The Best Mortgage Lenders in Exeter, RI
Compare verified mortgage lenders serving Exeter, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Exeter
Featured Mortgage Lenders
Washington Trust Mortgage Department
The Washington Trust Company
As Rhode Island's oldest community bank, Washington Trust has deep roots throughout Washington County and serves Exeter residents with exceptional local expertise. They consistently receive top ratings for personalized service, competitive rates, and their comprehensive approach to mortgage lending. With multiple nearby branches and local decision-making, they understand the unique Rhode Island real estate market and provide tailored solutions for first-time homebuyers and experienced homeowners alike.
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Ocean State Home Loans
Ocean State Home Loans
This highly-rated local mortgage broker specializes in serving South County communities including Exeter. They earn exceptional customer reviews for their responsive communication, competitive rates, and ability to handle complex financing scenarios. As a local brokerage, they work with multiple lenders to find the best terms for each client and are known for their educational approach that helps borrowers understand all options clearly.
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Pawtucket Credit Union Mortgage Center
Pawtucket Credit Union
As one of Rhode Island's largest credit unions, PCU serves members throughout the state including Exeter residents. They receive outstanding marks for member service, competitive rates, and flexible lending criteria. Their local underwriting and personalized approach make them particularly strong for first-time buyers and those seeking construction or renovation financing. With multiple branches across Rhode Island, they combine local knowledge with the resources of a major financial institution.
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Frequently Asked Questions
Common questions about mortgage lending in Exeter, RI
What are the typical down payment requirements for homes in Exeter, RI, given its mix of rural and suburban properties?
For Exeter's primarily single-family homes, conventional loans typically require 5-20% down, but the town's rural character can qualify many properties for USDA loans, which offer 0% down payment options. It's crucial to work with a lender familiar with USDA eligibility maps, as specific parcels in Exeter may or may not qualify for this advantageous program.
Are there any special mortgage programs for first-time homebuyers looking in Exeter, RI?
Yes, Rhode Island Housing offers its FirstHomes 100 program, providing up to $17,000 in down payment and closing cost assistance as a second, forgivable mortgage. This is particularly valuable in Exeter, where buyers may need to budget for well and septic system maintenance not typically required in more urban areas of the state.
How does Exeter's lack of a public sewer system affect the mortgage process?
Most lenders will require a satisfactory septic system inspection as a condition for loan approval. If the system fails or is outdated, you may need to secure a septic improvement loan or negotiate repairs with the seller before closing. This is a standard but critical step unique to Exeter's rural infrastructure.
What should I know about property tax rates and escrow when getting a mortgage in Exeter?
Exeter has a relatively low property tax rate compared to other Rhode Island towns, currently around $15.92 per $1,000 of assessed value. Your lender will calculate escrow payments based on this rate, but it's wise to confirm the exact assessment of your prospective home, as larger land parcels common in Exeter can influence the overall tax bill.
How do mortgage rates and lender options in Exeter compare to the rest of Washington County?
Rates are generally consistent regionally, but Exeter's specific market of larger lots and older homes means local lenders with experience in rural properties can be advantageous. They may offer more flexibility on appraisals for unique properties and have deeper knowledge of well water testing and land valuation, which can streamline the process.
Nearby Cities
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Why Choose a Mortgage Lender in Exeter?
Local Market Knowledge
Lenders who understand Exeter'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 Exeter and get competitive rates on your home loan.