Rhode Island Mortgage Rates

May 30, 2016 12:52 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
3.500%
APR
3.611%
Monthly Payment
$899
Capital One
30 Year Fixed
Interest Rate
3.500%
APR
3.611%
Monthly Payment
$899
Capital One
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Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $899
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $899
Lender Fees $2,725
Lender Credit $0
Total Closing Fees* $2,725
*Other 3rd party fees may apply
Capital One
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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
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Lender Reviews

I like payment

Yes, I recommend this lender

I like Capital

By: DuongHien (Mountain View, CA)

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)
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Sebonic Financial
30 Year Fixed
Interest Rate
3.500%
APR
3.627%
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 $3,119
Lender Credit $0
Total Closing Fees* $3,119
*Other 3rd party fees may apply
Sebonic Financial
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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
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Lender Reviews

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)

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)
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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.