The Best Mortgage Lenders in Chepachet, RI
Compare verified mortgage lenders serving Chepachet, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chepachet
Featured Mortgage Lenders
Washington Trust Mortgage Team
The Washington Trust Company
As Rhode Island's oldest community bank with over 220 years of service, Washington Trust maintains an exceptional reputation for mortgage lending throughout the state, including Chepachet. They offer highly personalized service with local decision-making and competitive rates. Their deep community roots and extensive experience with Rhode Island properties make them a top choice for homebuyers seeking reliable, local expertise with the stability of a longstanding financial institution.
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Motto Mortgage Supreme
Motto Mortgage Supreme
This highly-rated local mortgage brokerage located just minutes from Chepachet consistently receives outstanding reviews for their exceptional customer service and expertise with Rhode Island home loans. As part of the Motto Mortgage franchise, they offer access to multiple lenders and competitive rates while providing personalized guidance through the entire mortgage process. Their specialization in first-time homebuyer programs and local market knowledge makes them particularly valuable for Chepachet area residents.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established a strong presence in Rhode Island with a dedicated local team that serves the Chepachet area. Known for their efficient "7-day processing" and streamlined digital mortgage experience, they combine technology with personal service. With numerous positive reviews highlighting their responsiveness and competitive rates, they offer a modern approach to mortgage lending while maintaining strong local relationships throughout Rhode Island's housing market.
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Frequently Asked Questions
Common questions about mortgage lending in Chepachet, RI
Are there any special mortgage programs for first-time homebuyers in Chepachet, RI?
Yes, Rhode Island Housing offers several statewide programs accessible to Chepachet buyers, including the FirstHomes 100 program with down payment assistance and competitive interest rates. Additionally, as a rural town, Chepachet properties may qualify for USDA Rural Development loans, which offer 100% financing with no down payment, a significant advantage for eligible buyers in the area.
How does Chepachet's rural character and lack of a public sewer system affect the mortgage process?
Most homes in Chepachet use private wells and septic systems, which will require specific inspections mandated by the lender. The mortgage appraisal must confirm these systems are functional and meet local health department standards. A failing septic system can become a significant condition that must be repaired before loan closing, so budgeting for these inspections early is crucial.
What are typical property tax rates in Chepachet, and how do they impact my mortgage payment?
Chepachet, as part of the Town of Glocester, has a property tax rate that is historically lower than many more urban parts of Rhode Island. For the 2023-2024 fiscal year, the rate is $17.86 per $1,000 of assessed value. Your lender will calculate estimated monthly tax escrow based on the assessed value of the home you're purchasing, which is a key component of your total monthly mortgage payment (PITI).
Are jumbo loans common in Chepachet, given the mix of modest homes and larger rural properties?
While many homes fall within conventional loan limits, jumbo loans are relevant for higher-value properties, especially those with significant acreage or custom features common in Chepachet. Local lenders familiar with the town's market are essential, as jumbo loans have stricter credit and reserve requirements and appraisal comparisons can be more complex due to unique properties.
Does buying a home with significant land in Chepachet complicate getting a mortgage?
It can, depending on the acreage and how the property is classified. Standard mortgages typically cover homes on 1-10 acres without issue. For parcels significantly larger than 10 acres, lenders may view it as a "non-standard" property, potentially requiring a larger down payment or a specialized portfolio loan. An appraisal must clearly support the value of the land and improvements together.
Why Choose a Mortgage Lender in Chepachet?
Local Market Knowledge
Lenders who understand Chepachet's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Rhode Island.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Chepachet and get competitive rates on your home loan.