The Best Mortgage Lenders in Harrisville, RI
Compare verified mortgage lenders serving Harrisville, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Harrisville
Featured Mortgage Lenders
Washington Trust Mortgage Center
The Washington Trust Company
As Rhode Island's oldest community bank, Washington Trust has exceptional local market knowledge and deep roots throughout the state. They consistently receive top ratings for customer service and offer competitive rates with local underwriting decisions. Their mortgage specialists provide personalized service and understand the unique aspects of Rhode Island's housing market, including Harrisville and surrounding towns. With multiple nearby branches and extensive experience with local property types, they're a top choice for borrowers seeking reliable, community-focused lending.
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Embrace Home Loans
Embrace Home Loans, Inc.
Founded in Rhode Island and now operating nationwide, Embrace Home Loans maintains strong local presence and expertise. They're particularly noted for excellent first-time homebuyer programs and competitive government-backed loans. Their local loan officers understand Rhode Island's unique market conditions and provide personalized guidance throughout the mortgage process. With numerous industry awards and high customer satisfaction ratings, they're known for smooth closings and responsive service throughout Washington County and surrounding areas.
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Guaranteed Rate
Guaranteed Rate, Inc.
As one of the largest retail mortgage lenders in the U.S. with a strong Providence-area presence, Guaranteed Rate offers competitive rates and a streamlined digital mortgage experience. Their local team serves Harrisville and throughout Rhode Island with expertise in various loan programs. They're particularly noted for their efficient online application process combined with personalized service from local mortgage advisors. With numerous industry awards for customer satisfaction and technology innovation, they provide a modern mortgage experience while maintaining local market knowledge.
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Frequently Asked Questions
Common questions about mortgage lending in Harrisville, RI
Are there any special first-time homebuyer programs available specifically for Harrisville, RI?
Yes, Rhode Island Housing offers statewide programs like the FirstHomes 100 and FirstHomes 80 mortgages, which are accessible to Harrisville buyers. These programs provide competitive fixed-rate mortgages with down payment assistance, and they are particularly valuable in Harrisville's market where finding affordable entry-level homes can be a challenge. Eligibility is based on income and the purchase price of the home.
How does Harrisville's location within the Town of Burrillville affect property taxes and mortgage escrow?
Harrisville properties fall under Burrillville's tax jurisdiction, which has a current tax rate of approximately $17.87 per $1,000 of assessed value. When calculating your monthly mortgage payment, lenders will escrow for these taxes, which are generally lower than in many other parts of Rhode Island. This can make overall housing costs more manageable compared to urban centers like Providence.
What are typical down payment requirements for homes in Harrisville given its rural character and property types?
While 20% down is standard to avoid private mortgage insurance (PMI), many Harrisville buyers utilize conventional loans with 3-5% down or FHA loans with 3.5% down, especially for the area's older mill-style homes and single-family residences. USDA loans, which offer 0% down, are also a potential option due to Harrisville's eligibility as a rural area under USDA guidelines, a key local advantage.
Does the age and style of many homes in Harrisville's historic village present challenges for mortgage appraisals and inspections?
Yes, it can. Many charming homes in the Harrisville Historic District are older and may have outdated electrical, plumbing, or heating systems. Lenders will require a thorough appraisal and may mandate repairs for health and safety issues before closing. It's highly advisable to get a specialized historic home inspection to identify any potential problems that could affect your loan approval.
How competitive is the mortgage rate environment for buyers in Harrisville compared to the rest of Rhode Island?
Mortgage rates are primarily set by national markets, so Harrisville buyers will see similar rates to the state average. However, your final rate can be influenced by local lenders' familiarity with the area's property types and market. Working with a local credit union or bank that understands the valuation of homes in Burrillville can sometimes provide a smoother process and potentially better terms.
Why Choose a Mortgage Lender in Harrisville?
Local Market Knowledge
Lenders who understand Harrisville'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 Harrisville and get competitive rates on your home loan.