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, 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    15 Year Conventional Refi 5.68% 4/28/24
    15 Year Cash-out Refi 5.68% 4/28/24
    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

    497

    Origination Dollar Volume (All Markets)

    $47,655,000

    Awards

    Rhode Island Credit Union 30 Year Conventional Loans gold Rhode Island Credit Union 30 Year Conventional Loans gold
    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) 472 $45,590,000 $96,589 $1,099 3.09%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 14 $1,180,000 $84,286 $3,085 3.14%
    WORCESTER, MA-CT (FHA|USDA|VA) 9 $785,000 $87,222 $0 2.65%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $100,000 $50,000 $0 2.62%
    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)
  • 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.

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    Bridgewater Savings Bank
    Similarity Rank: 224
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    Dedham Institution for Savings
    Similarity Rank: 518
    Rhode Island Credit Union
    Similarity Rank: 524
    ROCKLAND
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 447 $44,315,000 $99,139 $1,134 3.14%
    HELOC 50 $3,340,000 $66,800 n/a 2.56%

    For 2021, Rhode Island Credit Union's most frequently originated type of loan was Conventional, with 447 originations. Their 2nd most popular type was HELOC, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 191 $11,315,000 $59,241 $0 3.02%
    Cash Out Refi 172 $14,030,000 $81,570 $0 3.32%
    Refi 130 $21,730,000 $167,154 $1,117 2.86%
    Home Purchase 4 $580,000 $145,000 $1,361 3.50%

    For 2021, Rhode Island Credit Union's most frequently cited loan purpose was Home Improvement, with 191 originations. The 2nd most popular reason was Cash Out Refi, with 172 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 238 $19,890,000 $83,571 $1,182 2.64%
    10 Year 104 $7,070,000 $67,981 $1,414 2.85%
    20 Year 67 $7,675,000 $114,552 $1,217 4.40%
    30 Year 48 $7,830,000 $163,125 $1,091 3.87%
    15 Year 26 $4,750,000 $182,692 $1,052 3.56%
    5 Year 14 $440,000 $31,429 $0 2.50%

    For 2021, Rhode Island Credit Union's most frequently cited loan duration was Other, with 238 originations. The 2nd most popular length was 10 Year, with 104 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 57 $13,035,000 $228,684

    Rhode Island Credit Union's average total fees were $1,091, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 57 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 233 $20,695,000 $88,820
    2.5-3% 124 $11,580,000 $93,387
    3-4% 67 $10,515,000 $156,940
    5-6% 48 $3,330,000 $69,375
    4-5% 24 $1,480,000 $61,667
    6-7% 1 $55,000 $55,000

    During 2021, Rhode Island Credit Union's average interest rate for loans was 3.87%, while their most frequently originated rate bucket for loans was <2.5%, with 233 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 315 $15,035,000 $47,730 $1,633 3.14%
    $100k-200k 123 $16,865,000 $137,114 $1,269 3.06%
    $200k-400k 54 $13,350,000 $247,222 $1,020 2.86%
    $400k-600k 5 $2,405,000 $481,000 $652 2.90%

    2021 saw Rhode Island Credit Union place emphasis on $100,000 or less loans with 315 originations, totaling $15,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 127 $12,615,000 $99,331 $1,052 3.21%
    $75k-100k 104 $8,800,000 $84,615 $1,210 3.17%
    $150k-250k 101 $11,085,000 $109,752 $966 3.11%
    $50k-75k 96 $8,310,000 $86,563 $1,219 2.95%
    $50k or less 38 $2,330,000 $61,316 $1,103 2.92%
    $250k+ 31 $4,515,000 $145,645 $1,408 2.80%

    Rhode Island Credit Union lent most frequently to those with incomes in the $100k-150k range, with 127 originations. The second most popular income band? $75k-100k, with 104 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 150 $15,370,000 $102,467 $1,036 2.96%
    30-36% 92 $9,130,000 $99,239 $2,005 3.20%
    <20% 69 $7,145,000 $103,551 $916 2.88%
    50-60% 39 $2,075,000 $53,205 $0 2.95%
    39% 16 $2,120,000 $132,500 $640 3.87%
    38% 15 $1,445,000 $96,333 $630 3.08%
    37% 14 $1,110,000 $79,286 $640 2.84%
    44% 14 $1,230,000 $87,857 $0 3.53%
    41% 13 $1,405,000 $108,077 $620 3.42%
    42% 11 $735,000 $66,818 $0 3.45%
    36% 11 $1,185,000 $107,727 $1,417 2.95%
    45% 10 $1,010,000 $101,000 $2,021 3.01%
    43% 8 $780,000 $97,500 $0 3.77%
    49% 8 $230,000 $28,750 $0 3.29%
    40% 8 $710,000 $88,750 $2,220 3.05%
    48% 6 $540,000 $90,000 $640 3.41%
    46% 6 $490,000 $81,667 $0 2.72%
    47% 4 $500,000 $125,000 $3,085 2.91%
    >60% 3 $445,000 $148,333 $0 3.30%

    Rhode Island Credit Union lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 92 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 438 $42,080,000 $96,073 $1,099 3.05%
    Black 29 $2,855,000 $98,448 $1,307 3.23%
    Asian 11 $1,535,000 $139,545 $1,398 2.82%
    Not provided 16 $990,000 $61,875 $0 3.91%
    American Indian 2 $160,000 $80,000 $620 2.98%
    Other Pacific Islander 1 $35,000 $35,000 $0 2.50%

    Approval Rates

    Total approvals of all applications
    79.64%

    Rhode Island Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.50%

    Rhode Island Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 497 $47,655,000 $95,885

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    497 $47,655,000 $95,885

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $835,000 $119,286 $1,246 2.84%
    40-60% 22 $4,300,000 $195,455 $1,045 2.93%
    60-80% 26 $7,380,000 $283,846 $1,182 3.08%
    80-100% 3 $625,000 $208,333 $1,100 2.92%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Rhode Island Housing and Mortgage Finance Corporation Conventional home mortgage Struggling to pay mortgage 1 100.0%