Rhode Island Mortgage Rates

June 25, 2016 08:14 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
3.250%
APR
3.407%
Monthly Payment
$871
Sebonic Financial
30 Year Fixed
Interest Rate
3.250%
APR
3.407%
Monthly Payment
$871
(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 $871
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $871
Lender Fees $3,915
Lender Credit $0
Total Closing Fees* $3,915
*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

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

My experience with Sebonic Financial

Yes, I recommend this lender

Although it took a while to get the loan approved, Sebonic Financial did a great job in helping to secure my loan.

By: George (Fernandina Beach, FL)
See All Reviews
Capital One
30 Year Fixed
Interest Rate
3.375%
APR
3.496%
Monthly Payment
$885
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,990
Lender Credit $0
Total Closing Fees* $2,990
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One
Email Lender Write a Review

Lender Reviews

HORRIBLE to work with

Loan pre approval was easy. The loan originator was knowledgable, then I was transfered to a loan specialist and loan hub. The Specialist was, very unconcerned and did not seam to listen to my needs. Her response time was very slow to my emails and called messages and she never had a answer to my questions when we did correspond. LOAN HUB was horrible. It would freeze up and give me a response of "Oops, something went wrong". Try again later. This happened many times. Documents that were uploaded and received were then lost or deleted by the Loan Specialist and we're requested again by Loan Hub, but you would only know if YOU looked at your loan status in Loan Hub. No one would email, text or call. When I brought this to the Loan Specialist attention she said that she did not look at Loan Hub and did not know how it worked. Imagine That. In the end the loan was never closed, because the Appraiser, hired by Capital One, did not turn in the Appraisal in time for closing. They then wanted to start the Loan Process all over with another "LOAN SPECIALIST.

By: Tim (Oak Grove, LA)

I like payment

Yes, I recommend this lender

I like Capital

By: DuongHien (Mountain View, CA)

Worst customer service

My experience with capital one has been absolutely horrible. I have tried to give them the benefit of the doubt. The only positive experience was the loan pre-approval process. It was all automated and very fast, but I think this might be what led to the worst experience I've had in getting a loan. Once you accept their terms, they give you access to loanhub for uploading all your documents and communicating with your loan team. I have excellent credit that is between 760-800 depending on which bureau report you pull. I am putting 20% down and have proof of income for a very secure position. The problems start when you have no one to talk to. They list a bunch of documents you need, you provide them, and you don't hear back on whether they are acceptable to underwriting. They continue to ask for the same documents over and over again until you are finally able to explain it to someone if you are lucky enough to get someone on the phone. I have called numerous times and have been on hold for 20 minutes each time or left a voicemail that is not returned. I've emailed questions and I don't get a response. If I do get a response it is usually another form or question they need answered with zero answers to my questions. I've asked repeatedly if we will still close on time and if there are any other issues I need to close out. Nothing. It is the worst. I thought I was saving money because of points and interest rate and now I wish I never used them. Unfortunately, I am too far along in the process and can't switch, although I still doubt the loan will ever close anyway. Please, unless you are saving a significant amount of money, do not use them. It's very surprising because I have always loved their credit card products and have been a customer for years. I just can't believe this is how they treat customers. I really have no idea how lending tree has them rated at 4.4 of 5.

By: Fred (Hoboken, NJ)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.776%
Monthly Payment
$1,334
Sebonic Financial
15 Year Fixed
Interest Rate
2.500%
APR
2.776%
Monthly Payment
$1,334
(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 $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $3,839
Lender Credit $0
Total Closing Fees* $3,839
*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

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

My experience with Sebonic Financial

Yes, I recommend this lender

Although it took a while to get the loan approved, Sebonic Financial did a great job in helping to secure my loan.

By: George (Fernandina Beach, FL)
See All Reviews

5/1 ARM

Interest Rate
2.625%
APR
3.343%
Monthly Payment
$804
Capital One
5/1 ARM
Interest Rate
2.625%
APR
3.343%
Monthly Payment
$804
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,490
Lender Credit $0
Total Closing Fees* $2,490
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One
Email Lender Write a Review

Lender Reviews

HORRIBLE to work with

Loan pre approval was easy. The loan originator was knowledgable, then I was transfered to a loan specialist and loan hub. The Specialist was, very unconcerned and did not seam to listen to my needs. Her response time was very slow to my emails and called messages and she never had a answer to my questions when we did correspond. LOAN HUB was horrible. It would freeze up and give me a response of "Oops, something went wrong". Try again later. This happened many times. Documents that were uploaded and received were then lost or deleted by the Loan Specialist and we're requested again by Loan Hub, but you would only know if YOU looked at your loan status in Loan Hub. No one would email, text or call. When I brought this to the Loan Specialist attention she said that she did not look at Loan Hub and did not know how it worked. Imagine That. In the end the loan was never closed, because the Appraiser, hired by Capital One, did not turn in the Appraisal in time for closing. They then wanted to start the Loan Process all over with another "LOAN SPECIALIST.

By: Tim (Oak Grove, LA)

I like payment

Yes, I recommend this lender

I like Capital

By: DuongHien (Mountain View, CA)

Worst customer service

My experience with capital one has been absolutely horrible. I have tried to give them the benefit of the doubt. The only positive experience was the loan pre-approval process. It was all automated and very fast, but I think this might be what led to the worst experience I've had in getting a loan. Once you accept their terms, they give you access to loanhub for uploading all your documents and communicating with your loan team. I have excellent credit that is between 760-800 depending on which bureau report you pull. I am putting 20% down and have proof of income for a very secure position. The problems start when you have no one to talk to. They list a bunch of documents you need, you provide them, and you don't hear back on whether they are acceptable to underwriting. They continue to ask for the same documents over and over again until you are finally able to explain it to someone if you are lucky enough to get someone on the phone. I have called numerous times and have been on hold for 20 minutes each time or left a voicemail that is not returned. I've emailed questions and I don't get a response. If I do get a response it is usually another form or question they need answered with zero answers to my questions. I've asked repeatedly if we will still close on time and if there are any other issues I need to close out. Nothing. It is the worst. I thought I was saving money because of points and interest rate and now I wish I never used them. Unfortunately, I am too far along in the process and can't switch, although I still doubt the loan will ever close anyway. Please, unless you are saving a significant amount of money, do not use them. It's very surprising because I have always loved their credit card products and have been a customer for years. I just can't believe this is how they treat customers. I really have no idea how lending tree has them rated at 4.4 of 5.

By: Fred (Hoboken, NJ)
See All Reviews
Sebonic Financial
5/1 ARM
Interest Rate
2.625%
APR
3.405%
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 $3,995
Lender Credit $0
Total Closing Fees* $3,995
*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

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

My experience with Sebonic Financial

Yes, I recommend this lender

Although it took a while to get the loan approved, Sebonic Financial did a great job in helping to secure my loan.

By: George (Fernandina Beach, FL)
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.