Ocean State Credit Union Mortgage Rates, Fees & Info

Coventry, RI

LEI: 549300OITV2T766YLP15

Tax ID: 05-0263842

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

    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, Portland, Worcester, and Springfield among others. We have data for 10 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 an 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 6.11% 12/16/24
    30 Year Conventional Refi 6.52% 12/16/24
    30 Year Cash-out Refi 6.14% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 6.87% 12/16/24
    15 Year Conventional Refi 5.85% 12/16/24
    15 Year Cash-out Refi 5.85% 12/16/24
    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.

    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

    257

    Origination Dollar Volume (All Markets)

    $34,325,000

    Awards

    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 (3) 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) 154 $24,470,000 $158,896 $1,620 4.76%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 50 $5,010,000 $100,200 $158 5.47%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 30 $2,210,000 $73,667 $0 5.55%
    WORCESTER, MA-CT (FHA|USDA|VA) 8 $1,070,000 $133,750 $1,142 5.09%
    SPRINGFIELD, MA (FHA|USDA|VA) 7 $705,000 $100,714 $303 5.28%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $535,000 $178,333 $2,064 4.04%
    Concord, NH (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.25%
    Laconia, NH (FHA|USDA|VA) 2 $120,000 $60,000 $0 5.25%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.99%
    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)
  • Massachusetts (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • New Hampshire (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.

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 66
    SOMERSET
    Similarity Rank: 99
    Sharon & Crescent United Credit Union
    Similarity Rank: 140
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 168
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 189
    UniBank for Savings
    Similarity Rank: 234

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 252 $33,630,000 $133,452 $1,015 5.02%
    FHA 5 $695,000 $139,000 $3,836 4.72%

    For 2018, Ocean State Credit Union's most frequently originated type of loan was Conventional, with 252 originations. Their 2nd most popular type was FHA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 161 $22,995,000 $142,826 $1,086 5.13%
    Refi 55 $6,585,000 $119,727 $849 4.95%
    Home Improvement 23 $1,275,000 $55,435 $474 4.94%
    Cash Out Refi 18 $3,470,000 $192,778 $2,357 4.28%

    For 2018, Ocean State Credit Union's most frequently cited loan purpose was Home Purchase, with 161 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 93 $22,405,000 $240,914 $2,841 4.23%
    Other 70 $6,240,000 $89,143 $0 5.37%
    20 Year 50 $3,700,000 $74,000 $11 5.80%
    15 Year 19 $985,000 $51,842 $272 5.38%
    10 Year 17 $685,000 $40,294 $240 5.40%
    5 Year 8 $310,000 $38,750 $107 4.47%

    For 2018, Ocean State Credit Union's most frequently cited loan duration was 30 Year, with 93 originations. The 2nd most popular length was Other, with 70 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 238 $29,770,000 $125,084
    $1k-2k 14 $3,250,000 $232,143
    $2k-3k 3 $785,000 $261,667
    $3k-4k 1 $195,000 $195,000
    $4k-5k 1 $325,000 $325,000

    Ocean State Credit Union's average total fees were $2,841, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 238 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 104 $8,980,000 $86,346
    4-5% 90 $11,870,000 $131,889
    3-4% 50 $12,730,000 $254,600
    6-7% 10 $600,000 $60,000
    7-8% 3 $145,000 $48,333

    During 2018, Ocean State Credit Union's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 5-6%, with 104 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 122 $6,310,000 $51,721 $88 5.41%
    $100k-200k 82 $11,470,000 $139,878 $1,212 4.97%
    $200k-400k 44 $11,530,000 $262,045 $2,941 4.28%
    $400k-600k 7 $3,455,000 $493,571 $3,627 3.73%
    $600k-1MM 2 $1,560,000 $780,000 $4,990 3.63%

    2018 saw Ocean State Credit Union place emphasis on $100,000 or less loans with 122 originations, totaling $6,310,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 77 $8,625,000 $112,013 $887 5.13%
    $50k or less 65 $5,085,000 $78,231 $473 5.31%
    $75k-100k 51 $6,735,000 $132,059 $1,203 4.89%
    $100k-150k 40 $6,770,000 $169,250 $1,174 4.91%
    $150k-250k 17 $5,485,000 $322,647 $3,094 4.23%
    $250k+ 4 $1,400,000 $350,000 $3,124 4.22%

    Ocean State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 77 originations. The second most popular income band? $50k or less, with 65 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 79 $9,405,000 $119,051 $937 5.00%
    30-36% 52 $8,210,000 $157,885 $1,092 5.03%
    <20% 28 $2,290,000 $81,786 $785 4.88%
    42% 11 $1,665,000 $151,364 $1,460 4.91%
    36% 11 $1,745,000 $158,636 $1,243 5.33%
    39% 9 $1,455,000 $161,667 $1,793 5.11%
    43% 9 $1,565,000 $173,889 $833 5.40%
    44% 8 $880,000 $110,000 $845 5.23%
    41% 8 $1,730,000 $216,250 $1,616 4.70%
    40% 7 $955,000 $136,429 $710 5.10%
    47% 7 $1,015,000 $145,000 $2,045 4.57%
    37% 6 $420,000 $70,000 $0 5.53%
    38% 6 $550,000 $91,667 $584 5.29%
    46% 5 $705,000 $141,000 $1,251 4.55%
    45% 4 $500,000 $125,000 $2,014 4.44%
    49% 3 $755,000 $251,667 $2,784 4.13%
    50-60% 2 $200,000 $100,000 $0 6.12%
    48% 1 $225,000 $225,000 $3,557 4.75%
    >60% 1 $55,000 $55,000 $0 6.99%

    Ocean State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 79 originations. The next most common DTI ratio? 30-36%, with 52 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 234 $31,910,000 $136,368 $1,125 4.99%
    Not provided 15 $1,745,000 $116,333 $636 5.39%
    American Indian 2 $300,000 $150,000 $1,016 5.18%
    Black 2 $160,000 $80,000 $70 5.12%
    Asian 3 $155,000 $51,667 $0 5.33%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 4.99%

    Approval Rates

    Total approvals of all applications
    88.83%

    Ocean State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.00%

    Ocean State Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 257 $34,325,000 $133,560

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 130 $10,400,000 $80,000
    Single Family (1-4 Units):Site-Built 127 $23,925,000 $188,386

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $1,535,000 $61,400 $386 5.08%
    40-60% 42 $4,010,000 $95,476 $534 4.92%
    60-80% 108 $18,270,000 $169,167 $1,391 4.97%
    80-100% 49 $9,425,000 $192,347 $1,840 5.16%
    Under 20% 31 $905,000 $29,194 $79 5.04%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    OCEANSIDE MORTGAGE COMPANY Conventional home mortgage Struggling to pay mortgage 1 20.0%
    OCEANSIDE MORTGAGE COMPANY Conventional home mortgage Trouble during payment process 1 20.0%
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Closing on a mortgage 1 20.0%
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Trouble during payment process 2 40.0%