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 Refi, Home Purchase, and Cash Out Refi loans. Ocean State Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Portland, Worcester, and Norwich among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ocean State Credit Union has an above 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% 4/22/24
    30 Year Conventional Refi 6.52% 4/22/24
    30 Year Cash-out Refi 6.14% 4/22/24
    30 Year FHA Purchase 6.27% 4/22/24
    15 Year Conventional Purchase 6.87% 4/22/24
    15 Year Conventional Refi 5.85% 4/22/24
    15 Year Cash-out Refi 5.85% 4/22/24
    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

    641

    Origination Dollar Volume (All Markets)

    $127,065,000

    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

    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) 496 $111,580,000 $224,960 $2,154 3.04%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 88 $10,020,000 $113,864 $2,410 5.06%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 26 $1,910,000 $73,462 $0 5.08%
    WORCESTER, MA-CT (FHA|USDA|VA) 10 $1,370,000 $137,000 $2,108 4.36%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $625,000 $208,333 $2,317 3.58%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $625,000 $208,333 $1,985 2.63%
    SPRINGFIELD, MA (FHA|USDA|VA) 7 $455,000 $65,000 $0 4.99%
    Concord, NH (FHA|USDA|VA) 3 $225,000 $75,000 $0 4.71%
    Keene, NH (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.88%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.49%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.74%
    Outside of Metro Areas 1 $45,000 $45,000 $0 4.74%
    Ocean State Credit Union's top markets include Providence, Boston, Portland, Worcester, and Norwich among others.

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

    Bridgewater Savings Bank
    Similarity Rank: 138
    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    Poli Mortgage Group, Inc.
    Similarity Rank: 352
    Beeline Loans, Inc.
    Similarity Rank: 430
    Sharon & Crescent United Credit Union
    Similarity Rank: 460
    Rhode Island Credit Union
    Similarity Rank: 510
    Bristol County Savings Bank
    Similarity Rank: 592
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 641 $127,065,000 $198,229 $2,157 3.47%

    For 2020, Ocean State Credit Union's most frequently originated type of loan was Conventional, with 641 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 279 $60,295,000 $216,111 $2,073 3.14%
    Home Purchase 182 $26,620,000 $146,264 $2,568 4.50%
    Cash Out Refi 165 $38,525,000 $233,485 $2,212 2.82%
    Home Improvement 15 $1,625,000 $108,333 $827 4.10%

    For 2020, Ocean State Credit Union's most frequently cited loan purpose was Refi, with 279 originations. The 2nd most popular reason was Home Purchase, with 182 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 247 $65,525,000 $265,283 $2,365 2.94%
    15 Year 151 $30,935,000 $204,868 $1,989 2.76%
    20 Year 115 $17,915,000 $155,783 $1,987 4.17%
    Other 100 $9,970,000 $99,700 $1,668 4.91%
    10 Year 26 $2,670,000 $102,692 $1,254 3.99%
    5 Year 2 $50,000 $25,000 $0 3.75%

    For 2020, Ocean State Credit Union's most frequently cited loan duration was 30 Year, with 247 originations. The 2nd most popular length was 15 Year, with 151 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 430 $106,190,000 $246,953
    $1k-2k 14 $3,510,000 $250,714
    $2k-3k 4 $1,290,000 $322,500
    $3k-4k 2 $490,000 $245,000

    Ocean State Credit Union's average total fees were $2,365, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 430 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 272 $70,590,000 $259,522
    <2.5% 129 $28,425,000 $220,349
    4-5% 119 $9,595,000 $80,630
    5-6% 56 $5,150,000 $91,964
    3-4% 52 $12,480,000 $240,000
    6-7% 12 $720,000 $60,000

    During 2020, Ocean State Credit Union's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 272 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 257 $68,785,000 $267,646 $2,264 2.81%
    $100k-200k 193 $28,675,000 $148,575 $1,910 3.38%
    $100,000 or less 147 $8,785,000 $59,762 $1,144 4.91%
    $400k-600k 42 $19,360,000 $460,952 $2,891 2.85%
    $600k-1MM 2 $1,460,000 $730,000 $2,754 3.25%

    2020 saw Ocean State Credit Union place emphasis on $200k-400k loans with 257 originations, totaling $68,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 145 $21,045,000 $145,138 $1,977 3.80%
    $75k-100k 144 $26,860,000 $186,528 $2,201 3.24%
    $100k-150k 139 $32,895,000 $236,655 $2,198 3.16%
    $150k-250k 114 $32,400,000 $284,211 $2,213 2.93%
    $50k or less 79 $6,975,000 $88,291 $2,095 4.65%
    $250k+ 20 $6,890,000 $344,500 $2,262 3.23%

    Ocean State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 145 originations. The second most popular income band? $75k-100k, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 213 $40,635,000 $190,775 $2,049 3.47%
    30-36% 131 $26,955,000 $205,763 $2,172 3.41%
    <20% 112 $19,540,000 $174,464 $2,249 3.87%
    41% 22 $4,570,000 $207,727 $2,067 3.41%
    40% 19 $3,995,000 $210,263 $2,152 3.39%
    36% 18 $4,150,000 $230,556 $2,085 3.27%
    39% 17 $3,335,000 $196,176 $2,022 3.26%
    37% 16 $2,680,000 $167,500 $2,008 3.65%
    38% 16 $3,630,000 $226,875 $2,265 3.18%
    42% 14 $3,050,000 $217,857 $1,993 3.14%
    44% 14 $2,390,000 $170,714 $2,171 3.14%
    45% 10 $2,780,000 $278,000 $2,257 2.98%
    43% 10 $2,250,000 $225,000 $3,036 3.36%
    50-60% 9 $2,295,000 $255,000 $2,312 2.86%
    46% 8 $1,870,000 $233,750 $2,633 3.22%
    47% 4 $1,000,000 $250,000 $2,165 2.50%
    48% 3 $605,000 $201,667 $3,088 3.17%
    49% 3 $1,235,000 $411,667 $2,299 2.50%
    >60% 1 $65,000 $65,000 $0 4.49%

    Ocean State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 213 originations. The next most common DTI ratio? 30-36%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 551 $107,085,000 $194,347 $2,159 3.49%
    Not provided 75 $16,335,000 $217,800 $2,134 3.28%
    Asian 13 $3,565,000 $274,231 $2,237 3.11%
    Native Hawaiian or Islander 2 $80,000 $40,000 $0 5.24%

    Approval Rates

    Total approvals of all applications
    93.42%

    Ocean State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.67%

    Ocean State Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 641 $127,065,000 $198,229

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 174 $14,460,000 $83,103
    Single Family (1-4 Units):Site-Built 467 $112,605,000 $241,124

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $7,950,000 $116,912 $1,843 3.72%
    40-60% 180 $30,890,000 $171,611 $2,068 3.36%
    60-80% 298 $69,690,000 $233,859 $2,231 3.35%
    80-100% 73 $17,285,000 $236,781 $2,604 3.80%
    Under 20% 22 $1,250,000 $56,818 $845 4.04%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Struggling to pay mortgage 2 50.0%
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Trouble during payment process 2 50.0%