The Best Mortgage Lenders in Providence, RI
Compare verified mortgage lenders serving Providence, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Providence
Featured Mortgage Lenders
Citizens Bank Home Mortgage
Citizens Bank
As a major regional bank headquartered in Providence, Citizens Bank offers exceptional local mortgage expertise with the resources of a large financial institution. They maintain strong community relationships throughout Rhode Island and provide personalized service with competitive rates. Their mortgage specialists have deep knowledge of the Providence real estate market and offer comprehensive guidance through the entire home financing process, from pre-approval to closing.
Loan Types:
Residential Mortgage Services
Residential Mortgage Services, Inc.
Residential Mortgage Services has built an outstanding reputation throughout Rhode Island for exceptional customer service and competitive mortgage products. They specialize in providing personalized mortgage solutions with local underwriting and processing, ensuring efficient closings. Their team of experienced loan officers has extensive knowledge of the Providence market and offers flexible loan programs tailored to individual borrower needs, particularly praised for their responsive communication throughout the loan process.
Loan Types:
BayCoast Bank Mortgage Division
BayCoast Bank
While headquartered in Massachusetts, BayCoast Bank has established a strong presence throughout Southeastern New England including Providence. They are particularly recognized for their community-focused approach and competitive mortgage rates. The bank offers local decision-making and personalized service, with mortgage specialists who understand the unique aspects of the Rhode Island housing market. Their commitment to customer satisfaction and community involvement makes them a trusted choice for Providence homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Providence, RI
Are there any special first-time homebuyer programs available in Providence, RI?
Yes, Rhode Island Housing offers several programs for Providence buyers, including the FirstHomes 100 and FirstHomes 80 mortgages, which provide competitive interest rates and down payment assistance. These programs often have income and purchase price limits specific to Providence and can be combined with the Providence Down Payment Assistance Program (DPA) for additional support.
How does Providence's historic housing stock affect the mortgage process?
Purchasing a home in Providence's many historic districts, like College Hill or the West End, can involve additional steps. Lenders may require a more specialized home appraisal and could have stricter requirements for the condition of older electrical, plumbing, or roofing systems. It's crucial to work with a lender experienced in historic properties to navigate potential hurdles.
What are typical closing costs for a mortgage in Providence compared to the rest of Rhode Island?
Closing costs in Providence are generally in line with statewide averages, typically ranging from 2% to 5% of the loan amount. A city-specific cost to factor in is the Providence Fire Code Certificate of Occupancy, often required for closing on a sale, which involves a small fee and inspection to ensure the property meets current safety codes.
Are there any local loan programs to help with down payments in Providence's competitive market?
Absolutely. The City of Providence's Down Payment Assistance (DPA) Program offers forgivable loans of up to $15,000 for eligible first-time homebuyers purchasing a 1-4 family home in the city. This program is designed to help buyers compete in a market where down payments can be a significant barrier to entry.
How do property taxes in Providence impact my mortgage qualification and payments?
Providence has one of the highest effective property tax rates in Rhode Island. Lenders will factor this into your debt-to-income ratio during qualification. Your monthly mortgage payment will likely include an escrow for these taxes, significantly impacting your total monthly housing cost, so it's a critical factor to budget for when determining what you can afford.
Nearby Cities
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Why Choose a Mortgage Lender in Providence?
Local Market Knowledge
Lenders who understand 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 Providence and get competitive rates on your home loan.