Rhode Island Mortgage Solutions
Rhode Island, a state rich in history, was one of the first areas to be settled by the English in 1636, when Roger Williams was expelled from the Massachusetts Bay Colony due to his religious views. The settlement he formed, Providence, would go on to be the capital of Rhode Island-- and today, the city remains a major educational and cultural center in New England.
If you're interested in buying a home in Rhode Island, our state-based team of mortgage experts and home finance gurus are ready and waiting to help. We teach borrowers everything they need to know about the smartest home loan offerings and lenders in the Ocean State. In Rhode Island, the median home selling price sits at $285,000, about $15,000 more expensive than the U.S. median home listing price of $261,500.
One of the priciest places to live in Rhode Island is Narragansett, with a median home listing price of $542,500. Another somewhat expensive city is Newport, with a median home listing price of $535,000. Other popular cities to purchase a home in Rhode Island include Portsmouth, with a median home listing price of $419,000, and the state capital, Providence, with a median home sale price of $199,250.
At home.loans, we want to help you borrow with confidence when buying a home in Rhode Island. Whether you're a first time home buyer, taking advantage of a short sale, want to get an energy efficient mortgage, or are interested in taking out an FHA loan or conventional loan, we have the information and expertise to guide you on your journey to home ownership and greater financial freedom.
Best Rhode Island Mortgage 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 conventional, FHA, and VA 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 facilitating 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 a mortgage loan at a great rate in a stress-free environment.
Best Rhode Island Mortgage Refinance Lender: Residential Mortgage Services
Residential Mortgage Services or “RMS” is a privately held mortgage provider that has been around since 1991. Needless to say, their efficiency and commitment to their customers has contributed greatly to their longevity and success for all of these years.
RMS offers a plethora of residential mortgage products for home buyers or homeowners looking to refinance. Even better, they are able to provide a customized lending experience to the borrowers who choose them, greatly reducing the stress typically associated with a refinance or home purchase.
The loan officers at Residential Mortgage Services aim to guide borrowers through every single step of the mortgage or refinance process. They provide 5 star customer service regardless of whether borrowers meet with them in person, or choose to utilize their cutting edge online mortgage and refinance platform.
Best Rhode Island FHA Mortgage 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.
To learn more about mortgage solutions in Rhode Island, just fill out the form below and a friendly home.loans expert will get in touch.
Best Rhode Island VA Mortgage 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.
Best Alabama Home Equity Lender: Bank of America
A veritable banking giant, Bank of America is typically one of the first places any home buyer would discuss when financing a home purchase, second mortgage, or refinancing a mortgage. Even so, it is incredibly rewarding when such a large company can still focus on the wants and needs of each individual client, and get them the perfect loan product.
Home Equity transactions are an unspoken specialty of Bank of America. While they choose to only offer Home equity lines of credit and not home equity loans, they are still easily one of the best lenders around when it comes to accessing home equity.
Eligible borrowers who meet the credit score requirement of 660 (they are flexible depending on each individual borrower) can take out a HELOC with an LTV of no less than 85% with a minimum figure of $25,000 and a maximum of $1 million. HELOCs through Bank of America come with some interesting benefits, like being able to lock down an interest rate at any point in the payment period, and rate discounts for BoA account holders.
Bank of America would not be where it is today if it was lacking in such things as customer care or knowledgeable loan officers. They even have an ever evolving online platform that can cut application time down to just 15 minutes! Interestingly, Bank of America is able to combine its impressive clout in the finance industry with personalized consultation, round-the-clock service, and vast resources of both funding and information.
The result? A mortgage or refinance transaction that is as painless as one can be, and a second mortgage product that is just the right fit.
Shop Around Before You Get a Rhode Island Home Loan
Our picks for the best mortgage 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. 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 mortgage solution 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 mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!