Top 5 FHA Lenders in Rhode Island 2019
Home Buyers looking for the best lenders in Rhode Island have a lot of shopping around to do. Rhode Island is home to over 1 million people, and with today’s mortgage rates as low as they are, the housing market is ready for serious home buyers. Home values have increased roughly 5.4 percent between December of 2017 through 2018 and are forecasted to rise another 8.1% through 2019.
The upward trend of rising home values makes it the prime time for home buyers on the market for a mortgage loan to do everything they can to keep their housing costs as low as possible. Getting a great mortgage would probably be the best place to start. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Rhode Island and how they can help you on your quest to home ownership.
2019 Rhode Island FHA Lender Best Picks
Best for First Time Home Buyers: Embrace Home Loans
Best Online Experience: Guaranteed Rate
Best Local Lender: Ditech Home Loans
Best Face-to-Face Experience: Fairway Independent Mortgage Corporation
Best Overall Performance: Quicken Loans
#1 Rhode Island FHA Lender: Quicken Loans
Finding a mortgage online may have seemed sketchy at best a decade ago, but the amazing team over at Quicken loans has truly set the standard for the online mortgage experience. Quicken Loans (and it’s online division Rocket Mortgage) have made FHA financing as simple and straightforward as possible.
The online FHA loan process is highly geared towards a streamlined user experience. Progress on the status of an FHA loan application can be easily tracked online, and preapproval for an FHA loan can be completed in a matter of minutes.
The service even keeps applicants posted with any documentation they may have forgotten or still need to provide. The real icing on the cake comes from the support staff that can be reached by phone or through the website that is standing by to offer their advisory services and answer any questions a potential borrower may have.
#2 Rhode Island FHA Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for FHA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitation a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining an FHA loan at a great rate in a stress-free environment.
#3 Rhode Island FHA Lender: Guaranteed Rate
A Kingpin of the online mortgage trend that plays a large role in FHA financing is Guaranteed Rate. Their participation in the digital mortgage wave leaves many other platforms lacking by comparison.
Guaranteed Rate is also extremely experienced with the origination of FHA loans. FHA financing through one of the best digital mortgage platforms available makes them serious competition to other FHA lenders, and highly favored among repeat and first time home buyers. FHA products are one of highest selling loans through guaranteed rate.
The online platform makes securely uploading the important financial documentation requested for a loan approval fast and easy. Borrowers can even check their credit scores through the service, rather than go elsewhere. Guaranteed Rate is one of the rare few digital mortgage platforms where a mortgage loan can be closed without ever needing to speak with someone unless requested by the home buyer.
#4 Rhode Island FHA Lender: Embrace Home Loans, Inc
The team over at Embrace Home Loans really knows how to take the fear out of the mortgage process. They take great pride in their singular focus of providing high-quality and affordable home loans to the home buyers that give them their trust.
Embrace Home Loans is home to loan officers who never withhold options from their clients. Every single step and every single action gets explained in full, and if there are any questions, you can bet they will be answered before anyone signs anything into action.
Dozens upon dozens of past clients have attested to the fact that the loan officers of Embrace home loans truly care about securing a home loan with terms and rates that are satisfactory to the borrower. And they manage to do this without incurring any stress or hold-ups during the mortgage transaction.
#5 Rhode Island FHA Lender: Ditech Home Loans
The mortgage process was never designed to be simple or easy, but that still doesn't stop the team at Ditech from making it feel that way. Ditech has been in the mortgage business for quite some time now, and they are experts at FHA financing.
Still, it wasn’t until recent revamps to the company that Ditech truly blossomed into the powerhouse that it is now, truly deserving of a place in the top 5 best FHA lenders. Ditech loan officers work hard at bridging the gap between mortgage professionals and home buyers, creating a dialogue about every step in the mortgage transaction as it transpires.
Home Buyers can be confident in the prowess of Ditech loan officers, who consistently find the lowest possible rates and fees for their clients. They are even among the top lenders when it comes to an easy closing, with minimal stress.
Shop Around Before You Get a Rhode Island FHA Loan
Our picks for the best FHA lenders in Rhode Island may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!