Ocean State Credit Union Mortgage Rates, Fees & Info

Coventry, RI

LEI: 549300OITV2T766YLP15

Tax ID: 05-0263842

5 stars - Updated: 7/6/25 - out of 5 stars, based on 11 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Ocean State Credit Union is a smaller credit union specializing in Home Purchase loans. Ocean State Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Portland, Worcester, and Springfield among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ocean State 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. Ocean State 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 6.48% 7/6/25
    30 Year Conventional Refi 6.87% 7/6/25
    30 Year Cash-out Refi 6.34% 7/6/25
    30 Year VA Purchase 6.90% 7/6/25
    15 Year Conventional Purchase 7.46% 7/6/25
    15 Year Conventional Refi 6.93% 7/6/25
    15 Year Cash-out Refi 6.93% 7/6/25
    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.

    Ocean State Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Ocean State 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

    111

    Origination Dollar Volume (All Markets)

    $19,595,000

    Awards

    OCEAN STATE CREDIT UNION 30 Year Conventional Loans gold OCEAN STATE CREDIT UNION 30 Year Conventional Loans silver OCEAN STATE CREDIT UNION 30 Year Conventional Loans gold OCEAN STATE CREDIT UNION 30 Year Conventional Loans gold
    Show all (4) awards

    Relative Rate

    Ocean State Credit Union's average 30 year fixed mortgage rate was 6.16%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.39%.

    Relative Fees (Closing Costs)

    Ocean State Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,379.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $8,356.

    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) 64 $13,940,000 $217,813 $3,379 6.77%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 19 $2,415,000 $127,105 $0 7.59%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 17 $1,905,000 $112,059 $0 7.46%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $405,000 $135,000 $0 7.50%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $285,000 $285,000 $0 8.00%
    Outside of Metro Areas 4 $280,000 $70,000 $0 7.81%
    Laconia, NH (FHA|USDA|VA) 1 $225,000 $225,000 $0 8.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.25%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.25%
    Ocean State Credit Union's top markets include Providence, Boston, Portland, Worcester, and Springfield among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against OCEAN STATE CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    OCEAN STATE CREDIT UNION
    Similarity Rank: 63
    SOMERSET
    Similarity Rank: 72
    ROCKLAND
    Similarity Rank: 100
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 108
    Southern Mass Credit Union
    Similarity Rank: 112
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 120
    Centreville Bank
    Similarity Rank: 120
    Bridgewater Savings Bank
    Similarity Rank: 144
    Bristol County Savings Bank
    Similarity Rank: 150
    The Washington Trust Company, of Westerly
    Similarity Rank: 240

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 110 $18,940,000 $172,182 $3,374 7.11%
    VA 1 $655,000 $655,000 $3,506 7.13%

    For 2024, Ocean State Credit Union's most frequently originated type of loan was Conventional, with 110 originations. Their 2nd most popular type was VA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 58 $12,420,000 $214,138 $3,282 7.13%
    Home Improvement 27 $3,105,000 $115,000 $4,522 7.17%
    Refi 20 $2,380,000 $119,000 $4,244 7.21%
    Cash Out Refi 6 $1,690,000 $281,667 $2,811 6.23%

    For 2024, Ocean State Credit Union's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Home Improvement, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 32 $3,010,000 $94,063 $0 7.73%
    30 Year 29 $11,355,000 $391,552 $3,379 6.16%
    Other 24 $3,670,000 $152,917 $0 7.39%
    15 Year 12 $950,000 $79,167 $0 7.44%
    10 Year 8 $390,000 $48,750 $0 7.03%
    5 Year 6 $220,000 $36,667 $0 6.67%

    For 2024, Ocean State Credit Union's most frequently cited loan duration was 20 Year, with 32 originations. The 2nd most popular length was 30 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 20 $8,450,000 $422,500
    $1k-2k 4 $1,220,000 $305,000
    $2k-3k 2 $600,000 $300,000
    $3k-4k 1 $265,000 $265,000
    $4k-5k 1 $445,000 $445,000

    Ocean State Credit Union's average total fees were $3,379, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 51 $6,215,000 $121,863
    6-7% 44 $8,160,000 $185,455
    5-6% 12 $4,870,000 $405,833
    Over 8% 4 $350,000 $87,500

    During 2024, Ocean State Credit Union's average interest rate for loans was 6.16%, while their most frequently originated rate bucket for loans was 7-8%, with 51 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 49 $2,825,000 $57,653 $2,756 7.33%
    $100k-200k 30 $4,350,000 $145,000 $2,114 7.44%
    $200k-400k 20 $5,370,000 $268,500 $2,943 6.69%
    $400k-600k 6 $2,860,000 $476,667 $4,213 6.00%
    $600k-1MM 6 $4,190,000 $698,333 $4,120 6.08%

    2024 saw Ocean State Credit Union place emphasis on $100,000 or less loans with 49 originations, totaling $2,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 27 $3,355,000 $124,259 $3,557 7.23%
    $150k-250k 26 $6,730,000 $258,846 $3,229 6.94%
    $100k-150k 23 $4,215,000 $183,261 $3,473 7.08%
    $75k-100k 18 $2,050,000 $113,889 $2,529 7.29%
    $50k or less 13 $1,685,000 $129,615 $3,384 7.04%
    $250k+ 4 $1,560,000 $390,000 $4,140 6.91%

    Ocean State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 27 originations. The second most popular income band? $150k-250k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 34 $4,360,000 $128,235 $2,805 7.12%
    30-36% 24 $3,970,000 $165,417 $3,168 7.20%
    42% 10 $2,120,000 $212,000 $2,454 7.00%
    <20% 8 $850,000 $106,250 $3,348 7.30%
    39% 7 $1,585,000 $226,429 $5,809 7.11%
    40% 7 $1,345,000 $192,143 $3,320 6.95%
    36% 5 $2,025,000 $405,000 $4,891 6.85%
    41% 3 $1,145,000 $381,667 $2,931 6.50%
    38% 3 $185,000 $61,667 $0 7.17%
    44% 3 $1,005,000 $335,000 $3,470 6.88%
    37% 2 $140,000 $70,000 $0 7.38%
    43% 1 $175,000 $175,000 $0 7.00%
    50-60% 1 $35,000 $35,000 $0 9.00%
    46% 1 $375,000 $375,000 $3,789 6.88%
    47% 1 $185,000 $185,000 $0 6.75%
    48% 1 $95,000 $95,000 $4,056 7.00%

    Ocean State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 34 originations. The next most common DTI ratio? 30-36%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 104 $17,350,000 $166,827 $3,312 7.15%
    Not provided 5 $2,175,000 $435,000 $3,799 6.25%
    Asian 1 $45,000 $45,000 $0 7.00%
    Not applicable 1 $25,000 $25,000 $0 6.75%

    Approval Rates

    Total approvals of all applications
    85.44%

    Ocean State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.98%

    Ocean State Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 111 $19,595,000 $176,532

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    111 $19,595,000 $176,532

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,370,000 $97,857 $1,913 7.23%
    40-60% 21 $4,025,000 $191,667 $3,116 6.95%
    60-80% 30 $7,370,000 $245,667 $3,430 7.13%
    80-100% 15 $5,065,000 $337,667 $3,812 6.93%
    Under 20% 31 $1,765,000 $56,935 $0 7.22%