Rhode Island’s Best Mortgage Lenders & Current Mortgage Rates

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Rhode Island’s median housing value is $273,800, which is above the national median of $229,700. Home values vary by region, however, with the highest counties reporting a median of $375,000.

U.S. News’ Best Rhode Island Mortgage Lenders of 2020

Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Rhode Island. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.

Best lender for loans for up to 100% of the appraised value of the home.

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

Lender Highlights

  • Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Wide variety of mortgages

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

  • No closing costs and no annual, balance transfer and cash advance fees for HELOCs

See full profile

Best lender for loans for up to $3 million.

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best lender for waived lender fees on future refinancing.

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

Best lender for good customer satisfaction ratings.

Quicken Loans 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 (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five

Best Features

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

Best lender for focused service for veterans and service members.

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
  • Minimum FICO credit score: 660
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no military service

  • Sets no minimum loan amount

See full profile

What Are the Mortgage Rates in Rhode Island?

The average interest rate for a 30-year fixed-rate conforming mortgage in Rhode Island is 2.94%.

Home interest rates range from 2.75% to 3.38% in Rhode Island.

What Are Today’s Mortgage Rates?








Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage 3.04% 3.08%
15-year fixed-rate mortgage 2.55% 2.59%
30-year fixed-rate jumbo mortgage 3.08% 3.11%
5/1 ARM 3.1% 3.11%
5/1 jumbo ARM 3% 2.98%

*Rates as of Oct. 7, 2020

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some Rhode Island Homebuyer Programs?

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

Available to: First-time homebuyers purchasing homes with a maximum purchase price of $454,258.
Income limits: Loan availability at any income level.
First-time homebuyers only?: Yes.
Benefit: 100% financing available (no down payment required).
Down payment and closing cost assistance: Can be combined with down payment and closing cost assistance.

Available to: For borrowers buying homes that need renovations.
Income limits: Loan availability at any income level.
First-time homebuyers only?: No.
Benefit: 100% financing available (no down payment required).
Down payment and closing cost assistance: Can be combined with down payment and closing cost assistance.

Available to: First-time homebuyers with a minimum credit score of 660 who obtain an RIHousing-funded first mortgage and complete a homebuyer education course.
Income limits: Loan availability at any income level.
First-time homebuyers only?: Yes.
Down payment and closing cost assistance: A $7,500 loan to be used toward down payment. The loan is 0% interest with no monthly payments due. The loan must be paid when the borrower sells, refinances or moves out of the home.

Available to: Eligible borrowers with a minimum credit score of 660 purchasing a home or condominium in Providence or Woonsocket. Borrowers must also complete a homebuyer education course.
Income limits: $95,948 to $110,341.
First-time homebuyers only?: Yes.
Down payment and closing cost assistance: This 0% interest loan with no monthly payments due provides up to $7,500 in down payment assistance. It’s a forgivable five-year loan with 20% forgiven each calendar year from the original closing date.

Available to: Qualified first-time Rhode Island homebuyers, and those buying in targeted areas of the state.
Income limits: Vary (see income limits).
First-time homebuyers only?: No.
Benefit: A mortgage credit certificate of up to $2,000 annually against your federal tax liability for the life of the loan.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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