Best Mortgage Lenders in Rhode Island in 2019

ValuePenguin is a consumer finance website dedicated to providing consumers with clear, objective advice for the financial decisions they make every day. We've taken a detailed look at dozens of lenders across Rhode Island, from Westerly to Pawtucket, to find the best lenders for you.

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LenderRecommended ForMinimum Credit ScoreHighlights
Citizens BankFirst-Time Homebuyers620
  • Largest branch network in Rhode Island
  • Most popular lender in Rhode Island over the past five years
Navigant Credit UnionRefinancing620
  • Fastest growth in home equity lending among top mortgage companies in Rhode Island
  • Most popular credit union in Rhode Island
Quicken LoansOnline Loans620
  • Received J.D. Power's Highest Customer Satisfaction Rating for nine years in a row
  • Fastest growth in refinancing volume among top mortgage lenders in Rhode Island
Navy Federal Credit UnionVA Loans620
  • Branches and ATMs located in major military bases around the world
  • Received J.D. Power's Highest Customer Satisfaction rating for Mortgage Servicing in 2018
First Home Mortgage Corp.Poor Credit580
  • One of Rhode Island' top 5 FHA lenders by volume
  • Rhode Island Housing Top 5 Participating Lender in 2018
LenderRecommended forMin. Credit Score
Citizens BankFirst-Time Homebuyers620
Navigant Credit UnionRefinancing620
Quicken LoansOnline Loans620
Navy Federal Credit UnionVA Loans620
First Home Mortgage Corp.Poor Credit580

If you're shopping for a home loan in Rhode Island, it's a good idea to compare quotes from multiple mortgage lenders. Depending on the cost of your home, minor differences in rates can add up to thousands of dollars in extra interest charges over the life of your loan. Start by comparing lenders in the quote box at the top, or read more about our top picks by clicking on one of our lender reviews above.

Best Mortgage Lender for First-Time Homebuyers: Citizens Bank

Citizens Bank is the leading mortgage lender in Rhode Island and is also our top pick for first-time homebuyers looking for in-person guidance. With 77 branches across the state, it's easy to find a Citizens Bank branch in your neighborhood.

Citizens Bank
Citizens Bank

Consider this if You're looking for an accessible local lender who offers first-time homebuyer assistance.

Good For …Bad For …
  • First-time homebuyers looking for in-person guidance
  • Offers rate discount for Citizens checking customers with autopay
  • Average mortgage rates
  • No online applications

If you're buying your first home, you might feel overwhelmed by the wealth of information there is to absorb. During these trying times, it can be comforting to have an experienced loan officer guide you through this process. With the largest branch network in Rhode Island, Citizen's veteran mortgage experts are just a quick drive away. You can take comfort in the lender's long track record, as it’s easily Rhode Island's most popular mortgage lender with over 18,600 completed mortgage loans under its belt.

Exiting Citizens Bank customers will have all the more reason to apply, as the bank offers a rate discount and closing cost concession for its banking customers. The autopay discount is 0.125%, which can net out to a difference of almost $5,000 in interest savings over the life of your loan (assuming a $200,000 home loan). As a Rhode Island Housing-approved lender, Citizens Bank can qualify home buyers for up to 100% financing on their home loans as well as additional closing cost assistance and tax credits.

When compared to other lenders, Citizen's mortgage rates rank in the middle of the pack. They're an excellent choice if you're looking for a starter home loan with a guided borrowing process, however they might not be the best choice if you have stellar credit and are looking for the best rates around. If Citizens isn't right for you, take a look at some of our other recommendations for first-time home buyers.

Best Mortgage Lender for Refinancing: Navigant Credit Union

Navigant Credit Union is our best mortgage lender when it comes to refinancing, thanks to its competitive short-term rates and various home equity options. Navigant is the most popular credit union lender in Rhode Island in terms of mortgages originated as well as refinancing volume.

Navigant Credit Union
Navigant Credit Union

Consider this if You want to work with a trusted credit union.

Good For …Bad For …
  • Competitive short-term mortgage rates inside of 15 years
  • Numerous home equity financing options
  • Must apply to be a member
  • Long-term 30-year and 20-year mortgage rates aren't as competitive

Navigant refinanced over 4,700 mortgage loans over the past five years and is the top credit union in terms of refinancing mortgage loans, home equity lending and mortgage lending overall. It’s a welcome alternative if you specifically have an aversion to working with banks. Navigant’s competitive short-term APRs were also among the lowest rate quotes we received among Rhode Island's top lenders.

While a Navigant mortgage does require you to be a member of its credit union, joining is easy. All you have to do is apply with the lender, either online or at one of its 18 Rhode Island branches, and provide a $10 minimum opening deposit. Once accepted, you'll be eligible to apply for a mortgage with Navigant, in addition to gaining access to its other financial products, including credit cards, auto/personal loans and banking services.

If you're an existing homeowner who's sick of getting jerked around by banks, it may be worth applying to refinance your existing home loan with a credit union like Navigant. As a regional credit union, Navigant can offer better terms than large national banks like Santander, with a more localized focus. Click the link above to check your rates with Navigant.

Best Online Mortgage Lender: Quicken Loans

Quicken Loans is an excellent choice if you're looking for a fast and easy application process. Among Rhode Island's top lenders, Quicken saw the fastest five-year increase in refinancings, while also demonstrating impressive growth in VA and FHA loans.

Quicken Loans
Quicken Loans

Consider this if You're looking for the fastest and most convenient application process.

Good For …Bad For …
  • Anyone who wants a quick online rate quote from a reputable lender
  • Borrowers who desire flexibility in loan terms
  • Homeowners seeking home equity financing
  • Borrowers who want a face-to-face lending experience

Read the Full Review

Compared to the many online mortgage lenders available in the state, Quicken Loans is the best option for Rhode Island homebuyers who want the ability to structure their loan term down to the year. Quicken's unique YOURgage product allows borrowers to select a mortgage with any length between eight and 29 years, an almost unheard of offering in a market where most competitors force you to pick either 30 or 15 years.

When comparing quotes, we found that Quicken's mortgage rates and fees were higher than most, however the online lender made up for it with one of the best records for customer satisfaction records of any lender on the market. It also boasts some of the fastest closing times, closing almost a week earlier than many of its competitors. A quick online application with Quicken can have you preapproved and ready to go in minutes. Click on the link above to start your application today.

Best Mortgage Lender for VA Loans: Navy Federal Credit Union

We've selected Navy Federal Credit Union as our top Rhode Island lender for VA loans, thanks to its outstanding record for customer satisfaction and its low down payment requirements. Navy Federal is easily one of the fastest-growing VA lenders in Rhode Island, having almost doubled its loan traffic over the past five years.

Navy Federal
Navy Federal

Consider this if You're an active duty service member looking for a low down payment VA loan.

Good For …Bad For …
  • Veterans who want to keep all their finances in one place
  • Borrowers who want to be assured they're getting the lowest rates around
  • People unaffiliated with the military
  • Borrowers who prefer an online application

Navy Federal is one of the most trusted names in credit unions who focus on servicing America's service members, veterans and their families. The lender obtained one of J.D. Power's highest ratings in customer satisfaction across both mortgage originations and servicing, ensuring that you'll retain the same quality of customer service, from the start of your application to the day your mortgage is finally paid off. It's also an excellent choice if you're frequently deployed to different locations, as the lender maintains branches and ATMs at military installations around the world.

Navy Federal makes an excellent one-stop shop for veteran homebuyers. It provides a large selection of affordable mortgages that require less money down. Chief among these is the VA loan, which requires no down payment and even allows you to finance the VA funding fee into the cost of your mortgage. Borrowers worried about whether they're getting the best deal can relax, as Navy Federal will match any competitor's rate quote or pay you $1,000 at closing. These valuable offerings combined with Its outstanding reputation for customer service, makes Navy Federal worth visiting for a quick rate quote.

Best Mortgage Lender for Poor Credit: First Home Mortgage Corp.

First Home Mortgage Corp. is an excellent resource for borrowers with low-to-moderate income, as well as anyone who might struggle with credit issues. First Home was a top five FHA lender in Rhode Island and also placed second among Rhode Island Housing's top approved mortgage lenders.

First Home Mortgage
First Home Mortgage

Consider this if You're looking for a lender that offers homebuyer assistance.

Good For …Bad For …
  • Borrowers with low-to-moderate income
  • People with limited credit histories
  • Homeowners looking for home equity products
  • Borrowers who can qualify for better terms elsewhere

If you've had credit issues, you've likely been turned away by most banks in the past. Even if you managed to get preapproved for a mortgage, you probably faced rates that seemed higher than average and found terms that were difficult to meet. If this sounds like you, it might be worth checking with First Home Mortgage Corp. for a quick rate quote, as the lender offers a variety of special financing programs for homebuyers who struggle with credit issues or need help scraping together a down payment.

First Home is authorized to offer mortgage loans through the VA and FHA programs as well as Rhode Island Housing. These programs feature low down payment requirements as low as 3.5% and reduced credit qualifications to help Rhode Island residents make the jump from renting to owning their first homes. Qualifying first-time homebuyers can qualify for tax credits and competitive rates on Rhode Island Housing mortgages that require no money down. Whether you're still looking for a home, or in the early phases of shopping for a mortgage, it's worth checking with First Home to see if you're eligible for one of these offers today.

While First Home is one of the best choices when it comes to homebuyer assistance in Rhode Island, it certainly isn’t the only option. Consider checking with some of our other top national recommendations for FHA lenders to compare rates and terms.

Most Popular Home Loan Companies in Rhode Island

If you're shopping for a rate quote in Rhode Island, it's worth checking out these companies to compare terms, as they will likely set the average market rates in your area, as the most popular lenders in the state. Keep in mind that these lenders may not have been selected among our top picks, as we compared each lender holistically rather than solely on the basis of rates or popularity. The five most popular mortgage lenders in Rhode Island are cited below, based on the total number of residential home loans originated over the past five years.

Top 5 Biggest Rhode Island Residential Mortgage Lenders, 2013–2019

RankCompanyMortgage originationsAverage mortgage amount
1Citizens Bank18,691$150,903
2Navigant Credit Union10,431$154,805
3Pawtucket Credit Union8,451$141,087
4Washington Trust Bank7,327$210,434
5Santander Bank5,676$178,539

Remember to review each lender's record for customer service and any unique features it offers. While interest rates will form the basis of most decisions, it's still important to consider other factors like fees, user experience and even the speed at which the lender is able close. These factors can make all the difference in a seller's market, when multiple offers are on the table for your dream home.

How We Chose the Best Mortgage Lenders in Rhode Island

While interest rates factored into our decision, we also reviewed each lender's unique terms and conditions. When comparing interest charges, fees and closing costs, lenders who otherwise quoted the same rate ended up thousands of dollars apart in fees. This complexity led us to rate each lender based on multiple criteria:

  • Total cost: interest rates and closing costs
  • Product: terms, programs and conditions
  • Servicing: transparency, complaint data and branch network

We looked into each lender's track record for customer satisfaction. Unique terms a lender that weren't common to the industry were highlighted among lenders. For example, some companies offered rate discounts for customers who cross-shopped non mortgage products, like real estate and checking accounts. These represented a distinct advantage versus other lenders who focused solely on mortgage lending.

Customer complaint records from the Consumer Financial Protection Bureau were compared against the number of loans sold, in an effort to forecast the likelihood of problems arising during the lending process. We also reviewed the size of each lender's branch network as well as the usefulness of its online lending platform, in an effort to measure each lender's accessibility. These further influenced our top lender selections.

Mortgage Brokers Near Me in Rhode Island

Mortgage brokers shop for home loans on your behalf and are useful if you're a first-time homebuyer, unfamiliar with the mortgage process. They're also worth considering if you have trouble qualifying for a mortgage on your own as a result of being self-employed or reliance on seasonal commissions. Take a look at the chart below to find a mortgage broker near you.

NameAddressPhone Number
The Mortgage Corner of New England175 Metro Center Blvd suite 9, Warwick, RI 02886(401) 732-4141
Advanced Mortgage Corp.2220 Plainfield Pike #213, Cranston, RI 02921(401) 737-6655
Southwind Financial Inc.1356 Atwood Ave, Johnston, RI 02919(401) 270-4999
Capital City Financial Corp.2740 Pawtucket Ave, East Providence, RI 02914(401) 432-9903
Family Financial Group480 Hope St, Providence, RI 02906(401) 223-2300
South County Mortgage Corp.561 S County Trail, Exeter, RI 02822(401) 583-4150
Atlantic Mortgage & Finance Corp.94 Main St, South Kingstown, RI 02879(401) 481-8050
East Coast Financial Corp.251 Thames St, Bristol, RI 02809(401) 396-9820
Madison Miller

Madison is a former Research Analyst at ValuePenguin and focuses on student loans and personal loans. She graduated from the University of Rochester with a B.A. in Financial Economics with a double minor in Business and Psychology.

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Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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