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 Bridgeport 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 an above 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

    260

    Origination Dollar Volume (All Markets)

    $31,740,000

    Awards

    OCEAN STATE CREDIT UNION 30 Year Conventional Loans silver OCEAN STATE CREDIT UNION 30 Year Conventional Loans silver OCEAN STATE CREDIT UNION 30 Year Conventional Loans silver
    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) 131 $17,995,000 $137,366 $2,083 4.60%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 82 $8,610,000 $105,000 $2,619 5.56%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 26 $2,280,000 $87,692 $0 5.51%
    WORCESTER, MA-CT (FHA|USDA|VA) 9 $1,135,000 $126,111 $3,026 5.30%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $975,000 $325,000 $2,650 4.29%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $315,000 $105,000 $1,161 5.46%
    Concord, NH (FHA|USDA|VA) 3 $205,000 $68,333 $0 5.58%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $190,000 $95,000 $0 5.38%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.99%
    Ocean State Credit Union's top markets include Providence, Boston, Portland, Worcester, and Bridgeport 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.

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    Sharon & Crescent United Credit Union
    Similarity Rank: 120
    PAWTUCKET
    Similarity Rank: 216
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 234
    ROCKLAND
    Similarity Rank: 300
    Milford Federal Bank
    Similarity Rank: 306
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 253 $29,835,000 $117,925 $1,862 5.07%
    VA 5 $1,385,000 $277,000 $4,933 4.38%
    FHA 2 $520,000 $260,000 $6,799 4.13%

    For 2019, Ocean State Credit Union's most frequently originated type of loan was Conventional, with 253 originations. Their 2nd most popular type was VA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 172 $22,950,000 $133,430 $3,277 5.19%
    Refi 47 $4,615,000 $98,191 $1,063 4.87%
    Cash Out Refi 29 $3,635,000 $125,345 $1,726 4.26%
    Home Improvement 12 $540,000 $45,000 $185 5.71%

    For 2019, Ocean State Credit Union's most frequently cited loan purpose was Home Purchase, with 172 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 81 $8,685,000 $107,222 $2,140 5.35%
    20 Year 73 $5,785,000 $79,247 $1,197 5.69%
    30 Year 57 $13,645,000 $239,386 $3,198 3.95%
    15 Year 26 $2,620,000 $100,769 $1,416 4.88%
    10 Year 19 $835,000 $43,947 $280 4.98%
    5 Year 4 $170,000 $42,500 $180 4.19%

    For 2019, Ocean State Credit Union's most frequently cited loan duration was Other, with 81 originations. The 2nd most popular length was 20 Year, with 73 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 50 $11,250,000 $225,000
    $1k-2k 12 $2,480,000 $206,667
    $2k-3k 1 $445,000 $445,000

    Ocean State Credit Union's average total fees were $3,198, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 50 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 98 $9,180,000 $93,673
    4-5% 85 $9,505,000 $111,824
    3-4% 50 $10,890,000 $217,800
    6-7% 25 $1,795,000 $71,800
    7-8% 1 $45,000 $45,000

    During 2019, Ocean State Credit Union's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 5-6%, with 98 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 133 $7,705,000 $57,932 $372 5.44%
    $100k-200k 84 $11,490,000 $136,786 $2,434 4.97%
    $200k-400k 38 $9,850,000 $259,211 $3,440 4.03%
    $400k-600k 4 $1,990,000 $497,500 $3,593 3.88%
    $600k-1MM 1 $705,000 $705,000 $4,614 3.75%

    2019 saw Ocean State Credit Union place emphasis on $100,000 or less loans with 133 originations, totaling $7,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 84 $10,570,000 $125,833 $2,756 5.14%
    $50k or less 69 $5,325,000 $77,174 $1,365 5.15%
    $75k-100k 48 $5,690,000 $118,542 $1,954 5.00%
    $100k-150k 37 $5,545,000 $149,865 $1,861 4.85%
    $150k-250k 15 $3,305,000 $220,333 $3,111 4.91%
    $250k+ 5 $825,000 $165,000 $1,416 4.97%

    Ocean State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 84 originations. The second most popular income band? $50k or less, with 69 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 61 $7,295,000 $119,590 $1,735 5.08%
    30-36% 58 $6,710,000 $115,690 $1,952 5.20%
    <20% 27 $2,525,000 $93,519 $1,788 4.65%
    41% 15 $1,725,000 $115,000 $3,337 5.15%
    39% 13 $1,285,000 $98,846 $4,111 5.32%
    42% 11 $1,655,000 $150,455 $2,121 4.67%
    43% 10 $990,000 $99,000 $933 5.68%
    37% 10 $1,410,000 $141,000 $2,413 5.00%
    38% 9 $1,535,000 $170,556 $6,044 5.05%
    40% 8 $1,030,000 $128,750 $1,592 5.17%
    36% 7 $595,000 $85,000 $933 5.00%
    50-60% 7 $1,685,000 $240,714 $2,551 4.34%
    47% 5 $665,000 $133,000 $2,290 4.75%
    45% 4 $510,000 $127,500 $2,264 4.91%
    49% 4 $630,000 $157,500 $2,463 4.12%
    >60% 3 $305,000 $101,667 $0 6.41%
    46% 3 $445,000 $148,333 $1,532 5.25%
    44% 2 $210,000 $105,000 $0 5.87%
    48% 1 $55,000 $55,000 $0 4.74%

    Ocean State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 61 originations. The next most common DTI ratio? 30-36%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 216 $28,120,000 $130,185 $2,267 4.97%
    Not provided 38 $3,190,000 $83,947 $854 5.51%
    Native Hawaiian or Islander 4 $270,000 $67,500 $179 5.18%
    Asian 2 $160,000 $80,000 $193 5.62%

    Approval Rates

    Total approvals of all applications
    89.63%

    Ocean State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.00%

    Ocean State Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 260 $31,740,000 $122,077

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 154 $13,990,000 $90,844
    Single Family (1-4 Units):Site-Built 106 $17,750,000 $167,453

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $2,175,000 $65,909 $506 4.91%
    40-60% 49 $5,485,000 $111,939 $2,601 4.76%
    60-80% 111 $15,445,000 $139,144 $3,024 5.12%
    80-100% 40 $7,370,000 $184,250 $3,656 5.25%
    Under 20% 26 $940,000 $36,154 $251 5.20%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    OCEANSIDE MORTGAGE COMPANY Conventional home mortgage Closing on a mortgage 1 14.3%
    OCEANSIDE MORTGAGE COMPANY Conventional home mortgage Struggling to pay mortgage 1 14.3%
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Trouble during payment process 4 57.1%
    OCEANSIDE MORTGAGE COMPANY VA mortgage Trouble during payment process 1 14.3%