Best Rhode Island Mortgage Lenders September 2023
Are you planning to buy a home in Rhode Island? As stated by the U.S. Census Bureau, Rhode Island has a housing unit of about 470,000 and has a homeownership rate of 62%. This state has a median housing value of $273,800 which is higher than the national median housing value of $229,700.
As a borrower, there are things to consider before selecting a mortgage lender;
- Check your finances
- Determine your budget
- Know your mortgage options
- Compare rates and terms from many lenders
- Have approval for mortgage
- Read the print well
In this article, we will be listing the best Rhode Island mortgage lenders;
Best Rhode Island Mortgage Lenders September 2023
1.Homefinity;- Homefinity has a minimum down payment of 3% and a minimum credit score which is not disclosed to the public.
2.Caliber Home Loans;- Caliber home loans have a minimum down payment of 3% and a minimum credit score of 620.
3.Carrington Mortgage;– Carrington Mortgage has a minimum down payment of 3% and a minimum credit score of 620.
4.PenFed Credit Union;– PenFed Credit Union has a minimum down payment of 0% for VA loan and minimum credit score of 620.
5.Truist Bank;– Truist Bank has a minimum down payment of 3% and a minimum credit score which is not disclosed to the public.
6.Chase;– Chase has a minimum down payment of 3% and a minimum credit score which is not disclosed to the public.
7.AmeriSave;- AmeriSave has a minimum down payment of 3% and a minimum credit score of 620.
8.Veterans United Home Loan;– Veterans United Home Loan has a minimum down payment of 3% and minimum credit score of 620.
9.PNC;– PNC has a minimum down payment of 3% and a minimum credit score of 620.
10.PrimeLending;– PrimeLending has a minimum down payment of 3% and minimum credit score of 620.
Review of the best Rhode Island mortgage lenders September 2023
1.Homefinity – Best for online application and Approval
2.Caliber Home Loans – Best for online service
3.Carrington Mortgage – Best for borrowers with bad credit
4.PenFed Credit Union – Best for lender credit and no lender fee
5.Truist Bank – Best for client relations
6.Chase – Best for low costs
7.AmeriSave – Best for mortgage variety
8.Veterans United Home Loan – Best for Veterans Affairs loans
9.PNC – Best for low down-payment
10.PrimeLending – Best for digital customer care
- The mortgage rate in Rhode Island is 2.88% on average for 30 year fixed rate. Home interest rates range from 2.5% to 3.38% in Rhode Island.
Other Rhode Island mortgage lenders September 2023
- Real Genius – best for online application
- Guild Mortgage – best for product selection
- Sofi – best for online service
- CMG Financial – best for first-time borrowers who want to crowd-fund their down payment.
- Freedom Mortgage – best for product availability
- LoanDepot – best for a digital-first mortgage
- Alliant Credit Union – best for no down payment
- Rocket Mortgage – best for customer service
- Navy Federal Credit Union – best for low-interest VA loans
- Bank of America – best for large loan amounts
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