Rhode Island Mortgage Rates

May 1, 2016 12:14 AM Eastern

Refinance rates now in PROVIDENCE, RI [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed
Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,260
Lender Credit $0
Total Closing Fees* $2,260
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
Sebonic Financial
30 Year Fixed
Interest Rate
3.500%
APR
3.619%
Monthly Payment
$899
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $899
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $899
Lender Fees $2,933
Lender Credit $0
Total Closing Fees* $2,933
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

Very Impressed

Yes, I recommend this lender

Requesting a loan with Sebonic was a very satisfying experience. I was contacted promptly and professionally, and the loan originator, Scott Galbraith, was very professional and friendly. Although I decided to not complete the loan, Sebonic did offer the best rates I saw out there, and provided a very professional service. I would recommend Sebonic for anyone seeking a mortgage.

By: Daniel (Boca Raton, FL)

Great rate, quick and easy close

Yes, I recommend this lender

I recently utilized Sebonic/Cardinal to close a no cash out Refinance. It was an extremely smooth process and I received a clear to close less than 2 weeks after my initial call in. It was very refreshing because I had originally been working with the old servicer (not Sebonic) of my loan and it was a painful process working with them. Then I went to two well-known online lenders (also not Sebonic) and the first kept adding new, unnecessary, conditions as the other conditions were cleared and kept delaying the clear to close. Full disclosure - In a previous life, I was a mortgage underwriter/AE for a number of years so I have background experience. The loan officer at the second lender played games right off the bat so I was done with them. He told me on the phone that I would be bringing nothing to the table. When I saw the Loan Estimate Disclosure, he had raised my loan amount and rolled higher closing costs (large origination) into the loan. Then, thankfully I found Sebonic through a Google search. I called and spoke with Kobie, my Loan Officer. He was very straight forward and up front regarding rates and fees and I felt comfortable with him on the phone, but I still wanted to see the Loan Estimate Disclosure. I received it and it matched what was said during our conversation. Fees were very reasonable, so much so that I was able to buy down the rate even more. I received the conditions list the next business day and the loan processor contacted me to set up a phone call to review and answer any questions I may have. I submitted all conditions online (relatively user friendly interface). There were some disclosures that needed to be signed/scanned as well. Communication via phone and email was very efficient. My loan processor Jervay was almost always available via phone, and if I left a message, he responded back promptly. Email replies were also prompt. I received a clear to close less than 2 weeks after my original conversation with the loan officer. I had been a tad worried with the 30 day lock, but obviously Sebonic knew that they can turn around some loans very efficiently. Also, everyone I was in contact with was very pleasant. I never felt like I was being pushed or ignored which I had experienced with the other lenders. Overall, A+ experience and I highly recommend.

By: RA (Chantilly, VA)

Sebonic was quick, inexpensive and easy

Yes, I recommend this lender

After receiving what I perceived as poor service at Quicken I walked away from them the week of the scheduled closing and went with Sebonic. As far as I am concerned it was a great decision as I closed quickly with a slightly better rate and lower closing costs. James Dawkins was assigned to push my loan through and he was very responsive and helpful. For the closing they sent a notary to my home and with a little help from James everything was done in about 45 minutes. This was probably about my 20th loan / refi and the first that was done almost entirely via the internet. The internet added a few twists to the process but overall it was painless.

By: Andrew (Pinehurst, NC)
See All Reviews

15 Year Fixed

Interest Rate
2.750%
APR
2.750%
Monthly Payment
$1,358
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.750%
APR
2.750%
Monthly Payment
$1,358
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $0
Lender Credit $0
Total Closing Fees* $0
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
Sebonic Financial
15 Year Fixed
Interest Rate
2.625%
APR
2.917%
Monthly Payment
$1,346
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,346
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,346
Lender Fees $4,043
Lender Credit $0
Total Closing Fees* $4,043
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

Very Impressed

Yes, I recommend this lender

Requesting a loan with Sebonic was a very satisfying experience. I was contacted promptly and professionally, and the loan originator, Scott Galbraith, was very professional and friendly. Although I decided to not complete the loan, Sebonic did offer the best rates I saw out there, and provided a very professional service. I would recommend Sebonic for anyone seeking a mortgage.

By: Daniel (Boca Raton, FL)

Great rate, quick and easy close

Yes, I recommend this lender

I recently utilized Sebonic/Cardinal to close a no cash out Refinance. It was an extremely smooth process and I received a clear to close less than 2 weeks after my initial call in. It was very refreshing because I had originally been working with the old servicer (not Sebonic) of my loan and it was a painful process working with them. Then I went to two well-known online lenders (also not Sebonic) and the first kept adding new, unnecessary, conditions as the other conditions were cleared and kept delaying the clear to close. Full disclosure - In a previous life, I was a mortgage underwriter/AE for a number of years so I have background experience. The loan officer at the second lender played games right off the bat so I was done with them. He told me on the phone that I would be bringing nothing to the table. When I saw the Loan Estimate Disclosure, he had raised my loan amount and rolled higher closing costs (large origination) into the loan. Then, thankfully I found Sebonic through a Google search. I called and spoke with Kobie, my Loan Officer. He was very straight forward and up front regarding rates and fees and I felt comfortable with him on the phone, but I still wanted to see the Loan Estimate Disclosure. I received it and it matched what was said during our conversation. Fees were very reasonable, so much so that I was able to buy down the rate even more. I received the conditions list the next business day and the loan processor contacted me to set up a phone call to review and answer any questions I may have. I submitted all conditions online (relatively user friendly interface). There were some disclosures that needed to be signed/scanned as well. Communication via phone and email was very efficient. My loan processor Jervay was almost always available via phone, and if I left a message, he responded back promptly. Email replies were also prompt. I received a clear to close less than 2 weeks after my original conversation with the loan officer. I had been a tad worried with the 30 day lock, but obviously Sebonic knew that they can turn around some loans very efficiently. Also, everyone I was in contact with was very pleasant. I never felt like I was being pushed or ignored which I had experienced with the other lenders. Overall, A+ experience and I highly recommend.

By: RA (Chantilly, VA)

Sebonic was quick, inexpensive and easy

Yes, I recommend this lender

After receiving what I perceived as poor service at Quicken I walked away from them the week of the scheduled closing and went with Sebonic. As far as I am concerned it was a great decision as I closed quickly with a slightly better rate and lower closing costs. James Dawkins was assigned to push my loan through and he was very responsive and helpful. For the closing they sent a notary to my home and with a little help from James everything was done in about 45 minutes. This was probably about my 20th loan / refi and the first that was done almost entirely via the internet. The internet added a few twists to the process but overall it was painless.

By: Andrew (Pinehurst, NC)
See All Reviews

5/1 ARM

Interest Rate
2.625%
APR
3.348%
Monthly Payment
$804
Consumer Direct Mortgage, a division of FirstBank
5/1 ARM
Interest Rate
2.625%
APR
3.348%
Monthly Payment
$804
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,612
Lender Credit $0
Total Closing Fees* $2,612
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
Sebonic Financial
5/1 ARM
Interest Rate
2.625%
APR
3.398%
Monthly Payment
$804
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $3,834
Lender Credit $0
Total Closing Fees* $3,834
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

Very Impressed

Yes, I recommend this lender

Requesting a loan with Sebonic was a very satisfying experience. I was contacted promptly and professionally, and the loan originator, Scott Galbraith, was very professional and friendly. Although I decided to not complete the loan, Sebonic did offer the best rates I saw out there, and provided a very professional service. I would recommend Sebonic for anyone seeking a mortgage.

By: Daniel (Boca Raton, FL)

Great rate, quick and easy close

Yes, I recommend this lender

I recently utilized Sebonic/Cardinal to close a no cash out Refinance. It was an extremely smooth process and I received a clear to close less than 2 weeks after my initial call in. It was very refreshing because I had originally been working with the old servicer (not Sebonic) of my loan and it was a painful process working with them. Then I went to two well-known online lenders (also not Sebonic) and the first kept adding new, unnecessary, conditions as the other conditions were cleared and kept delaying the clear to close. Full disclosure - In a previous life, I was a mortgage underwriter/AE for a number of years so I have background experience. The loan officer at the second lender played games right off the bat so I was done with them. He told me on the phone that I would be bringing nothing to the table. When I saw the Loan Estimate Disclosure, he had raised my loan amount and rolled higher closing costs (large origination) into the loan. Then, thankfully I found Sebonic through a Google search. I called and spoke with Kobie, my Loan Officer. He was very straight forward and up front regarding rates and fees and I felt comfortable with him on the phone, but I still wanted to see the Loan Estimate Disclosure. I received it and it matched what was said during our conversation. Fees were very reasonable, so much so that I was able to buy down the rate even more. I received the conditions list the next business day and the loan processor contacted me to set up a phone call to review and answer any questions I may have. I submitted all conditions online (relatively user friendly interface). There were some disclosures that needed to be signed/scanned as well. Communication via phone and email was very efficient. My loan processor Jervay was almost always available via phone, and if I left a message, he responded back promptly. Email replies were also prompt. I received a clear to close less than 2 weeks after my original conversation with the loan officer. I had been a tad worried with the 30 day lock, but obviously Sebonic knew that they can turn around some loans very efficiently. Also, everyone I was in contact with was very pleasant. I never felt like I was being pushed or ignored which I had experienced with the other lenders. Overall, A+ experience and I highly recommend.

By: RA (Chantilly, VA)

Sebonic was quick, inexpensive and easy

Yes, I recommend this lender

After receiving what I perceived as poor service at Quicken I walked away from them the week of the scheduled closing and went with Sebonic. As far as I am concerned it was a great decision as I closed quickly with a slightly better rate and lower closing costs. James Dawkins was assigned to push my loan through and he was very responsive and helpful. For the closing they sent a notary to my home and with a little help from James everything was done in about 45 minutes. This was probably about my 20th loan / refi and the first that was done almost entirely via the internet. The internet added a few twists to the process but overall it was painless.

By: Andrew (Pinehurst, NC)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

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Mortgage Rates Programs for Rhode Island Residents
For those living in the smallest state in the union, Rhode Island, there are many programs available to assist with the home buying or the home improvement process. These programs not only help residents understand current Rhode Island mortgage rates, but they will also help them get the most out of their financial status or equity.

Four of these programs, when combined with current RI mortgage rates, can put you in prime position to buy or renovate your home. These programs are:

• FirstHomes100
• First Homes100+
• FHA
• Section 8 to Homeownership

FirstHomes 100 Program and RI Mortgage Rates
The FirstHomes 100 and FirstHomes 100+ programs are both available from Rhode Island Housing. These programs offer loans at rates lower than current RI mortgage rates. The FirstHome program offers 30-year, fixed-rate mortgages for single family home buyers. Rhode Island residents have the option of financing the entire amount of the purchase price.

The FirstHomes 100+ is a variation on the FirstHomes 100 program. It still offers low RI mortgage interest rates, but it also offers additional loan funds to renovate your home. Both of these types of loans offer local, personal help and ongoing support during the life of the loan.

To obtain a FirstHomes 100 or FirstHomes 100+ loan, you need to apply through Rhode Island Housing. There are specific income guidelines that are used to qualify people for the program. Acceptance to these programs is based on the income level and amount of people in the household. For instance, households with three or more people will qualify for more money than homes with two or less people.

FHA Loans and Rhode Island Mortgage Interest Rates
FHA insured loans are available in Rhode Island, and can be combined with other Rhode Island Housing programs in order for the resident to purchase a home.

FHA loans allow a homebuyer to purchase a home with very little financial contribution; in many cases as little as 3.5 percent of the purchase price.

RI Mortgage Interest Rates and the Section 8 to Home Ownership Program
For some families, the Section 8 to Home Ownership program offered by Rhode Island Housing makes the most sense. The program makes it possible for low-income families already renting through the Section 8 program to become homeowners, even if they don’t have the financial resources to get a standard loan.

The Section 8 to Home Ownership Program also provides the following resources for those Section 8 tenants who want to become homeowners:

• free homebuyer education
• self sufficiency training
• support and guidance

After two years of following the program, a family may be eligible to obtain a loan with current RI mortgage loan rates.