Sat. Nov 28th, 2020

Rhode Island has a median housing value of $ 273,800, up from the national median of $ 229,700. Home values ​​vary by region, however, with most counties reporting an average of $ 375,000.

US News’ Best Rhode Island 2020 Mortgage Lender

Bank of america
3% Min. advanced payment
600 Min. credit score
Guild mortgage
3% Min. advanced payment
600 Min. credit score
loanDepot
10% Min. advanced payment
620 Min. credit score
Loaned out
3% Min. advanced payment
620 Min. credit score
The lender
American news rating
3% Min. advanced payment
600 Min. credit score
The lender
American news rating
3% Min. advanced payment
600 Min. credit score
The lender
American news rating
10% Min. advanced payment
620 Min. credit score
The lender
American news rating
3% Min. advanced payment
620 Min. credit score

Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender highlights

  • Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

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  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

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  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

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  • LoanDepot mortgages have a lifetime guarantee, meaning that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

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Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

Highlight:

  • Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
  • Minimum FICO Credit Score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • JD Power Satisfaction Rating: Five out of five

Best counter

  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

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Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

Best counter

  • No military service required

  • No minimum loan amount set

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What are the mortgage rates in Rhode Island?

Average interest rate for a 30 year fixed rate Customizing Mortgage in Rhode Island 2.93%.

House interest rates Range from 2.63% to 3.25% In Rhode Island.

What are today’s mortgage rates?

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 3.01% 3.03%
15-Year Fixed Rate Mortgage 2.58% 2.56%
30-Year Fixed-Rate Jumbo Mortgage 3.03% 3.09%
5/1 ARM 3.04% 3.06%
5/1 Jumbo ARM 2.86% 2.87%

* Rates up to October 28, 2020

mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

What are some Rhode Island homebuyer programs?

Rhode Island homebuyers can get help with payment and closing costs from these RIHousing programs.

available to: First time homebuyers with a maximum purchase price of $ 454,258.
Income Range: Loan availability on Any income level.
First time homebuyers ?: Yes.
profit: 100% financing available (no down payment required).
Payment and closing cost assistance: Down payment and closing costs can be combined with assistance.

available to: For borrowed homes that need renovation.
Income Range: Loan availability on Any income level.
First time homebuyers ?: No.
profit: 100% financing available (no down payment required).
Payment and closing cost assistance: Down payment and closing costs can be combined with assistance.

available to: First-time homebuyers with a minimum credit score of 660 receive an RIHousing-funded first mortgage and complete a homebuyer education course.
Income Range: Loan availability on Any income level.
First time homebuyers ?: Yes.
Payment and closing cost assistance: The $ 7,500 loan will be used toward the down payment. The loan is 0% interest with monthly payments due. The loan must be repaid when the borrower sells, refinances or takes out of the home.

available to: Eligible borrowers with a minimum credit score of 660 who are purchasing a home or Cambodium in Providence or Woonsocket. Borrowers should also Complete a homebuyer education course.
Income Range: $ 95,948 to $ 110,341.
First time homebuyers ?: Yes.
Payment and closing cost assistance: This 0% interest loan, without monthly payments, provides up to $ 7,500 in down payment assistance. It is a forgiving five-year loan with a 20% forgiveness every calendar year from the date of the original loan.

available to: Qualified first time Rhode Island homebuyers, and purchasers in targeted areas of the state.
Income Range: Very (Revenue Range).
First time homebuyers ?: No.
profit: A mortgage loan certificate of up to $ 2,000 per year against your federal tax liability for the life of the loan.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising considerations can influence where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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