union place emphasis on $100,000 or less loans with 207 originations, totaling $9,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 93 $9,645,000 $103,710 $2,392 3.61%
    $100k-150k 80 $7,700,000 $96,250 $2,310 3.47%
    $75k-100k 72 $6,690,000 $92,917 $2,271 3.43%
    $50k-75k 45 $3,505,000 $77,889 $2,349 3.66%
    $50k or less 25 $1,375,000 $55,000 $2,032 3.48%
    $250k+ 9 $2,325,000 $258,333 $2,576 3.05%

    Rhode Island Credit Union lent most frequently to those with incomes in the $150k-250k range, with 93 originations. The second most popular income band? $100k-150k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 109 $11,215,000 $102,890 $2,300 3.44%
    30-36% 54 $5,500,000 $101,852 $2,509 3.79%
    <20% 44 $4,950,000 $112,500 $2,265 3.19%
    50-60% 22 $1,160,000 $52,727 $0 3.25%
    37% 11 $605,000 $55,000 $0 3.74%
    44% 10 $1,230,000 $123,000 $2,620 4.52%
    40% 10 $680,000 $68,000 $2,840 3.80%
    36% 9 $835,000 $92,778 $2,125 2.99%
    39% 8 $730,000 $91,250 $2,277 3.93%
    46% 8 $870,000 $108,750 $2,395 3.39%
    41% 7 $545,000 $77,857 $0 3.70%
    42% 7 $665,000 $95,000 $0 3.38%
    45% 6 $500,000 $83,333 $0 3.17%
    49% 5 $555,000 $111,000 $0 2.69%
    38% 5 $375,000 $75,000 $2,030 3.97%
    43% 4 $160,000 $40,000 $0 5.21%
    47% 3 $375,000 $125,000 $0 2.90%
    48% 2 $290,000 $145,000 $0 3.50%

    Rhode Island Credit Union lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? 30-36%, with 54 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 289 $27,415,000 $94,862 $2,314 3.47%
    Black 19 $2,475,000 $130,263 $2,436 4.06%
    Not provided 11 $955,000 $86,818 $0 3.78%
    Asian 3 $335,000 $111,667 $2,253 4.08%
    American Indian 2 $60,000 $30,000 $0 3.00%

    Approval Rates

    Total approvals of all applications
    79.04%

    Rhode Island Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    68.52%

    Rhode Island Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 324 $31,240,000 $96,420

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 324 $31,240,000 $96,420

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $250,000 $62,500 $2,108 3.41%
    40-60% 17 $2,765,000 $162,647 $2,156 3.32%
    60-80% 37 $9,025,000 $243,919 $2,418 3.38%
    80-100% 1 $365,000 $365,000 $2,767 3.50%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Rhode Island Housing and Mortgage Finance Corporation Other type of mortgage Incorrect information on your report 1 100.0%