Ocean State Credit Union Mortgage Rates, Fees & Info

Coventry, RI

LEI: 549300OITV2T766YLP15

Tax ID: 05-0263842

5 stars - out of 5 stars, based on 13 reviews

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

Jump to:

  • 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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Providence, Boston, Worcester, Portland, and Springfield among others. We have data for 8 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.

    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 6.11% 5/28/23
    30 Year Conventional Refi 6.52% 5/28/23
    30 Year Cash-out Refi 6.14% 5/28/23
    30 Year FHA Purchase 6.27% 5/28/23
    15 Year Conventional Purchase 6.87% 5/28/23
    15 Year Conventional Refi 5.85% 5/28/23
    15 Year Cash-out Refi 5.85% 5/28/23
    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

    177

    Origination Dollar Volume (All Markets)

    $26,505,000

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

    Relative Rate

    Ocean State Credit Union's average 30 year fixed mortgage rate was 4.4%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.36%.

    Relative Fees (Closing Costs)

    Ocean State Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,738.

    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 $4,750.

    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) 111 $18,605,000 $167,613 $2,493 4.72%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 36 $4,080,000 $113,333 $0 5.10%
    WORCESTER, MA-CT (FHA|USDA|VA) 10 $1,530,000 $153,000 $2,036 4.89%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 12 $1,410,000 $117,500 $0 5.03%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $385,000 $128,333 $0 4.82%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $305,000 $101,667 $0 4.75%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $125,000 $125,000 $1,588 4.88%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.75%
    Ocean State Credit Union's top markets include Providence, Boston, Worcester, Portland, and Springfield among others.

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

    Homestar Mortgage, Inc.
    Similarity Rank: 52
    SOMERSET
    Similarity Rank: 87
    Sharon & Crescent United Credit Union
    Similarity Rank: 164
    Bridgewater Savings Bank
    Similarity Rank: 192
    North Easton Savings Bank
    Similarity Rank: 276
    OCEAN STATE CREDIT UNION
    Similarity Rank: 360
    Rhode Island Credit Union
    Similarity Rank: 393
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    Bristol County Savings Bank
    Similarity Rank: 410
    Dedham Institution for Savings
    Similarity Rank: 444

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 176 $26,330,000 $149,602 $2,421 4.84%
    FHA 1 $175,000 $175,000 $5,190 3.88%

    For 2022, Ocean State Credit Union's most frequently originated type of loan was Conventional, with 176 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 117 $16,825,000 $143,803 $2,462 4.97%
    Home Improvement 27 $1,225,000 $45,370 $84 5.32%
    Cash Out Refi 19 $4,515,000 $237,632 $2,356 3.74%
    Refi 14 $3,940,000 $281,429 $3,362 4.22%

    For 2022, Ocean State Credit Union's most frequently cited loan purpose was Home Purchase, with 117 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
    Other 54 $6,480,000 $120,000 $0 5.06%
    30 Year 43 $12,895,000 $299,884 $2,738 4.40%
    20 Year 28 $2,860,000 $102,143 $1,246 5.33%
    15 Year 25 $2,835,000 $113,400 $2,052 4.73%
    10 Year 20 $1,310,000 $65,500 $684 4.80%
    5 Year 7 $125,000 $17,857 $0 4.32%

    For 2022, Ocean State Credit Union's most frequently cited loan duration was Other, with 54 originations. The 2nd most popular length was 30 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 51 $13,965,000 $273,824
    $1k-2k 3 $755,000 $251,667
    $2k-3k 1 $235,000 $235,000

    Ocean State Credit Union's average total fees were $2,738, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 51 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 87 $10,285,000 $118,218
    5-6% 49 $7,015,000 $143,163
    3-4% 23 $7,015,000 $305,000
    6-7% 9 $645,000 $71,667
    2.5-3% 5 $955,000 $191,000
    <2.5% 2 $500,000 $250,000
    7-8% 1 $35,000 $35,000
    Over 8% 1 $55,000 $55,000

    During 2022, Ocean State Credit Union's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 87 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 76 $4,220,000 $55,526 $1,197 5.06%
    $100k-200k 61 $8,505,000 $139,426 $2,366 5.00%
    $200k-400k 34 $9,630,000 $283,235 $2,629 4.20%
    $400k-600k 4 $1,860,000 $465,000 $2,951 3.88%
    $1MM+ 2 $2,290,000 $1,145,000 $5,590 3.75%

    2022 saw Ocean State Credit Union place emphasis on $100,000 or less loans with 76 originations, totaling $4,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 53 $6,315,000 $119,151 $2,442 4.95%
    $50k or less 35 $2,715,000 $77,571 $1,535 4.94%
    $75k-100k 34 $5,610,000 $165,000 $2,162 4.71%
    $100k-150k 33 $6,235,000 $188,939 $2,673 4.93%
    $150k-250k 19 $4,355,000 $229,211 $3,001 4.42%
    $250k+ 2 $1,260,000 $630,000 $5,989 4.63%

    Ocean State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 53 originations. The second most popular income band? $50k or less, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $6,695,000 $131,275 $2,370 4.92%
    30-36% 47 $6,735,000 $143,298 $2,668 4.69%
    <20% 15 $1,325,000 $88,333 $2,352 4.71%
    41% 11 $755,000 $68,636 $132 5.07%
    38% 10 $1,550,000 $155,000 $2,637 5.06%
    42% 8 $2,450,000 $306,250 $2,442 4.69%
    36% 7 $1,165,000 $166,429 $2,563 4.96%
    37% 6 $2,180,000 $363,333 $3,976 4.56%
    43% 4 $460,000 $115,000 $2,035 5.03%
    44% 4 $760,000 $190,000 $2,702 4.90%
    40% 3 $595,000 $198,333 $2,683 4.91%
    39% 3 $335,000 $111,667 $1,976 5.54%
    46% 2 $380,000 $190,000 $2,214 3.44%
    >60% 2 $570,000 $285,000 $3,044 5.06%
    48% 1 $205,000 $205,000 $1,485 5.88%
    49% 1 $305,000 $305,000 $1,970 4.63%
    45% 1 $25,000 $25,000 $0 4.75%

    Ocean State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 150 $21,660,000 $144,400 $2,393 4.84%
    Not provided 27 $4,845,000 $179,444 $2,877 4.81%

    Approval Rates

    Total approvals of all applications
    83.79%

    Ocean State Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.75%

    Ocean State Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 177 $26,505,000 $149,746

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    177 $26,505,000 $149,746

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $2,865,000 $92,419 $1,930 4.92%
    40-60% 43 $6,205,000 $144,302 $2,285 4.79%
    60-80% 57 $11,215,000 $196,754 $2,860 4.91%
    80-100% 13 $4,975,000 $382,692 $3,146 4.33%
    Under 20% 33 $1,245,000 $37,727 $961 4.89%