The Best Mortgage Lenders in East Providence, RI
Compare verified mortgage lenders serving East Providence, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in East Providence
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Providence area, serving East Providence residents with highly competitive rates and exceptional customer service. Founded in 2000, it has built a reputation for digital innovation and personalized service, offering a wide range of loan options. With thousands of positive reviews highlighting fast closings and transparent processes, it consistently earns high marks for reliability and customer satisfaction in Rhode Island.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a highly respected lender with deep roots in the Rhode Island community, including East Providence. Established in 1996, it combines decades of experience with a commitment to local service, offering competitive rates and a broad portfolio of loan products. Customers praise its attentive loan officers and efficient processing, backed by hundreds of reviews noting smooth transactions and strong support for first-time homebuyers and refinancers alike.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a reputable lender known for its community-focused approach and efficient service in the East Providence area. Founded in 2008, it has grown rapidly by emphasizing customer care and local involvement, with loan officers dedicated to guiding clients through every step. Reviews frequently highlight its quick turnaround times and competitive rates, making it a favorite among homebuyers seeking a reliable and responsive mortgage partner in Rhode Island.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in East Providence, RI
Are there any special first-time homebuyer programs available specifically for East Providence, RI?
Yes, the Rhode Island Housing's FirstHomes program is a key resource for East Providence buyers, offering competitive fixed-rate mortgages, down payment assistance, and closing cost help. Additionally, East Providence is part of the "Opportunity Zone" program, which can provide tax incentives for certain buyers and investors in specific census tracts, potentially increasing affordable housing options.
How do property taxes in East Providence affect my mortgage qualification and monthly payment?
East Providence has a property tax rate of approximately $22.47 per $1,000 of assessed value (as of 2023), which is a significant factor in your total monthly payment. Lenders will calculate your debt-to-income ratio including this estimated tax and insurance escrow, so it's crucial to budget for this local expense, as it can be higher than in some neighboring Rhode Island communities.
What is the typical down payment required for a mortgage on an East Providence multi-family home, given the city's many two- and three-family properties?
For owner-occupied multi-family homes (2-4 units) in East Providence, lenders typically require a minimum down payment of 15% for a conventional loan. If you plan to use rental income from the other units to qualify, you'll generally need a two-year history of managing rental properties, and lenders will only count a portion (usually 75%) of the projected rent toward your income.
Does East Providence's proximity to flood zones impact the mortgage process?
Yes, many properties in East Providence, especially near the Seekonk River and Bullocks Cove, are in FEMA-designated flood zones. Your lender will require a flood elevation certificate and mandate flood insurance as a condition of the loan, which will add a substantial, non-negotiable cost to your monthly mortgage payment that must be factored into your budget.
Are there local credit unions or banks in East Providence that offer competitive mortgage rates or unique programs for residents?
Local institutions like People's Credit Union and Bristol County Savings Bank often have strong community lending programs and may offer relationship discounts or special first-time homebuyer seminars tailored to the East Providence market. It's wise to compare their rates and service with larger national lenders, as they may have more flexibility and understanding of local property valuations.
Nearby Cities
Explore mortgage lenders in cities near East Providence, RI
Why Choose a Mortgage Lender in East Providence?
Local Market Knowledge
Lenders who understand East Providence'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 East Providence and get competitive rates on your home loan.