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, Refi, and Cash Out Refi 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 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 6.11% 4/14/24
    30 Year Conventional Refi 6.52% 4/14/24
    30 Year Cash-out Refi 6.14% 4/14/24
    30 Year FHA Purchase 6.27% 4/14/24
    15 Year Conventional Purchase 6.87% 4/14/24
    15 Year Conventional Refi 5.85% 4/14/24
    15 Year Cash-out Refi 5.85% 4/14/24
    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

    486

    Origination Dollar Volume (All Markets)

    $87,790,000

    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

    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) 358 $73,800,000 $206,145 $2,100 3.08%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 81 $9,495,000 $117,222 $1,900 4.73%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 29 $2,645,000 $91,207 $0 4.85%
    WORCESTER, MA-CT (FHA|USDA|VA) 6 $680,000 $113,333 $1,822 4.43%
    SPRINGFIELD, MA (FHA|USDA|VA) 5 $415,000 $83,000 $0 4.79%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $350,000 $175,000 $2,526 3.75%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $265,000 $88,333 $0 5.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.49%
    Concord, NH (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.49%
    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)
  • 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: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    Bridgewater Savings Bank
    Similarity Rank: 224
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    Dedham Institution for Savings
    Similarity Rank: 518
    Rhode Island Credit Union
    Similarity Rank: 524
    ROCKLAND
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 482 $86,880,000 $180,249 $2,059 3.53%
    FHA 2 $650,000 $325,000 $8,154 2.63%
    VA 2 $260,000 $130,000 $2,024 2.69%

    For 2021, Ocean State Credit Union's most frequently originated type of loan was Conventional, with 482 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 197 $28,125,000 $142,766 $2,918 4.45%
    Refi 148 $31,630,000 $213,716 $1,924 2.78%
    Cash Out Refi 125 $26,615,000 $212,920 $2,206 2.79%
    Home Improvement 16 $1,420,000 $88,750 $380 4.75%

    For 2021, Ocean State Credit Union's most frequently cited loan purpose was Home Purchase, with 197 originations. The 2nd most popular reason was Refi, with 148 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 158 $41,290,000 $261,329 $2,342 2.92%
    Other 111 $12,015,000 $108,243 $1,955 4.65%
    15 Year 110 $19,650,000 $178,636 $2,106 2.79%
    20 Year 81 $12,565,000 $155,123 $1,747 4.07%
    10 Year 25 $2,255,000 $90,200 $1,042 3.77%
    5 Year 1 $15,000 $15,000 $109 4.00%

    For 2021, Ocean State Credit Union's most frequently cited loan duration was 30 Year, with 158 originations. The 2nd most popular length was Other, with 111 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 297 $69,335,000 $233,451
    $1k-2k 3 $755,000 $251,667
    $2k-3k 1 $205,000 $205,000
    $3k-4k 1 $215,000 $215,000

    Ocean State Credit Union's average total fees were $2,342, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 297 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 175 $42,385,000 $242,200
    4-5% 126 $11,240,000 $89,206
    <2.5% 97 $18,715,000 $192,938
    5-6% 45 $5,125,000 $113,889
    3-4% 36 $9,740,000 $270,556
    6-7% 7 $585,000 $83,571

    During 2021, Ocean State Credit Union's average interest rate for loans was 2.92%, while their most frequently originated rate bucket for loans was 2.5-3%, with 175 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 182 $26,510,000 $145,659 $1,875 3.50%
    $200k-400k 154 $41,210,000 $267,597 $2,438 2.81%
    $100,000 or less 127 $8,395,000 $66,102 $885 4.54%
    $400k-600k 22 $10,650,000 $484,091 $2,523 2.86%
    $1MM+ 1 $1,025,000 $1,025,000 $5,615 3.75%

    2021 saw Ocean State Credit Union place emphasis on $100k-200k loans with 182 originations, totaling $26,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 125 $19,135,000 $153,080 $2,012 3.53%
    $100k-150k 98 $20,720,000 $211,429 $2,503 3.21%
    $50k or less 86 $7,790,000 $90,581 $1,899 4.40%
    $75k-100k 86 $14,590,000 $169,651 $1,917 3.56%
    $150k-250k 73 $18,825,000 $257,877 $1,960 2.92%
    $250k+ 15 $5,985,000 $399,000 $2,091 3.25%

    Ocean State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 125 originations. The second most popular income band? $100k-150k, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 134 $23,530,000 $175,597 $2,213 3.41%
    30-36% 107 $17,925,000 $167,523 $2,008 3.61%
    <20% 61 $11,105,000 $182,049 $1,716 3.57%
    39% 25 $4,905,000 $196,200 $2,344 3.59%
    43% 22 $3,670,000 $166,818 $2,115 3.50%
    41% 20 $3,730,000 $186,500 $2,026 3.36%
    36% 20 $4,150,000 $207,500 $2,024 3.25%
    42% 17 $3,305,000 $194,412 $2,147 3.54%
    38% 15 $2,165,000 $144,333 $1,565 4.32%
    37% 15 $1,955,000 $130,333 $2,136 3.86%
    40% 14 $2,720,000 $194,286 $1,698 3.76%
    44% 14 $2,750,000 $196,429 $2,633 3.53%
    45% 6 $1,270,000 $211,667 $2,086 3.15%
    46% 5 $1,855,000 $371,000 $2,916 2.80%
    50-60% 5 $725,000 $145,000 $1,447 3.38%
    47% 3 $1,045,000 $348,333 $2,447 3.00%
    49% 1 $545,000 $545,000 $2,656 2.75%

    Ocean State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 134 originations. The next most common DTI ratio? 30-36%, with 107 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 412 $73,290,000 $177,888 $2,046 3.55%
    Not provided 64 $11,920,000 $186,250 $2,242 3.34%
    Black 3 $795,000 $265,000 $2,121 3.54%
    Asian Indian 2 $760,000 $380,000 $2,192 2.44%
    Asian 2 $450,000 $225,000 $1,783 2.88%
    American Indian 1 $375,000 $375,000 $9,027 2.63%
    Other Pacific Islander 1 $165,000 $165,000 $0 5.49%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 6.75%

    Approval Rates

    Total approvals of all applications
    89.84%

    Ocean State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.39%

    Ocean State Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 486 $87,790,000 $180,638

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    486 $87,790,000 $180,638

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 85 $10,045,000 $118,176 $1,732 3.50%
    40-60% 173 $30,305,000 $175,173 $1,955 3.26%
    60-80% 163 $36,135,000 $221,687 $2,433 3.65%
    80-100% 37 $9,545,000 $257,973 $3,220 3.72%
    Over 100% 1 $55,000 $55,000 $0 4.49%
    Under 20% 25 $1,355,000 $54,200 $514 4.23%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 10.0%
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 10.0%
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Struggling to pay mortgage 1 10.0%
    OCEANSIDE MORTGAGE COMPANY FHA mortgage Trouble during payment process 7 70.0%