The Best Mortgage Lenders in Oakland, RI
Compare verified mortgage lenders serving Oakland, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Oakland
Featured Mortgage Lenders
Navigant Credit Union
Navigant Credit Union
As Rhode Island's largest state-chartered credit union, Navigant Credit Union has been serving the Northern Rhode Island community for over a century. They maintain a strong physical presence throughout the region with multiple branches and have earned exceptional ratings for their personalized mortgage services. Their deep community roots and comprehensive mortgage products make them a top choice for Oakland residents seeking competitive rates and local decision-making. They specialize in first-time homebuyer programs and offer flexible underwriting for various financial situations.
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Washington Trust Mortgage Center
The Washington Trust Company
As New England's oldest community bank, Washington Trust brings two centuries of banking expertise to Oakland and surrounding communities. They maintain multiple branches throughout Rhode Island and have consistently high customer satisfaction ratings for their mortgage services. Their local underwriting and decision-making process allows for personalized service that larger national lenders cannot match. Washington Trust is particularly noted for their construction lending expertise and competitive jumbo loan programs, making them ideal for custom home projects in the Oakland area.
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BankNewport Mortgage Division
BankNewport
With over 200 years of community banking experience, BankNewport has established itself as a trusted mortgage lender throughout Rhode Island, including the Oakland area. They offer a comprehensive range of mortgage products with particular strength in first-time homebuyer programs and local construction lending. Their community-focused approach includes supporting local housing initiatives and providing educational resources for homebuyers. BankNewport's regional presence ensures personalized service while maintaining competitive rates and flexible underwriting standards that benefit Oakland residents.
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Frequently Asked Questions
Common questions about mortgage lending in Oakland, RI
Are there any special mortgage programs for first-time homebuyers in Oakland, RI?
Yes, Rhode Island Housing offers several programs for first-time homebuyers, including the FirstHomes 100 and FirstHomes 80 mortgages, which can provide down payment assistance and competitive interest rates. These programs are available statewide, including in Oakland, and have income and purchase price limits that are typically well-suited for the local market.
How does the property tax rate in Oakland, RI, affect my monthly mortgage payment?
Oakland is part of the town of Burrillville, which has a property tax rate of approximately $19.79 per $1,000 of assessed value (as of 2023). This rate is a key factor in calculating your total monthly PITI (Principal, Interest, Taxes, and Insurance) payment. Lenders will escrow for these taxes, so it's important to budget for this significant local cost when determining how much house you can afford.
What are typical closing costs for a mortgage in Oakland, RI?
Closing costs in Oakland typically range from 2% to 5% of the home's purchase price. These include state-specific fees like Rhode Island's mortgage recording tax (which is $2.30 per $1,000 of the loan amount), title insurance, and attorney fees. Working with a local lender familiar with Burrillville town procedures can help provide a more accurate estimate.
Does Oakland, RI, qualify for any USDA rural development loans?
Yes, Oakland and much of Burrillville are eligible for USDA Rural Development loans, which offer 100% financing with no down payment required. This is a significant advantage for eligible buyers in this area, as it makes homeownership more accessible. You should confirm the specific property's eligibility with a lender, as maps can change.
How competitive is the mortgage lending environment in Oakland's housing market?
While Oakland offers a more rural and affordable setting compared to Providence-area suburbs, the market can still be competitive for well-priced homes. Having a strong pre-approval from a reputable local lender is crucial to make a compelling offer. Local credit unions and community banks often have a strong presence and may offer competitive terms for buyers in this specific area.
Why Choose a Mortgage Lender in Oakland?
Local Market Knowledge
Lenders who understand Oakland'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 Oakland and get competitive rates on your home loan.