The Best Mortgage Lenders in North Providence, RI
Compare verified mortgage lenders serving North Providence, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in North Providence
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in Providence, serving North Providence residents with competitive rates and a seamless digital mortgage experience. Known for high customer satisfaction, they offer a wide range of loan products and have experienced loan officers dedicated to the Rhode Island market. Their reputation for reliability and efficient service makes them a preferred choice for homebuyers in the area.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is highly regarded for its exceptional customer service and comprehensive loan options, including specialized programs for first-time homebuyers. With a branch in Warwick that actively serves North Providence, they have built a loyal client base through personalized attention and competitive rates. Their long-standing experience and community involvement in Rhode Island contribute to their stellar reputation and high review ratings.
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loanDepot
loanDepot, LLC
loanDepot offers a modern mortgage approach with a strong local office in Providence, providing North Providence clients with competitive rates and a variety of loan products. They are praised for their efficient online tools and responsive customer service, making the home financing process straightforward. As an established lender with a growing presence in Rhode Island, loanDepot combines technological innovation with personalized support to ensure high customer satisfaction.
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Frequently Asked Questions
Common questions about mortgage lending in North Providence, RI
Are there any special first-time homebuyer programs available specifically for North Providence, RI?
Yes, Rhode Island Housing offers several statewide programs accessible to North Providence buyers, including the FirstHome loan with competitive rates and down payment assistance. Additionally, the *RI Residential New Construction* program can be beneficial for buyers considering new builds in developing areas of North Providence. It's wise to consult with a local lender approved by Rhode Island Housing to navigate these options.
How do property taxes in North Providence impact my mortgage payments and affordability?
North Providence has a property tax rate of approximately $18.31 per $1,000 of assessed value (as of 2023), which is a key factor in your total monthly payment. Lenders will calculate this into your debt-to-income ratio. When getting pre-approved, ensure your estimated payment includes this tax rate, as it can significantly affect how much house you can comfortably afford compared to neighboring towns with lower rates.
What are typical down payment requirements for homes in North Providence's competitive market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many local buyers successfully purchase with 3%-5% down using conventional loans or 3.5% with an FHA loan, especially on the area's popular multi-family homes. For the competitive single-family market, a stronger down payment of 10% or more can make your offer more attractive to sellers.
Does North Providence have any local grant or assistance programs for down payments or closing costs?
While North Providence does not currently have a standalone municipal program, buyers can leverage the statewide *RI Housing Down Payment Assistance* grant, which provides up to $17,500 in forgivable assistance for eligible first-time buyers. Working with a lender experienced in these state programs is crucial to access these funds for a home in North Providence.
Are there specific mortgage considerations for buying a multi-family home (two or three-family) in North Providence?
Absolutely. North Providence has a large inventory of multi-family homes. Financing these requires different guidelines; for example, an FHA loan allows a low down payment on owner-occupied 2-4 unit properties. Lenders will consider potential rental income from the other units to help you qualify, which is a major advantage in this market, but you'll need solid lease agreements or market-rate rent estimates.
Nearby Cities
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Why Choose a Mortgage Lender in North Providence?
Local Market Knowledge
Lenders who understand North 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 North Providence and get competitive rates on your home loan.