The Best Mortgage Lenders in Riverside, RI
Compare verified mortgage lenders serving Riverside, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Riverside
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, LLC
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Providence area, serving Riverside, RI. Known for its competitive rates and efficient online application process, the company has built a reputation for excellent customer service and quick loan closings. With over two decades of experience, they offer a wide range of loan products and have consistently high ratings for their personalized approach and transparency in the mortgage process.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly reputable lender with a dedicated office in Providence, providing comprehensive mortgage services to Riverside, RI residents. They are praised for their knowledgeable loan officers and flexible loan options, including first-time homebuyer programs. With two decades in business, they maintain strong customer satisfaction through personalized service and competitive pricing, making them a trusted choice for home financing in the region.
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Mr. Cooper
Mr. Cooper Group Inc.
Mr. Cooper is a well-established national mortgage servicer and lender that actively serves Riverside, RI, offering a user-friendly digital experience and reliable customer support. Founded in 1994, they have a long track record of helping homeowners with refinancing and purchase loans, backed by strong reviews for their responsive service and competitive rates. Their extensive experience and broad loan portfolio make them a solid option for borrowers seeking convenience and reliability.
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Frequently Asked Questions
Common questions about mortgage lending in Riverside, RI
Are there any special mortgage programs for first-time homebuyers in Riverside, RI?
Yes, Rhode Island Housing offers several programs for first-time homebuyers that are accessible in Riverside, including the FirstHomes 100 program with 0% down payment assistance and competitive interest rates. These programs often have income and purchase price limits, which are particularly relevant given Riverside's median home prices. Working with a lender experienced in these state programs is key to navigating the application process successfully.
How does Riverside's location in the East Bay affect property taxes and insurance costs I need to qualify for?
As part of the Town of East Providence, Riverside property taxes are calculated using East Providence's rate, which is typically lower than in some core metro areas but still a significant factor in your debt-to-income ratio. Furthermore, due to its coastal location on the Narragansett Bay and proximity to the Seekonk River, lenders will require flood insurance for homes in designated flood zones, which must be included in your monthly payment calculation for mortgage approval.
What is the typical down payment needed for a condo versus a single-family home in Riverside?
For a conventional loan, you can expect a minimum of 3-5% down for a single-family home, but condos often require a higher down payment of 10-25% depending on the project's approval status with Fannie Mae/Freddie Mac. This is a key consideration in Riverside, where condos and townhomes along the waterfront or in complexes like Hunts Mills can be attractive options, but their financing rules differ significantly from detached homes.
Are mortgage rates in Riverside, RI, different from the national average?
Mortgage rates are primarily set by national markets, so Riverside rates align closely with national averages. However, your final rate is personalized based on credit score, loan amount, and down payment. For a competitive edge, it's wise to compare offers from local Rhode Island credit unions, community banks, and national lenders, as local institutions may have special programs or relationship discounts for residents.
What should I know about the home appraisal process specific to Riverside's housing market?
Appraisals in Riverside must reflect its unique market dynamics, including the premium for water views or proximity to the Bay, the value of updated older homes common in neighborhoods like Crescent Park, and the impact of any flood zone designation. An appraiser familiar with the East Providence/Riverside area is crucial to ensure the valuation accurately captures these local factors, which directly affect your loan-to-value ratio and final loan approval.
Nearby Cities
Explore mortgage lenders in cities near Riverside, RI
Why Choose a Mortgage Lender in Riverside?
Local Market Knowledge
Lenders who understand Riverside'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 Riverside and get competitive rates on your home loan.